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 wealth management business delivered strong progress, anchored by the bank’s vision of “Digital Wealth with a Human Touch” and an AI-first approach. Growth was driven by a customer-centric model that combined global investment expertise, holistic solutions, and advanced digital capabilities. Strategic partnerships with Julius Baer and BlackRock expanded access to offshore markets and alternative asset classes, while collaboration with FWD strengthened our protection and retirement offerings. 

These initiatives, together with personalised advisory under the core opportunistic portfolio principle and open architecture product sourcing, enabled us to capture wallet share and deliver sustainable returns.

Operational efficiency improved as revenue growth outpaced expense increases resulting, in a healthier cost-income ratio. Key factors included disciplined cost management, automation of core processes, and scaling of digital platforms to reduce manual dependency. 

While inflationary pressures and technology investments added some cost, these were offset by higher fee income and productivity gains across advisory channels.

Looking ahead to 2026, our strategic priorities are:

1. Elevate advisory quality. Strengthen advisor capabilities through global-standard training, data-driven insights, and advanced planning tools to deliver tailored recommendations in dynamic markets.
2. Expand holistic solutions and go global. Broaden offerings beyond traditional investments to include protection, savings, retirement planning, and wealth lending, while enabling global diversification through offshore markets and alternative asset classes. This will be supported by strategic partnerships, open architecture, and our go global strategy to deliver world-class investment opportunities and comprehensive solutions for every life stage.
3. Accelerate digital & AI integration. Embed AI across the wealth ecosystem for hyper-personalised journeys, predictive analytics, and operational efficiency, while ensuring robust security and trust.

These priorities are supported by ongoing talent development, ecosystem partnerships, and technology innovation.

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?

As we look ahead to 2026, global markets appear well supported by several key forces. The rate-cut cycle, AI’s growing role in driving both global GDP and corporate earnings, and a pause in quantitative tightening are all helping improve overall financial conditions. 

Alongside this, corporate earnings growth remains solid. These elements create a constructive backdrop for investors while reinforcing the need for portfolios that are resilient and adaptable.

In this environment, we continue to advise clients to anchor their wealth in a multi-asset core portfolio. A well-structured multi-asset approach allows investors to adjust to market shifts in a timely manner, manage risks more effectively, and access a broader set of return sources. By combining dynamic asset allocation with tools that extend beyond traditional markets, such as alternatives, structured solutions, and strategies designed to enhance income or provide downside protection. Therefore, clients are better positioned to capture opportunities while remaining stable through different market cycles.

At the same time, we are seeing a shift in investor behaviour and stronger adoption of DPM. Clients are increasing their global exposure, gradually building portfolios that span multiple regions and currencies. They are also placing greater emphasis on diversification, adding gold and other uncorrelated assets or strategies to hedge portfolios and strengthen resilience amid volatility and geopolitical uncertainty.

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 advanced our digital transformation by leveraging artificial intelligence and emerging technologies to enhance both client experience and operational efficiency. 

AI-driven analytics supported more personalised investment recommendations and improved risk management, enabling advisors to deliver tailored solutions aligned with client goals. On the client side, digital engagement tools streamlined interactions and improved accessibility, while automation in core processes reduced complexity and turnaround times.

For the back office, technology played a critical role in improving data accuracy and optimising workflows, ensuring operational integrity while freeing resources for higher-value activities.

Looking ahead to 2026 and beyond, our digital priorities focus on three key areas:

1. Personalisation at scale. Using advanced analytics and AI to deliver hyper-customised advice and solutions across all client segments.
2. Seamless digital journeys. Expanding self-service capabilities and hybrid advisory models to create frictionless experiences from onboarding to portfolio management.
3. Proactive risk management. Applying predictive technologies to strengthen oversight and safeguard client assets in an evolving regulatory landscape.

We also aim to explore next-generation capabilities such as generative AI for client education and blockchain for secure transactions, ensuring we remain at the forefront of innovation in wealth management.

Our overarching goal is to combine technology with human expertise to deliver superior value, making advisory more insightful, operations more efficient, and client experiences more intuitive.

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?

For our front office, the priority is transforming the role of a relationship manager into a ‘strategic wealth partner.’ Our first priority is to strengthen our value proposition for talent. This includes embedding a performance-driven culture, expanding career mobility across functions, and investing in upskilling programmes, particularly in digital advisory and data-driven client engagement. We want our talents to feel that they can grow with us.

For the middle and back office, we are continuing to improve efficiency and employee experience. By integrating technology, streamlining processes, and fostering cross-functional collaboration, we enable our teams to deliver a more seamless and accurate operating environment, rather than spending time on manual tasks. We aim for them to see themselves as enablers of innovation and client value.

Regarding new hires, we are actively looking to acquire specialised talent in client-facing advisory roles, product specialists, technology leaders, and data analytics. We are moving beyond generalist profiles and focusing on experts who can enhance our advisory department and elevate the client experience. 

Ultimately, our talent strategy is designed with a clear objective: to elevate the client experience. By strengthening our advisory capabilities, enhancing risk and product expertise, and deploying technology that creates more intuitive and efficient engagement, we can deliver more personalised, insight-driven solutions that meet the evolving needs of our clients.