Asia-Pacific.

Both halves of the work are done here. Six positions have their operating businesses in the region: three Japanese pharmaceutical and specialty-materials manufacturers, and three information and market-infrastructure companies covered from Singapore and Hong Kong. Capital raised in the region is admitted through the European fund platform, and proceeds realised in the region are booked to Cayman before the Investment Committee decides where they go next.

Singapore carries technology, model governance and Asia-Pacific institutional coverage, nine counterparty relationships at present. Hong Kong runs capital markets coverage and the quantitative-markets relationships that go with it. Tokyo covers the pharmaceutical and specialty-materials companies whose licences and supply agreements make them difficult to displace. Four of the 61 family relationships are covered from Singapore.

The 2027 phase of Programme Latitude is the Asia-Pacific phase, the earliest build in the programme after the Caribbean consolidation. It adds people in Singapore, Sydney and Tokyo and turns the Seoul desk into an office. The region already carries more correspondent relationships than any other outside Europe, which is the reason its build comes early in the sequence rather than late.