Ultra-high-net-worth families are considering cutting back on their offerings at their family offices, merging with other family offices or even closing, after 81% of their investment strategies have been affected by the credit crisis and market correction, according to a study released Monday by U.S. Trust, Bank of America Private Wealth Management.

The 2009 U.S. Trust/Campden Research North American Family Office Survey, which is part of a larger study titled "Building for the Future," reported that 31% of family offices may close because of the difficult market environment, while 28% are considering opening to nonfounding family clients to increase their investment opportunities by having greater assets under management.

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