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, the firm made meaningful advances across core areas of the business. Client activity and revenue continued to grow, helped by broader product offerings, particularly on the alternatives side, and stronger engagement around private deal access. These efforts translated into higher client stickiness and a deeper share of wallet.

We also made investments to support future scalability. This included key front-office hires, a move to a new headquarters to accommodate expansion, and internal buildout of our product and IT functions. These moves were made with a clear focus on improving infrastructure and supporting long-term growth.

On the business development front, we re-engaged with the China market and maintained steady momentum in the Non-Resident Indian (NRI) segment. While we are only starting to explore opportunities in the Middle East, we believe the region offers potential in the medium term.

Although these initiatives led to a slight increase in operating costs, they were in line with our strategic direction and are expected to support more efficient scale in the coming years.

As we move into 2026, we plan to continue building on these foundations. We aim to hire two to three senior bankers annually, deepen our product bench, and invest further in technology that enables greater productivity. Our pipeline for private opportunities remains strong, and we remain focused on sourcing differentiated investments and delivering high-touch advisory for our clients.

Q2: 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?

As Carret continues to grow, we have made investments in technology to support both client-facing and back-office functions. In 2025, we implemented several tools that enhance efficiency and improve decision-making across the firm.

We adopted a research automation platform that helps us synthesise dense broker research into actionable, data-supported ideas. This allows our bankers to move faster while staying anchored in quality insights. We also rolled out a content and client management system that supports the creation of trade ideas and weekly updates, while also improving internal workflows.

On the compliance front, we integrated tools that streamline regulatory tasks, from product due diligence and suitability checks to portfolio reviews, helping ensure portfolios remain aligned with client mandates and risk parameters.

Our approach to technology, particularly AI, is measured. We have increased our use of AI for data transcription and research support, but we do not rely on it. All usage is carefully reviewed and monitored.

Looking ahead, our priorities include improving internal systems that support performance reporting and streamlining operational flows. We continue to explore vertical solutions that add tangible value to our investment and advisory processes.

Q3: 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 view robust compliance as a strategic advantage that builds trust and ensures longevity. Our 2025 initiatives have been focused on embedding governance directly into our technological fabric.

Key upgrades we are introducing this year include a comprehensive revamp of our product categorisation framework and a significant upgrade of our Portfolio Management System (PMS). This platform is central to our proactive risk management strategy. It features automated controls that continuously compare trading decisions against client mandates and automatically alert our compliance, relationship managers and senior management teams of any potential breach in real-time.

Furthermore, we are strengthening our capabilities to provide real-time portfolio analysis, giving senior management direct access for oversight and approvals. 

Looking ahead, we are continuing to explore how to utilise AI for deeper analysis of trading patterns and risk concentrations, moving beyond simple alerts to predictive insights. It allows our senior bankers to focus on deep client relationships, confident that every transaction is supported by a system designed for both security and a seamless client experience.

Q4: 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?

We see talent as the cornerstone of long-term success. In 2025, we focused on building depth and stability across all teams: front, middle, and back office. We are continuing to invest in people, infrastructure, and tools that enable our bankers and support staff to be more productive and client-focused.

We have placed particular emphasis on building a platform that top-tier relationship managers and senior advisors want to join. Our compensation model and ownership culture are designed to attract professionals who value independence, alignment, and the ability to shape their client strategies. We have also invested in building a stronger middle office to ensure seamless onboarding, compliance, and client support.

While we have no formal plans for large-scale hiring in new markets, we are actively exploring opportunities in strategic regions such as the Middle East. More importantly, we are renewing our focus on the Greater China market, a core part of our long-term vision. With our deep roots and strong client relationships in the region, we believe there is significant potential to grow both our team and client base. Alongside this, our NRI segment continues to show strong momentum, and we are building out our capabilities to support its sustained expansion.

In 2026, we aim to bring in two to three senior bankers who align with our values and long-term vision. At the same time, we are investing in technology to make our existing teams more efficient, focusing on tools that automate manual work, streamline reporting, and reduce turnaround times across departments.