Strategy
FROM THE EDITOR'S CHAIR: Robust Banks, Fast-Moving AI, Private Market Hype, And More

The editor takes a look back to the start of the year and subsequent events to run through what sort of year the industry has had, and how this publication has covered it.
We are about to move into August – a month when most people
if they are lucky enough can get away from work. This time of the
year gives me a chance to look back at what has happened in the
first half of this year and into summer. And wealth management
has certainly had a lot to chew over.
To say that the New Year started off in a turbulent fashion is an
understatement. We have had President Trump’s “Liberation Day”
tariffs; the showdown in the White House with Ukrainian president
Zelensky; and the subsequent scramble in Europe to rethink
how defence spending is paid for and shared. While Trump's
pause to tariffs enabled US stocks to recover, not all the shadow
of this protectionist move has dissipated.
The US dollar has lost ground. In fact, the weaker dollar
exchange rate against the euro and Swiss franc is being cited by
several European banks reporting second-quarter results as a bit
of a headwind for their results (see
here, for example).
Talking of bank results, the figures from both sides of the
Atlantic look broadly positive. Some lenders have been squeezed
as interest rates started to come down, affecting net interest
margins. But overall, the financial sector looks in decent shape.
In the UK, to give one country’s example, shares in lenders such
as Barclays, Lloyds, NatWest, Standard Chartered and HSBC are up
quite strongly. In Europe, shares of Deutsche Bank (+67 per cent)
and BNP Paribas (31 per cent), to name the largest German and
French banks respectively, are also up significantly since
January. A few more results are coming out in the next few days,
such as UBS and HSBC, but I am not expecting a big shift from the
recent positive trend.
In the case of UBS, however, it has a headache;
the Swiss federal government is proposing tougher capital rules
that would, so the Zurich-listed bank says, put it at a
competitive disadvantage to its international rivals.
Part of our coverage in 2025 has focused on the UK. Under the
Labour government, the tax hikes announced late last October,
such as the widening of inheritance tax to cover farm and family
property, have caused great controversy. The inclusion of
worldwide assets of non-doms for
their IHT treatment means that tens of thousands of them are
reported to have left or are contemplating leaving the UK. We
carried
this interview with a non-dom to give more colour
and a personal story behind the headlines.
Rival jurisdictions appear quite keen to attract this group of
people although there are no “perfect” places to go. For all
the problems the US has with its worldwide tax code, President
Trump wants to get into the global citizenship act, proposing a
“gold card” for those who wish to live in the US.
European policymakers recently slammed Malta’s “golden visa” and
now the Mediterranean island is rolling out a new, more
“merit-based” programme.
We have plenty of stories about how Singapore, Hong Kong, Dubai
and others are battling it out to be wealth management hubs par
excellence. (See coverage of how they stack up,
here.) One highlight in our coverage this year has been our
profiles of Asian
external asset managers and the opportunities and
problems of this sector. That’s a topic we continue to track
closely. In the Gulf, there is a steady stream of wealth managers
and associated firms setting up shop in places such as Dubai and
Abu Dhabi. As for Hong Kong, it is on track – so some say - to
overtake Switzerland as the world’s top offshore centre by assets
at some point in the next two to three years. We shall see if
that turns out to be true. There are pluses and minuses
– I recently
mused on why Monaco was put on the naughty step by
European watchdogs, and on the lack of specific reasons
given.
Tech
As I expected,
artificial intelligence is a major topic across the board,
and we continue to cover the use cases of AI, and how they
can improve wealth management. AI influences a wide range of
areas, from risk management and compliance through to investment
analysis and client communication. The editorial team could spend
all its time on AI topics, given the sheer volume of them. At all
times, we try to see AI in context and avoid getting too
bedazzled by the tech cleverness, asking the point: how does all
this benefit our readers?
We’ve also kept an eye on how the market for digital
assets, including cryptos such as bitcoin, continue to
make themselves felt. A change of regime in Washington DC appears
to have propelled the price of bitcoin higher. Sceptics about
cryptos have, so far, been frustrated. In June, my
colleagues at Family Wealth Report ran an important
forum on cybersecurity
and related topics; we have another important look at
fintech in New York during October.
I am also really proud that our publications don't allow the hype
and boosterism that can enter our industry to pass without
resistance. Case in point: private market investing. My colleague
and US correspondent Charles
Paikert was willing to ask difficult questions about
whether including private market assets on the menus of
retail/mass-affluent investors is always wise.
An important topic that we examine throughout the year is that of
“protecting the client” – this ranges from cybersecurity,
reputation management and media awareness through to physical
security, health and wellbeing. Readers can see how we often
devote guest article space to topics, however unpalatable, such
as divorce and handling property disputes. This all sits within
the “protecting the client” area.
Finally, we’ve had plenty of content so far this yer on how banks
and other firms develop new specialisms, connect with clients in
new ways, and keep clients engaged. Articles have ranged from new
ways to invest in
classic cars through to the private banking role in
advising on
buying sports teams or
using fine art as loan collateral. We have even written
about where art is located and how it is
insured. There hasn't been a dull moment at our
publications.
As ever, if you have stories to tell, tips and comments, please
email me at tom.burroughes@wealthbriefing.com.