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Headlines about a potential ceasefire in the Middle East have started to appear, though visibility on the geopolitical outcome remains limited.

The recent escalation in the Middle East has materially changed the tone of markets and prompted us to revise our base case scenario, notably on energy.

Back in January, the dominant narrative in private credit was that negative headlines pointed to isolated events and a normalisation of flows, not systemic credit stress. Today, the picture is evolving.

As the Middle East conflict enters its fifth week, recent developments are pointing to a clear shift from an initial oil disruption towards a broadening supply shock.

AI is undermining traditional software. But it is forcing companies to reinvent themselves.

UBP has been honoured this year with two prestigious awards at the WealthBriefing European Awards: Best Private Bank – Wealth Planning Team and Best Wealth Management Business Servicing the Nordic Region.

This year’s activity report section, titled ‘A year of controlled growth’, outlines our development in 2025, both geographically and in business, with the expansion of our UK activities, and the scaling up of our structured products and institutional capabilities, as well as increased momentum in Wealth Management.