Global markets lifted overnight. US equities finished in positive territory after a shaky start, with investor sentiment lifted by signs that diplomatic efforts in the Middle East may be gaining traction. The Dow Jones closed 0.58%, the S&P 500 gained 0.62% and the Nasdaq added 0.83% for the session.

The strongest gains on the S&P 500 came from consumer discretionary stocks, while energy and healthcare were among the weaker performers. Technology was mixed as some software stocks continued to face selling pressure as investors weighed the longer-term implications of AI disruption and evolving cybersecurity risks. Overall, a positive night, though as always, one day's gains need to be considered in the context of the broader landscape.

Commentary from Industry Leaders

UBS released their Q2 2026 Family Office report and this section is quite relevant to many readers of this newsletter, so it's summarised below.

One of the biggest wealth management stories of our lifetime is already underway. An estimated $124 trillion is set to pass between generations over the next 25 years, and how families prepare for that transition will define whether their wealth endures or erodes.

The core message from UBS is straightforward: structures and plans that worked for the generation that built the wealth often don't work for the generation inheriting it. Families grow, priorities shift and what once felt simple becomes complicated. The families that navigate this well are the ones who plan ahead - not for where the family is today, but for where it will be in ten or fifteen years.

Open and honest communication is just as important as any legal or financial structure. When younger generations feel included in decisions - around investments, family governance, or even who leads the family office - they are far more likely to carry the family's values and intentions forward. When they don't, misunderstandings and resentment tend to fill the gap.

Navigating a generational wealth transfer is one of the most important things a family will ever do, and getting the right advice at the right time makes all the difference. Whether you are thinking about how to involve the next generation in financial decisions, reviewing how your investments are structured, or simply want to start a conversation about what the future looks like for your family, we would love to hear from you. Please don't hesitate to reach out to arrange a review or an informal conversation.

Economic News

The interest rate environment in Australia remains one of the most important things to watch right now, and it is more complicated than it might appear on the surface. The RBA has already raised interest rates for the second time this cycle, lifting the cash rate to 4.10% in a split decision, citing ongoing excess demand and sticky underlying inflation.

The challenge is that this is not a straightforward inflation problem. Rising energy costs are squeezing household budgets at the same time as economic growth is slowing, with Australian GDP growth now expected to ease to around 1.6% by late 2026. That combination of slower growth and persistent inflation makes the path forward for interest rates genuinely uncertain and means that both households and investors need to be prepared for conditions to remain tighter for longer than many had hoped.

What does this mean for your portfolio? When inflation stays elevated and interest rates remain high, growth assets can face more headwinds while cash and fixed income become more attractive in the short term. But trying to time markets around rate decisions is rarely a winning strategy. What matters most is that your portfolio is structured to reflect your own goals and timeframe, not the uncertainty of the moment.

Market Snapshot

• Australia: ASX lower with US-Iran talks in focus

• United States: Dow 0.58%, S&P 500 0.62%, Nasdaq 0.83%

• Bonds: US 10-year yield at 4.27%, Australian 10-year yield at 4.91%

• Gold: Increased overnight

Key Events Coming Up

• Friday 10 April: US Core CPI (MoM) (Mar) - measures changes in the price of goods and services, excluding food and energy

• Tuesday 14 April: US PPI (MoM) (Mar) - measures the change in input prices of raw, semi-finished or finished goods and services

Investment Update

We invite Expressions of Interest from eligible wholesale investors only in relation to a newly established single-asset commercial real estate investment opportunity located in metropolitan Sydney.

This opportunity has been structured to offer a highly attractive income yield with strong downside protection, supported by first-ranking mortgage security over a single, identifiable asset.

Indicative target return of 16.00% p.a. over an 18-month term, subject to investment performance and associated risks.

Investment Overview

• Investment Type: Single-asset commercial real estate investment

• Security: First Registered Mortgage (Senior Secured)

• Investment Structure: Direct exposure to a single asset (non-pooled)

• Indicative Target Return: 16.00% per annum (not guaranteed)

• Term: Approximately 18 months

• Income Profile: Target income with additional upside via profit participation

• Eligible Investors: Wholesale investors only

This opportunity provides investors with clear asset-level security, avoiding portfolio dilution and cross-collateralisation risk. Capital is advanced on a senior-secured basis, ranking ahead of all other stakeholders.

Potential Portfolio Considerations

Key Highlights

• Senior secured position provides priority ranking over the secured asset

• Single-asset exposure, offering transparency and clear exit mechanics

• Indicative target return of 16.00% p.a. over an 18-month term, subject to investment performance and associated risks

• Income-focused structure, with additional upside potential

• Sydney metropolitan location, benefiting from strong underlying demand fundamentals

Next Steps

Eligible wholesale clients may submit an Expression of Interest to receive the Information Memorandum (IM) and detailed disclosure materials by replying directly to this email.

Important Information - Wholesale Clients Only

Past performance is not a reliable indicator of future performance. Any forward-looking statements, target returns, or yield estimates are indicative only, based on assumptions and current expectations and are subject to risks, uncertainties, and change. Actual outcomes may differ materially. No representation or warranty is made as to the accuracy or completeness of the information contained in this communication.

Please note that participation in any investment opportunity is subject to completion of due diligence, confirmation of eligibility, availability and final terms.