How should asset allocation evolve in a changing market environment while supporting families’ long-term ambitions? Held on 17 September at Westhive in Geneva, the opening panel of Geneva Wealth Day 2026 explored the interplay between portfolio construction, private markets and wealth planning. The discussion highlighted the need to align investment strategy, liquidity and family priorities within a coherent framework.
Under the title “From Private Banking to Capital Architecture: allocation and market strategy in a new market regime (2026–2030)”, the opening discussion examined how investment strategy is evolving alongside families’ expectations. Against a backdrop of geopolitical uncertainty, faster information flows and international mobility, investment selection alone can no longer address the full range of wealth management needs.
Moderated by Nicolas Macquin, Chairman and Co-founder of Archinvest, the panel brought together Loïc Schmid, Chief Investment Officer and Partner at 1875 Finance, Wadih Manneh, Executive Director and Head of Private Markets at Arab Bank Switzerland, and Rūta Savignac, Founder and Wealth Planner at Millésime Private. Their complementary perspectives explored how capital can be invested, protected and passed on.
Rethinking allocation beyond product labels
Is the traditional portfolio outdated? For Loïc Schmid, the model combining equities and bonds is evolving rather than disappearing. A broader range of asset classes and investment tools creates new possibilities while reinforcing one fundamental requirement: understanding exactly what a portfolio holds.
Adding investment vehicles does not, in itself, guarantee diversification. The CIO of 1875 Finance recalled reviewing a newly marketed ETF whose holdings included familiar names such as Nvidia, Microsoft and Apple. Beneath the apparent variety of products, concentration risks can persist.
“I think the challenge today is really understanding what you have in your portfolios.”
— Loïc Schmid
In fixed income, the return of carry does not remove the need to balance credit risk and interest rate sensitivity. An attractive yield must still be assessed against duration and the compensation received for taking risk.
Wadih Manneh extended this discussion by questioning the very notion of a “risk-free” or “low-risk” investment. In a changing environment, such classifications cannot be taken for granted. Portfolio construction requires continuous monitoring and regular reassessment of its underlying assumptions.
The challenge is therefore to maintain a disciplined process: examine actual exposures, understand how they interact and adjust decisions while keeping capital preservation in focus.
Private markets: Broadening access without creating an illusion of liquidity
Private markets play an increasingly prominent role in this discussion. Wadih Manneh highlighted their ability to provide access to companies and opportunities unavailable in listed markets. He also described the educational work that accompanied the development of Arab Bank Switzerland’s offering, both among relationship managers and clients.
Evergreen structures have helped make this universe more accessible. For some investors, they offer a framework perceived as easier to navigate than closed-end funds operating through capital calls. Yet this evolution makes investor education essential.
“We don’t want clients to think that these are ETFs that can be sold overnight. These are still long-term, less liquid.”
— Wadih Manneh
He cited an investment horizon of at least five years, underscoring the need to assess fund structures, operational requirements and tax implications carefully.
Loïc Schmid advocated a disciplined approach to private assets: diversify across vintages and asset classes, allow investments time to develop and reinvest distributions. Access to a handful of high-profile companies is no substitute for a strategy.
Alongside these investment considerations, Rūta Savignac highlighted a growing need for flexibility among some families, particularly to support international mobility and preserve choices for future generations. The growth of private markets and this demand for liquidity raise a central question: how much capital can a family commit for the long term without compromising its plans?
Structuring wealth before selecting investments
For Rūta Savignac, asset allocation follows a deeper assessment of the family’s circumstances. Tax returns, business interests, shareholder agreements, places of residence and life plans are the starting points of that analysis.
International mobility makes this work increasingly important. Decisions about where to live extend beyond taxation to include children’s prospects, asset protection and legal stability. The Wealth Planner sees growing demand for robust structures offering substance and security.
“Wealth is no longer a destination. It’s a tool.”
— Rūta Savignac
This approach requires a precise understanding of the scope of tax treaties and the circumstances they cover. Above all, it means connecting investment decisions with the organisation of the family’s overall wealth.
Rūta Savignac highlighted a significant blind spot: in her experience, losses arising from inadequate governance or succession planning can exceed those caused by adverse market movements. Financial performance remains measurable and necessary, but it does not fully capture the resilience of a family’s wealth.
For private banks and family offices, the ability to coordinate these dimensions is becoming an essential part of their role.
Artificial intelligence raises the bar for advice
Artificial intelligence is also reshaping the relationship between families and their advisers. Clients arrive with their own analyses, question allocations and more readily challenge the recommendations they receive.
Loïc Schmid highlighted a limitation of AI-generated portfolio analysis: an AI tool had incorrectly assessed a portfolio’s currency exposure because it failed to account for currency hedges.
The episode illustrates both the usefulness of these tools and the need to verify their conclusions. Used to challenge an investment view or prepare for a discussion, AI can enrich an adviser’s work. Its analysis nevertheless depends on correctly incorporating all the relevant features of a portfolio.
For Wadih Manneh, knowledge of a family built over years and across generations remains decisive. Analysis must be interpreted in the context of specific objectives, concerns and constraints.
Loïc Schmid pointed to dedicated investment committees bringing together several generations of a family, sometimes from different countries. Rūta Savignac added the importance of education and a sense of belonging within the family office. Technology accelerates the processing of information; advisers connect that information to the family’s circumstances and ambitions.
The panel’s central insight lies in this connection: portfolio construction, liquidity planning and succession belong within a single strategy. As tools improve and investment choices expand, the value of advice rests on the coherence of the whole: capital structured to serve a family’s goals, today and across generations.
