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 was a strong year for KGI International Wealth Management (KGI IWM). We achieved robust momentum across revenue, AUM, and client acquisition, underscoring the strength of our integrated wealth management model. 

Gross revenue rose 70% YoY, while new AUM grew 20%, driven by resilient equity markets, surging demand for structured products, and elevated activity in primary markets. Our professional investor base expanded by over 20%, reflecting deepening client trust and our growing reputation for wealth management excellence.

The cost-income ratio increased modestly, mainly due to strategic investments in technology, infrastructure, and talent—foundations essential for long-term scalability and growth. These investments, particularly in digital enablement and front-office expansion, have enhanced client experience and positioned us strongly for future efficiency gains.

Growth was further underpinned by the expansion of both HNW and UHNW segments in Hong Kong and Singapore, supported by bespoke solutions addressing sophisticated client needs, greater diversification into digital-asset-linked strategies, and deeper collaboration under our “ONE KGI” framework. This included establishing specialised wealth management operations in both locations to deliver customised private wealth solutions for U/HNW clients, further elevating our advisory capabilities and breadth of offerings.

We also became the first wealth manager to onboard the Hash Global BNB Yield Fund in both Singapore and Hong Kong, giving clients access to regulated digital asset investments. Additionally, our partnership with Hex Trust strengthened our digital custody capabilities.

Looking ahead to 2026, our priorities remain focused on people, technology, and client experience. Under the ONE KGI framework, we will further strengthen collaboration across businesses, deepen sales capabilities, modernise brokerage infrastructure, and expand our digital ecosystem to deliver seamless end-to-end client journeys. Broader and more bespoke wealth offerings will anchor sustainable, multigenerational growth.

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 view 2026 as the early phase of a new investment cycle. One defined by opportunity yet tempered by volatility. Following the broad-based rallies of 2025, investors are seeking portfolios that balance performance potential with structural resilience.

Our focus has turned to diversification and risk calibration. We are emphasising markets and asset classes with low correlation to traditional benchmarks, such as select Asian equities, investment-grade credit, and alternative strategies that deliver differentiated sources of return. Private market opportunities, particularly in credit and infrastructure, are gaining traction among clients pursuing yield stability and inflation resilience.

DPM continues to see growing adoption, especially among next-generation investors who understand that sustainable, risk-adjusted returns come from disciplined, data-driven portfolio governance. Investors are increasingly valuing professional execution that can adapt swiftly to evolving market conditions.

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?

In 2025, we accelerated our digital transformation by embedding advanced AI across all layers of our operations. A unified data architecture now powers intelligent insights across platforms, integrating client engagement with back-office efficiency. Our AI-driven automation framework has redefined workflows, from document generation and regulatory interpretation to multilingual communication, resulting in faster, more accurate, and client-ready outcomes with enterprise-grade precision.

In 2026, we will deepen AI integration throughout the client lifecycle, from smarter onboarding and richer portfolio reviews to enhanced advisor dashboards. We will also continue to fortify data governance, cybersecurity, and platform scalability to ensure that innovation remains sustainable, secure, and centred on client value.

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? 

In response to the evolving regulatory landscape across Asia’s wealth management sector, KGI has proactively reinforced its governance and compliance frameworks to meet heightened expectations while maintaining a seamless client experience.

In Hong Kong, we have proactively enhanced our compliance infrastructure to address increased oversight of digital assets, AI applications, and product suitability. Our governance framework spans board-level oversight, management accountability, and frontline execution, underpinned by clearly defined risk appetite parameters and measurable conduct standards. We’ve strengthened client lifecycle controls by refining KYC processes, deepening due diligence for high-risk jurisdictions, and digitising onboarding for greater efficiency. Our forward-looking product governance ensures alignment with market dynamics and regulatory direction.

In Singapore, we have responded to the Monetary Authority of Singapore’s (MAS) intensified focus on AML/CFT by enhancing our internal policies and procedures, particularly regarding source-of-funds and source-of-wealth due diligence. We continue to strengthen our AML/CFT framework by enhancing internal policies and procedures. These improvements reflect our commitment to staying ahead of evolving regulatory requirements and best practices in the ongoing fight against money laundering and terrorist financing.

Across both markets, we continue to invest in regtech solutions to elevate our surveillance and compliance capabilities. These include real-time monitoring systems to detect anomalous trading patterns, trade surveillance tools to mitigate market abuse, and secure digital advisory channels that enhance transparency and speed without compromising regulatory integrity.

Together, these initiatives reflect our dual commitment to regulatory excellence and client trust, ensuring that as compliance expectations rise, our clients continue to experience efficient, secure, and responsive service.

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?

In 2026, KGI IWM is focused on building a diverse, agile, and skilled workforce to sustain our growth, client excellence, and operational resilience across all functions.

In the front office, we are expanding our team of client advisors who combine service excellence with market expertise and strong relationship skills. Our key hiring markets remain Singapore and Hong Kong, where demand for tailored wealth solutions continues to grow.

In the middle office, we are reinforcing capabilities in product development, risk management, and operations, adding specialists dedicated to product innovation and regulatory compliance to scale efficiently while maintaining strong controls.

The back office is also expanding, with recruitment focused on technology, infrastructure, and compliance automation roles to advance our digital transformation and operational scalability.

Retaining talent remains a top priority. We foster a collaborative, inclusive culture that offers professional growth, leadership pathways, and cross-market mobility to help us retain top talent and nurture future leaders.