ELIA Research: QT is happening, but is liquidity really disappearing?

Jun 2, 2026

Central-bank balance sheets are shrinking, and reserves are being drained.
But broad money is still growing.

Across seven major central banks, the monetary base has declined while wider money aggregates continue to expand.

That is the liquidity paradox.

While QT matters, it does not tell the full story.
At ELIA, we look beyond balance-sheet runoff and integrate broad money, bank lending, deposit growth and reserve conditions into our quantamental investment framework.
Full paper below.

For Qualified Investors Only.

ELIA_Liquidity_Paradox_29052026

Eveline Bieler

Independent Advisor to the Board

Eveline is an Independent Advisor to the Board on multiple corporate topics. Eveline brings an extensive experience in supporting wealthy families in their banking and wealth management matters. Prior to joining ELIA Investment Advisors, Eveline had worked for 10 year at key client desks of UBS, Bank Morgan Stanley and Goldman Sachs in Zurich, and has also spent two years in Hong Kong as an Analyst for a Boutique Financial Advisory, Private Equity & Risk Management Firm. Eveline holds a specialist certificate in Asset Management from Hong Kong Securities and Investment Institute and has completed a Master’s Degree in Financial Consulting and the Certified Financial Planner (CFP®) programme at Zurich University of Applied Sciences.

James Bejjani

Senior Partner

James has over 17 years of experience in Portfolio Management and Special Situations in the United States, Europe and the GCC. His areas of expertise span across a range of asset classes including Private Equity and Venture Capital. Prior to joining ELIA Investment Advisors James Bejjani served as Director of a large Geneva based multifamily office, and member of its Investment Committee. Earlier, James had spent eight years at M1 Group, a Single Family Office, where he was a Portfolio Manager. In that role he led M1’s Fixed Income investment activities in public (credit and capital structure investing) and private companies in both Developed and Emerging markets. Before that, he worked at Macquarie Funds Group where he had dual responsibility as a Trader and Analyst for a multi-billion dollar Fixed Income portfolio for institutional clients. He was also previously an Associate Director and an Institutional Investor ranked Strategist at UBS Investment Bank in New York. He began his career on Wall Street at Mortgage Industry Advisory Corporation (as a Quantitative Analyst). 

James earned his MS in Financial Mathematics from Warwick Business School in the UK, his BA in Economics and minor in Mathematics from the American University of Beirut and his double LLB degree in Private and Public Law from Saint Joseph University. He also completed an executive program at the Wharton School of the University of Pennsylvania. In addition, James is a member of the NY based Fixed Income Analysts Society.

Anton Schmidt

Managing Partner

Anton has spent over a decade covering UHNW families and individuals. He dedicated his professional career to providing tailor-made and differentiated investment advice across major asset classes and whole range of financial instruments. Most recently as an Executive Director and Private Wealth Advisor in the Private Wealth Management division of Goldman Sachs in Zurich after joining from Morgan Stanley in 2012, where he started as an analyst in 2010. His prior professional experience includes Bloomberg in London and Volkswagen in Wolfsburg.

Anton holds a Business Administration Diploma (MSc) with specialisation in Banking & Finance from Mannheim University, Germany and a Postgraduate Certificate in Finance from London School of Business and Finance, UK.

Christos Kontos CFA, FRM

Founding Partner & CEO

Prior to setting up ELIA Investment Advisors, Christos worked as an Executive Director at the Wealth Management divisions of Goldman Sachs (2014 – 2019) and Morgan Stanley (2007 – 2014), offering an institutional approach to private client investing. Before entering the world of the two large Investment Banks, Christos served as a Senior Associate for Swiss Capital Alternative Investments (currently StepStone Global), a Hedge Fund company based in Zurich, dealing with the design of specialised investment solutions for pension funds and insurance companies. Prior to moving to Switzerland in 2005, he worked in the Fixed Income Derivatives department of Intesa San Paolo IMI in Milan, and Equity Trading at NBG Securities and Alpha Bank in Greece.

Christos is a holder of the Certificate of Business Excellence from Columbia Business School in New York and holds an MBA from SDA Bocconi in Milan, an MSc in Finance from Strathclyde University in Glasgow and a BSc from Athens University of Economics and Business. He is a certified risk manager (FRM) by the Global Association of Risk Professionals (GARP) and holds the Chartered Financial Analyst (CFA) designation.