The editor casts his eye back at the past 12 months to highlight significant themes and developments driving coverage by the team.

As this year draws to a close, it seems easier than in some earlier periods to sum up the main themes that have gripped our editorial attention: AI, private markets, geopolitical volatility, corporate M&A, a vibrant Gulf and increased mobility among UHNW individuals.

I start with the new US presidency. From the moment Donald J Trump re-entered the White House in January, it was clear that his second term was going to differ from the first: more aggressively protectionist; bringing in Elon Musk to run “DOGE” (the Department of Government Efficiency); even more transactional in foreign policy – notably over Ukraine – and, last but not least, taking a hardline approach to illegal immigration. Congressional Republicans were – at least until recent weeks – relatively placid. The Democrat Party was licking its wounds after its defeat in November 2024. America began 2025 with the trauma of devastating fires that destroyed housing in parts of Southern California - a reminder of the risks that people from all walks of life face.

The hand of the State was further lifted from the energy industry – a factor often cited in explaining why US energy costs are significantly below those of Europe, for example. On the other hand, tariffs and arguably the clampdown on immigration have added to costs, at least in the near term.

The tariff move, which rattled markets after the “Liberation Day” announcement in early April, was followed by a 90-day suspension as countries haggled for less onerous terms. Markets recovered. One takeaway from the wealth management sector is that while globalization is not in full retreat, trends such as “reshoring” and a move away from traditional trading relationships have gathered pace. A good deal of the editorial team’s time has been spent talking to banks and other firms about the asset allocation and strategic implications of these shifts. (See an example here.)

After Germany, under its new chancellor Friedrich Merz, announced a push towards defence and infrastructure spending – prompted by concerns over European security vis-à-vis Russia – European equities rallied and asset allocators shifted towards the continent. That has been an important trend this year, although the sheer dynamism of the US economy means there has not been a decisive break away from US exposure. (See here and here.)

A related point arising from the foregoing is that the dollar has weakened. As of the time of writing, the US Dollar Index is down 9.25 per cent this year. Mutterings that the US administration actually welcomes this outcome – and may even regard the dollar’s status as the global reserve currency as a burden – have raised concerns. One beneficiary has been the cluster of emerging market countries that had lagged the developed world in recent years. Asset allocators are increasingly giving emerging markets more attention, a shift reflected in our own coverage. (See an example here.)

One reason why tariff turbulence and concerns about the dollar have not yet significantly damaged US equities is AI and, as noted earlier, the innovative dynamism of the US economy more broadly. The S&P 500 Index is up 16.5 per cent this year. The MSCI World Index shows total returns – reinvested dividends plus capital growth – of 20.6 per cent as of 19 December (in US dollars) since the start of January. Overall, equity investors have had plenty of reasons to uncork the champagne.

AI has captured a great deal of our attention this year, with the team examining its expanding use cases. We have explored how wealth managers are deploying AI, their hopes and concerns, and how investment in the technology is taking place via both public and private markets. AI is by far the dominant technology theme in wealth management, and I do not expect that to change rapidly. There could, of course, be some reappraisal if AI-related equities were to correct sharply in 2026 amid concerns that revenue growth may struggle to justify the hundreds of billions of dollars being invested. 

Private markets
I mentioned private markets – and they have been a powerful theme in 2025. Readers will by now be familiar with “evergreen” funds, talk of “democratising” access, the growth of “secondaries,” and more. (See an overview here.) Earlier this year, our US correspondent Charles Paikert noted a degree of concern creeping in over whether widening access to the retail investor space is prudent. We have, as ever, examined all sides of this debate, while remaining alert to the dangers of hype and marketing boosterism. I like to think that our decades of experience covering financial markets is something our readers value. (Charles has also his own thoughts about a range of North American issues in his own summary article here.)

Charles has been indefatigable in chronicling continued M&A activity in the North American wealth management market, with the rest of the team working alongside him on transatlantic developments too, such as US-headquartered Corient’s acquisition of two UK-based multi-family offices, Stonehage Fleming and Stanhope Capital. As regulatory costs rise and demands for technology investment remain strong, economies of scale are increasingly prized – which, in turn, means more M&A. A cohort of older wealth advisors is looking to retire, placing swathes of firms in play. And this is not just an American, or even European, story. One question that can arise is whether private equity firms that have pushed into the wealth space will be patient with results taking time to bear fruit.

Asian dynamism
Asia has seen tremendous growth in the number of external asset managers and family offices. Singapore and Hong Kong continue to compete fiercely, and Hong Kong – after several difficult post-pandemic years – has recovered some of its swagger, with stock market listings putting cities such as London in the shade. The city is once again being mentioned as potentially edging ahead of Switzerland as the world’s largest cross-border financial centre – time will tell.

Singapore’s rise as a wealth management hub is beyond doubt. There have, however, been some frictions: tougher know-your-client requirements and anti-money laundering rules have made onboarding more onerous, and technology will need to play a greater role in easing these challenges. During the spring, the editorial team examined how various banks and firms are serving external asset managers, producing a package of articles that set out developments on the ground. This is the kind of deep-dive analysis we take pride in – and readers can expect more in 2026.

We have also continued to monitor India closely. This vast country, with its youthful demographics and rising affluent middle class, is growing steadily in wealth management importance. The team has covered several India-related developments this year, with more to come. 

The team keeps an eye on China, such an important motor for the region, of course. This country is not exactly easy to report on, and in recent years, opacity about corporate results and other data has worsened. But it is unquestionably important in driving new wealth. The "corridors" of wealth that I wrote about a few weeks ago often intersect with China. 

Glittering Gulf
The Gulf Co-operation Council countries – notably Saudi Arabia and the UAE – have seen a steady influx of international wealth management firms this year. Jurisdictions such as Dubai and Abu Dhabi have blossomed, and barely a week goes by without another firm announcing regulatory approval to set up shop. Small wonder that road traffic can be daunting! Our own activities in the region reflect this growth, and places such as Dubai have benefited from perceptions of stability and, of course, low taxes. 

Taxes and movement
Ah yes, taxes. It has been impossible to ignore the tax rises and increasing pressure on HNW individuals in the UK this year, and prospects for a policy shift do not look encouraging in the near term. The UK has ended the resident non-domicile system, widened the inheritance tax net, introduced new levies on high-value homes, and extended the fiscal drag associated with several taxes. (See coverage of the Autumn Budget here and here. The result: Britons are relocating – and wealth advisors are following their clients. On the American side, the One Big Beautiful Bill Act ended speculation for some time about whether old US estate tax and gift tax thresholds would fall. Instead, their post-2017 levels were kept in place, and other changes were made that seemed overall to be applauded by the wealth advisory sector.

Financial hubs such as Dubai and Switzerland have benefited, as has Italy through its residency scheme for HNW individuals. These developments, whatever one’s political views, underline the importance of high-quality financial planning advice. The grass is not always greener on the other side of the fence.

The past year has also served as a reminder of Arthur Laffer’s insight that taxes influence behaviour at the margin – sometimes decisively – and cannot be ignored. A few years ago, I reviewed a book that attempted to dismiss this Laffer argument; such views have not aged well.

Beyond these headline themes, we have also devoted time to topics including solutions for collectables, talent management, intergenerational wealth transfer planning, new approaches to marketing and branding, and the impact of blockchain and digital assets. Another important topic that has, alas, been highlighted by violent episodes is that of "protecting the client." This area ranges from cybersecurity, reputation management and media awareness through to physical security, health and wellbeing. Readers can see that we often devote guest article space to topics, however unpalatable, such as divorce and handling property disputes. 

The past 12 months have been a reminder of how fascinating and complex the wealth management industry is – and how fortunate my colleagues and I are to write about it. Please remember to check out our foward features calendar for 2026 because this shows the range of topics we cover. 

I wish all our readers a happy holiday season, and a peaceful and prosperous 2026.