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, our private banking business delivered robust growth north of 25%, marking another milestone in our journey of sustainable expansion. This achievement was driven by deeper client engagement and the strategic execution of key initiatives, from our next-generation and family office strategies to a more disciplined, systematic sales management framework. Our enhanced advisory platform also empowered clients to diversify beyond domestic assets, with strong momentum seen in DPM and alternative investments. 

This substantial topline growth translated into a marked improvement in efficiency, with our cost-to-income ratio improving significantly by well over ten percentage points in 2025. The improvement reflects both the scalability of our platform and the payoff from past investments in people, systems, and partnerships.

Looking ahead to 2026, our priorities centre on sustaining this growth trajectory while deepening client value creation. First, we aim to fully leverage our strategic collaboration with Goldman Sachs Asset Management (GSAM) by accelerating DPM adoption and integrating GSAM’s global investment capabilities into our advisory framework. Second, we intend to strengthen our position in the alternatives space by continuing to co-develop high-quality solutions with top-tier managers. Third, we will enhance client engagement further through expanded next-generation and family office offerings, helping clients navigate wealth, succession, and legacy planning with confidence. Lastly, we plan to continue expanding our front-line team to capture emerging opportunities and maximise the potential of our now fully scaled platform.

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? 

In 2026, our core message to investors remains clear: stay invested, stay diversified. We expect the AI-driven growth narrative to continue supporting both US and global equities, though the concentration risk around the Magnificent 7, especially Nvidia, remains a key concern. 

With major developed markets, the US, Eurozone, and Japan, expected to grow above trend and emerging markets benefiting from reduced trade uncertainty following the US–China truce extension, we anticipate a broadening of the equity rally beyond mega-cap tech. To capture these opportunities while managing concentration risks, we favour a geographically diversified allocation, particularly overweight Europe (supported by fiscal stimulus) and selected emerging markets like India, where resilient domestic demand, lighter positioning, and potential monetary easing create a strong backdrop. 

Within technology, investors should diversify across the broader AI value chain, from semiconductors benefiting from cyclical recovery to downstream AI enablers where commercial applications are gaining traction. 

Beyond equities, alternatives remain a powerful return and diversification engine. Clients continue to show robust demand for private assets, especially private credit, which offers attractive yields and built-in downside protection. On the hedge fund side, strategies such as multi-manager and relative value are regaining attention as investors seek to balance equity exposure with uncorrelated sources of alpha. These allocations have become an integral part of sophisticated portfolios, helping clients navigate a more nuanced late-cycle environment. 

We have also seen a surge in DPM adoption, with growth accelerating at an exceptional pace. The collaboration with GSAM has been instrumental, elevating our investment framework, deepening research access, and strengthening our ability to deliver institutional-quality portfolio construction. Clients increasingly recognise DPM as the most disciplined and timely way to capture opportunities in fast-evolving markets while managing risks effectively.

H3: 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 made significant progress in embedding AI and technology across our business, transforming both client engagement and internal efficiency. Our focus has been on using AI not as a buzzword, but as a practical enabler of productivity, precision, and personalisation across the wealth management value chain. 

We have integrated AI into our day-to-day operations to enhance productivity across every function — from automated action alerts embedded in internal messaging platforms that streamline workflows such as account opening and bond trading, to AI tools that support marketing by generating videos and content in a fraction of the usual time and cost. In investment and operational processes, AI now assists with counterparty due diligence, data compilation and analysis, and the generation of communication summaries to support faster decision-making. 

On the technology side, our software development team has adopted AI-powered tools that accelerate coding, automate documentation, and improve code review quality, resulting in faster delivery cycles and higher reliability across our digital platforms. These innovations have materially boosted efficiency and agility across teams. 

Looking ahead to 2026, our priority is to bring AI even closer to the front line and client experience. We are developing a generative AI chatbot integrated with our internal advisory database and process library, enabling RMs to access product and process solutions instantly. We also plan to leverage data and AI to deliver personalised nudges and next-best-offer suggestions, allowing our advisors to engage clients with greater relevance and timeliness.

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? 

In 2025, the private banking industry underwent significant leadership transitions and organisational reshuffles. At KKP, however, our thoughtful and well-executed succession plan, coupled with strong business momentum and a clear strategic direction, has firmly positioned us as an employer of choice within the local private banking landscape. Our scale, scope, and consistent track record of growth have created a virtuous cycle — attracting talent eager to be part of a winning, purpose-driven team. 

Looking into 2026, our top priority is to deepen and diversify our talent base across all functions to support the next phase of growth. On the front line, we plan to continue expanding our relationship management team to capture growing client demand and enhance coverage of key client segments — from entrepreneurs to next-generation wealth creators. We are equally focused on upskilling RMs through targeted training programs that strengthen advisory capability, product expertise, and client engagement. Across the middle and back offices, we aim to further invest in talent that drives operational excellence and scalability, ensuring we maintain the highest standards of governance and client experience as our platform grows. 

We are also enhancing our talent development ecosystem by offering broader career pathways, mentorship, and a collaborative environment that enables individuals to grow and contribute meaningfully. Notably, RMs promoted internally from the ARM pool now account for a meaningful portion of our frontline team, helping us address the industry-wide talent shortage while preserving the culture and quality standards that define KKP. 

2026 will be about sustaining our people advantage: attracting top professionals who share our long-term vision, investing in their growth, and providing the right culture and infrastructure to help them excel.