The value of investments can fall as well as rise, and you may get back less than you put in. Past performance is not a guide to future results. The risks below are not exhaustive.
Prices move for reasons no participant controls. A portfolio built for a long horizon will experience periods in which it is worth materially less than you paid.
Holding or settling in a currency other than the one in which your obligations are denominated introduces exchange rate risk that can exceed the return of the underlying asset.
Real assets, infrastructure, private credit and originated structures are illiquid by design. There may be no secondary market, redemption may be restricted or suspended, and you should assume capital is committed for the stated term.
Borrowing against a portfolio magnifies both gains and losses. A fall in collateral value can trigger a margin call or a forced sale at the worst possible moment, and you remain liable for any shortfall.
Digital assets are highly volatile, may lose their entire value, and are subject to technological, custody, cyber and regulatory risks that differ materially from traditional instruments. Regulatory treatment varies by jurisdiction and can change without notice.
Unlisted structures are not subject to the disclosure regime of public markets. Valuations are periodic and may rely on estimates. You must read the offering documentation in full and rely on it rather than on any summary.
Exposure to a single name, sector, currency or jurisdiction increases the impact of an adverse event. Concentration frequently arises accidentally across several accounts before anyone notices it.
A counterparty, exchange, custodian, correspondent bank, trustee or settlement system may fail to perform, may be placed under resolution, or may suspend a settlement route without notice. Cross-border multi-currency settlement depends on a network we do not own and cannot compel, and the protection available to you differs depending on whether a given route settles through a trustee or through a correspondent account. Segregation reduces this risk but does not eliminate it.
Structures that are effective in one jurisdiction may be ineffective, taxable or void in another. Tax treatment depends on your individual circumstances and may change. We do not provide tax or legal advice.
Tell us what you hold today and what you want it to do. A partner reads it and replies personally, usually within two business days.