Q1: How did the business perform in 2025, and what drove its growth over the past year? How has the cost-income ratio trended this year, and what were the key factors influencing it? Looking ahead, what are your main priorities and strategic plans for 2026?

Bank J. Safra Sarasin is a private bank with 185 years of heritage, and we pride ourselves on being a truly sustainable bank that thrives in any market environment while staying firmly on course. 

2025 has been another landmark year for us in Asia. Building on the record revenue we achieved in 2024, we are on track to set a new high-water mark this year, surpassing last year’s performance. Transaction revenue has also surged, positioning us for yet another outstanding result.

We have always maintained a healthy cost-income ratio, and while we have successfully driven revenue to unprecedented levels, we remain disciplined in scaling our platform to support this growth. 

Strategic investments in our people, systems, processes, and infrastructure have laid a robust foundation for the future. Our front and back offices have expanded, systems have been upgraded, and multiple new projects are underway—all aligned with a single goal: creating a sustainable business model that serves our clients’ best interests. 

Our cost-income ratio remains well below most peers in private banking, reflecting our core philosophy of prudent financial management.

The formula that has fuelled our success in recent years is quality recruitment, operational excellence, and continuous platform enhancement. We will stay this course in 2026 by attracting top-tier front- and back-office talent to expand our client base while upholding exceptional service standards. Prudence, efficiency and process optimisation remain management priorities, with ongoing investments to future-proof our infrastructure. Recruiting elite talent in this competitive industry is key, and we have excelled thus far and will advance with conviction and confidence. 

Looking ahead, our focus remains on deepening the long-term partnerships we have cultivated with our clients. We are optimistic and fully committed to expanding our presence in Asia.

Q2: The private banking industry saw a plethora of leadership and structural changes in 2025. Looking into 2026, what are your key priorities for attracting and retaining talent across the front, middle, and back office? Are there plans for new hires in key markets?

Our business has performed exceptionally well throughout 2025, with strong momentum in client acquisition and operational excellence. The bank continues to strengthen its private banking platform in Asia through careful and selective recruitment. 

Over the past 12 months, the number of relationship managers has grown substantially, with the majority of new joiners being seasoned professionals with more than 15 years of experience.

For the front office, we attract relationship managers by empowering them within a truly client-centric culture where decisions are driven by client needs and suitability alone. 

Our investment offerings align seamlessly with both client interests and the bank’s philosophy, underpinned by a meritocratic environment, transparency, and unwavering management support. Career advancement is rapid and directly rewards contribution and performance. 

Always guided by our natural prudence as a bank with a 185-year heritage, relationship managers operate with an uncompromising focus on client outcomes, delivering security, stability, and tailored investment mixes that match clients’ risk appetite.

For middle and back-office talent, senior management personally interviews key candidates to convey our culture, long-standing history, financial strength, and stability. We engage leading recruitment agencies, directed by the executive team, to articulate our ethos clearly. Total compensation and benefits packages are continuously benchmarked against industry standards to ensure competitiveness. 

We retain talent by fostering a culture of excellence where individuals contribute meaningfully while developing their skills. Career progression opportunities extend across Asia and beyond, with financial and non-financial rewards for performance and loyalty.

Q3: Looking at the investment outlook for 2026, which markets and asset classes are you prioritising for client portfolios to capture opportunities while managing risks? How are clients currently allocating their portfolios, and what trends are you seeing in DPM adoption and investment behaviour?

We continue to see equities as a driver of growth in 2026, albeit at a more moderate pace; we have a broadly neutral regional position with some favourable views on Eurozone and Swiss equities.

Despite recent volatility, our price target for the S&P 500 is 7,400 by the end of 2026. The advance in AI is set to continue over the coming year. However, profitability is likely to decline due to high investment levels. In the short term, we prefer some of the more defensive sectors such as consumer staples, health care and utilities. 

In fixed income, we expect further gradual cuts to the Fed Funds rate, finishing out 2026 at 3.50%. We currently favour high-quality corporates, especially senior financials. A structural underweighting of corporate bonds is not justified at present, although there are isolated signs that tensions are building in some credit markets. 

Adding alternatives and private market investments also allows clients to shield themselves from market volatility whilst providing a different source of return enhancement. 

DPM has seen an uptick in flows as clients look to ease the burden of self-managing their investments. In line with the bank’s perspective, allocations to equities have supported the performance of certain core strategies. Multi-asset approaches typically encompass a range of asset classes, including bonds, gold, and commodities. Strategies emphasising dividend-oriented equities have drawn client attention for their potential to combine income with equity exposure.