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?

2025 has presented a number of challenges for the whole industry, with shifting US rate expectations, geopolitical tensions, and uneven market conditions. Net new assets, however, have remained positive. This has been supported by the underlying continued wealth creation in Asia and engagement with family offices, many of which are now operating on a more institutional footing in any case. Recurring revenues from advisory services and private market solutions provided stability amid fluctuations in transaction-driven income.

Our cost–income ratio reflects the broader industry pressures of rising regulatory, technology and talent-related costs. This has been addressed by streamlining internal processes where possible and prioritising technology investments to improve client experience and advisory quality. These measures have helped stabilise our cost base while reinforcing capabilities essential for future growth.

Looking toward 2026, our strategic focus is to continue to broaden our coverage of ultra high net worth investors and family offices and strengthen our private markets offering. We will also continue to expand advisory support in areas such as succession, governance, and corporate finance for business-owning families.

Q2: 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 expect 2026 to be defined by higher real rates and a continuing backdrop of geopolitical uncertainty. High-quality fixed income forms the core of our allocation framework. This will provide attractive yields and stability. In equities, we remain selective and favour quality names across the US, Europe, and Asia alongside long-term themes such as digital infrastructure, energy transition and healthcare.

Interest in alternatives continues to grow among our clients. We see private credit, core infrastructure and targeted private equity strategies playing an important role in diversification and long-term returns. We are also placing greater emphasis on liquidity management to balance long-duration private market exposure with tactical opportunities in public markets.

Discretionary portfolio management continues to be popular, particularly among next-generation and time-constrained clients. However, many Asian clients still prefer active involvement. As a result, hybrid models combining either a core discretionary or advisory allocation with thematic satellite portfolios are increasingly our preferred approach.

Q3: With artificial intelligence increasingly shaping the wealth industry, how has the firm leveraged technology and AI to transform processes and enhance value for both clients and the back office? What key technology upgrades were introduced in 2025, and what are your digital priorities for 2026 and beyond?

Artificial intelligence has become an integral component of our operating model. It has enabled us to both strengthen the precision of our advisory work and the efficiency of our processes. 

In the front office, AI has enabled us to analyse client data more effectively and deliver tailored insights, while our investment and risk teams now benefit from more advanced scenario analysis and early warning indicators. Operational automation has further improved accuracy and reduced manual workload. This has allowed teams to focus on higher-value client engagement.

Looking ahead, AI will be used to make our interactions with clients even more personal and intuitive. That means applying advanced analytics in ways that genuinely add value and strength to the existing technology that underpins our day-to-day work. We are being selective about which new digital capabilities we bring on board, taking them forward only where we see clear, long-term benefits for clients.

Q4: With regulatory scrutiny and compliance requirements intensifying across the wealth industry, what updates can you share on how your firm is strengthening governance and compliance frameworks? How are you proactively managing risks while ensuring a seamless experience for clients?

Regulation continues to tighten across all major wealth hubs. We have treated this not as a constraint but as an opportunity to strengthen operational strength. Over the past year, there has been a considerable investment in improving onboarding, due diligence and the transaction-monitoring processes. This is in order to enable potential risks to be identified early and handled efficiently. AI-assisted tools are helping spot unusual activity faster, and our product-governance framework now offers an even clearer view of which solutions are appropriate for which clients.

We have also placed a strong emphasis on education. Our front-line teams are regularly trained on evolving regulatory expectations so that they can explain requirements clearly and avoid unnecessary friction in client interactions. At the same time, we are working to make compliance feel seamless for clients by simplifying documentation, streamlining signatures, and, as far as possible, ensuring that information is consistent across jurisdictions.

Q5: 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?

The changes across the industry in 2025 have reaffirmed something we have always believed: our long-term success depends on our people. Demand remains high for experienced relationship managers with deep client connectivity, but we are equally focused on developing the next generation of talent. These will be people who are comfortable navigating digital tools and increasingly complex client needs.

We are investing in training, mobility and leadership development to ensure our teams continue to grow with the business. In the middle and back office, we are strengthening capabilities in risk, compliance and data science, reflecting the rising complexity of the industry. We are also rethinking what an attractive employee experience looks like. An important part of this will be to offer greater opportunities to learn and move across functions in ways that balance performance with flexibility.

Hiring strategy remains centred on building strong teams in regional hubs like Singapore and Hong Kong while adding onshore capabilities in markets where clients need more local support.