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? 

In 2025, growth in AUM was coupled with a higher investment ratio, which in turn drove an increase in transaction revenue, making it a key contributor to overall revenue growth for the year. Family wealth succession has also become a key theme and a significant revenue driver for private banking services. 

Over the past three years, we achieved a double-digit percentage improvement in our cost-to-income ratio. This significant improvement was driven by the successful launch of our new core banking system, which enhanced operational efficiency and reduced overhead. In addition, several robotic process automation initiatives streamlined processes and automated routine tasks, further boosting productivity and optimising workflows.

Our strategic priorities for 2026 are to strengthen our platform capabilities and drive operational efficiency. We will continue to enhance our core platform to deliver a seamless client experience and roll out additional robotic process automation initiatives to streamline processes and improve productivity. 

At the same time, we plan to expand our sales force by increasing the number of relationship managers, enabling us to capture new opportunities and deepen our presence in key markets. These initiatives are designed to support sustainable growth and reinforce our competitive advantage.

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?

While we maintain a neutral allocation to equities, we expect positive returns for global equities in 2026 under a softer but still resilient global macroeconomic backdrop. For equity, our base case is a US soft landing scenario. US equities may continue to be supported in 2026 as the Fed has entered an easing cycle and should remain the case until a neutral rate is reached. 

However, given that valuations are relatively stretched, we suggest clients utilise structured products to provide downside protection while generating some yield. In addition, we recommend including high-dividend stocks as part of a defensive portfolio strategy. Outside of the US, China is our top pick given its valuations and global investors’ positioning. Within China equities, we are positive on AI-related stocks. With the uncertainty around the China-US relationship, we advise investors to stay active to manage the associated risks. 

For fixed income, we suggest investors build and maintain bond exposures to lock in yields. Cash return has begun to decline, and it is expected to decline further in 2026. We prefer investment grade and European AT1 bonds. In terms of duration, the intermediate duration, around 5 years, looks the most appealing to lock in yields still currently available. We expect returns in fixed income to exceed cash returns in 2026. 

To best mitigate some of these risks, relatively uncorrelated asset classes, such as alternative investments, would be the best solution for our clients. Private equity and private credit have significantly outperformed traditional asset classes in recent times. Gold also outperformed almost all major asset classes in 2025. Alternative investments can offer diversification and relative value compared to traditional publicly traded equities and fixed income. We recommend our clients to increase their alternative allocations, including commodities, to at least 15%, to provide some protection during unexpected financial market turbulence. Over the past few years, market performance has been disproportionately driven by a handful of mega-cap AI-related stocks. While concerns around their valuations are widespread, investors have shown a notable reluctance to diversify into broader opportunities. 

Discretionary Portfolio Management (DPM) provides a disciplined framework for diversification and long-term investing, helping clients stay grounded amid short-term market fluctuations. In 2025, we continued to strengthen our DPM capabilities by advancing our quantitative research, return forecasting and indicator utilisation, tools that support informed portfolio decisions, from instrument selection to portfolio construction. Our DPM integrates a core component with diversified beta exposures, including alternative investments for risk management and downside protection, and a dynamic component designed to generate alpha by actively monitoring market trends and adjusting exposures when appropriate. We believe a structured, research-driven approach to portfolio management enhances resilience and positions our clients to navigate uncertainty with confidence.

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 is reshaping the financial industry, and adopting AI tools has become standard practice. In 2025, we implemented Microsoft Copilot 365, leveraging generative AI to assist with document interpretation and content creation, streamlining processes and improving accuracy. We also adopted an agentic AI-inspired approach, combining Robotic Process Automation (RPA) and Copilot to create a closed-loop automation system: RPA first aggregates and structures data from various sources, then Copilot analyses the compiled information to generate insights or decisions, which in turn trigger RPA to execute subsequent actions. This synergy significantly enhances operational efficiency and reduces manual intervention. 

Looking ahead to 2026, our priority is building a dedicated AI ecosystem for corporate banking, particularly collecting and integrating data for our internal knowledge base, so information can be accessed quickly and support better decisions. We will also launch intelligent FAQs and AI-powered customer service on our online banking platform, delivering real-time, professional, and seamless interactions for clients. Long term, we will keep AI at the core of our strategy, connecting product management, client services, and transaction monitoring to create a smart platform that balances compliance, efficiency, and customer experience. Our goal is to be the most trusted digital partner for our 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?

We’ve enhanced our governance model to ensure greater accountability and transparency across all levels. This includes a more integrated risk-governance framework, clear escalation protocols, and reinforcement of senior management oversight on compliance and AML matters. Regular reviews and scenario analyses ensure that emerging regulatory themes are addressed. 

To address heightened regulatory scrutiny and evolving compliance requirements, we are taking significant steps to strengthen our governance and risk management frameworks. A key initiative is enhancing our Anti-Money Laundering (AML) system, which is currently underway and scheduled to go live by the end of 2026. 

A strong compliance culture remains a key focus. We’ve strengthened mandatory training for all employees, particularly to ensure full awareness of evolving regulatory obligations, ethical standards, and client-suitability requirements. 

We’ve adopted a risk-based approach that emphasises prevention rather than remediation. This involves periodic reviews of our compliance and post-transaction monitoring frameworks, conducting thematic reviews, and implementing predictive risk indicators to stay ahead of potential issues before they impact clients.