How secured private credit really works: debt claim vs security interest vs guarantee, creation and perfection under UCC Article 9 and English law, priority, covenants, enforcement and the limits insolvency imposes.
Interest on art loans is non-deductible under §163(h), with no carryforward. Break-even is 5 years versus 7.5 for an SBLOC. Maths, §68 from 2026, collateral.
How capital gains tax works and why realisation is the operative word: rates by country, step-up basis, buy-borrow-die mechanics, exchange funds and exit taxes.
The legal mechanics of owning art: title and provenance, UNESCO and UNIDROIT, Nazi-era restitution, art-secured lending, export control and AML.
Fund-level debt explained: subscription lines on uncalled commitments, NAV facilities on the portfolio, hybrids and GP lines. IRR impact and LP checklist.
Sygnum Bank: FINMA and MAS licences, segregated custody, trading, staking and Lombard loans against crypto. Who the bank suits, thresholds, onboarding.
J.P. Morgan is the corporate, investment, and private banking arm of JPMorgan Chase, the largest U.S. bank (G-SIB): private bank for UHNW from $10M, USD clearing network.
Julius Baer, Switzerland's largest pure-play private bank for UHNW and HNW clients: FINMA oversight, source-of-wealth requirements and bank profile.
How lombard lending works: pledging portfolios without selling, loan-to-value (LTV) by asset class, floating rates, margin call risk, pledge versus title transfer and interest deductibility.
DBS Private Bank is Singapore's top DBS UHNW tier above Treasures Private Client. Entry thresholds, services and private-wealth suitability.
Pictet, Lombard Odier and Mirabaud: old Geneva private banks under FINMA, their differences, entry thresholds and wealth-management fit.