Quarterly Investment Letter 3rd Quarter 2025
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Protect what’s yours. Generation to generation.
Protecting your wealth is more complicated than ever. We help you navigate changing regulatory environments and unpredictable markets.
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Whether you wish to delegate your investment decisions or play a more active role, we offer a best-in-class investment strategy and bespoke advisory services to meet your individual needs. And of course, we can assist you with private office services upon request and based on your individual needs.
Alternative Credit Letter November 2025
Repo Rates Surge as Liquidity Tightens
• Quantitative tightening and high sovereign bond issuance have led to a drop in bank reserves.
• The interest rate the Fed pays banks for holding reserves, known as the Interest On Reserve Balances (IORB), is now lower than the Secured Overnight Financing Rate (SOFR).
• As central banks drain liquidity from the banking system and governments ramp up debt issuance, banks rely on the Fed’s liquidity facilities, and money markets face pressure.
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Why presence matters
Michael Künzi on Marcuard Heritage’s expansion to Abu Dhabi – Marcuard Heritage
