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Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Hong Kong vs Singapore in 2026: The Head to Head for Asian Wealth, IPOs, and Connectivity
Hong Kong is back on the front foot with a thawing IPO market, an expanded dual counter regime, and deeper Connect schemes, while Singapore consolidates a 1,650 family office complex and a maturing Variable Capital Company stack. The two centers are no longer interchangeable.
Hong Kong enters 2026 with the strongest cyclical tailwind in three years. HKEX raised about USD 11 billion across 71 new listings in 2024, the 2025 calendar trended materially higher behind Midea's secondary listing, SF Holding's H share float, and the ZX consumer technology pipeline, and the HKD RMB Dual Counter Model has expanded to co...
Singapore as Asia's wealth hub: family offices, AUM, and the post crackdown discipline trade
Singapore's family office surge from roughly 400 to 1,400 between 2020 and 2023 has been recalibrated by the Section 13O and 13U revisions of July 2023, the Stablecoin regime, and the SGD 3 billion money laundering case of August 2023.
Singapore now sits at the centre of the Asian private wealth map. The Monetary Authority of Singapore reports total assets under management of SGD 5.4 trillion at end 2023, up from SGD 4.9 trillion a year earlier, with around 78 percent of mandates sourced from outside Singapore and 89 percent invested outside the city state. Single famil...
Switzerland 2026: UBS After Credit Suisse, Russian Asset Gridlock, and the Limits of Neutrality
The forced Credit Suisse rescue closed one crisis and opened a slower one. UBS now carries a balance sheet larger than Swiss GDP, the Federal Council is rewriting capital and resolution rules, the Russian asset freeze has stalled at CHF 7.5 billion, and Singapore is taking share at the top of the wealth pyramid.
Three years after the March 2023 forced merger, UBS Group AG sits at the center of Swiss macro-financial risk. The transaction price of CHF 3 billion, the CHF 9 billion federal loss-protection guarantee, the CHF 250 billion liquidity backstop, and the controversial writedown of CHF 16 billion of Credit Suisse Additional Tier 1 bonds reset...