As Thailand’s private wealth market becomes more global in outlook and more demanding in its expectations, the advisory landscape is changing. Clients are looking not only for market access, but also confidence in how portfolios are built, how risk is managed, and how companies differentiate between long-term discipline and short-term reaction. In that environment, investment propositions are judged on the strength of their philosophy, the credibility of their alignment with clients, and the consistency with which they translate market ideas into portfolio action. At the recent Hubbis Wealth Management event in Thailand, a panel chaired by Paul Gambles examined how wealth managers are adapting to volatility, changing client behavior and the increasing complexity of portfolio construction. Among the panelists, Joerg Blickensdorfer, Managing Director of Bordier & Cie Singapore, offered a perspective rooted in long-term client relationships, selective implementation and a desire to support conviction with capital. His comments highlighted a number of themes that will shape investment advice in 2026, including the enduring importance of strategic asset allocation, the continued role of gold and alternatives and the need to remain highly selective in areas such as structured products and private debt.
key takeaways
- Long-term relationships remain central: Blickensdorfer emphasizes that consulting is built not just on product delivery, but on lasting customer relationships.
- alignment matters: He highlighted Bordier’s practice of co-investing with clients as an expression of commitment.
- Asset allocation still supports the portfolio: In volatile markets, the right strategic mix of equities, bonds and options remains essential.
- Gold continues to play a meaningful role: Blickensdorfer argued that structural drivers still support the case for gold in portfolios.
- Structured products should be used selectively: Products should make sense within the broader portfolio and not dominate the allocation.
- Personal loans require caution: While not dismissing the asset class, he indicated that Bordier has been cautious and limited in his exposure.
A proposal built on stability and alignment
When asked what differentiates Bordier, Blickensdorfer started with the firm’s structure and history. He said the Geneva-based private bank has been in existence for more than 180 years and remains a partnership, with unlimited liability on the part of its partners.
That was not merely a historical observation. Its purpose was to signal flexibility, prudence and accountability. In an industry that is often shaped by short-term goals and product-based delivery, his framing established Bordier as a firm whose ownership structure supports sustainability and long-term thinking.
However, what was more important was how it translated into the customer relationship. What is really important for us is the long-term relationship that we enter into with the customer,” he said.
This point matters in a market where many companies compete on reach or breadth of product. Instead Blickensdorfer kept the Bordier proposal in continuity. In his view, mentoring is not primarily about finding the next product to sell, but about building sustainable relationships in which trust, judgment and consistency over time matter.
He further cemented that alignment by emphasizing that the company puts “skin in the game.” “We co-invest with the customer and ensure they get the best solution,” he said.
This is a meaningful statement because it goes beyond the usual claims of acting in the best interest of the customer. Co-investment is one of the clearest ways a firm can show that its own trust and capital is tied to the same outcomes as the client.
Staying strategic in volatile markets
When the discussion turned to volatility, Blickensdorfer’s central message was that portfolios should remain stable in the right strategic asset allocation. Strategic opportunities may arise, but they should not distract from the importance of getting the core structure right.
“I think it’s important to have the right asset allocation for investing,” he said.
This was a recurring theme in his comments. Market turmoil, geopolitical shocks and fluctuations in commodity prices can spur investors to take action, but the foundation still depends on how the portfolio is constructed across major asset classes.
At the same time, he acknowledged that volatility can create opportunities. Referring to fluctuations in assets like gold and silver, he said such conditions can inspire selective action. However, he designed these as targeted additions rather than wholesale restorations.
As for gold, he highlighted that Bordier currently maintains a 7% allocation in a balanced portfolio, which is above its 5% strategic weighting. He also said that the company has implemented call options on oil futures to a limited extent, thereby preparing the portfolio for potential upside while maintaining overall portfolio discipline.
That distinction is important. Blickensdorfer did not see tactical moves as incompatible with long-term discipline. Instead, he suggested that implementation makes the most sense when it is appropriately sized and kept in proportion to the broader portfolio.
“I think sizing is extremely important,” he said.
That simple point is of real importance. In many cases, portfolio problems arise not from the idea itself, but from how strongly it is expressed. His message implied that strategic opportunities could be useful, but only if they remained disciplined and proportionate.
Why is gold still in one place?
A more developed part of Blickensdorfer’s contribution dealt with the discussion on gold. While Paul Gambles questioned whether gold now behaves more like a risk asset than a diversifier, Blickensdorfer defended the long-term case for maintaining risk.
“We are still very bullish on gold,” he said.
His argument was based on several structural arguments. He pointed to concerns about financial instability, global debt burden, geopolitical uncertainty and the fiscal and external position of the United States. In his view, these factors continue to support the case for gold in the portfolio.
He referred to central bank purchases as an important driver, noting that reserve allocations to gold are uneven across countries and some still have room to increase exposure. He said that the interest of private investors also remains relevant.
The significance of his comments lies less in making short-term calls and more in how he framed the asset. For Blickensdorfer, gold remains part of a broader strategic response to monetary and geopolitical uncertainty. This is not just a strategic trade.
This is also linked to their broader view of options. He said the allocation to alternatives in some portfolios is “quite substantial”, and gold remains an established component in that part of the asset mix.
Selective use of structured products
Blickensdorfer also addressed structured products in a careful and measured manner. He explained that Bordier uses them, but only where they fit logically within the portfolio.
“When it comes to structured products and these things, on the advisory side, we show clients what we like, what we think matters,” he said.
That language was revelatory. The emphasis was not on quantity or novelty, but on appropriateness and coherence. Products should earn their place in the portfolio based on context, not just because they are available or fashionable.
He said that within the alternative allocation, only a limited overall percentage is dedicated to such structures. This suggests a controlling rather than effective role for structured solutions. Even when the firm has a particular approach, implementation remains tied to the overall portfolio framework.
Blickensdorfer also noted that some popular constructs, such as autocallables, are not being pursued aggressively. This restraint is remarkable in a market where such products are often widely distributed. This reflects a widespread preference for selectivity over diffusion.
Caution on personal loan
When the discussion turned to personal attribution, Blickensdorfer’s tone was more cautious. “We don’t really have much in private debt, we’ve been concerned about that for some time,” he said.
This made him one of the more cautious voices on the panel. He didn’t rule out the asset class outright, but made it clear that Bordier’s exposure had been limited. Developments related to artificial intelligence and the potential for some software models to become obsolete have further strengthened those concerns, he said.
It was a measured but meaningful warning. In a sector where investors are often attracted by the promise of yield and diversification, Blickensdorfer’s comments suggested prudence is necessary. The increase in private credit may have created real opportunities, but it has also created reasons for restraint.
His comprehensive view on fixed income was equally disciplined. Exposure is important, especially for income generation, but “you have to be careful in that area”.
That comment revealed much of his broader perspective. Whether discussing gold, structured products, or credit, Blickensdorfer consistently returned to selectivity, size, and long-term fit within the total portfolio.