Market Commentary
Quarterly perspectives.
Each quarter, our advisory team publishes our perspective on markets, macro conditions, and the specific implications for ultra-high-net-worth investors. Not investment advice — a rigorous framework for thinking.
Navigating Rate Normalisation: What UHNW Investors Should Watch
The Federal Reserve’s pivot has materially altered the relative attractiveness of fixed income, private credit, and public equity. For ultra-high-net-worth investors with concentrated equity positions, the recalibration of the yield curve creates both a tax planning opportunity and a portfolio repositioning imperative.
April 2025 14 min read
Fixed Income
Duration extension now warranted for long-horizon clients
Private Credit
Risk-adjusted yield premium remains attractive at 200–250bps over investment grade
Public Equity
Concentration in Magnificent 7 warrants systematic diversification strategy
India Corridor
GIFT City fund structures gaining traction for NRI capital deployment
Previous Quarters
October 2024 · 9 min read
Private Credit in Client Portfolios: Sizing the Illiquidity Premium
Private credit has emerged as a distinct asset class commanding a meaningful illiquidity premium relative to public fixed income. For UHNW clients with appropriate time horizons, allocations of 10–20% to direct lending strategies are providing
July 2024 · 12 min read
India Growth Story: Structural Allocation or Tactical Trade?
India's nominal GDP trajectory, demographic dividend, and improving regulatory environment for foreign capital create a compelling multi-decade investment case. For NRI clients and US-based investors with India exposure, understanding the
January 2025 · 11 min read
Year-End Tax Strategy for Liquidity Event Clients
The 2024 election outcome introduces meaningful policy uncertainty around capital gains treatment, estate tax exemption sunsets, and the carried interest rules. Clients with pending transactions or significant unrealised gains should...
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