Europe’s largest bank posted a pretax profit of USD 19.5 billion for the first six months of this year, up 23% from USD 15.8 billion seen in H1 2025 and ahead of the analysts’ estimates of USD 18.9 billion.

HSBC’s solid performance now stands as the testimony of its Asian focus, where an overhaul targeting wealth and cross-border banking drove fee income growth alongside a favourable rate backdrop.

“HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline. This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships. The result is a bank capable of achieving more,” said Georges Elhedery, Group CEO.

The 23% increase in pretax profit primarily reflected a year-on-year net favourable impact of USD 2.2 billion from notable items.

“The increase also reflected growth in banking net interest income (banking NII) and higher fees and other income, primarily in Wealth and Wholesale Transaction Banking (WTB). This was partly offset by higher expected credit losses and other credit impairment charges (ECL) and a planned increase in operating expenses. Profit after tax of USD 15.3 billion was USD 2.9 billion, or 23% higher compared with H1 2025,” HSBC said.

HSBC’s wealth revenue in the first half grew 18% from a year ago, backed by strong growth from its Asian markets. Rival Standard Chartered also announced a forecast-beating first-half profit last week, powered ⁠by a push for fee income.

Despite a wealth crackdown launched by Beijing in May aimed at restricting illegal cross-border flows, account-opening activity remained largely unaffected, Elhedery said during the earnings briefing.

“Hong Kong remains front and centre in the growth of our wealth business in Asia. It is evidenced ⁠by the 640,000 new clients the banking group acquired in the first six months in the market across HSBC and Hang Seng brands,” he added further.

HSBC’s strong H1 performance also concludes a strong earnings season for Europe’s big banks, which have extended a more ⁠than two-year-long recovery thanks to a surge in trading activity and resilient interest income despite dips in central bank rates.

HSBC also lifted its guidance for net interest income for the 2026/27 year. The British financial biggie now expects to exceed USD 46 billion, having previously said it would hit that level.

The lender announced a resumption of its share buybacks with an up to USD 1 billion plan, after pausing them when it announced late 2025 it was taking smaller Hong Kong lender Hang Seng Bank private.

The British multinational also set a second interim dividend of USD 0.1 per share, following a USD 0.1 payout in May.

As HSBC focuses on the Asia region, it has also streamlined its organisation by exiting markets where it lacks scale. In Singapore, it sold its insurance business. In Egypt and Australia, the venture has divested its retail banking and mortgage undertakings.

HSBC’s corporate and institutional banking business also received a further boost from the rising need to serve cross-border clients. The division has become the bank’s ⁠biggest income earner, accounting for a third of the first-half profit.

The bank, which is no longer active in the most buoyant American dealmaking market after earlier exits, has more than 70 initial public offerings (IPOs) lined up in Asia, 40 of which are in Hong Kong, Elhedery told the investors and analysts.

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Instead, wealthy families are increasingly moving capital into private credit, infrastructure, climate-linked investments, strategic commodities, farmland, energy assets, and alternative jurisdictions.

This transition is happening at a time when the global economy faces overlapping pressures. Wars in Eastern Europe and the Middle East, supply chain fragmentation, rising protectionism, debt concerns, inflation volatility, and political polarisation have challenged assumptions that shaped investment strategies for more than two decades. For many wealthy investors, the old framework of diversification through public markets alone no longer appears adequate.

As a result, the modern family office is evolving from a relatively passive wealth management structure into a highly strategic investment institution that increasingly resembles a sovereign wealth fund in both scale and sophistication.

The Declining Appeal of Traditional Portfolios

For decades, wealthy families relied heavily on a classic portfolio mix of equities, bonds, real estate, and cash deposits managed through large private banks. That model delivered stability during periods of globalisation, low inflation, and predictable monetary policy.

Today, many of those assumptions are under strain.

Bond markets, historically viewed as safe havens, have become more volatile as central banks battle inflation and governments carry record debt burdens. Equities remain vulnerable to geopolitical shocks, regulatory intervention, and sudden swings driven by artificial intelligence optimism or macroeconomic fears.

At the same time, inflation has fundamentally altered how wealthy investors think about preserving purchasing power. Families with multigenerational wealth are increasingly focused on maintaining real value rather than chasing aggressive growth.

This shift has become especially visible among family offices, which collectively manage trillions of dollars globally. Unlike institutional investors constrained by quarterly performance targets, family offices often prioritise long-term strategic positioning over short-term returns.

That flexibility is allowing them to move more aggressively into alternative assets.

Private Credit Emerges as a Preferred Asset Class

One of the clearest winners from this shift has been private credit.

As banks face tighter regulations and reduced risk appetite following years of financial reform, private lenders have stepped into the financing gap. Wealthy investors are increasingly allocating capital to direct lending funds, specialty finance platforms, and private debt vehicles that offer higher yields and stronger downside protection than many traditional fixed-income products.

Private credit has become particularly attractive because it offers predictable cash flow during uncertain market conditions. Many family offices view direct lending as a way to generate income while maintaining greater control over risk exposure.

The appeal has grown further as borrowers increasingly seek non-bank financing solutions. Middle-market companies, infrastructure projects, renewable energy developers, and real estate operators are all turning to private lenders for capital.

For wealthy investors, the sector provides not only returns but also influence. Unlike public markets, private credit transactions often allow investors to negotiate terms directly, obtain collateral protection, and maintain visibility into underlying assets.

This level of control is becoming increasingly valuable in a world where macroeconomic shocks can rapidly destabilise public markets.

Climate Investments Are Becoming Strategic, Not Symbolic

Sustainable investing has also evolved significantly among wealthy families.

A decade ago, environmental, social, and governance investing was often viewed as a branding exercise or ethical overlay. Today, many family offices see climate-linked investments as strategic necessities tied to future economic competitiveness.

This change is driven partly by regulation and partly by economics.

Governments worldwide are directing enormous capital toward energy transition projects, clean infrastructure, battery supply chains, carbon markets, and climate resilience technologies. Wealthy investors increasingly believe these sectors will define the next phase of global industrial growth.

Importantly, many family offices are not merely investing through passive ESG funds. They are taking direct stakes in infrastructure assets, private climate technology firms, and long-duration sustainability projects.

This approach reflects a broader preference for tangible investments with strategic value.

Real assets linked to energy security, food production, and critical infrastructure are now viewed as essential geopolitical hedges as much as financial investments.

Geopolitical Diversification Is Reshaping Capital Allocation

Geopolitical risk has become one of the defining themes influencing global wealth management.

The fragmentation of globalisation is forcing wealthy families to reconsider where they store capital, hold citizenship, establish businesses, and invest assets.

Many investors are increasingly diversifying not only across asset classes but also across political systems and geographic jurisdictions.

This trend has accelerated following sanctions disputes, trade wars, banking crises, and rising tensions between major powers, including the United States and China.

For wealthy families, concentration risk now extends beyond markets into governments and regulatory regimes.

As a result, family offices are increasingly expanding operations into financial hubs perceived as politically stable and globally connected, including Singapore, Dubai, Switzerland, and parts of the Gulf region.

Cross-border diversification now includes multiple dimensions:

• Multi-currency exposure
• International property ownership
• Alternative residency programmes
• Overseas banking relationships
• Distributed business operations
• Strategic commodity investments

The rise of geopolitical hedging reflects growing concern that financial systems themselves are becoming politicised.

Sanctions, capital controls, taxation changes, and trade restrictions are no longer viewed as isolated risks. They are increasingly incorporated into long-term wealth planning.

Real Assets Are Regaining Strategic Importance

Another major shift involves the growing appeal of hard assets.

Farmland, logistics infrastructure, energy assets, ports, data centres, and industrial real estate are increasingly viewed as defensive investments capable of preserving value during periods of inflation and geopolitical stress.

Data centres, in particular, have become highly attractive due to the rapid expansion of artificial intelligence infrastructure and cloud computing demand.

Similarly, agricultural assets are gaining attention amid concerns about food security, water scarcity, and supply chain disruption.

Many wealthy investors now prioritise assets that generate both stable income and strategic relevance.

This represents a departure from purely financialised investment models toward ownership of critical infrastructure tied to long-term economic necessity.

The trend is particularly strong among Middle Eastern and Asian family offices, many of which are aggressively acquiring stakes in logistics corridors, renewable energy projects, healthcare infrastructure, and technology ecosystems.

Why Private Banks Are Reinventing Their Wealth Businesses

The transformation in investor behaviour is forcing major global banks to adapt rapidly.

Institutions such as UBS, JPMorgan Chase, and HSBC are increasingly repositioning their private banking divisions around alternative investments, family office services, geopolitical advisory capabilities, and customised wealth planning.

Traditional portfolio management alone is no longer sufficient for many ultra-wealthy clients.

Instead, private banks are being asked to provide highly specialised services, including:

• Access to private markets
• Co-investment opportunities
• Cross-border tax planning
• Succession structuring
• Political risk analysis
• Climate investment advisory
• Digital asset infrastructure
• Family governance consulting

Banks are also investing heavily in technology and artificial intelligence to improve personalisation and operational efficiency within wealth management.

At the same time, competition for wealthy clients is intensifying.

Independent family offices are becoming more sophisticated and increasingly capable of managing investments internally. This pressures banks to justify their fees through exclusive deal access and strategic expertise rather than conventional advisory alone.

The acquisition of Credit Suisse by UBS highlighted the growing importance of scale in global wealth management. Larger institutions are seeking to consolidate client assets while expanding their alternative investment capabilities.

Meanwhile, banks in Asia and the Middle East are aggressively competing to attract internationally mobile wealth.

The Rise of the Global Family Office

Perhaps the most important structural change is the rise of the institutionalised family office.

Historically, family offices primarily handled administrative and estate matters for wealthy dynasties. Today, many operate as highly sophisticated investment organisations with direct exposure to private equity, venture capital, infrastructure, and geopolitically strategic sectors.

Some family offices now rival major institutional investors in scale and influence.

This evolution reflects both opportunity and necessity. Wealthy families increasingly believe they must take greater control over investment strategy rather than rely solely on external managers.

The modern family office is often deeply global, technologically advanced, and politically aware.

It may include specialists in cybersecurity, artificial intelligence, climate science, tax law, and geopolitical analysis alongside traditional investment professionals.

Importantly, younger generations are also influencing priorities.

Millennial and Gen Z heirs often place greater emphasis on sustainability, technology, social impact, and long-term resilience compared to previous generations focused primarily on capital accumulation.

This generational transition is accelerating changes in portfolio construction and investment philosophy.

Technology, AI, and the New Wealth Infrastructure

Artificial intelligence is also reshaping wealth management itself.

Private banks and family offices are increasingly using AI tools for portfolio analysis, risk modeling, operational automation, and personalised financial planning.

However, AI is also influencing investment strategy more broadly.

The enormous infrastructure requirements tied to AI expansion are creating investment opportunities in semiconductors, energy grids, cooling systems, fiber optics, cloud infrastructure, and data centres.

Wealthy investors increasingly see AI not only as a technological trend but also as a long-term industrial transformation requiring massive capital deployment.

This explains why family offices are increasingly allocating money toward infrastructure linked to digitalisation and computing power.

At the same time, AI-driven market volatility and rapid technological disruption reinforce concerns about concentration risk in public equities.

For many wealthy families, owning underlying infrastructure appears safer than betting solely on technology stocks.

A New Era of Defensive Capitalism

Ultimately, the shift underway among wealthy families reflects the emergence of a more defensive form of capitalism.

The goal is no longer simply maximising returns during an era of expanding globalisation and cheap capital. Instead, the focus has shifted toward resilience, strategic positioning, and long-term wealth preservation amid fragmentation and uncertainty.

This does not mean wealthy investors are abandoning growth opportunities. Rather, they are becoming more selective, more global, and more politically conscious in how they deploy capital.

Private credit, infrastructure, sustainable assets, geopolitical diversification, and strategic real assets all serve a common purpose: reducing vulnerability to systemic shocks while preserving flexibility.

The implications for the broader financial industry are profound.

Banks, asset managers, and advisory firms must increasingly operate not just as investment providers but as strategic partners capable of navigating geopolitical complexity, technological disruption, and climate transition.

In many ways, the future of wealth management is becoming less about outperforming benchmarks, and more about surviving an increasingly unpredictable world.

For the world’s wealthiest families, capital preservation is no longer passive. It is becoming an active geopolitical strategy.

The post Where are World’s Wealthiest Families Investing appeared first on International Finance.

However, the study also noted about APAC’s asset and wealth managers managing less than a quarter of regional client assets, compared with nearly 40% in Europe and nearly 60% in North America, underlining the scale of the untapped opportunity.

“The key issue is that Asia-Pacific is not one market, but many: organizations capturing a disproportionate share of the prize will be those that resist the temptation to apply a single regional playbook and make clear choices about where to anchor operations, build capabilities, and serve clients across markets,” the report remarked.

“Singapore’s role in Asia-Pacific asset and wealth management is being shaped by structural advantages that are hard to replicate—HNW destination capital in the region; a deep sovereign wealth base; a progressive regulatory environment helping define tokenized finance; deepening capital markets; and a tax and fund structuring ecosystem built for cross-border capital. Asset and wealth managers cannot be everywhere, all the time, across a region as diverse and fast-moving as Asia-Pacific. They need to make clear choices about where to anchor operations, build capabilities, and serve clients across markets. Singapore is increasingly that platform—a place from which managers can execute regional strategies with credibility, connectivity, and scale,” said Paul Pak, Asia-Pacific and Singapore Asset and Wealth Management leader, PwC Singapore.

The Asian city-state, along with its principal rival, Hong Kong, has sought to attract wealth managers, banks, and family offices as important parts of their economies. The jurisdictions also benefit from a broader rise in the size of Asia’s affluent and HNW (high net worth) population in recent decades.

As per the Capgemini Research Institute in May 2026, Asia-Pacific posted the highest regional growth in wealth of 10.5% and population growth of 9.4%, as semiconductor demand boosted Asian stock markets.

“Japan and China were among the strongest performers, adding 436,000 and 154,000 millionaires, respectively. India and Australia also saw growth, with HNWI populations increasing by 11,300 and 18,100, respectively. In a separate wealth management report, Boston Consulting Group in late May reported that Singapore is the world’s third-largest cross-border wealth center, home to USD 2.1 trillion of such wealth, and slated to grow in this regard by 9% from 2025 to 2030. Hong Kong and Switzerland are equal first, with the former due to overtake the Alpine state in coming years,” the Capgemini Research Institute noted.

“An around 8% compound annual growth rate is forecast for Singapore’s AuM between now and 2030, compared with the region’s 6.8% CAGR forecast overall, making Singapore one of the highest growth markets in APAC. USD 4.6 trillion managed AuM in Singapore makes it one of Asia-Pacific’s two largest international investment hubs. Some 8% of global SWF assets—the second-largest Asia-Pacific sovereign wealth hub,” PwC stated.

“Singapore continues to attract regional capital. It currently hosts 8% of global sovereign wealth fund assets, making it the second-largest Asia-Pacific SWF hub, while also reinforcing its role as a destination for HNW wealth from across the region. Asia-Pacific HNW assets are predicted to reach USD 52.4 trillion by 2030 (6.9% CAGR)—the standout driver of regional client asset growth—much of which is expected to flow through Singapore’s wealth platforms,” it continued further.

Asia-Pacific-based SWFs (sovereign wealth funds) collectively hold USD 5.2 trillion in investable wealth, and around 28% is allocated to alternatives, compared with 34% in North America. The gap is more pronounced for APAC pension funds, which allocate 8% to alternatives versus 37% in North America, pointing to headroom for further growth in private market allocations as regional pools mature,” PwC said.

The PwC report also pointed to a series of government initiatives that are helping Singapore’s wealth management sector to continue its growth momentum and deepen its positions in the capital markets, including the “Equity Market Development Programme,” expanded from SUSD 5 billion (USD 3.89 billion) to SUSD 6.5 billion at budget 2026, with SUSD 3.95 billion being allocated to nine asset managers, alongside a SUSD 1.5 billion top-up to the “Financial Sector Development Fund” and the new SUSD 3 billion “Anchor Fund.”

“Adding to this momentum, a new Central Provident Fund (CPF) life-cycle investment scheme – announced at budget 2026 and set for launch in 2028 – could channel up to SUSD 9 billion annually into Singapore equities, providing a steady liquidity pipeline and deepening the city-state’s capital markets,” the report stated further.

MAS’s (Monetary Authority of Singapore) proposed long-term investment fund framework, as per PwC, will be the potential route for broadening retail access to private markets—covering private equity, private credit, and infrastructure. Private markets in the city-state have risen from 20.3% of Asia-Pacific AWM revenues in 2012 to 55.4% in 2024 and are projected to rise to 59.5% (USD 99.8 billion) by 2030.

“Singapore’s WealthTech ecosystem is one of the most developed in Asia-Pacific, with homegrown digital investment platforms reshaping the way retail and HNW clients access wealth services,” the firm said. With 77% of Asia Pacific AWM organizations citing technology and digital disruption as the leading megatrend reshaping the industry, Singapore’s digital infrastructure is positioning the city-state as a model that is now being replicated across the region,” PwC concluded.

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The survey, conducted between January and late March of 2026, saw about two-thirds of family offices covered by the Swiss bank predicting weakening confidence in the dollar as a reserve currency over the year. However, since then, the dollar started to outperform ⁠many of its global peers.

“The dollar’s depreciation in the year before the survey was conducted has prompted many family offices to review their portfolios, with almost half concluding they are overexposed to the US currency across asset classes,” said UBS strategist Maximilian Kunkel.

“While plans to reduce exposure to dollar-denominated assets reflect a wider reconsideration of US-centric portfolios, family offices plan to add emerging ‌market ⁠stocks and infrastructure while trimming real estate holdings,” UBS noted.

“For the first time, we are feeling that family offices want to build up in Asia Pacific and, to a certain degree, also in Western Europe. That mainly ⁠affects family offices outside the United States, but we are also seeing signs that a very limited part of the de-dollarization move is coming from U.S. family ⁠offices,” UBS executive Benjamin Cavalli said.

Among the surveyed family offices, geopolitical conflict has now emerged as the top concern by a wide margin, prompting the entities to combine asset allocation shifts with multishoring strategies. Under multishoring, family offices span their activities across jurisdictions.

While North America currently accounts for 53% of the family office portfolio allocations, as per the UBS survey, that dominance is steadily eroding, with investors now expressing growing interest in Asia-Pacific (including Greater China) and Western Europe as alternative destinations for capital deployment. In terms of asset class shifts, there has been a definitive tilt toward emerging market equities, gold, and infrastructure.

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Christl Novakovic, currently heading the EMEA wealth business, will move to the Middle East in late 2026. Niels Zilkens, regional head of wealth management, will relocate to Doha, as per an internal memo seen by Bloomberg.

“The Middle East is central to our growth ambitions, offering significant long-term opportunities for both our business and our clients,” said UBS global co-head of wealth management Iqbal Khan and Middle East president Beatriz Martin Jimenez in the memo.

Christl Novakovic, also known as Christine Novakovic, chairs UBS Global Wealth Management EMEA, the UBS Art Board and the philanthropic UBS Optimus Foundation Europe. After serving the Swiss major between 1992 and 1996, she rejoined it in 2011 as Head of Corporate and Institutional Clients and took on additional responsibility as Head of Investment Bank Switzerland in 2014.

Apart from serving the UBS, she also had a brief stint at HypoVereinsbank AG, where she served as a member of the Group Executive Committee, handling leadership roles in the group’s private banking, retail banking and asset management divisions.

Novakovic’s rich profile also includes being the chair of the CEO of Citibank’s consumer and retail bank in Germany. During her eight years with the American firm, donned several regional and global roles within the corporate and investment bank in Frankfurt and Hong Kong.

Zilkens, another UBS veteran, possesses over two decades of leadership experience in the banking and financial sector, apart from being a recognised expert in wealth management, private banking, and global markets. As Head of Wealth Management Middle East at UBS (since 2023), he currently leads a team dedicated to delivering tailored financial solutions to high-net-worth individuals (HNWIs), family offices, and institutional clients based in the region.

Zilkens, through his leadership capability and industry expertise, has helped UBS to extend its presence and provide world-class investment strategies and wealth planning across the multiple financial hubs in the Gulf region, including the UAE, Qatar, Bahrain, and Saudi Arabia. Before being elevated as the head of Wealth Management Middle East, Niels held several senior leadership positions at UBS, Credit Suisse and Clariden Leu, covering European and Middle Eastern clients.

Toby Vogel will lead WM Europe Domestic, SE, Monaco, Spain & Portugal, UK, Jersey & Guernsey. He will also continue in the role as CEO of UBS Europe SE (a major German-incorporated wholly-owned subsidiary of UBS Group).

Carl von Wrede will head GFIW EMEA (Global Family Office and Institutional Wealth Solutions), covering both international and European domestic.

Vogel, who joined UBS in 2004, went on to handle leadership responsibilities across departments like Equity Sales and Sales Trading, International Cash Equities Distribution Europe, EMEA Equities Distribution, EMEA Equities and EMEA Equities Distribution, EMEA Equities and Equities Distribution, Global Wealth Management Germany, Investment Bank, Global Wealth Management Germany, Italy and France, Asset Management Europe SE and Wealth Management Europe SE, before becoming the CEO of UBS Europe SE in 2024.

Along with Vogel, Gianluca Gera, another UBS veteran, will now be handling the combined WM Europe International division, bringing together the Northern and Southern regions. Gera, who previously served JPMorgan, Goldman Sachs and Nomura, joined UBS in 2010, following which he handled leadership responsibilities within the Swiss giant’s wealth management verticals.

WM Eastern Europe, Israel, Africa & Overseas will be headed by Katya Lehmann.

The leadership moves follow recent high-profile departures of senior Gulf wealth bankers, including some hired not more than two years ago. The departures included bankers Rana Al Imam and Ali Khonji, hired from HSBC in 2024. The bank had hired Al Imam to expand its business in Abu Dhabi, while Khonji had been tasked with running its wealth unit in Bahrain and Saudi Arabia’s Eastern Province.

In response, UBS recently appointed Borja Martinez-Laredo to lead its Abu Dhabi office, immediately after announcing the opening of a new branch there. The bank maintains additional Gulf operations in Dubai, Riyadh, Qatar, and Bahrain.

Novakovic, a UBS veteran for over 15 years, stated that the EMEA wealth business will be organised into five coverage sectors from 1st June, allowing her to focus on supporting the Middle East team’s growth initiatives.

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Jonathan Alpert, previously global co-head of insurance coverage at Bank of America, has joined Citigroup as its global head of insurance. Ryan Willingham, another veteran dealmaker from the Bank of America, will now be Citi’s managing director covering speciality finance.

Enrique Pani, who oversaw the sale of Citigroup’s Mexican unit Banamex as part of a restructuring announced by CEO Jane Fraser in September 2023, was promoted to vice chair of financial institutions with a focus on Latin America.

Separately, the venture also hired Stuart Ord from Deutsche Bank to lead its UK M&A division, replacing Sian Evans, who left to become director general of the Takeover Panel.

“These appointments reflect our commitment to building a market-leading financial institution franchise,” said Dave Friedland and Jens Welter, co-heads of North America investment banking at Citigroup.

As per Citigroup’s head of banking, Vis Raghavan, the bank has hired 60 senior investment bankers since the beginning of 2025, with half of them being positioned in the United States. The official sees managing director headcount rising by 15% in the “near term” as the bank targets 6% market share in dealmaking.

“Going forward, quality of hires over quantity will be our focus. It’s not just a numbers game”, Raghavan said.

Citi’s “Big Four” rival Wells Fargo is not behind in the talent-poaching race either. Its advisors’ recruiting team recently added wealth management professionals from rival Morgan Stanley, with the new recruits having the prior experience of managing client assets worth USD 5.9 billion.

To sweeten things further for the American financial services giant, which operates in 35 countries and serves over 70 million customers worldwide, it will see the joining of a “UBS team” within its organisational fold that has been managing client wealth worth over USD 1.6 billion.

Wells Fargo made the strategic recruitments as part of its ongoing effort to muscle up its national wealth division, which in 2026 moved its headquarters to West Palm Beach. On its most recent earnings call, the firm said expenses were up 11% due to higher revenue-related compensation for its wealth managers.

Among the high-profile additions, we have private wealth financial advisors and brothers Stephen, David and Patrick Bartoli. After serving more than a decade, the team will be leaving Morgan Stanley in order to launch Bartoli Private Wealth Management Group of Wells Fargo Advisors. Bortoli Private Wealth will also include two other advisors, Craig McLean and William Duval, along with three support staff.

“The team was drawn to our model that combines the scale and capabilities clients expect with hands-on support and strong local resources to deliver a truly high-touch experience,” said Ken Terranova, Wells Fargo Advisors’ Greater Pennsylvania market leader. A Texas-based UBS team and its advisors and managing directors Jay Arbetter, Jason Taraszki, Henry Jordan and Rusti Rogger, after spending nearly two decades with the Swiss giant, will also be joining Wells Fargo. Their new firm, AGT Private Wealth Group, will also include two other advisors and eight support staff.

The largest group joining Wells Fargo has nine private wealth advisors, namely James Taylor, Shane Drumm, Michaella Irvine, Marcus Briscoe, Cameron Irvine, Jamison Embury, Roger McGlynn, Hunter Embury and Kyle Drummby, who were previously with Morgan Stanley. They will now be based in New York City under the name “The Taylor Group of Wells Fargo Advisors”. A support staff team consisting of 10 professionals will assist them.

“This is a highly driven team that operates with precision and purpose. They’re keen to take advantage of Wells Fargo’s full balance sheet, which gives them a clear runway to serve their clients holistically,” said Patrick Baumann, New York City market leader for Wells Fargo Advisors.

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Set for a Q4 2026 rollout, the platform will serve clients across Citi Private Bank, Wealth at Work, Citigold and Citigold Private Client groups, covering locations like North America, Latin America, Europe, the Middle East, Africa and Asia-Pacific.

The program will consolidate Citi Wealth’s existing investment products, ETFs (Exchange-Traded Funds), mutual funds, separately managed accounts and alternatives, into a single account structure.

Clients will receive a single agreement, a unified fee, and consolidated reporting, along with multi-currency capabilities and access to both onshore and offshore investment structures.

The unified managed account program will also incorporate views from Citigroup’s Chief Investment Office and Citi Portfolio Solutions powered by BlackRock, a separately managed program that was first announced in September 2025.

Advyzon, a Chicago-based platform that serves more than 2,500 wealth management firms, is known for its technology stack, that covers model management, a manager marketplace, and tax overlay, along with other activities like direct indexing, trading, portfolio modelling, rebalancing, billing and reporting, through an AI-enabled, multi-currency, multi-jurisdictional architecture.

Keith Glenfield, Citi Wealth’s head of investment solutions, said, “the program is truly an industry innovation and a unique investment program, considering the global reach and combination of capabilities.”

He further stated that clients would be able to access the bank’s investment offerings through “a simplified and personalized investment program.”

Hailin Li, Advyzon’s founder and chief executive, remarked, “the firm is proud to partner with Citi Wealth on creating one global advisory platform that unites prospecting, account opening, unified management account/household, client reporting and custodial capabilities.”

The Advyzon deal arrives in the backdrop of Citi’s aggressive efforts to close gap with its competitors in the domain of wealth management. Andy Sieg, who joined the division in 2023 after serving as the president of Merrill Lynch Wealth Management, has been pushing the Wall Street biggie to shift from lending-centered revenues toward recurring investment income.

In fact, in 2025, he acknowledged that the bank’s managed assets platform “needs work to adjust, so that we can deliver the kind of unified managed account experience that US investors and, increasingly, investors around the world are looking for.”

For Advyzon, the Citi partnership is a significant expansion beyond the RIA (Registered Investment Advisor) market, where it usually operates. The company has ranked first in client satisfaction among all-in-one platforms for nine consecutive years in the “T3/Inside Information Software Survey.”

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As per the survey, some 55% of the investors remain bullish in Q2 2026, slightly below from last quarter’s tally of 56%. Inflation remains the top concern among 50% of those surveyed, followed by concern about geopolitics (20%) and rising energy costs (18%). About two in three investors (63%) expect volatility to rise, six percentage points higher than last quarter.

“Upcoming midterms add to market anxiety. Nearly half (48%) of investors worry midterm elections could affect stock performance. Amid uncertainty, investors stay engaged. Half (50%) of investors have increased the amount of time they devote to their portfolio this quarter—up from 41% last quarter,” the study remarked.

“With geopolitical concerns, policy uncertainty and higher costs, market whiplash is very real, making day-to-day moves feel noisy. But rather than pull back, many investors remain engaged—adjusting to volatility and looking for opportunities in a more complex market backdrop. A healthy dose of volatility is a normal part of market dynamics, and commitment to an investing plan is key,” said Chris Larkin, Managing Director and Head of Trading and Investing, E*TRADE from Morgan Stanley.

“With AI disruption continuing to move the market, more than half of investors (56%) point to information technology as the sector with the greatest potential this quarter. Energy. Amid spiking oil prices, investor interest in energy is unchanged this quarter, holding steady at 49%,” Morgan Stanley Wealth Management commented.

As market risks shift, investors’ interest in health care, known for its relative stability during uncertainty, ticked up 2 percentage points to 35%.

This quarterly retail investor pulse survey was conducted online from April 1 to April 20 of 2026, among a sample of 940 self-directed investors, investors who fully delegate investment account management to financial professionals, and investors who utilize both the routes.

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Walsh will join from Morgan Stanley, where he spent four years as executive director and state manager for NSW at the financial firm’s wealth management arm. He also spent eight years at Perpetual (Australian investment fund and trustee group) as advice manager for NSW and later as lead partner for the region, along with Queensland and head of partnership growth.

JBWere started 2026 on a bad note, as it lost advice executive Andrew Bird after a decade, who moved to join UBS as its head of global wealth management in Australia. Note that Bird is currently serving his second stint at UBS. He previously spent three years as a market manager for the company’s Melbourne-related commitments, until he departed for JBWere in 2016.

Confirming Walsh’s appointment, Michael Saadie, chief executive of JBWere, said, “Daniel is a senior wealth management leader with 20 years’ experience leading advice and distribution teams across major institutions. He has a strong track record building resilient and high-performing teams and deep experience in adviser growth strategies, business development, risk and compliance management.”

Ben Smoker served the Commonwealth Bank for the past six years. There, he spent the last two years as the venture’s general manager for private wealth. His profile also includes stints with Westpac and Saxo Bank as chief executive of Saxo Capital Markets (Australia).

His appointment follows the hiring of Alexandra Campbell as chief investment officer at NAB Private Wealth and JBWere, which took place in December 2025. Campbell will join from Cbus Super, where she was deputy chief investment officer and head of private markets. At JBWere, she will lead the firm’s investment strategy across strategic and tactical asset allocation, portfolio construction and manager selection.

“Alexandra has a deep understanding of investment strategy and client objectives, and a proven record of delivering investment outcomes. Her leadership will be integral as we enhance the breadth and sophistication of our private wealth offering. The appointment reinforces our commitment to outstanding client outcomes through a unique integrated private wealth and banking platform,” Saadie remarked.

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The appointments, if cleared, the leadership changes would take effect when the current CEO, Bruno Servant, reaches the end of his mandate in late April 2026.

Busst is currently CEO and chief investment officer for Conning’s European operations, which sit within Generali Investments. In his current role, he is responsible for Corporate Governance and all Portfolio Management oversight and investment strategy decision-making.

Before joining Conning in 2011, Busst was the CEO of Amundi’s UK subsidiary and Head of UK Institutional Fixed Income within the London-based Global Fixed Income Team. There, he and his team managed assets for a broad range of insurance market clients in the United Kingdom, United States, Bermuda and Europe.

At GenAM, the upcoming CEO’s responsibilities will include corporate governance and oversight of portfolio management and investment strategy-related decisions.

Casagrande, on the other hand, is the chief of investments at Generali Investments and, since March 2025, has also been chair of Generali Investments Luxembourg. He joined Generali Investments in 2009, in addition to holding senior posts in the investment function, including work on strategy and asset allocation.

Generali Investments CEO and GM Woody Bradford said, “Russell and Filippo bring outstanding profiles and highly complementary expertise, and both have a deep understanding of our platform’s growth strategy and the evolving needs of our clients. Their proposed appointments, together with this organisational change, reflect our commitment to continue advancing GenAM’s strategic trajectory and taking its success to the next level.”

“As we approach the conclusion of his mandate, I would like to express my sincere appreciation to Bruno for his leadership, for the significant achievements delivered during his tenure, and for the strong foundations he has established for GenAM’s future development,” he concluded.

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