Wealth Management Insights

Macroeconomics · 23 Sept 2026

From monetary independence to fiscal dominance?

In previous “Horizon” publications, we have highlighted several structural trends shaping economies, including demographics, deglobalisation, decarbonisation, debt and digitalisation. Successive crises – such as the Covid pandemic, the war in Ukraine, the trade war and the recent Middle East conflict – have exacerbated these trends.

Macroeconomics · 23 Sept 2026

The great scramble for resources

Today’s increasingly fragmented world is driving a dash to secure resource sovereignty. Across the globe, governments are prioritising energy security and access to key commodities in the face of conflicts, trade barriers and climate change.

Macroeconomics · 21 Sept 2026

Weekly house view | Xi-Trump, round two

The CIO’s view of the week ahead.

Macroeconomics · 21 Sept 2026

Stablecoins versus the digital euro

The rapid evolution of digital finance has brought stablecoins and central bank digital currencies (CBDCs) to the forefront of global economic discussions. Stablecoins, which are digital assets designed to maintain a stable value, have experienced explosive growth. This is prompting new regulatory frameworks and raising important questions about their impact on financial stability, monetary policy and the international monetary system. At the same time, central banks are exploring digital currencies to preserve monetary sovereignty and adapt to changing payment landscapes.

Macroeconomics · 15 Sept 2026

The 2020s in historical perspective

Sir Niall Ferguson has spent his career explaining how economic history can help inform contemporary policy decisions. His latest theory, dubbed “Ferguson’s Law,” highlights how US fiscal profligacy threatens the durability of American power just as a second Cold War is emerging between the US and China.

Macroeconomics · 14 Sept 2026

Weekly house view | Bonds not Ha-PPI

The CIO’s view of the week ahead.

Macroeconomics · 08 Sept 2026

Horizon 2026 – The race for resource sovereignty

A new era is upon us. The post-war, rules-based period of multilateralism has given way to multipolar rivalry and, by extension, heightened geopolitical tensions in a more uncertain world. At the core of this multipolar rivalry is a competition for supremacy between the US and China. And at the heart of their rivalry is a race for technological leadership – particularly in the field of artificial intelligence (AI). The superpowers’ quest for digital dominance extends to a competition for the resources needed to power the AI economy. Their fragile trade truce is indicative of a highly charged environment, in which “resource sovereignty” is the defining imperative.

Macroeconomics · 07 Sept 2026

Weekly house view | Fed waiting for CPI to decide

The CIO’s view of the week ahead.

Responsible future · 25 Aug 2026

Power shift: investing in the electrification megatrend

A global shift toward electrification is gaining momentum. This megatrend is driven by a mix of industrial demand, technological advances and geopolitical risk. In this Q&A, PWM energy equity analyst Malik Zetchi shares his perspectives on where investors can find value in the electrification revolution.

Technology & science · 28 Jul 2026

What society is getting from drug innovation

For much of the past half century, the social contract underpinning pharmaceutical innovation was clear. New drugs delivered longer lives, fewer hospitalisations and, in some cases, cures. In return, societies accepted steadily rising healthcare spending. That contract held as long as innovation visibly transformed outcomes. It is now being renegotiated.

Philanthropy

How women are transforming philanthropy

Empowered by their growing share of global wealth, women are shaking up the world of philanthropy.

Family business

Reviving an iconic family whisky business

Whisky takes time to mature, and so do family businesses. Leonard Russell of Ian Macleod Distillers in Broxburn, Scotland, explains how long-term thinking shapes everything from distillery revivals to succession planning.

Entrepreneurship

From founder to investor: navigating the shift

Making the mental leap from building a business to managing a portfolio may not be easy. Here’s how to embrace the investor mindset after a successful exit.

Family business

Reshaping a family business while honouring its elders

Tong Heng has been a mainstay of Singapore’s traditional Chinese pastry scene for 90 years. But when Ana Fong joined the family business, run by her elders, the third generation, she saw it needed to be made relevant for a new generation. Her task was more complicated than she had imagined.

Family business

Harnessing tradition to safeguard for the future

Ken Koh joined his family’s business at a challenging time. His vision of how to leverage the company’s traditional methods to create a niche as a premium player proved to be a pathway to success, and now he is diversifying into other sectors while nurturing the next generation.