Nomura IWM: Market “plumbing issues” threaten UHNW portfolio returns

Global macroeconomic fundamentals may look solid on paper, but underlying financial market fragility threatens to cap upside for ultra high net worth portfolios in the second half of the year. According to Julia Wang, North Asia CIO at Nomura International Wealth Management (Nomura IWM), a massive surge in corporate borrowing — driven by AI capital expenditure — is colliding with…

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