Family offices representing North America, Europe and Australia attended a three-day Wigmore Association summit in Melbourne to deliberate the “continuing secular shift of economic power from west to east.”

“The implications to the shift in economic power and growth to regions such as Asia, India, Australia, and South America are real and will continue,” said Pitcairn chief investment officer, Rick Pitcairn.

Accordingly, Pitcairn said Wigmore members decided to expand the association’s membership to include family offices from Asia and South America, so as to enhance the global dialogue sought by the group.

The semi-annual global collaboration comprised a cross-section of investment managers, influential policymakers, and economic analysts. While the prevailing topic centered on the continuing transfer of economic power from west to east, shifting macroeconomic drivers within the pan-Asian region was also discussed.

More specifically, it was recognized that short-term allocations have moved to a “slightly larger exposure to risk assets” since the group last assembled in October last year, the firm said.

The long-term challenge of waning growth and a low recovery within developed markets, however, led some members to focus on direct investments as an alternative to the public markets. Meanwhile, reservations regarding the European debt crisis were “still seen as a drag on the world economy.”

Wigmore Association was established by its member family offices in late 2011 and consists of five other companies: Myer Family Company (Australia), HQ Trust GmbH (Germany), Northwood Family Office LP (Canada), Progeny 3 (US), and SandAire (UK).

The next Wigmore group meeting will take place in Toronto, Canada in September.