As Thailand’s private wealth market becomes more global in outlook and more demanding in its expectations, the advisory landscape is shifting. Clients are looking not only for market access, but for confidence in how portfolios are built, how risk is managed, and how firms distinguish between long-term discipline and short-term reaction. In that environment, investment propositions are increasingly judged by the strength of their philosophy, the credibility of their alignment with clients, and the consistency with which they translate market views into portfolio action.
At a recent Hubbis wealth management event in Thailand, a panel chaired by Paul Gambles examined how wealth managers are adapting to volatility, changing client behaviour, and the growing complexity of portfolio construction. Among the panellists, Joerg Blickensdorfer, Managing Director of Bordier & Cie Singapore, offered a perspective rooted in long-term client relationships, selective implementation, and a willingness to back conviction with capital. His comments highlighted several themes shaping investment advisory in 2026, including the enduring importance of strategic asset allocation, the continuing role of gold and alternatives, and the need to remain highly selective in areas such as structured products and private credit.
Key Takeaways
- Long-term relationships remain central: Blickensdorfer stressed that advisory is built on enduring client relationships, not simply product distribution.
- Alignment matters: He highlighted Bordier’s practice of co-investing alongside clients as an expression of commitment.
- Asset allocation still anchors the portfolio: In volatile markets, the right strategic mix across equities, bonds, and alternatives 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 need to make sense within the wider portfolio and should not dominate allocation.
- Private credit requires caution: While not dismissing the asset class, he indicated that Bordier has remained careful and limited in its exposure.
A Proposition Built on Stability and Alignment
When asked what differentiates Bordier, Blickensdorfer began with the firm’s structure and history. He noted that the Geneva-based private bank has existed for more than 180 years and remains a partnership, with unlimited liability on the part of its partners.
That was not simply a historical observation. It was intended to signal resilience, prudence, and accountability. In an industry often shaped by short-term targets and product-led distribution, his framing positioned Bordier as a firm whose ownership structure supports continuity and long-term thinking.
More important, however, was how this translates into the client relationship. What is really key for us is the long-term relationship that we enter into with the client,” he said.
That point matters in a market where many firms compete on access or product breadth. Blickensdorfer instead anchored the Bordier proposition in continuity. In his view, advisory is not primarily about finding the next product to sell, but about building durable relationships in which trust, judgment, and consistency matter over time.
He reinforced that alignment further by stressing that the firm puts “skin in the game”. “We co-invest with the client and make sure they get the best solution that there is,” he said.
That is a meaningful statement because it goes beyond general claims about acting in the client’s interest. Co-investment is one of the clearest ways a firm can show that its own conviction and capital are tied to the same outcomes as the client’s.
Staying Strategic in Volatile Markets
When the discussion turned to volatility, Blickensdorfer’s central message was that portfolios should remain anchored in the right strategic asset allocation. Tactical 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 to be invested,” he said.
This was a recurring theme in his remarks. Market turbulence, geopolitical shocks, and swings in commodity prices may tempt investors to act, but the foundation still lies in how the portfolio is built across major asset classes.
At the same time, he acknowledged that volatility can create opportunities. Referring to moves in assets such as gold and silver, he noted that such conditions can prompt selective action. However, he framed these as targeted additions rather than wholesale repositioning.
For gold, he highlighted that Bordier currently maintains a 7% allocation in balanced portfolios, above its 5% strategic weighting. He also noted that the firm had implemented a call option on oil futures to a limited extent, positioning portfolios 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 matters most when it is appropriately sized and kept in proportion to the wider portfolio.
“I think sizing is extremely critical,” he said.
That simple point carries real weight. In many cases, portfolio problems do not arise from the idea itself, but from how heavily it is expressed. His message implied that tactical opportunities can be useful, but only when they remain disciplined and proportionate.
Why Gold Still Has a Place
One of the more developed parts of Blickensdorfer’s contribution came in the discussion on gold. While Paul Gambles questioned whether gold now behaves more like a risk asset than a diversifier, Blickensdorfer defended the longer-term case for maintaining exposure.
“We are still very bullish gold,” he said.
His reasoning rested on several structural arguments. He pointed to financial instability, global debt burdens, geopolitical uncertainty, and concerns around the United States fiscal and external position. In his view, these factors continue to support the case for gold in portfolios.
He also referred to central bank buying as an important driver, noting that reserve allocations to gold remain uneven across countries and that some still have room to increase exposure. He added that private investor interest also remains relevant.
The significance of his comments lies less in making a short-term call and more in how he framed the asset. For Blickensdorfer, gold remains part of a broader strategic response to monetary and geopolitical uncertainty. It is not merely a tactical trade.
This also linked back to his wider point about alternatives. He noted that in some portfolios the allocation to alternatives is “fairly substantial”, and that gold remains an established component within that part of the asset mix.
Selective Use of Structured Products
Blickensdorfer also addressed structured products in a careful and measured way. He made clear that Bordier does use 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 the clients what we like, what we do feel make sense,” he said.
That language was revealing. The emphasis was not on volume or novelty, but on suitability and coherence. Products should earn their place in the portfolio by making sense in context, not simply because they are available or fashionable.
He added that within the alternatives allocation, only a limited overall percentage is devoted to such structures. That indicates a controlled rather than dominant role for structured solutions. Even when the firm has a particular view, implementation remains bounded by the overall portfolio framework.
Blickensdorfer also noted that certain popular structures, such as auto callables, are not being pushed aggressively. That restraint is notable in a market where such products are often widely distributed. It reflects a broader preference for selectivity over proliferation.
Caution on Private Credit
When the discussion moved to private credit, Blickensdorfer’s tone was more guarded. “We don’t have a lot in private credit actually, we have been worried about it for a while,” he said.
That placed him among the more cautious voices on the panel. He did not reject the asset class outright, but made clear that Bordier’s exposure has been limited. He added that developments linked to artificial intelligence and the possibility of some software models becoming obsolete only reinforced those concerns.
This was a measured but meaningful warning. In an area where investors are often drawn by the promise of yield and diversification, Blickensdorfer’s remarks suggested that prudence remains necessary. Growth in private credit may have created genuine opportunities, but it has also created reasons for restraint.
His broader point on fixed income was similarly disciplined. Exposure remains important, particularly for income generation, but “you have to be careful in that space”.
That comment captured much of his wider approach. Whether discussing gold, structured products, or credit, Blickensdorfer consistently returned to selectivity, sizing, and long-term fit within the total portfolio.
