Insights
Research that informs the portfolio
Views from our investment desks. House research, written plainly — not advice.
The ECB will cut in March — and it will not be enough
Real yields remain tighter than the disinflation path implies. We expect 75bp of cuts before September against a market priced for 50, and position duration accordingly.
Chief Investment Officer · 7 min read
The bridge year: managing capital between generations
Three structures we see most often in cross-jurisdictional succession, and the one we would not recommend regardless of how often it appears in a tax memo.
A 60/40 for European families, revisited
The classic balanced portfolio was built for a dollar investor. We rebuild it from a euro base, with the currency, duration, and home-bias corrections most templates ignore.
Malta after the grey list: what changed for cross-border families
Three years on, the compliance burden has normalised. We assess what European families domiciling assets in Malta should expect from their banks and regulators today.
Lombard lending when rates fall: the case for patient leverage
Securities-backed credit is cheapest exactly when clients least want it. We frame when borrowing against a portfolio adds value, and when it quietly erodes it.
Article 9 funds: a greener label, a narrower universe
SFDR's strictest classification has thinned since the 2023 reclassifications. We map where genuine impact and investable liquidity still overlap.
Gold has done what bonds were supposed to do
The two-year correlation between gold and a 60/40 drawdown is the lowest since 1973. We re-state the case for a structural 3–5% allocation.
The euro's quiet decade: positioning for a softer dollar
Home-currency strength changes the hedging maths for European private clients more than most allocators assume. We set out how a weaker dollar reshapes a euro-based portfolio.
Concentration risk: when one holding becomes the whole plan
Founders and long-tenured executives often hold most of their wealth in a single stock. We set out the toolkit — hedging, lending, and staged diversification — for reducing it without forcing a sale.
Selling the business: the eighteen months that decide the next thirty years
For entrepreneurs approaching a liquidity event, the months before completion matter more than the cheque. A pre-transaction wealth checklist.
Cash is a position, not a parking space
With deposit rates falling, holding cash is an active decision with a real cost. We frame how much liquidity a private client actually needs, and where the rest should sit.
The new philanthropy: structuring giving that lasts
Donor-advised structures and foundations let families give with intention and continuity. We compare the vehicles and the governance that keeps giving aligned across generations.