The Hub Contest | Hong Kong, Singapore,& the Convergence on Zero-Tax Carry

Both centres have now legislated near-identical exemptions on performance income. Once tax is commoditised, the contest for asset management moves to the levers that actually differentiate — capital access, talent mobility, and the shape of each hub's flow.

#AssetManagement, #HongKong, #Singapore, #CarriedInterest, #HedgeFunds, #FamilyOffices, #MAS, #HKEX, #CapitalMarkets, #MultipolarOrder, #DistributionReset

The Higher Floor - Is 5% Structural? Reading the Long Bond’s Fiscal Term Premium

The 30-year Treasury has spent its longest stretch above 5% since 2007. The question that matters for allocators is not the level but the composition — whether a permanently larger share of the long yield is now compensation for fiscal risk rather than a passing echo of restrictive policy. This note decomposes the long bond, sorts the structural from the cyclical, and lands on a house view.

#TreasuryYields, #TermPremium, #FiscalPolicy, #Duration, #SovereignDebt, #AssetAllocation, #Macro, #Rates

The Financed Book | Niche Premiums, Rated Debt & The RIA Consolidation Stack

On Tuesday, EP Wealth Advisors announced the acquisition of Opes Wealth Management, a Menlo Park firm with roughly $900 million in assets and a practice built around Apple and Google employees. It is EP’s fifth deal of 2026.

The forward risk is a compression trade. A buyer universe expanding this fast eventually contracts — mid-market firms are already pairing up defensively to avoid being acquired and to position for scale — and when buyer count falls, acquisition multiples reverse.

A roll-up financed with rated leverage does not experience that reversal symmetrically: the debt is fixed, the multiple is not.

#WealthManagement, #RIA, #PrivateCredit, #Consolidation, #MnA, #EPWealth, #Ares, #WealthStack, #AssetManagement, #CapitalMarkets, #SovereignAllocators, #PunjabCapitalResearch