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As technology and geopolitics continue to reshape the world around us, we remain focused on identifying opportunities that align with our long-term approach and reinforce our investment philosophy.

On behalf of everyone at LGT, I’d like to wish all of our clients and friends of the firm a very happy new year and prosperous 2025! Against the backdrop of a volatile macroeconomic landscape, the year also marked a period of significant progress across key areas of the business.

Gilts have been weak since the Labour government’s budget in October, although broadly tracked US Treasury movements. But this week, we witnessed sharp moves, with yields on ten-year gilts surpassing 4.8% for the first time in 17 years, and 30-year gilt yields exceeding 5.35% for the first time in 27 years.

2024 saw US economic growth gather steam as the Federal Reserve orchestrated a soft landing, creating an environment where earnings and corporate confidence supported equities and credit markets. Learn more about last quarter's activities in the global market.

At LGT, giving back is a key part of our philosophy. As a growing business in the wealth management sector, we believe it is our responsibility to use our resources to make a positive social impact within the wider community and support causes that are helping to tackle important issues.

On a recent sunny day in Leeds, Julie Hutchison, Technical Director for Philanthropy and Charities, hosted a panel discussion on business and philanthropy, organised by Connect Yorkshire.

When it comes to the history of certain taxes, my memory stretches back to the 1990s when I first studied tax law at university. In the UK, the top rate of capital gains tax was consistent for many years at 40%, even with changes of government over that decade.

For individuals considering donations to charity, there were no notable mainstream tax changes in the UK Autumn Budget 2024. There are some limited technical changes from 6 April 2026 in specific scenarios to prevent donors from obtaining a significant financial benefit from donations. Find out more about the recent announcement.

With the festive season upon us, and Giving Tuesday taking place on 3rd December, it’s a time of year when generosity of spirit is highlighted. It’s an important date in the charity fundraising calendar and illustrates both how fundraising has evolved and how technical innovation is enabling charitable giving in the digital age.

Central banks were active this week, as both the Federal Reserve and Bank of England held their final meetings of the year, setting the stage for what is sure to be a very interesting 2025.