Citywealth Quick Insight Series on Wealth Trends – Stuart Bates, Mirabaud Wealth Management
This week’s Quick Insight Series on Wealth Trends – Stuart Bates, UK CEO of Mirabaud Wealth Management.
What is your assessment of the current global political landscape and its impact on wealth management strategies?
The global political environment remains highly fragmented, with geopolitics, trade policy and domestic political pressures increasingly influencing markets. From a wealth management perspective, this reinforces the importance of resilience and adaptability. Political risk is no longer a background consideration; it directly affects asset allocation, currency exposure and long-term planning. For clients, this means portfolios must be built to withstand a range of outcomes rather than relying on a single macro narrative.
In your opinion, how have recent policy shifts in major economies like the US, EU, and China affected the long-term stability of private wealth?
Policy divergence between major economies has been one of the defining features of recent years. In the US and Europe, fiscal expansion and evolving regulatory frameworks have altered inflation expectations and interest rate dynamics, while China’s recalibration of growth priorities has changed global supply chains and investment flows. For private wealth, this creates both volatility and opportunity. Long-term stability now depends on prudent risk management, careful jurisdictional diversification and a focus on quality assets with strong fundamentals.
As we continue to navigate uncertainty in global markets, how are wealth managers adjusting their strategies to preserve and grow clients’ wealth?
Wealth managers are increasingly focusing on balance – protecting capital while remaining positioned for selective growth. This includes greater use of dynamic asset allocation, increased attention to liquidity and more nuanced exposure to alternatives. Importantly, there is also a renewed emphasis on long-term objectives, helping clients look beyond short-term market noise while remaining prepared for periods of dislocation.
How important is diversification in a post-pandemic world, and which asset classes are your clients focusing on?
Diversification has never been more important. Traditional correlations have shifted, and concentration risk (whether geographic, sectoral or currency-based) has become more visible. Clients are increasingly diversified across global equities, high-quality fixed income, real assets and selected alternatives.
Sustainability investing has gained traction over the past few years. How are you seeing it affect the portfolios of high-net-worth individuals, and is this trend sustainable?
Sustainability is now a core consideration rather than a niche preference. High-net-worth individuals are increasingly integrating ESG factors into portfolio construction, not only for ethical reasons but because they recognise the long-term financial relevance. We see sustainability investing influencing asset selection, engagement strategies, and risk assessment. Importantly, this trend appears durable, as it is being driven by regulation, generational change and evolving consumer behaviour rather than short-term sentiment.
What are the emerging risks and opportunities that wealth managers should be most aware of?
Key risks include geopolitical instability and unpredictability, and technological disruption occurring faster than regulation can adapt. At the same time, these challenges create opportunities—particularly in areas such as energy transition, infrastructure, healthcare innovation and digital transformation. Wealth managers must remain forward-looking, combining rigorous risk oversight with the ability to identify structural growth themes early.
How have the needs and expectations of private clients evolved in recent months? Are there any new priorities or concerns they are expressing?
Clients are increasingly focused on transparency – a key requirement for building confidence and trust in their wealth manager. They want a clear understanding of how their wealth is positioned in different scenarios, alongside clarity on risk and costs. Intergenerational planning, succession and the long-term stewardship of wealth are also becoming more prominent topics, particularly as families think about legacy and purpose alongside returns.
In what ways are clients seeking more personalized wealth management services, and how are you meeting those needs?
Personalisation today goes far beyond bespoke portfolios. Clients expect advice that reflects their broader lives – family structures, business interests, values and future ambitions. We meet this by taking a holistic approach, combining investment expertise with estate planning, governance and any cross-border considerations. The relationship element remains central, supported by tailored solutions rather than standardised products.
With the rise of digital, how are private clients responding to this?
Private clients value digital tools that enhance transparency, accessibility and efficiency, but they do not want technology to replace human judgement. The most successful digital solutions are those that complement personal relationships – providing timely information, reporting and communication while preserving the trusted advisory role of the wealth manager.
Are there any new technologies or platforms that are making a significant impact on how private wealth is managed or delivered?
Data analytics, enhanced reporting platforms and secure digital communication tools are already having a meaningful impact. Looking ahead, artificial intelligence and automation will increasingly support portfolio analysis, risk monitoring and operational efficiency. However, in private wealth management, technology is ultimately an enabler rather than a differentiator – the quality of advice, judgement, and trust remains paramount.
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