The arithmetic at the half-year: figures to 30 June 2026

The client portfolio under stewardship stood at US$842 million at 30 June 2026, against US$754 million at 31 December 2025. The proprietary balance sheet stood at US$610 million against US$571 million. Committed but undrawn facilities were unchanged at US$215 million. The group held 28 jurisdictions of domicile or registration, 36 offices and representative desks and 312 people. Every figure below is stated as at 30 June 2026 unless another date is given.

The US$88 million increase in the client portfolio has three components. Net new mandates contributed US$61 million, of which US$27 million came from relationships the group already held. Valuation movement contributed US$34 million. Distributions to clients removed US$7 million. Sixty-one family relationships were held at the period end, four more than at the start of the year, and each new relationship was accepted against the eligibility standard without exception or waiver.

The portfolio divides by region as follows. The Caribbean carries US$224 million and Europe US$214 million. North America carries US$168 million, Asia-Pacific US$61 million, the Middle East US$58 million, Latin America US$47 million, Oceania US$41 million, and Africa and the Indian Ocean US$29 million. The two largest regions are also the two oldest, and both are net contributors of proceeds to the expansion programme rather than net consumers of capital.

Headcount rose from 296 to 312 over the six months. The network stood at 36 cities, two more than at the end of 2025, and that count excludes the representative desk in Seoul, which opens in the second half of the year. Forty-seven portfolio companies and positions were held at the period end, 21 of them carrying biological exposure. The counterparty register held more than 140 relationships across 52 countries.

The first phase of Programme Latitude is budgeted at US$18 million and spent US$7.4 million in the half. The treasury company in George Town was incorporated and staffed. The network review opened in New York and closed nine of the 21 arrangements identified for closure. Every dollar spent came from realised proceeds, and the Chief Financial Officer confirmed the source in writing before the phase was allowed to open.

What did not change is worth stating. There is no retail business in any jurisdiction, no public listing and no external capital raised. No client decision was made by a model in the period and no client data was sold, shared or used to train one. Nine clients required a human review and all nine were answered inside the five-business-day standard. The shape of the arithmetic since 2019 is unchanged: originate where entry is hard, realise on a stated timetable, move the proceeds.

Published 2026-08-18 by the Investment Banking division. Research is prepared for eligible counterparties and does not constitute advice.