Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

▪ Markets continue their momentum, supported by the Fed’s first rate cut and a resilient US

economy.

▪ The frenzy around AI is fuelling tech stocks but rekindling fears of a speculative bubble.

▪ Gold hits a record high, reaffirming its role as a safe haven.

📌Download the full CIO Letter in PDF format here.

October 15, 2025

Publications

Letter from the CIO - May 2026

Back to normal… or almost

May 13, 2026

Publications

Letter from the CIO - April 2026

Geopolitical Easing and Economic Resilience: A More Constructive Yet Still Uncertain Environment

April 16, 2026

Publications

Stablecoins: Washington’s discreet asset

Regulation, innovation, sovereignty: dollar-backed digital assets are emerging as a new instrument of US monetary power.

April 08, 2026