Maldives Islamic Bank at $1bn: From Niche Pioneer to National Banking Force

Maldives Islamic Bank (MIB) has crossed the $1bn asset threshold, a milestone that says as much about strategic execution as it does about scale. In just 15 years, the country’s first dedicated Islamic bank has moved from specialist challenger to mainstream force — growing profits, deposits, financing and digital reach while improving asset quality and rising to become the Maldives’ second-largest bank by assets.

[caption id="attachment_28416" align="aligncenter" width="1200"] Maldives: Malé[/caption]

In banking, growth is easy to celebrate and hard to judge. A larger balance sheet can signal ambition, but it can just as easily conceal weaker underwriting, overstretched systems or a business model that has outrun its controls. What makes Maldives Islamic Bank’s latest milestone noteworthy is not simply that total assets surpassed $1bn in 2025. It is that the bank appears to have grown on multiple fronts at once — scale, profitability, market share, asset quality and digital reach — without the usual signs of strategic compromise.

That is a significant achievement for a bank that opened only 15 years ago as the pioneer of Islamic banking in the Maldives. At launch, MIB represented a niche proposition in a market long dominated by conventional lenders. Today, it serves more than 218,000 customers, has become the second-largest bank in the country by total assets, and has turned Shariah-compliant banking from an alternative into a mainstream choice for Maldivian households and businesses.

The numbers are striking. Between 2022 and 2025, total assets rose from MVR 6.2bn to MVR 16.65bn, customer deposits climbed from MVR 5.14bn to MVR 13.64bn, and net financing expanded from MVR 2.82bn to MVR 7.51bn. Profit after tax more than tripled, rising from MVR 121mn to MVR 371mn, while return on equity improved from 16.8 percent to 28.4 percent. Over the same period, the non-performing advances ratio declined from 4.59 percent to 3.0 percent. In other words, the bank did not simply become larger; it became more profitable and more resilient.

That combination matters. Fast-growing banks often weaken somewhere as they scale — through looser credit discipline, heavier concentration risk or mounting cost pressures. MIB’s recent performance suggests a more disciplined trajectory. The bank’s operating income rose from MVR 343mn to MVR 897mn, but growth was not driven by financing income alone. Fee and commission income increased by more than 300 percent, while other operating income expanded even faster, pointing to a more diversified and therefore more resilient earnings base. The implication is important: MIB is less dependent on pure profit-rate spreads than it once was, and more able to generate income across payments, trade finance and digital banking activity.

The competitive significance is equally clear. The Maldivian banking sector remains dominated by the long-established Bank of Maldives, but the rest of the market has traditionally operated as a relatively tight cluster of smaller institutions. MIB was part of that cluster only a few years ago. It has since broken away. By 2025, its estimated share of total system assets had risen from about 7 percent to 16 percent, while its share of customer deposits had nearly tripled from roughly 7 percent to 19 percent. The bank has overtaken SBI and now stands as the country’s second-largest bank by assets, with a particularly strong position in deposits.

Deposits, in many ways, tell the real story. Trust is ultimately the most valuable banking asset, and MIB’s deposit growth suggests that both retail and institutional customers have responded to its model. Customer deposits rose by more than 150 percent over three years, and the customer base itself nearly doubled. Retail deposits remain central, accounting for 48 percent of the total base in 2025, but corporate deposits now represent 50 percent — evidence that treasury teams, financial institutions and businesses have become increasingly comfortable placing funds with the bank.

This trust has not emerged in a vacuum. MIB has built it partly through physical expansion and partly through digital reach. In a country of 1,200 islands spread across 20 atolls, access is not a secondary consideration; it is a competitive necessity. The bank expanded its ATM and ECRM network from 15 units across six atolls to 51 units across 12 atolls, while adding new sales centres and broadening its payments footprint. Just as importantly, it used digital tools to remove geography as a barrier to onboarding. MIB is described as the only bank in the Maldives to offer fully instant online account opening for individuals through the national digital identity platform, Efaas, enabling new customers to open, fund and begin using accounts within minutes. Corporate onboarding has also been digitised through integration with the Ministry of Economic Development and Trade’s business portal.

That digital push has reshaped more than acquisition. It has materially changed how customers use the bank. MIB reports strong growth in internet and mobile banking logins and transactions, rising adoption of POS and card services, and the continued rollout of digital channels such as FaisaNet, FaisaMobile X and the UjaalaaNow financing platform. More than 90 percent of customers now access services through digital channels, predominantly mobile banking. The bank has also introduced instant debit card issuance and wearable payment tools such as FaisaWear rings and tags, reinforcing a broader image of accessibility and innovation.

The transformation of the financing book is just as important. In 2022, MIB was overwhelmingly a consumer lender. By 2025, corporate financing represented 40 percent of the portfolio, up from virtually nothing. This shift has taken the bank deeper into the productive economy, including tourism infrastructure, resort development, guesthouse expansion, construction, trade finance and strategic infrastructure projects. Financing to the tourism sector alone reached MVR 668mn in 2025, up 385 percent from 2022, while infrastructure-related exposures exceeded MVR 786mn. Trade activity also expanded sharply, with transaction volume up 60 percent and total transaction value reaching MVR 7.6bn.

This broader corporate role signals an important evolution. MIB is no longer simply a retail-focused Islamic bank; it is becoming a full-service financial institution financing national development as well as household needs. That matters in a small, open economy where banking depth and trade capacity are closely linked.

Investors, meanwhile, have been rewarded. MIB’s share price rose from MVR 35.10 in 2022 to MVR 102.88 in 2025, while return on assets also improved despite rapid balance-sheet expansion. Capital adequacy remained sound, with Tier 1 capital at 11.3 percent and total capital adequacy at 16.2 percent, both above regulatory minimums. This gives the bank room to grow further — but it also raises the standard it must now meet.

That, perhaps, is the real significance of the $1bn threshold. MIB has answered the original question — whether Islamic banking could work at scale in the Maldives. The next question is more demanding: whether it can sustain this growth, preserve asset quality, deepen its corporate and SME franchise, and remain the country’s leading digital Islamic bank as competition and expectations rise. On the evidence so far, it has given itself a strong platform from which to try.


Synthetic Methane’s Opening Window for Investors and Policy Makers

Synthetic methane is moving from technical curiosity to investable relevance because it offers something rare in the transition: a lower-carbon molecule that can run through methane-native systems without forcing wholesale replacement of pipelines, storage, burners, turbines, and gas-linked industrial assets. The opportunity is therefore not only about decarbonisation. It is whether compatibility, policy signals, and falling renewable-power costs can create defensible economics in markets that still value the molecule.

A Compatibility Thesis, Not a Purity Test

Synthetic methane, often described as e-methane, is produced by combining clean hydrogen with captured carbon dioxide. That production pathway matters less to investors than the deployment pathway. E-methane can serve existing gas infrastructure and methane-native industrial processes, which means the transition can be additive rather than a forced write-off of installed assets. That has implications for capital allocation because it shifts the question from ideal efficiency to usable economics in constrained sectors.

The e-methane project pipeline is no longer trivial. The e-NG Coalition’s project tracking indicates it is monitoring more than 150 projects globally, with announced production on course to reach about 1.3 million tonnes by 2031. The point is not that every project will reach scale. It is that the market has moved from a handful of demonstrations to a measurable investment pipeline.

Where Methane Still Has Economic Value

The investable question is not whether e-methane outperforms electrification or direct hydrogen on pure efficiency grounds. In many cases it does not. The question is narrower and more useful: where does the market continue to value methane itself enough for a lower-carbon substitute to earn attractive economics? Installed capital, feedstock constraints, storage needs, and security-of-supply concerns can make compatibility more valuable than theoretical system efficiency.

That framing avoids a false competition. Synthetic methane does not need to win every decarbonisation pathway to matter. It only needs to become the best answer in selected methane-native segments where switching friction is high and the molecule retains feedstock or resilience value.

Five Drivers Converging on E-Methane

Decarbonisation remains the baseline driver, particularly in sectors where direct electrification is still incomplete. Circular-economy value creation strengthens the case because captured carbon can be recirculated into productive use rather than treated only as waste. Infrastructure reuse is central, because pipelines, storage, combustion equipment, and gas-linked industrial systems do not have to be abandoned on day one. Energy security matters, especially for import-dependent economies where policymakers are under pressure to facilitate onshore solutions. Costs remain a thesis rather than a settled fact, but increasingly a testable one as renewable power prices fall and modular production scales.

On costs, investors should be disciplined. Competitive e-methane economics depend heavily on very low-cost clean electricity, reliable carbon sourcing, successful scale-up, and credible certification. Policy support may still be decisive in many markets. The relevant point is that cost is no longer a purely theoretical narrative, it is a trajectory that can be evaluated project by project, as illustrated by the project pipeline described by the e-NG Coalition.

Key Signals to Watch

Signal
What It Suggests
Why It Matters
Source Anchor

150-plus projects tracked; announced production of about 1.3 million tonnes by 2031
Pipeline is moving beyond pilots; early scale-up ambition is emerging
Creates a measurable universe and a way to test delivered-cost economics
e-NG Coalition

Oil and gas dominate chemical feedstocks
Molecules still deliver feedstock value
E-methane can be more than fuel substitution
IEA, Chemicals

Just over 70 percent of ammonia made via natural-gas steam reforming
Ammonia is methane-native
Compatibility can be economically valuable
IEA, Ammonia Roadmap

Industrial heat pumps increasingly meet temperature needs up to 200°C
Electrification is extending into industrial heat
Sharpens where molecules remain valuable
IEA, Renewable Heat

Japan sets explicit injection and replacement ambitions for city gas
Policy can create demand visibility ahead of maturity
Supports bankability where infrastructure compatibility matters
METI methanation

Circularity Where Molecules Still Matter

The circular-economy angle is central to the investment case because hydrocarbons still matter in several industrial value chains as both energy and feedstock. The IEA’s chemicals analysis notes that oil and gas remain the main feedstocks in the chemical sector because they provide hydrogen and carbon used to produce basic chemicals such as ethylene, propylene, and ammonia. In that context, synthetic methane offers more than a fuel swap. It reconnects renewable electricity, captured carbon, and existing gas-linked assets inside a productive loop.

For capital allocators, this is not circularity as branding. It is a route to extending the economic life of installed systems while lowering emissions intensity, provided that carbon sourcing and accounting rules are credible and durable.

Fertilisers and Ammonia as a Methane-Native Chain

Fertilisers and ammonia make the methane-native case unusually clear. The IEA’s Ammonia Technology Roadmap notes that just over 70 percent of global ammonia production is based on natural-gas steam reforming, leading to around 170 bcm of natural gas demand, about 20 percent of industrial natural gas demand. Ammonia is therefore not only exposed to gas prices; it is built around methane as feedstock.

For investors, that matters because it suggests e-methane could function as a lower-carbon substitute inside established chemical systems where plant design, feedstock logistics, and installed capital already anchor the process. The value is not only emissions reduction. It is compatibility inside a chain that is not easily re-plumbed overnight.

Industrial Heat and the Case for Segmented Winners

The industrial heat story points in the same direction. Electrified process heat is increasingly framed as a finance decision as much as a decarbonisation decision. CFI.co’s feature Heat Pumps That Pay argued that heat pumps can replace fuel volatility and carbon liability with a productive asset. The IEA similarly notes that industrial heat pumps are increasingly meeting temperature needs of up to 200°C, as set out in its discussion of renewable heat in Renewables 2025.

The implication for e-methane is not that electrification invalidates the theme, but that it sharpens it. Electrification increasingly wins where it is practical and efficient. Synthetic methane can remain valuable where high-temperature heat, long-duration storage, resilience, or molecule compatibility still matter. The likely market shape is therefore not winner-take-all, but segmented by use case.

Japan’s Policy Signal: Methanation Enters Mainstream Planning

Japan offers a clear signal that e-methane is being treated as a strategic option in an import-dependent market. METI’s public materials on methanation technology for carbon-neutral gas set out near-term targets such as injecting e-methane equal to 1 percent of city-gas supply by 2030, while broader policy materials describe an ambition for 2050 in which 90 percent of city gas is replaced by synthetic methane. The policy framing is expanded in the METI and IEA presentation on low-carbon gases.

Targets are not proof of economics. They are demand signals. For investors, that matters because policy ambition can create visibility and procurement pathways long before markets are fully mature, particularly in sectors where infrastructure compatibility reduces deployment friction.

UK Execution: Rivan and the Infrastructure Play

In the UK, early entrants are attempting to build around the infrastructure-compatibility thesis. Rivan describes itself as a vertically integrated synthetic fuel producer focused on industries that cannot easily electrify, with the aim of making synthetic fuel cheaper than fossil fuels over time. In April 2026, the company announced a £25 million funding round to scale synthetic fuel production, and disclosed a Wales & West Utilities partnership for a grid-connected synthetic natural gas project. Additional project context, including Little Rose Lane, is set out in Rivan’s Little Rose Lane project note.

For capital allocation, these early projects matter less as verdicts than as datapoints. They test whether the combination of clean power procurement, carbon sourcing, infrastructure access, and offtake structure can produce bankable economics in methane-native applications. Claims framed as “first” or “only” should be verified by the desk before publication because superlatives attract scrutiny.

Risks That Still Define the Investment Case

The risks remain substantial, even where the chemistry and infrastructure logic is credible. Many projects are pre-scale. Economics depend on very low-cost clean electricity, reliable carbon sourcing, successful system scale-up, and robust certification and accounting rules. Policy frameworks remain conditional in several markets, and Japan’s own materials link progress to cost reduction, mass production, and credible rules for recycled-carbon fuels, as reflected in the METI low-carbon gas strategy materials.

This leaves e-methane in the gap between technical credibility and full commercial proof. That gap is investable, but it demands selectivity.

A Specialist Theme With Real Optionality

Synthetic methane deserves attention now because it no longer needs to win the entire decarbonisation debate to matter. It is still early, still cost-sensitive, and still dependent on cheap clean power, credible carbon sourcing, and robust certification. Yet it has moved beyond the laboratory, and it targets segments where compatibility has real economic value.

For investors, the opportunity is likely to be selective rather than universal. Potential winners are those able to secure low-cost renewable electricity, reliable CO2 supply, infrastructure access, and policy-backed demand in methane-native markets. E-methane may not dominate industrial decarbonisation as a whole, but it could become dominant in selected sectors where methane retains the highest economic value. In a transition that often assumes replacement, the more durable opportunities can sometimes emerge from reuse.


Lattanzio Group: Reimagining Public-Sector Consulting for an Era of Transformation

Public-sector consulting is often misunderstood as a world of bureaucracy, compliance, and procedural rigidity. Lattanzio Group has built a different model — one rooted in public value, organisational transformation, and an integrated multi-KIBS (knowledge-intensive business services) approach designed to deliver impact across the entire lifecycle of public projects.

For many observers, the public sector is still perceived as static: technical, procedural, and bound by administrative complexity. Lattanzio Group has spent more than 25 years challenging precisely that assumption. Its work begins from a different premise — that public administration is not a passive system to be managed, but a strategic actor capable of shaping economic development, productivity, inclusion, and long-term national resilience.

That distinction defines the firm’s identity. Lattanzio Group does not view public institutions simply as clients to be served, but as engines of transformation whose capacity, vision, and effectiveness have direct consequences for citizens, businesses, and communities. The public-sector consulting’s role, therefore, is not limited to producing deliverables. It is to translate institutional complexity into operational solutions and accompany administrations through the technical, cultural, and organisational shifts that real reform demands.

Central to this approach is the Group’s integrated consulting model, structured around the integrated multi-KIBS (knowledge-intensive business services). This model reflects the firm’s ability to combine multiple advisory practices into a single, coherent framework that spans the full lifecycle of public-sector projects — from analysis and design through development, implementation, monitoring, evaluation, and final delivery. Rather than treating KIBS as discrete activities, Lattanzio Group integrates them into a continuous process, ensuring consistency, accountability, and measurable impact at every stage.

In practical terms, this means bringing together capabilities that are typically spread across the consulting landscape. Management consulting is combined with monitoring and evaluation systems, studies & research, training, communication, institutional capacity building, technical assistance in public funds management, and digital transformation. The result is a tailored, 360-degree approach that allows the firm to address complex programmes with both strategic clarity and operational depth. By aligning these practices within a single framework, the multi-KIBS model strengthens decision-making, accelerates innovation, and makes change and modernisation processes more effective.

This is why the Group’s consulting philosophy places more value on continuity than on isolated outputs. In sectors where public-sector consulting is often reduced to reports or compliance exercises, Lattanzio Group has consistently positioned consulting as an ongoing partnership, aimed at delivering measurable results and long-term impact. Transformation in the public sphere is rarely linear, and almost never achieved through documentation alone. It requires method, consistency, and the ability to work alongside institutions as they evolve from within.

Over time, that philosophy has enabled the Group to consolidate expertise across a wide range of policy domains. Its work spans public administration reform and governance, justice, agriculture and rural development, territorial development, SME support, employability and education, social inclusion, rights protection in fragile contexts, and the energy and sustainability transition. These are not isolated sectors. Together, they reflect an understanding of the public sector as an interconnected ecosystem, where institutional strength in one domain often determines outcomes in another.

Innovation plays a central role within this model, but not in the narrow sense often associated with corporate transformation. For Lattanzio Group, innovation is fundamentally about behaviour. Digitalisation, data platforms, and analytical tools are valuable only when they reshape how policies are conceived, implemented, and evaluated. Within the multi-KIBS framework, these tools become enablers of better governance — reducing uncertainty, improving transparency, and strengthening traceability across the decision-making process.

The same structured approach applies to sustainability. Rather than treating it as a parallel agenda, Lattanzio Group embeds sustainability into governance, compliance, and operational delivery. It was among the first companies in Italy to align with the Sustainable Development Goals, and in 2022 Lattanzio Group's main operating company, Lattanzio KIBS, formalised this commitment by becoming a Benefit Corporation. This move codified a long-standing orientation towards generating measurable social value beyond profit, with a particular focus on communities, public stakeholders, and future generations.

This commitment is reinforced through adherence to the UN Global Compact, which provides an ethical framework guiding the Group’s relationships and decisions. In a sector where credibility and trust are essential, such alignment is not symbolic. It is integral to how the firm operates and positions itself.

Another defining strength lies in its multidisciplinary structure. Public-sector challenges rarely fit within a single discipline, and Lattanzio Group’s integrated model reflects this reality. Different expertise areas are combined deliberately, allowing the firm to address complex transitions — whether in governance, sustainability, or development policy — with solutions that are both technically sound and operationally viable. This capability has supported its work not only in Italy but also with the European Commission, UN agencies, multilateral organisations, and international development institutions.

Its international presence, however, is not built on replication. It is grounded in contextual understanding. Each institutional environment is treated as a distinct system, shaped by its own regulatory, political, and social dynamics. Solutions are adapted rather than imposed, ensuring both effectiveness and legitimacy. This sensitivity to context is particularly valuable in a global environment where public-sector reform increasingly requires balancing international standards with local realities.

Growth has followed a similarly disciplined path. Acquisitions have been pursued not as a means of rapid expansion, but as instruments to integrate complementary capabilities and reinforce the Group’s core model. Each step is designed to strengthen coherence rather than dilute it. This approach reflects a broader organisational philosophy that values long-term resilience over short-term acceleration.

Ultimately, Lattanzio Group’s positioning reflects a deeper understanding of public-sector transformation. Change in this domain is rarely immediate or visible. Its impact emerges over time — in stronger institutions, more effective policies, and systems better equipped to respond to complex challenges. The firm’s contribution lies not only in advising on this transformation, but in structuring it, supporting it, and ensuring it delivers and measurable value and tangible impact.

In a sector often underestimated, Lattanzio Group has built a model that treats public administration as one of the most strategic frontiers of modern consulting. Through its integrated KIBS approach, it demonstrates that complexity can be managed, transformation can be structured, and public value can be delivered with discipline and clarity. It is a quieter form of innovation — but one designed to endure.


Ezio Lattanzio: Building Public-Sector Transformation With Discipline, Independence, and Purpose

In a consulting world often driven by scale, speed, and fashionable narratives, Ezio Lattanzio has built a different kind of leadership model. As Founder of Lattanzio Group, he has shaped a firm defined by strategic independence, cultural coherence, and a long-term commitment to strengthening public administration through evidence, innovation, and systemic impact.

[caption id="attachment_28406" align="aligncenter" width="2000"] Founder: Ezio-Lattanzio[/caption]

There are leaders who grow companies quickly, and there are leaders who grow them deliberately. Ezio Lattanzio belongs firmly to the latter category. As Founder of Lattanzio Group, he has built a consultancy whose identity rests not on aggressive expansion or international uniformity, but on a more demanding set of principles: discipline, public value, cultural coherence, and a willingness to measure success not only by commercial growth, but by the real impact created for institutions and society.

That distinction matters. Lattanzio Group operates in a space where consulting is not merely a matter of technical advice or corporate optimisation. Its focus is public administration, an arena where change is shaped by political realities, regulatory constraints, bureaucratic cultures, and the expectations of citizens and businesses. In that context, leadership requires more than analytical skill. It requires judgement, patience, and a deep understanding of how institutions evolve.

Ezio Lattanzio’s vision is firmly future-oriented, but never abstract. This perspective has taken shape through long-term engagement with public administrations navigating complex reform cycles and policy transitions. It is further reinforced by his role at a European level as Honorary President of FEACO, the European Federation of Management Consulting Associations, where he contributes to shaping the broader direction and standards of the consulting profession. The company’s ambition is to act as an accelerator of public-sector transformation, helping administrations become more capable, more data-driven, and better equipped to generate long-term value. This is not consultancy designed to react to change after it arrives. It is consultancy intended to help public institutions anticipate, lead, and structure transformation in ways that endure.

That long-term lens is also visible in the way Lattanzio Group has approached growth. At a time when many advisory firms have pursued rapid expansion as proof of relevance, his model has been strikingly counter-intuitive. Growth, in his view, is not valuable if it dilutes impact. Consolidation has therefore often taken precedence over acceleration, demanding the discipline to pause, strengthen, and refine before resuming the next phase of expansion. It is a mature leadership philosophy, one that accepts uncertainty as part of decision-making and resists the temptation to confuse movement with progress.

The same logic shapes the group’s approach to acquisitions. Under Ezio Lattanzio’s leadership, M&A has not been treated as a simple instrument of scale. It has been approached as a strategic lever, subordinate to the company’s values, culture, and operating model. Cultural compatibility, integration quality, and strategic fit matter more than headline size. This is a governance approach that accepts complexity rather than denying it, and one that preserves the freedom to decide case by case, without surrendering to automatic formulas.

That independence is central to Lattanzio Group's model. The firm has maintained a strong Italian identity while remaining internationally minded, a balance that is increasingly rare in an industry often shaped by the homogenising pressures of global networks. For Ezio Lattanzio, international ambition is not primarily geographic. It is cultural. It is expressed through sensitivity to context, respect for institutional specificities, and the patient work of building trust over time. Strategic openness exists, but only where it is aligned with long-term vision. Independence of thought and action is not treated as a branding device; it is protected as a source of value.

This leadership philosophy also explains the firm’s stance towards clients. Lattanzio Group does not position itself as a body that dictates solutions from above. Its approach is collaborative and enabling, designed to support administrations rather than overshadow them. The objective is to help the public sector become more competent, more effective, and more responsive to citizens and businesses. In practice, this means consulting that strengthens internal capability instead of creating dependency.

Innovation, within this framework, is understood in broader terms than technology alone. Ezio Lattanzio has consistently emphasised that transformation is effective only when digitalisation is integrated with strategy, processes, and impact assessment. Real innovation changes behaviour, not just systems. It reshapes organisational culture, decision-making habits, and the capacity of institutions to act with clarity and purpose. In this sense, technology is an enabler, but not the endpoint.

The public sector, of course, is never transformed in isolation. Lattanzio Group’s approach recognises that successful change depends on collaboration across multiple actors, including administrations at different levels, technical partners, and wider institutional ecosystems. He views this as a complex architecture that requires coordination, not a simple linear chain of command. Each stakeholder contributes an essential part of the solution, and leadership lies in aligning those contributions without losing sight of the wider public interest.

Data and evidence sit at the centre of that process. Decisions, in Lattanzio Group’s model, must be grounded in analysis and strategic alignment, with measurable value for clients and stakeholders. Choices that lack demonstrable impact are treated with scepticism. This insistence on evidence is particularly significant in the public arena, where resources are finite, scrutiny is high, and legitimacy depends on outcomes as much as intentions.

Yet perhaps the clearest expression of Ezio Lattanzio’s leadership lies in people. He has cultivated an environment in which teams are expected to combine rigour with listening, experience with openness, and methodology with curiosity. Talent development is not treated as a support function but as a core strategic priority. The aim is to build a professional community of consultants who understand not only technical frameworks, but their accountability for public impact.

That, ultimately, is the essence of his contribution. Ezio Lattanzio has built a company that treats change not as a project to be delivered, but as a culture to be sustained. His leadership reflects a rare combination of strategic independence, institutional sensitivity, and disciplined ambition. In a sector prone to overstatement, he has chosen a more demanding path: to create value slowly, coherently, and in ways that outlast the cycle of consultancy fashion. For Ezio Lattanzio, leadership is less about being recognised than about leaving institutions measurably stronger than before.


The Reno Siege: Rupert Murdoch and the Great Succession Schism

As Rupert Murdoch approaches the twilight of his reign, a $3.3bn settlement in a Nevada courtroom has resolved the question of control over one of the world’s most influential media empires. Yet the attempt to impose “family harmony” has instead exposed the structural and emotional fault lines of dynastic succession, offering a stark lesson in the limits of founder control.

[caption id="attachment_28432" align="aligncenter" width="2000"] Rupert Murdoch[/caption]

In 2026, Murdoch remains a formidable presence at ninety-five, but the architecture of his empire has been permanently altered. The release of Dynasty: The Murdochs has brought renewed attention to a legal battle that unfolded largely out of public view, culminating in what one court official described as “the most expensive sibling rivalry in history.”

The conflict reached its formal conclusion in September 2025, though its implications are only now being fully absorbed across corporate boardrooms. For decades, the question of succession within the Murdoch empire invited speculation. The eventual outcome was neither consensus nor continuity, but a costly resolution financed through a multi-billion-dollar settlement.

The Limits of the “Irrevocable”

At the centre of the dispute stood the Murdoch Family Trust, established in 1999 following Murdoch’s divorce from Anna Torv. Designed as an irrevocable structure, it granted equal voting power to his four eldest children: Prudence, Elisabeth, Lachlan, and James.

Over time, however, the trust became a source of constraint rather than stability. As ideological divisions within the family deepened, particularly over the editorial direction of key assets, the original framework proved increasingly incompatible with Murdoch’s strategic preferences.

In late 2023, Rupert Murdoch, supported by Lachlan, sought to amend the trust to consolidate control. The proposal would have removed voting rights from the other siblings and transferred full authority to Lachlan. The rationale was framed as preserving editorial consistency and protecting asset value, but the courts took a different view.

In December 2024, Probate Commissioner Edmund Gorman Jr rejected the attempt, describing it as a “carefully crafted charade” executed in bad faith. The ruling underscored a fundamental principle: once established, a trust cannot be reshaped to reflect shifting personal priorities.

The Cost of Resolution

By mid-2025, the dispute had reached an impasse. Internal divisions threatened both governance and valuation, while prolonged uncertainty risked destabilising key assets.

The eventual settlement, announced in September 2025, resolved the deadlock but at significant cost. James, Elisabeth, and Prudence agreed to exit the trust and relinquish their voting rights in exchange for a combined payout of $3.3bn. Each received approximately $1.1bn, effectively monetising their position while severing formal ties to the family’s control structure.

Lachlan Murdoch emerged as the sole controlling figure, with authority secured well into the coming decades. However, the consolidation of power came at the expense of internal cohesion and diversity of perspective within the ownership structure.
Governance Under Strain
The episode highlights the vulnerabilities inherent in dual-class share systems. While such structures can enable long-term strategic focus, they also concentrate decision-making power in ways that can amplify internal conflict.

In the Murdoch case, the trust controlled roughly 41 percent of voting power while holding a significantly smaller economic stake. This imbalance allowed governance outcomes to be determined by family dynamics rather than market mechanisms.

For investors, the lesson is clear. When control structures depend on personal relationships rather than institutional processes, the risk profile becomes less predictable. Succession disputes in such frameworks are not merely personal matters; they are corporate events with material consequences.

Ideology and Succession

A further dimension of the conflict was ideological alignment. Murdoch’s preference for Lachlan was closely tied to a shared editorial vision, particularly regarding the positioning of Fox News and related assets.

This raises a broader question. Succession based on ideological continuity may preserve short-term identity, but it can constrain adaptability. In rapidly evolving media and technology environments, long-term resilience depends on flexibility rather than alignment with a founder’s worldview.

The Murdoch case illustrates the tension between legacy preservation and future relevance. In prioritising the former, the structure of succession may have limited the strategic optionality of the business.

The Human Dimension

Beyond governance and capital allocation, the episode reflects a deeper breakdown in family cohesion. The settlement formalised not only a transfer of control but also a separation of interests that appears unlikely to be reversed.

The siblings remain subject to a long-term standstill agreement, preventing further intervention in the business. While financially compensated, they are effectively removed from the enterprise that defined the family’s identity.

For James Murdoch, the transition has involved a shift toward investment and philanthropic activities. Others have adopted a lower profile, reflecting a broader disengagement from the family’s core media assets.

Implications for Global Business

As other founder-led empires approach generational transition, the Murdoch case serves as a cautionary precedent. It highlights three critical considerations.

First, legal structures must be treated as binding commitments. Attempts to retroactively alter foundational agreements risk both legal defeat and reputational damage.

Second, succession planning should prioritise institutional resilience over personal preference. A company’s future cannot be anchored solely in a founder’s perspective.

Third, the financial cost of unresolved succession can be substantial. The $3.3bn settlement represents capital diverted from investment, innovation, and strategic expansion.

A Redefined Empire

Rupert Murdoch remains Chairman Emeritus, a role that suggests continuity but masks a fundamental shift in power. Lachlan Murdoch now leads an empire that has been reshaped by conflict as much as by strategy.

The “Reno Siege” has left a lasting imprint. It has clarified control, but it has also exposed the fragility of dynastic governance in a modern corporate context.

As the media landscape continues to evolve, the central question is no longer who inherits the empire, but whether its structure is equipped to adapt beyond its founder’s influence.

The Murdoch succession was ultimately resolved through capital, not consensus. For global business leaders, it stands as a reminder that succession is not merely a legal exercise. It is a test of governance, discipline, and the ability to design for a future that cannot be fully controlled.


MONETA Money Bank: Scaling with Discipline in a Competitive Czech Market

Since its 2016 IPO, MONETA Money Bank has pursued a disciplined strategy of digital transformation, SME expansion, and operational efficiency—building a resilient, scalable model designed to compete with larger European peers while maintaining strong profitability and customer focus.

[caption id="attachment_28452" align="aligncenter" width="2000"] Czech Republic: Prague Castle with St Vitus Cathedral over Lesser Town (Malá Strana)[/caption]

Over the past decade, MONETA Money Bank has redefined what an independent, mid-sized financial institution can achieve in a competitive and highly regulated European banking environment. Since its listing on the Prague Stock Exchange in 2016, the bank has established itself as one of the Czech Republic’s most efficient and commercially resilient lenders, with a clearly defined focus on retail banking and small and medium-sized enterprises.

"Digital infrastructure plays a key enabling role in this segment, allowing the bank to scale its SME operations without compromising efficiency or risk discipline."

This evolution has not been driven by opportunistic expansion or short-term positioning. Instead, MONETA has adopted a long-term strategy centred on building a larger, more efficient, and structurally resilient institution—one capable of competing with banks several times its size while maintaining a strong emphasis on trust, transparency, and customer-centricity. The rationale behind this approach reflects a broader structural shift within the banking sector. Increasing regulatory requirements, ESG expectations, and reporting obligations are steadily raising the fixed cost base of financial institutions. In such an environment, scale is no longer optional; it is increasingly a prerequisite for sustainability.

MONETA’s response has been to pursue disciplined growth that preserves capital efficiency and profitability while enhancing operational resilience. The bank’s medium-term ambition is to at least double its size, primarily through organic expansion. Crucially, this growth is not pursued for its own sake. It is designed to ensure that the bank remains competitive in a market where cost pressures and technological expectations continue to intensify.

At the centre of this strategy is a clear focus on scalability. MONETA is systematically strengthening its operating model, deepening client relationships, and investing in digital infrastructure to enable growth without proportionate increases in cost or complexity. This approach is underpinned by a defined digital vision, framed internally around a “North Star” concept, with the Smart Banka mobile application serving as a cornerstone of customer engagement.

Smart Banka is positioned not simply as a transactional interface, but as a daily financial companion. The ambition is to create a platform through which clients can understand their financial position, make informed decisions, and access relevant products seamlessly. This reflects a broader shift in banking from product-centric models to ecosystem-based engagement, where digital platforms become the primary point of interaction between institutions and their customers.

The bank is therefore investing in transforming Smart Banka into a fully integrated and intuitive digital ecosystem. The objective is to simplify customer journeys, reduce friction, and enable growth through digital sales and self-service capabilities. This transition is also reshaping the role of physical infrastructure. While MONETA continues to operate more than 120 branches, their function is evolving from transactional service points to advisory hubs focused on more complex financial needs.

The bank’s growth strategy is structured around three interlinked pillars. The first is digital-led organic client acquisition. MONETA has demonstrated a consistent ability to attract between 75,000 and 90,000 new clients annually through organic channels. Digital distribution is central to this process, enabling transparent pricing, efficient onboarding, and scalable access to products. This model allows the bank to expand its customer base while maintaining tight control over acquisition costs, a critical factor in sustaining profitability.

The second pillar is targeted expansion in the SME segment. Small and medium-sized enterprises represent a structurally attractive yet operationally demanding market, often underserved by larger institutions due to complexity and cost considerations. MONETA has positioned itself to address this gap through tailored, data-driven solutions that combine secured and unsecured lending. The results have been notable, with the SME portfolio growing at an annual rate exceeding 26%, and the loan book surpassing CZK 20bn.

Digital infrastructure plays a key enabling role in this segment, allowing the bank to scale its SME operations without compromising efficiency or risk discipline. By leveraging data analytics and streamlined processes, MONETA is able to deliver solutions that are both responsive to client needs and commercially sustainable.

The third pillar is operational efficiency and scalability. MONETA places significant emphasis on ensuring that growth is supported by a robust and efficient operating model. Continuous investment in digital infrastructure, combined with disciplined cost management and strong risk governance, enables the bank to expand without a corresponding increase in complexity or overhead. In this context, digitalisation is not treated as a standalone initiative, but as a structural driver of long-term profitability and shareholder value.

Taken together, these pillars define a growth model that is both ambitious and controlled. MONETA is not seeking to replicate the universal banking strategies of larger multinational institutions. Instead, it is building a focused, agile organisation capable of outperforming competitors through structural advantages in digital capability, operational simplicity, and customer engagement.

This strategic clarity is particularly relevant in the Czech banking market, which is characterised by rising costs, regulatory pressure, and ongoing technological disruption. In such an environment, stagnation is not a viable option. For MONETA, scaling the business is therefore not only an opportunity, but a necessity for long-term resilience.

Importantly, this expansion is anchored in financial discipline. The bank continues to prioritise capital efficiency and sustainable profitability, ensuring that growth does not come at the expense of returns. This balance has become a defining feature of MONETA’s positioning, enabling it to deliver consistent performance while investing in future capabilities.
Under the leadership of Tomáš Spurný, MONETA has evolved from a retail-focused lender into a data-driven, digitally oriented financial institution with a clearly articulated strategic identity. While the Czech banking sector remains dominated by larger international groups, MONETA’s trajectory demonstrates that competitiveness does not depend solely on scale. Focus, efficiency, and technological leverage can provide an equally powerful foundation for success.

In a broader European context, MONETA’s transformation reflects a shift in the banking industry’s centre of gravity. The future is likely to favour institutions that combine digital sophistication with operational discipline and strategic coherence. In this respect, MONETA Money Bank offers a compelling example of how a mid-sized institution can adapt, scale, and compete effectively in an increasingly complex financial landscape.


Tomáš Spurný: Steering MONETA Money Bank’s Transformation with Discipline and Scale

As Chairman of the Management Board and Chief Executive Officer of MONETA Money Bank, Tomáš Spurný has overseen a decade of disciplined growth, strategic expansion, and digital transformation, positioning the institution as a leading force in Czech retail and SME banking.

[caption id="attachment_28458" align="aligncenter" width="2000"] CEO: Tomáš Spurný[/caption]

MONETA Money Bank has established itself as one of the Czech Republic’s leading independent financial institutions, combining scale with a focused strategic approach to retail and small and medium-sized enterprise banking. Since its initial public offering in 2016, the bank has steadily expanded its footprint, now serving more than 15% of the national population. Central to this evolution has been the leadership of Tomáš Spurný, whose experience across Central and Eastern Europe has shaped MONETA’s trajectory into a modern, profitable, and digitally capable institution.

Spurný assumed leadership of MONETA in October 2015, bringing with him a career defined by senior roles across major banking markets in the region. A graduate of New York University and Columbia Business School, he began his professional journey at McKinsey & Company before progressing through a series of high-profile executive positions. His leadership credentials include serving as Chief Executive Officer of CIB Bank in Hungary and VÚB Bank in Slovakia, as well as leading Banca Comercială Română in Romania, part of the Erste Group. He has also held the role of Chief Financial Officer at Komerční banka and gained broader strategic experience within PPF Group and CCS.

This breadth of experience has informed a leadership style grounded in discipline, operational clarity, and strategic consistency. At MONETA, Spurný has focused on building a resilient, customer-oriented banking model capable of delivering sustainable growth across market cycles. His mandate encompasses both the strategic direction of the bank and its day-to-day management, with repeated reappointments through to 2027 reflecting continued confidence from shareholders and regulatory authorities.

Under his stewardship, MONETA has undergone a significant transformation. The bank’s cumulative net profit since its IPO has reached CZK 45.5bn, while return on equity has consistently exceeded 17.5%, underscoring a strong balance between growth and profitability. Total assets have expanded from CZK 149bn at the time of listing to CZK 505bn, while client deposits have risen to CZK 440bn. These figures reflect not only expansion in scale, but also the strengthening of MONETA’s core banking franchise.

A defining feature of this growth has been the expansion and engagement of the client base. The bank now serves approximately 1.6 million clients, with an equivalent number actively using its digital banking platforms. This alignment between customer growth and digital adoption highlights the effectiveness of MONETA’s multi-channel strategy, which combines physical presence with technological capability. Alongside its network of 123 branches and more than 1,900 ATMs, the bank has invested heavily in digital services, supported by its own call centre and a range of partnerships, including collaborations with car dealerships, a building society, and leasing providers.

Strategic acquisitions have also played a role in strengthening MONETA’s market position. The acquisition of mortgage bank Wüstenrot in 2020 marked a significant step in enhancing its retail offering, particularly in the housing finance segment. This move not only broadened the bank’s product range but also reinforced its competitiveness in a key area of the Czech banking market.

MONETA’s financial strategy has been notable for its commitment to shareholder returns. Between 2016 and 2025, the bank distributed 93% of its cumulative profit in dividends, positioning it among the most consistent dividend-paying stocks in the Czech market. This approach reflects a disciplined capital allocation framework, balancing reinvestment in growth initiatives with the delivery of tangible returns to investors.

Beyond financial performance, MONETA has also sought to strengthen its broader societal contribution. The establishment of the MONETA Clementia Foundation in 2021, initiated under Spurný’s leadership, represents a structured approach to corporate social responsibility. Since its inception, the foundation has supported projects with funding exceeding CZK 101m, reinforcing the bank’s commitment to social impact alongside its commercial objectives.

The strength of MONETA’s leadership extends beyond the chief executive. The Management Board comprises a team of experienced executives, including Carl Normann Vökt as Vice-Chairman and Chief Risk Officer, Klára Starková as Chief Operating Officer, Jan Friček as Chief Financial Officer, Jan Novotný as Chief Commercial Banking Officer, and Andrew John Geber as Chief Retail Banking Officer. This collective expertise supports the bank’s ability to execute its strategy with consistency and precision.

Looking ahead, MONETA’s position reflects a combination of scale, operational discipline, and strategic clarity. Under Tomáš Spurný’s leadership, the bank has demonstrated that sustained growth in a competitive market requires more than expansion alone. It demands a careful balance between innovation and stability, digital transformation and customer proximity, and profitability and long-term value creation.”


Trading.com: Building A Unified Investing and Trading Ecosystem

Retail investors increasingly expect one coherent experience across long-term investing and short-term trading. Trading.com is positioning itself for that shift, combining intuitive platform design with transparent pricing, consistent execution, and a roadmap that extends beyond shares into a broader multi-asset offering.

In consumer finance, fragmentation has long been treated as normal. Many retail clients have historically maintained one account for long-term investing, another for leveraged products, and a third for charting, research, or education. The result is complexity that sits with the customer: multiple logins, duplicated KYC processes, and an inconsistent view of risk and performance.

Trading.com is built around a different premise. Rather than asking users to assemble their own toolkit, the platform aims to bring investing and trading into a single, integrated environment. The strategy reflects a wider industry trend — the convergence of brokerage, trading, and digital wealth tools — but it also raises the execution bar. A unified proposition only works if the user experience is coherent, the pricing is competitive, and the platform performs reliably under stress.

Experience As Strategy

Trading.com treats usability as a core operating principle rather than a finishing touch. The platform is designed to reduce friction for first-time investors while remaining responsive for experienced users running more complex strategies. That dual focus matters, because retail participation is no longer defined by a single archetype. New entrants want clarity and confidence, while established participants want speed, consistency, and tools that do not compromise decision-making through clutter.

The company’s emphasis on a clean, modern interface is therefore more than aesthetic. In practice, thoughtful design reduces the behavioural cost of investing: it makes portfolio navigation more intuitive, shortens the learning curve, and supports more consistent decision-making.

Pricing That Protects Returns

In competitive retail markets, pricing is frequently the difference between a platform that attracts accounts and one that retains them. Trading.com’s proposition rests on commission-free investing for portfolio building and tight spreads for leveraged products, supported by robust execution conditions.

Commission-free models have become commonplace, but not all “free” experiences are equal once spreads, execution quality, and ancillary charges are considered. Similarly, tight spreads are only meaningful if they remain credible when volatility rises and liquidity thins. Trading.com’s framing is that pricing should support client outcomes by reducing avoidable costs — particularly for frequent participants — rather than acting as a friction that steadily erodes performance.

Reliability As A Product Feature

For digital brokers and multi-asset platforms, operational stability is not merely an IT concern. It is part of the product itself. Clients notice execution quality most when markets move quickly, and they remember instability long after the moment has passed.

Trading.com differentiates its operating discipline by emphasising predictable performance during volatile periods, with clear pricing, consistent conditions, and steady execution. In practical terms, that requires architecture designed for resilience, ensuring clients can engage with markets confidently when risk is highest and sentiment is most fragile.

Expanding The Investment Account

Trading.com’s recent launch of an Investment Account in Europe is a step towards a broader wealth proposition. The goal is straightforward: allow clients to access global shares within the same environment they already use for trading, rather than forcing them to maintain separate accounts across providers.

For clients, the advantage is not only convenience. A unified experience reduces the gaps that often appear when portfolios are spread across platforms — inconsistent reporting, disjointed funding, and limited visibility across positions and risk. The company has also introduced onboarding incentives for validated accounts, alongside deposit-related offers intended to support early engagement. Referral functionality, which allows clients to invite others and earn credit towards investment activity, forms part of that wider approach to acquisition and retention.

That coherence also has a trust dividend. Retail markets are becoming more demanding on disclosures, suitability and operational conduct, particularly as new entrants bring more first-time investors into public markets. A single environment can simplify risk communication and encourage more consistent habits, provided the platform maintains clear product separation and avoids blurring the line between investing and higher-risk trading. In a world of headline-driven volatility, clarity is not merely a customer-service virtue; it is an element of responsible market access.

A Broader Multi-Asset Roadmap

The immediate expansion priority is geographical. Trading.com is preparing to introduce its investment product to the United Kingdom, extending the integrated account model to another major retail market. Product breadth is the second horizon. The platform is expanding into ETFs, bonds, and additional asset classes, reinforcing its ambition to become a complete destination for both trading activity and long-term portfolio allocation.

This roadmap reflects an important commercial insight. Retail clients do not only want access; they want simplicity. They are more likely to remain engaged when their investing and trading lives sit within one coherent framework — with consistent navigation, pricing logic, and a stable execution environment. The discipline will be maintaining clarity while broadening capability, ensuring that convenience does not become clutter.

For Trading.com, the proposition is clear: one platform that integrates investing and trading, supported by intuitive design, transparent economics, and a resilience-first operating model. In a market where fragmentation has been normalised, the company is betting that coherence will be the new differentiator.


Schafer Cullen: Why Discipline Still Defines Value Investing

In an equity market often driven by momentum, narrative and short-term positioning, Schafer Cullen continues to make the case for a more traditional discipline: buy good companies cheaply, insist on dividends, protect the balance sheet, and give time for value to emerge. The firm’s approach is rooted in classic value investing, but its relevance lies in how it applies that philosophy to modern portfolio construction, income generation and risk control.

Value investing is one of the most overused labels in asset management. In crowded markets, almost every manager claims some attachment to “value”, even when the underlying process owes more to relative pricing or cyclical timing than to genuine valuation discipline. Schafer Cullen takes a much narrower view. Its definition of value investing remains anchored in the framework Benjamin Graham recommended at the end of his career: focus on companies that are cheap on price-to-book, price-to-earnings and dividend measures, and then hold them for the long term. In Schafer Cullen’s interpretation, this is not nostalgia. It is still a rigorous filter for identifying businesses where valuation, income and staying power align.

That emphasis on dividends is central. At Schafer Cullen, dividends are not treated simply as a source of income; they are viewed as a form of downside protection and a signal of corporate durability. The firm argues that dividend growth is especially important, though yield itself also matters. Its historical reference point is telling: over the past 60 years, there have been 12 recessions, and in each one dividends rose, even where earnings and share prices fell sharply. For the firm, that pattern explains why dividend-paying equities can help stabilise investor outcomes when markets turn hostile. Income is valuable in itself, but it also changes the behavioural and financial profile of an equity strategy by providing part of the return stream independently of market sentiment.

This becomes especially relevant in a concentrated portfolio. Schafer Cullen’s flagship strategies often hold only 30 to 45 names, which means each position must justify its place through a combination of valuation, quality and long-term potential. In that setting, the most important risk controls are not abstract factor models alone, but balance-sheet strength, close analysis of changes in consumer interest, and careful monitoring of management quality and business evolution. The firm is candid about the reality of concentrated investing: some holdings will periodically fall out of favour and appear to be value traps. Yet one of its core beliefs is that apparent weakness often creates future opportunity. After rigorous reanalysis, some of the most uncomfortable holdings can go on to become the strongest contributors over the following year or two. That does not mean every weak stock deserves patience. The firm acknowledges there are situations where the analysis proves wrong and where even a disciplined value process must accept error.

"At Schafer Cullen, dividends are not treated simply as a source of income; they are viewed as a form of downside protection and a signal of corporate durability."

The difference lies in time horizon. Schafer Cullen does not frame value as a quick mean-reversion trade. When initiating a position, it is typically looking for a minimum holding period of three years, allowing time for research catalysts to unfold. In many cases, particularly where stocks remain attractive on a price-to-earnings basis, holdings may stay in the portfolio for as long as a decade. The kinds of catalysts the firm regards as most reliable are concrete rather than fashionable: better managers, new products, entry into new markets, or strategic shifts that can drive earnings growth and eventually support multiple expansion. This is a patient form of investing, but not a passive one. It is based on the idea that value is unlocked through business progress, not simply through the market changing its mind.

That patience also shapes how the firm thinks about downside protection. Rather than defining defensiveness through sector labels or low-beta positioning, Schafer Cullen argues that smoothness is best judged over a long enough measurement period. For that reason, it has settled on a five-year horizon as the most meaningful way to evaluate the consistency of an equity-income strategy. In the firm’s view, five years is long enough to smooth performance across recessionary shocks and short enough to remain relevant to client outcomes. It is a practical rather than theoretical definition of resilience: not the avoidance of all volatility, but the ability to navigate cycles without permanent damage to compounding.

The same philosophy extends into the firm’s enhanced equity income approach, where covered calls are written on a portion of holdings. Here again, the aim is not to manufacture yield indiscriminately, but to manage the trade-off between current income and future upside. Schafer Cullen says decisions about how much upside to sell, and on which holdings, are driven by both fundamental and technical research. That reflects a broader point about the strategy: options are not treated as a separate overlay detached from stock selection, but as another expression of the underlying research process. The decision to bring this approach into ETF form through the launch of DIVP in 2024 was, according to the firm, a response to client demand. Even so, the move also reflects a wider trend in the market: investors increasingly want transparent, liquid vehicles that combine income with equity exposure while preserving a disciplined framework for security selection.

Schafer Cullen’s value lens has never been confined to the United States. The firm notes that international stocks and ADRs often looked dramatically cheaper than US equities, particularly in earlier decades, and that these opportunities materially supported performance. Its historical examples range from Jaguar, bought as a British spin-off, to high-quality Chinese oil and gas companies and global consumer staples such as Unilever and Diageo, which benefited from growth in emerging markets. Today, the firm caps the international share of some portfolios because it also runs dedicated international and emerging-market strategies. Still, the logic remains consistent: valuation must be compelling enough to justify the additional layers of currency, governance and liquidity risk.

On research, Schafer Cullen adopts a measured view of AI. The firm sees the technology as a significant advance in data gathering, and its analysts are already using it to improve research efficiency. But it remains cautious about overstating what automation can do for security selection. In the firm’s view, a contrarian instinct is still vital in investing, and that quality is not easily systematised. AI may help gather information faster, but genuine stock-picking still depends on judgement, context and the willingness to lean against consensus when valuations and fundamentals justify it.

This preference for measured judgement also explains the firm’s stance on stewardship. Schafer Cullen engages with management teams where appropriate, but it does not define itself as an activist investor. Effective engagement, in this model, is less about public campaigns and more about ongoing dialogue, pressure where warranted, and a readiness to exit if the original investment case no longer holds. It is consistent with the broader ethos of the firm: disciplined, research-led, valuation-sensitive, and unwilling to confuse noise with genuine value creation.

At a time when equity markets often seem to reward speed over patience and narrative over balance-sheet substance, Schafer Cullen’s approach stands out for its refusal to overcomplicate the essential. Buy cheaply. Demand dividends. Focus on quality. Stay patient. And remember that in investing, as in business, the most durable outcomes are rarely the most fashionable in the moment.


La Trobe Financial: The Difference Is Discipline

In an era defined by rapid product proliferation and an ever-expanding universe of investment ideas, one principle continues to separate lasting performance from fleeting opportunity: discipline.

For more than seven decades, Australian asset manager La Trobe Financial has built its investment philosophy around that premise. While newer entrants chase scale, yield or novelty, La Trobe Financial’s approach remains anchored in conservative underwriting, methodical portfolio construction and data-led decision-making — all designed to protect capital first and compound it over time. That consistency has been recognised by Capital Finance International (CFI.co), which has named La Trobe Financial Best Investment Management Team in Australia for seven consecutive years.

[caption id="attachment_28474" align="aligncenter" width="2000"] CIO: Chris Paton[/caption]

Nowhere is this discipline more evident than in the firm’s 12 Month Investment Account, a flagship income solution built on first-principles credit selection and transparency. In a market increasingly characterised by complex structures and opaque risk, the proposition is deliberately straightforward. The portfolio is invested in first mortgages, supported by one of the most granular private credit books in the country.

The strategy is diversification by design. Thousands of individual loan exposures are spread across geography, borrower type, asset quality and loan purpose. The objective is explicit: avoid concentration risk, dampen volatility and deliver a steadier income profile through varying market conditions. This is discipline not as a slogan, but as an architecture embedded in portfolio construction, credit assessment and ongoing management.

Such an approach is difficult to replicate quickly. It is the product of cycle-tested judgement, established lending infrastructure and underwriting frameworks refined over decades — including periods of recession, dislocation, interest-rate shock, liquidity stress and regulatory change. In contrast, many newer providers have entered private markets with compelling narratives but limited operational depth, pursuing momentum without the systems and experience required to manage downside risk when conditions tighten.

That difference matters. Investors increasingly seek consistency rather than excitement: repeatable outcomes, transparent reporting and an emphasis on capital preservation. It is also why the 12 Month Investment Account has become a leading offering in the Australian market, positioned as a disciplined alternative to strategies that rely on complexity, leverage or risk expansion to sustain returns.

The next phase of private credit in Australia is likely to reward managers who can scale without relaxing standards — maintaining prudent underwriting, clear risk limits and a conservative approach to portfolio construction even as competition intensifies. As the asset class becomes more widely adopted, the temptation to stretch for yield will rise. La Trobe Financial’s stated position is that durable performance is built not on experimentation, but on the daily practice of doing the fundamentals well — particularly when markets encourage shortcuts.

Chris Paton, Chief Investment Officer at La Trobe Financial, said: “In private credit, discipline is the difference — and the difference we are proud to bring to our investors every day. It is not just a risk tool but an investment philosophy. Over decades we’ve learned that consistent, repeatable outcomes come from staying true to first principles, especially when markets encourage shortcuts.”

To learn more about La Trobe Financial’s Australian and global funds, visit latrobefinancial.com.au

Disclaimer – La Trobe Financial
La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321. It is important that you consider the relevant Product Disclosure Statement (PDS) before deciding whether to invest or continue to invest in the fund. The PDSs and Target Market Determinations are available on their website.
Any advice is general and does not consider your personal circumstances.
Past performance is not a reliable indicator of future performance.
To view their awards please visit the Awards and Ratings page @ latrobefinancial.com.au


Tunis International Bank: The Bank of the Region

Established as the first private non-resident commercial bank in Tunisia since 1982, TIB has earned its reputation as a local provider of high-quality products and services for internationally oriented clients. Its coverage spans corporates, financial institutions, governments and individuals in Tunisia and abroad. Its services include foreign exchange and money market operations in all convertible currencies, including the Tunisian dinar, alongside international trade finance, private banking, loan syndications, commercial banking, and investment activities.

Banking Built Around International Flows

TIB’s proposition is designed for clients operating across multiple jurisdictions. The bank product range is continuously reviewed to meet the evolving needs. It also highlights growing synergies with other members of the KIPCO Group as a pathway for expansion.

Funding Discipline and Multi-Currency Liquidity

TIB attracts deposits on a selective basis, focusing on high-net-worth individuals and corporate clients with stable resources.

Trade Finance Under Geopolitical Fragmentation

Trade finance remains central to TIB activities. Many of its corporate clients are subsidiaries of large groups based in Tunisia with strong trade links to Europe, the Middle East, and Africa. Recent geopolitical fragmentation has disrupted supply chains and increased costs, reinforcing the need for reliable trade structures and working-capital solutions. TIB also supports SMEs seeking to integrate into global supply chains, where timing and documentation can be as decisive as price.

Private Banking: Access, Trust and Confidentiality

TIB positions its “best-in-class” private banking offering around high-quality advice and service, combined with access to international markets, underpinned by trust and confidentiality. Its multi-jurisdictional expertise is a core strength, enabling clients to engage global markets while maintaining discretion and clarity of execution.

Risk Culture, Governance and Correspondent Expectations

TIB embeds risk awareness into its day-to-day decision-making rather than treating it as a periodic exercise. This is particularly relevant for a bank operating across currencies and correspondent networks, where reputational risk and operational control are closely linked.

Digitalisation and the Role of AI

Digital tools and artificial intelligence deliver the greatest value when they simplify the client journey while strengthening internal controls. The bank leverages analytics-driven tools to identify, assess and mitigate risks, enhancing decision-making without compromising the compliance framework that underpins international confidence.

A Measured Agenda for Growth

TIB’s strategic priorities include sustained growth, while maintaining optimal liquidity, and the preservation of high service standards. The bank emphasizes strong fundamentals, prudent risk management, solid capitalization, and a growing customer base, supported by shareholder confidence, client trust and dedicated staff. It also reaffirms its commitment to supporting clients in neighboring markets, including Algeria and Libya, providing expertise and logistical support where cross-border capability remain in demand.


Miguel Lama, CEO of Corporación Zona Franca Santiago: Building a Leading Investment Hub in the Americas

Santiago Business City

After more than five decades of industrial leadership, Corporación Zona Franca Santiago is entering a new phase of development. What began as an industrial park has evolved into a manufacturing and logistics platform of regional relevance — and is now expanding to support advanced industries, knowledge-intensive sectors, global services and innovation-led growth.

As supply chains are reconfigured across the Americas, Santiago, Dominican Republic, has strengthened its position as one of the region’s most competitive industrial locations. At the centre of this evolution is the Víctor Espaillat Mera Industrial Park (PIVEM), developed over five decades by Corporación Zona Franca Santiago and continuing to expand as multinational companies seek reliable, efficient operating bases close to end markets.

[caption id="attachment_28483" align="aligncenter" width="2000"] President: Miguel Lama[/caption]

Today, this export-oriented ecosystem hosts more than 80 multinational companies, including leaders in their respective sectors, generating over 22,000 direct jobs and more than 40,000 indirect jobs. The scale of activity has helped shape one of the Caribbean’s most dynamic industrial environments, supported by a skilled workforce, established supplier networks and long-standing experience in export manufacturing. It is an industrial platform built not only on infrastructure, but on institutional continuity — the ability to operate predictably through cycles, and to provide investors with the confidence that projects can scale.

Santiago Business City: The Next Phase of Growth

Building on the proven performance of PIVEM, Corporación Zona Franca Santiago is advancing the next stage of its long-term vision through Santiago Business City. Conceived as an integrated business district, the initiative extends the traditional industrial platform into a broader environment where companies can operate, connect and grow within a cohesive economic ecosystem.

At the heart of the project is the development of a modern business centre, complemented by corporate offices, commercial spaces and lifestyle amenities designed to support the daily rhythm of companies and professionals. Anchored in more than five decades of industrial leadership, Santiago Business City represents the natural evolution of a platform already tested at scale — and further positions Santiago as an increasingly attractive destination for global firms seeking a stable base for operations and expansion across the Americas.

Positioned for a New Industrial Cycle

The Dominican Republic offers structural advantages that continue to attract international investment, including legal stability, a secure business environment and the accelerating momentum of nearshoring, friendshoring and brainshoring strategies across the hemisphere. Within this context, the ecosystem developed by Corporación Zona Franca Santiago provides more than industrial space; it offers an operating model designed to strengthen long-term competitiveness.

Beyond the Víctor Espaillat Mera Industrial Park, the wider ecosystem includes specialised entities supporting companies across critical dimensions of performance. CAPEX focuses on workforce training and professional development. Zonaxol advances clean-energy solutions for park operations and client needs. CEGESTA supports recruitment and talent management. MĒDICA provides healthcare services for employees and companies operating within the park, as well as surrounding communities. Together, these institutions reinforce the productivity, talent pipeline and operational reliability that global companies evaluate when allocating capital and building regional footprints.

Recognising a Model of Industrial Development

International recognition for Corporación Zona Franca Santiago reflects more than scale. It signals the maturity of a development model built over decades — one that combines institutional leadership, operational reliability and an enduring commitment to strengthening the productive capacity of the Dominican Republic.

Through continuous expansion of the Víctor Espaillat Mera Industrial Park, the creation of specialised support institutions and the forward-looking ambition represented by Santiago Business City, the organisation has shaped an ecosystem where global companies can establish operations with confidence and deepen investment over time. The result is sustained contribution to economic growth, business competitiveness and responsible industrial development — positioning Santiago as one of the Caribbean’s most respected industrial platforms and an increasingly relevant investment hub in the Americas.

The Vision Behind Santiago Business City

To know Miguel Lama, President of Corporación Zona Franca Santiago, is to encounter a leader whose career has been defined by economic development and civic purpose. Throughout his professional life, Lama has advanced a view that competitiveness and institutional strength are essential pathways to raising quality of life — for cities, communities and the nation.

This perspective has shaped his leadership of the Víctor Espaillat Mera Industrial Park and its evolution into a broader economic platform for Santiago. For Lama, economic progress is inseparable from civic responsibility and long-term collaboration between institutions. That mindset has taken him into leadership roles across several influential economic and development organisations, both in Santiago and nationally.

Most recently, the President of the Dominican Republic appointed Lama to lead the Free Zones Sectoral Committee within the Meta RD 2036 national strategy — a public–private platform designed to advance transformative actions in sectors considered essential to the future competitiveness of the Dominican economy. The appointment underlines a wider recognition: that the competitiveness built within free-zone ecosystems is increasingly integral to national development strategy, not peripheral to it.