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.
One advisor. One point of contact.
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 January 2026
Resilient EU high-yield issuance despite sponsor stagnation
- European high-yield issuance rose 8.8% in 2025 to EUR 132 billion, second only to 2021 in this decade, when interest rates were near zero.
- M&A activity showed significant growth.
- Private equity exits have stalled since 2021, as valuation gaps between buyers and sellers deter PE funds from realizing lower returns.
Our people. Our partners. Our best investment.
Investing in expertise and entrepreneurialism helps our people take their client relationships to the next level.
In Memory of Hans-Joerg Rudloff
We are saddened to share the passing of Hans-Joerg Rudloff.
Why presence matters
Michael Künzi on Marcuard Heritage’s expansion to Abu Dhabi – Marcuard Heritage
