Insights
Research fromthe desks.
Analysis written by the divisions for clients and counterparties: market structure in rare sectors, capital mobility in practice, data infrastructure, and the programme of expansion. Sixty pieces since 2021.
- Pieces
- 60
- Since
- 2021
- Sectors
- 12
- Divisions
- 6
Latest
Six recent pieces.
The arithmetic at the half-year: figures to 30 June 2026
Client portfolio under stewardship of US$842 million, a proprietary balance sheet of US$610 million, 28 jurisdictions, 36 cities and 312 people. This note sets …
2026-08-18
Small halls, local rules: underwriting data residency
Where records must stay inside a jurisdiction, a local institution cannot buy capacity abroad at any price. That rule creates demand for halls of two to four me…
2026-06-16
Showing clients which decisions were model-assisted
The sixth Charter principle gives clients sight of model-assisted decisions and the seventh gives them a human review. Neither survives an operating business wi…
2026-04-21
What the desk declines: a register of forty-five rejected strategies
Sixty-four strategy proposals since 2022. Nineteen in production and forty-five declined. The declined register is the more useful document, and this note sets …
2026-03-17
The network at 140: what a correspondent relationship costs to keep
The register held 140 correspondent and counterparty relationships across 52 countries at the end of January. The number is usually quoted as reach. It is bette…
2026-02-17
Programme Latitude: what the next seven years buy
The Board approved a seven-year expansion programme in December 2025: US$180 million, one phase a year, funded entirely from realised proceeds. This note sets o…
2026-01-202026
- The arithmetic at the half-year: figures to 30 June 20262026-08-18 · Financial Systems
- Small halls, local rules: underwriting data residency2026-06-16 · Information Infrastructure
- Showing clients which decisions were model-assisted2026-04-21 · Data Analytics
- What the desk declines: a register of forty-five rejected strategies2026-03-17 · Quantitative Markets
- The network at 140: what a correspondent relationship costs to keep2026-02-17 · Financial Systems
- Programme Latitude: what the next seven years buy2026-01-20 · Private Enterprise
2025
- Borrowing against an illiquid estate2025-12-09 · Structured Credit
- Pricing an inspection history: sterile capacity and what a buyer inherits2025-11-11 · Pharmaceuticals
- Who owns the yield map: data rights in agri-science2025-10-14 · Agri-science
- Succession before liquidity: the order that decides the price2025-09-16 · Private Enterprise
- Putting the Charter into a contract a vendor will sign2025-08-12 · Technology
- Two platforms, one purpose: why the fund estate sits in Luxembourg and Dublin2025-07-15 · Financial Systems
- One qualified supplier: financing a single-source input2025-06-10 · Specialty Materials
- What a welfare audit actually inspects2025-05-13 · Animal Health & Veterinary Biologics
- Pricing the mortality tail: two series in one harvest record2025-04-08 · Aquaculture & Marine
- Families alongside the balance sheet: co-investment in private credit2025-03-25 · Structured Credit
- Building a reference-data spine for markets the vendors do not cover2025-02-18 · Data Analytics
- The minority recapitalisation: liquidity without a change of control2025-01-21 · Private Enterprise
2024
- Validated software: why a regulated customer does not change supplier2024-12-10 · Technology
- Landing stations: financing connectivity for small island economies2024-11-12 · Information Infrastructure
- A diagnostics dataset and the limits the firm placed on it2024-10-15 · Data Analytics
- Succession across three jurisdictions: what the structure has to survive2024-09-17 · Private Enterprise
- Hedging what the origination book actually owns2024-08-20 · Quantitative Markets
- Qualified once, supplied for a decade: specialty materials in Japan2024-07-16 · Specialty Materials
- Sequencing the Asia-Pacific build-out: settlement first, coverage second2024-06-18 · Financial Systems
- Sterile injectables: the capacity that takes three years to build2024-05-14 · Pharmaceuticals
- Private credit in specialist markets: lending where the collateral is a licence2024-04-09 · Structured Credit
- Financing the growth cycle: working capital in aquaculture2024-03-05 · Aquaculture & Marine
- Why the Africa and Indian Ocean platform sits in Port Louis2024-02-13 · Agri-science
- Four tests before capital moves: a realised exit, worked through2024-01-16 · Animal Health & Veterinary Biologics
2023
- After the sale: the first year of a founder's proceeds2023-12-12 · Private Enterprise
- Model-assisted, and said so: what clients are told2023-10-17 · Technology
- Ninety-four relationships: correspondent banking as infrastructure2023-09-19 · Financial Systems
- Power before fibre: underwriting a small-market data centre2023-08-15 · Information Infrastructure
- What counts as a model: building the inventory2023-06-20 · Quantitative Markets
- Dividing a veterinary portfolio species by species2023-05-16 · Animal Health & Veterinary Biologics
- Provenance before analysis: the register and what it excludes2023-04-18 · Data Analytics
- Seven rules for automation: the Ethical Technology Charter2023-03-14 · Technology
- Holding a qualified supplier: capacity, concentration and exit2023-01-24 · Specialty Materials
2022
- Yield series are an input, not an answer2022-12-13 · Agri-science
- When the exit window closes, price the minority2022-11-15 · Private Enterprise
- Settlement latency is a risk input, not an operations problem2022-10-18 · Financial Systems
- Financing the batch before it is released2022-09-20 · Pharmaceuticals
- Dilution is a product event: lending to veterinary distributors2022-08-16 · Structured Credit
- Pricing the generation clock in a hatchery sale2022-07-19 · Aquaculture & Marine
- Timetable risk, priced: modelling approval calendars2022-06-22 · Pharmaceuticals
- Advance rates on living inventory2022-05-18 · Structured Credit
- Counting the herd: the records behind an animal-health forecast2022-03-16 · Animal Health & Veterinary Biologics
- Concentration you did not underwrite2022-01-19 · Technology
2021
- Questions from the second generation2021-12-15 · Private Enterprise
- Qualified into the customer: the specialty materials barrier2021-11-17 · Specialty Materials
- The cost of a cleared payment2021-10-20 · Financial Systems
- The second cable: connectivity risk in small jurisdictions2021-09-15 · Information Infrastructure
- Selling a trait: royalty structures in crop science2021-07-21 · Agri-science
- One company, one family: the arithmetic of a concentrated estate2021-06-16 · Private Enterprise
- The licence stack: what you buy when you buy a data business2021-05-19 · Data Analytics
- The spread is the strategy: execution in thin markets2021-04-14 · Quantitative Markets
- What a hatchery is worth2021-03-17 · Aquaculture & Marine
- The second source and the qualification calendar2021-02-16 · Pharmaceuticals
- The short buyer list in veterinary biologics2021-01-21 · Animal Health & Veterinary Biologics