Operating revenue topped $98bn in 6m26, 16% up y/y. APAC enjoyed the strongest gains, led by fee income from equities, structured products and discretionary mandates; substantial net new money inflows, particularly cross‑border from China into Hong Kong and Singapore; and robust client acquisition across UHNW and Affluent segments. AMER also advanced, supported by exceptionally strong equity markets and record managed‑account inflows; and EMEA contributed meaningfully. Costs also grew, but at a much slower pace, supporting a 27% increase in pre-tax profits.
Semi-liquid private equity funds are beginning to face rising redemption requests, with one major player already enforcing quarterly caps after withdrawals neared 10% of fund value. Redemptions may grow as investor concerns – especially around software-sector exposure and AI-driven risks – spill over from private credit. PE funds lack the steady cash flows of PC; meeting redemptions is harder, so managers are unlikely to exceed contractual limits – in fact, many may even tighten liquidity further, possibly creating a negative self-enforcing cycle of (attempted) exits. Digital assets have moved from speculative hype to genuine institutional adoption, with multiple banks now offering access to bitcoin – the asset with the cleanest risk profile for wealth clients, the strongest custody ecosystem, and the broadest cross‑jurisdictional acceptance – and one major private bank even issuing its own spot bitcoin ETP. The next phase of growth will depend on stronger infrastructure, institutional‑grade custody, and integrated wealth planning tools, and will be driven by firms that treat bitcoin as sovereign digital wealth within long‑term portfolios.