ab
Singapore
March 2013
UBS Wealth Insights 2013
Welcome
Singapore, 11 March, 2013
Dear Guest,
welcome to our inaugural annual UBS Wealth Insights in 2013 in Singapore. This event series was
conceived on the back of the need to develop a world-class professional platform for our high net
worth clients, bringing together objective insights from global experts and speakers.
UBS Wealth Insights
At UBS, we want to bring independent insightful content to our audience. Within the complexity
of the world today, whether political, whether in relation to socio-economic or economic issues,
we are bombarded with news and information on all fronts. We aim to provide a platform where
the best-in-class speakers from around the globe, have filtered, consolidated, extracted, analyzed
the available information, and where they share their insights in a relevant manner, to help you
make better informed decisions in context.
Dialogue with you
This conference and this brochure, which aim to provide an insight into which topics are likely to
dominate the economic, financial and investment world in 2013, is only part of the journey we take
with you. It is our privilege to continue our dialogue with you, regularly reviewing the quality of
your portfolio, your approach, adjust compositions of your investments according to the changing
market conditions. Upon understanding your needs, we can develop your portfolio into a financial
strategy and solution which meets your goals and objectives.
We hope you will find this conference interesting, engaging and useful. We look forward to
continuing the journey with you and seeing you again at our next UBS Wealth Insights program.
Kind regards,
We aim also to provide our audience with the opportunity to interact with the speakers. We want
you to be able to ask questions, to take away concrete themes, and extract implications on your
own personal investment approach and investment portfolio, so that you can choose to make an
impact on your investments and follow up to optimize returns to your portfolio, based on your risk
profile.
For this inaugural event, we are honored to have internationally renowned Swiss scientist, Dr.
Bertrand Piccard to share his insights with us as a keynote speaker. Dr. Piccard was the first person
to fly around the world in a balloon in 20 days. He will have a new perspective and inspiring
message, “A Pioneering Spirit for Investing in the Future”, thoughts that we do not always get to
hear, but his views and principles would be useful and relevant to our daily lives, whether in the
world of investments, in business, or in our personal lives.
Edmund Koh
CEO UBS Wealth Management
Singapore
Peter Kok
Regional Market Manager for
Singapore and Malaysia
Carlo Grigioni
Vice Chairman of the Division
Wealth Management
Other speakers providing expert views on key markets include global economist Paul Donovan,
Regional CIO of Emerging Markets, Jorge Mariscal and Head of China Economics Research, Wang
Tao. Even though what the future hold is uncertain, these leading market analysts, together with
our panelists and workshop speakers from UBS and outside UBS, are all geared towards helping
our clients discover investment opportunities in the year ahead.
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Program
Hosts
Edmund Koh
CEO UBS Wealth Management Singapore
0900
Opening Note
Edmund Koh
0910
Pioneering spirit for investing in the future
Bertrand Piccard
1000
Where in the world are we going?
Paul Donovan
1040
Emerging economies look good, will their asset markets
deliver?
Jorge Mariscal
In February 2012, Mr. Edmund Koh was appointed Group
Managing Director, Singapore Country Head and CEO of UBS
Wealth Management Singapore and APAC Hub (UBS Wealth
Management onshore operations in Australia, India, Japan, and
Taiwan).
Edmund has built a strong track record in leading and building
successful businesses, and garnered a deep understanding of
Asian markets in his career, which spans more than 20 years in
the banking industry.
1120
China’s recovery: How long can the good times last?
Wang Tao
Peter Kok
Regional Market Manager for Singapore and Malaysia
1200
Panel Debate
Panel Debate moderated by Bloomberg’s Haslinda Amin;
with Paul Donovan, Kelvin Tay, Andrew Williamson and
Ricardo Beninatto.
Peter Kok is Managing Director and Regional Market Manager,
Singapore and Malaysia in UBS Wealth Management Singapore.
Also in charge of FIM APAC.
1300
Buffet Lunch
1400 – 1500
Workshops
1. East vs. West: Do Asian companies outperform Western
companies?
2. Our high conviction Asian strategies
3. Investing my money in 2013
Prior to his current role, Peter was responsible for the KeyClient
business in Singapore. He was also responsible for the KeyClient
Competency Centre in Singapore which provides holistic
solutions for all KeyClients booked in Singapore.
Carlo Grigioni
Vice Chairman of the Division Wealth Management
Mr Grigioni is one of the most senior leaders of UBS Wealth
Management & Swiss Bank globally, with more than 30 years of
experience in the Wealth Management business. He began his
career with UBS in Asia Pacific in 1986 as one of the original
architects of the region’s Wealth Management business. His
global expertise and extensive experience in international private
banking form the firm foundations for his current role of
providing senior coverage to Ultra High Net Worth clients in Asia
Pacific.
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Speakers
Main speakers
Bertrand Piccard
Scientist, Adventurer, Psychiatrist, Aeronaut, Humanitarian,
Renowned Inspirational Speaker
Dr Bertrand Piccard is the winner of the first transatlantic balloon
race. Always pushing the boundaries, he became the first man
to succeed in the record-breaking, first nonstop round-the-world
balloon flight (together with Brian Jones) – “Around The World
In 20 Days”.
Using his aerial exploits as a backdrop, he illustrates his concept
of the psychology of life, human communication, team-work,
motivation, pioneering spirit, as well as how to deal with stress,
uncertainty and crises.
A senior consultant in a psychiatric hospital, Piccard specialized
jointly in psychiatry and psychotherapy for adults and children.
His doctoral thesis entitled “La Pédagogie de l’Epreuve” was
awarded a prize by the Faculty of Medicine at Lausanne in 1996.
An expert in hypnotherapy, Piccard is a lecturer and supervisor
for the Swiss Medical Hypnosis Society. He is also an Honorary
Professor at Guatemala’s Franciso Maroquin University and an
Honorary Doctor of Science and of Letters.
Born on 1st March 1958 in Lausanne (Switzerland). His grandfather,
Auguste Piccard, was the first person to explore the stratosphere
and he invented the bathyscaphe with which his father, Jacques
Piccard, dived to the deepest point in the oceans.
A pioneer in hang gliding, he is European champion in hangglider aerobatics (1985). His balloon flight achieved the longest
flight in terms of both duration and distance in the history of
aviation: 45,755 kilometers in 19 days, 21 hours and 47 minutes
(7 world records).
Official Decorations: Légion d’Honneur; The Olympic Order;
Gold Medal of the French Ministry of Youth and Sport. He was
awarded the highest distinctions of the Fédération Aéronautique
Internationale, the National Geographic Society, the Explorer’s
Club and other aeronautical, scientific and sporting associations.
Founder of the “Winds of Hope” humanitarian foundation, he is
also Goodwill Ambassador for the United Nations Population
Fund (UNFPA).
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Speakers
Speakers
Main speakers
Paul Donovan
UBS Investment Bank
Senior Global Economist, Managing Director
Wang Tao
UBS Investment Bank
Head, China Economics Research
Based in London, Paul Donovan, Senior Global Economist,
UBS Investment Bank, joined UBS in 1992. He currently works with
all economists and macro strategists at UBS to identify the global
trends that emerge in the world economy, and to present the
bank’s global views to its clients.
Based in Hong Kong, Dr Tao Wang is a Managing Director,
Head of China Economics Research at UBS.
Paul has an MA in Philosophy, Politics and Economics from
Oxford University. He is an Honorary Fellow of St Anne’s College,
Oxford, sitting on its investment committee and development
board, and is a member of the Vice-Chancellor’s Circle of Oxford.
He holds an MSc in Financial Economics from the University of
London. He is also Economic Adviser to the development charity
of East London Business Alliance, and a co-founder of the Peter
Culverhouse Memorial Trust, a charitable fund that raises money
for cancer research and patient care.
Paul also co-authored “From Red to Green? How the Financial
Credit Crunch Could Bankrupt the Environment” and regularly
appears on CNN, Bloomberg TV, and CNBC television stations.
Dr Tao Wang received her PhD in Economics from New York
University and her Bachelor’s degree from Renmin University,
Beijing.
Prior to joining the company, Dr Tao Wang was Head of Greater
China Economics and Strategy at Bank of America, and Head
of Asian Economics at BP. She led the coverage on China’s macroeconomic development, monetary policy and exchange rate
trends, and energy market developments in those positions.
Before that, she was a senior economist at the International
Monetary Fund (IMF), responsible for studying China’s macroeconomic development and structural reforms. During the eight
years she spent at the IMF, Dr Tao Wang was involved in program
negotiations and annual consultations with many member
countries, and published a number of research papers. She also
worked as the chief Asia economist at DRI/McGraw-Hill (currently
Global Insight).
Jorge O. Mariscal
UBS Wealth Management
Regional Chief Investment Officer, Emerging Markets
Based in New York, Jorge O. Mariscal leads the development of
UBS WM investment views on emerging markets across different
asset classes and geographical regions.
Jorge earned a BA in economics from UAM University Mexico City
and a PhD in development economics and international finance
from New York University. Jorge also teaches emerging financial
markets at the SIPA School of Columbia University.
Prior to joining UBS, Jorge was a partner and Chief Investment
Strategist at The Rohatyn Group, a multibillion dollar, New Yorkbased asset manager focused exclusively on the global emerging
markets. Jorge was a managing director at Goldman Sachs, where
he coordinated the firm’s emerging markets investment research
products and served as Chief Equity Strategist for Latin America.
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Speakers
Speakers
Panel discussion
Haslinda Amin (Moderator)
Bloomberg Television
Correspondent, Anchor
Haslinda Amin is a news correspondent and anchor for Bloomberg
television. Based in Singapore, Haslinda has been at the heart of
market makers and stories that have driven the transformation of
southeast Asia.
Haslinda graduated from the National University of Singapore,
majoring in international politics and English language.
She has reported on financial and political developments including
the asia-pacific economic cooperation forums, the bloody antigovernment clashes in Thailand, developments in Pakistan as well
as president Barack Obama’s first visit to Asia.
Andrew Williamson
UBS Wealth Management
Head, Investment Strategist Asia Pacific Head, Advisory Products Asia Pacific.
Investment Products & Services
Andrew and his teams across the APAC region are responsible
for linking and positioning appropriate investment solutions
alongside the UBS house investment view; and communicating
these views to our clients and client advisor base. Andrew is a
member of the UBS Wealth Management Global Investment
Committee representing the Asia region.
Andrew graduated from Brighton College in 1986 and is a CFA
Charter. He has been a Fellow member of the Securities Institute
(UK) and in 1997 was awarded the London Stock Exchange
Special Achievement Award by the Institute. Prior to working with
UBS, Andrew worked for Lloyds Private Banking (1986/87) and
Coutts (1987 – 04).
Kelvin Tay
UBS Wealth Management
Regional Chief Investment Officer, Southern APAC
Since April 2012, Kelvin is the Regional Chief Investment Officer,
Southern APAC at UBS, where he is an integral part of the wealth
management investment process and the UBS House View. He is
also responsible for the Asia ex-Japan equity strategy, analyzing
overall market developments in addition to the general market outlook, to effectively deliver investment insights across asset classes.
Kelvin received his MBA from Imperial College, University of
London in 1999. He also holds a Bachelor of Social Science and
Bachelor of Arts from National University of Singapore. Prior
to joining UBS, Kelvin held numerous responsibilities at Deutsche
Bank Private Wealth Management (Asia) and was a regional
telecoms analyst in JP Morgan and ABN AMRO Securities. Kelvin
is a regular guest host on CNBC Squawbox and appears
frequently on Bloomberg TV, ChannelNews Asia and BBC World.
Paul Donovan
UBS Investment Bank
Senior Global Economist, Managing Director
See full biography under “Main speakers”
Ricardo Beninatto
UBS Wealth Management
Executive Director, Investment Products & Services
Ricardo has been with the UBS Active Portfolio Advisory team
since January 2005.
Ricardo holds a Bachelor of Science in Economics from Faculdade
Candido Mendes, Rio de Janeiro and completed his MBA at
New York University’s Stern School of Business.
Before joining UBS he was a Director for Emerging Markets at
Bank of America in New York after working for the Bank’s
Proprietary Desk in Sao Paulo, Brazil as a Senior Equity Trader for
4 years. Prior to this, Ricardo was a Proprietary Foreign Exchange
Trader at Banco do Brasil in Rio de Janeiro, Brazil.
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Notes
Speakers
Workshop 1
East vs. West:
Do Asian companies outperform Western companies?
James Thom
Aberdeen Asset Management
Investment Manager, Asian Equities
James Thom is an investment manager on the Asian equities
team. James joined Aberdeen in 2010 from Actis, the emerging
markets Private Equity firm, based in Singapore and covering
Southeast Asia.
James graduated with an MBA from INSEAD, an MA from Johns
Hopkins University and a BSc from University College London.
William E. Morgan
UBS Global Asset Management
Executive Director, Client Portfolio Manager
William is responsible for representing the firm’s growth equity
strategies to institutional, wholesale, and third party prospects as
well as investment consultants around the world.
William holds a Bachelor of Science from the University of
Wisconsin (US); and an MBA from Northwestern University (US).
Prior to joining the firm in 2007, William was in institutional
equities for seven years at Morgan Stanley covering a broad range
of top tier asset managers, including mutual funds, hedge
funds, insurance companies, and public funds in the New York,
Connecticut and Midwest regions.
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Speakers
Speakers
Workshop 2
Our High Conviction Asian Strategies
Eric Sandlund
UBS Wealth Management
Head, Investment Management APAC, Investment Products & Services
Wei Mei Tan
UBS Wealth Management
Head, Mandate Specialists Singapore, Investment Products & Services
Eric leads the Investment Management team whose activities
include investment content and securities selection, portfolio
implementation, product development, marketing and distribution.
Eric oversees a regional shelf of discretionary portfolio solutions
investing in equity, fixed income, mutual funds and alternative
investments.
Wei Mei leads a team of mandate specialists who help clients
across the region to structure their investment portfolios for UBS
to manage. She has extensive experience covering professional
clients and sophisticated UHNW investors across 20 countries.
She specializes in asset allocation and portfolio construction and
leverages on the expertise of more than 900 investment experts
globally, led by the CIO.
Eric is a licensed attorney and received his BA at the University of
Virginia and his JD at the American University, Washington
College of Law. Prior to joining UBS, Eric held a number of senior
roles, including Managing Director, Chief Investment Officer,
Asia-Pacific at Merrill Lynch, Singapore. He was also Regional
Managing Director / CIO at Prudential Portfolio Managers Asia,
Hong Kong, Managing Director / CIO at Jupiter Tyndall (Asia) Ltd,
Hong Kong, and Investment Manager at Chase Manhattan,
Hong Kong.
Prior to joining UBS in 2008, Wei Mei was in investment banking
at Credit Suisse and JPMorgan Securities in Hong Kong. In
addition, Wei Mei has been a fixed income portfolio manager
with Fullerton Fund Management Co. and Temasek Holdings in
Singapore. Wei Mei is a Chartered Financial Analyst (CFA),
Certified Public Accountant (CPA) and Chartered Alternative
Investment Analyst (CAIA). She holds a Bachelor of Accountancy
from Nanyang Technological University in Singapore.
Hui Hoon Goh
UBS Wealth Management
Head, Fixed Income Portfolio Management, Investment Products & Services
Yuh Harn Tan
UBS Wealth Management
Director, Asian Equities Portfolio Manager, Investment Management APAC
Hui Hoon is responsible for managing fixed income for IM APAC’s
Discretionary Mandates. She has been a CFA Charterholder
since 2002 and holds a Bachelor of Business (Major in Financial
Analysis, and minor in Economics) from Nanyang Technological
University and a Master in Science (Financial Engineering) from
National University of Singapore.
Harn is a member of the Asian Equities team that decides on
country strategy, sector allocation, as well as individual
stock selection within the Asian region. He is the lead portfolio
manager for Asian fund selections.
Hui Hoon has over 13 years of experience within the financial
industry, out of which more than 9 years is in the Asian fixed
income markets. She started her career in corporate finance at
Temasek Holdings in 1999. She then moved on to Fixed Income
portfolio management within Temasek / Fullerton Fund Management, where she launched and managed Fullerton Short Term
Interest Rate Fund. She was headhunted to join HSBC Global Markets, where she headed up institutional rates sales team,
focusing mainly on Asian credits and local currency markets.
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Harn graduated from Hawaii Pacific University with an honours
degree in B.Sc in Business Administration majoring in Finance.
Prior to joining UBS, Harn was with BNP Paribas Wealth Management Singapore. Over the last 17 years, he has also held portfolio
management and advisory roles with Standard Chartered Bank,
Phillip Capital Management and SG Asset Management. Yuh
Harn is an award-winning fund manager with accolades by S&P
Singapore Fund Awards & The Edge-Lipper Singapore Fund
Award.
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Speakers
Speakers
Workshop 3
Investing my money in 2013
Rajesh Hathiramani
UBS Wealth Management
Head, Active Portfolio Advisory, APAC
Since 2010, Rajesh has been Head of Active Portfolio Advisory,
APAC, which delivers portfolio based investment advisory across
asset classes to Wealth Management clients.
Aline Pacheco
UBS Wealth Management
Executive Director, Investment Products & Services
Aline is heading the Direct Access Client team in UBS Singapore.
She and her team have been providing investment advice
to sophisticated & active trading clients for the past 8 years.
Aline holds a post-graduate degree in Applied Finance and Investment from the Securities Institute of Australia (Sydney).
Previously, Aline was with Credit Suisse as an investment advisor
and is experienced with various investments such as stocks,
bonds, structures, derivatives, funds, alternative investments and
FX.
Rajesh holds a CFA charter and has a Bachelors of Business degree
in Finance from the HK University of Science & Technology.
Rajesh joined UBS in 1995 on the FX institutional sales desk in
the Investment Bank. After 4 years, he moved to Wealth
Management on the Active Advisory Team as an FX specialist.
In 2004, he moved to the Structured Products Desk and in 2006,
he became Head of the Direct Client Access team in Investment
Products which provided investment advisory to sophisticated &
active trading clients.
Cherie Wong
UBS Wealth Management
Executive Director, Investment Products & Services
Thomas Kaegi
UBS Wealth Management
Head, Advisory Products, Investment Products & Services
Prior to this, Cherie was a Portfolio Manager at Credit Suisse
Private Bank focusing on Asian and Special Mandates. Her past
experience includes consultancy to government bodies on asset
allocation and fund selection as well as in asset management.
Thomas Kaegi is heading Advisory Products in Singapore. In this
function he is responsible in advising UBS client advisors and
clients on asset allocation and providing investment ideas in a
portfolio context.
Thomas graduated from the University of St. Gallen in Switzerland
with a master’s degree in economics. Before joining Investment
Advisory, Thomas headed the Macroeconomic Research APAC
team at Wealth Management Research in Singapore. Thomas
began working for Wealth Management Research in Zurich in
2002, where he conducted primary research on Switzerland and
Europe.
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Cherie has been with the Direct Access Client team since April
2006. She holds a BA in Economics from the National University
of Singapore and has an MBA from the AGSM of University of
New South Wales whilst incorporating an exchange at The
Wharton School of University of Pennsylvania.
Jerome Bernasconi
UBS Wealth Management
Director, Advisory Products, Investment Products & Services
Jerome manages reference portfolios, advises on asset allocation
and provides investment ideas in a portfolio context. Jerome holds
a CFA charter.
Prior to relocating to Singapore, Jerome has worked for 10 years
as an Investment Advisor for UBS Wealth Management in
Geneva, Switzerland. He is experienced with investments and
products across assets classes, in particular investment funds,
structured products, bonds, alternative investments and discretionary mandates.
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Focused Insights
22
Economic overview
Ignore the noise – rewards await investors with a sharp focus
24
Global economy
After the financial crisis: The world in 2013
26
Emerging markets
Emerging markets: a strategic component in your portfolio
28
China
China in the focus
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34
36
Additional information:
A look at the funds markets in 2013
Offering the best of both worlds
The ART of the UBS Advisory Process
Please note that the research content featured in this booklet at the time of print is updated as
of February 2013. Subsequent updates post-print will not be reflected in this version.
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Economic overview
Ignore the noise—
rewards await investors with
a sharp focus
By Hartmut Issel, Head UBS CIO Wealth Management Research APAC
As we had expected when we upgraded our call
on equities to moderate overweight at the start
of the year, economic indicators have pointed to
a gradual global recovery. In the US, the political
shenanigans around the fiscal cliff, budget
sequestration, and debt ceiling have failed to
blow the economy out of its growth path.
Europe, while still mired in a crisis, is certainly in
better shape than it was two years ago. And in
Asia, China’s long-awaited acceleration has
finally arrived.
But although growth risks have receded, others
have come to the fore, foremost of which is
whether Japan’s spectacular weakening of the
yen could trigger trade wars. For now, Japan’s
major trading partners seem to agree that the
answer is no. To put matters in perspective, the
yen is still around 15% stronger against the US
dollar and 20% against the euro than it was at
the onset of the financial crisis. It is therefore
hard to argue that the yen’s recent devaluation
has been excessive, and so we do not side with
the trade-war camp. Amid the growing noise, it
has become more important for investors not to
lose focus.
US: Housing and energy renaissance
In spite of concerns that the US government’s
attempts to pare down its sizable budget deficit
might dampen the economy, two pillars of
growth stand out. The revival of housing
construction has already started in 2012, but
new supply has barely caught up with the
formation of new households, leaving room for
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further construction that would support GDP
growth. Further ahead, the domestic “energy
revolution” not only creates jobs in direct
exploration; more important, its second-round
effect of lower energy prices could add half a
point to the GDP growth rate over the coming
years. The cyclical recovery aided by morerelaxed bank lending also plays a part.
We maintain our preference for the US in our
global equity strategy. We like the US IT sector,
but we also advocate the idea of being fully
exposed to the country’s robust economic
backdrop. US mid-caps tend to have a higher
sales exposure to the domestic market than do
large caps. They also tend to benefit more in a
cyclical recovery such as the one we are in now,
and, by definition, offer a better long-term
growth outlook. This makes US mid-caps a
worthy addition to investor portfolios, especially
those that already have a broader US equity
exposure.
Europe: Climbing out of the woods
At this point, the European economy is still
shrinking and debt is piling up in almost every
country. Yet, the situation is not as bleak as it
was for most of the past two years. Debt
accumulation has slowed and some countries in
the periphery have managed to lower their
funding costs. Ireland and Portugal have even
returned to the bond market. Unemployment is
still very high, but this indicator speaks of past
trends. Forward-looking indicators are still rather
anemic but have reached bottom, which implies
that the continent may emerge from the worst
of the crisis, and that the economy may stop
shrinking at least, towards the end of the year.
A safe play on European investments may thus
be in Western ‘winners’ from emerging markets’
growth, a selection of mostly European and
some US companies with the most competitive
exposure to the world’s fastest-growing regions.
These companies combine the pricing power
afforded by their strong brands with the growth
advantage they get from emerging markets,
giving investors the best of both worlds.
Emerging markets: The broader the better
After a long and suspenseful wait, China has
found its footing and economic activity has
been improving since the end of last year. We
expect GDP growth to accelerate until it reaches
the new trend-growth rate of around 8% in the
third quarter of this year. This trajectory
suggests that investors should focus on stocks
that have taken a beating but have only
partially recoveredthe premise of our China
value focus theme. Beyond Asia, economic
improvement in heavyweights such as Brazil
and Russia has bolstered our call for emergingmarket equities, our other market preference
next to the US.
Why wait?
An environment of broadly improving
economies warrants a modest pro-risk
investment stance. Our focus areas of US
mid-caps, Chinese value stocks, and selected
emerging-market exposure are particularly
suited to such a stance, even more so now that
so-called “safe havens” such as developed
market sovereign bonds earn meager returns
and may lose out even at the slightest increase
in interest rates. Though it cannot be denied
that some areas are still in crisis, the major
economies are now moving in the right
direction, and investors may wish not to wait
until everyone in the market agrees that the
coast is clear.
In fact, our call for emerging markets extends to
all asset classes. In bonds, we like USDdenominated corporate bonds which continue
to offer decent yield pick-up to benchmark
bonds. In currencies, we favour a broader
emerging-market exposure now that Asian
currencies have made significant gains against
the US dollar. While Asian currencies still have
appreciation potential, their emerging-market
peers that had lagged last year’s rally now offer
catch-up potential. Interest rates in Latin
America and Eastern Europe also now offer
higher rewards. And with inflation coming back
in emerging markets, it is worth remembering
that their central banks historically respond to
rising prices by allowing some currency
appreciation.
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Global economy
After the financial crisis:
The world in 2013
By Paul Donovan, Senior Global Economist, Managing Director, UBS Investment Bank
The world continues to follow a slow recovery
path, in the wake of the most significant economic downturn for eighty years. The damage
wrought by the global financial crisis has not
yet been fully repaired. The United States has yet
to post an above trend growth number in the
wake of the crisis, and the global economy has
managed only the most fleeting of moments
when spare capacity was eroded. This has kept
unemployment higher for longer in most of the
developed parts of the world.
Politicisation of economic matters
The lingering damage of the global financial
crisis has resulted in an increased politicisation
of economic matters. Unemployment and sluggish growth are never popular with voters.
This rising politicisation adds considerable uncertainty to financial markets – political risk is
hard to predict, it often has unforeseen consequences, and markets are bad at incorporating
political risk into asset prices. This year offers
specific clear political events that are likely to
attract investors’ attention. The Euro area has
to deal with the consequences of a bail out
of Cyprus, and a likely bail out of Spain. The
German elections in September are also a
concern for markets, as domestic political considerations may influence Germany’s approach
to Euro-wide issues. In the United States the
ongoing debate over fiscal policy is likely to
create some concerns. In Japan the politicisation
of monetary policy in particular has become
overt (and deeply worrying from an economic
perspective).
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A lot of noise about currency markets
This politicisation has also spilled into some hysteria about “currency war.” For a politician,
focusing on currencies is often desirable. “Currency up, bad; currency down, good” is a
simple concept. Politicians can blame their economic ills on foreigners (who by definition do
not get to vote for them), while simultaneously
portraying themselves as defenders of the
national interest to their own electorate. Perhaps
most importantly, it can give instant gratification: “I promised to weaken the currency, and it
is weaker. Vote for me.” However currency
movements can create as many economic problems as they solve. Weakening a currency does
not necessarily benefit exporters (much depends
on how exporters price their goods when selling
to their customers). A weaker currency may
raise import costs and damage domestic consumer confidence. The simplistic idea that weakening a currency will always help an economy is
out of date. Hopefully the noise about currency
markets will die down as the year progresses.
Slow recovery of the United States
The global economy is likely to experience divergence in 2013. The slow recovery of the United
States towards trend is supported by several
factors. The banking system is once again prepared to offer credit, albeit cautiously. Consumer
credit is rising at a normal level. Incomes for
those with a job are rising. The stabilisation of
the housing market, when set against this
backdrop, is likely to provide a solid foundation
for consumer spending. Slow investment is
preventing a complete return to trend growth.
Banks are still reluctant to lend to small and
medium sized businesses (which have no alternative sources of capital), preventing expansion. This also accounts for the slow recovery of
the labour market.
Flat growth in Europe
In the Euro area, a very different picture is in
evidence. The banking system of the Euro zone
is simply not in a position to provide the credit
growth that one would associate with a normal
level of economic activity. This is significantly
reducing the ability of the European Central Bank
to influence economic activity (money is printed,
but the banks will not do anything with it when
they get it). Unemployment is rising in many
Euro area economies, creating job insecurity and
increasing consumer caution. With fiscal austerity
enforced either by market discipline or by
inter-governmental agreement, it is hard to see
growth in the Euro area being anything other
than flat this year. For financial markets the risk
of a Euro break up has receded significantly and
removing that risk premium has allowed risk
markets to rally – but by now this process has
probably concluded. The main incremental
positive news is likely to come from exports to
non-Euro European countries and to the United
States.
Domestic demand in Asia
Asian growth is likely to remain relatively inward
looking. Although global trade levels will improve
somewhat with the slow but steady improvement in US consumer spending, it is essentially
domestic demand that is driving the Asian
region. This limits the read through of Asian
growth to the rest of the world. Asian domestic
demand is not a major driver of exports from
Europe or the United States (as a lot of the goods
that are exported to Asia are then re-exported
to satisfy domestic demand in other parts of the
world. The exceptions to this trend are the
commodity producers that are supply into Asia’s
domestic demand.
The global picture is therefore a more benign
continuation of the trends we saw in 2012.
A slow growth recovery continues for much of
the world. The Euro zone remains mired its
financial system problems which will keep its
growth essentially flat. Political noise, although
perhaps less extreme than last year, will
continue to add an element of uncertainty.
25
Emerging markets
Emerging markets:
a strategic component in
your portfolio
By Jorge Mariscal, Regional CIO Emerging Markets, UBS WM
Many investment managers focus on developed
regions at the expense of those with greater
potential for growth. The main reason for this is
that emerging markets (EM) have historically
been associated with instability and uncertainty
regarding economic and political developments.
Investors based in developed economies also
tend to underweight EM due to a general
human tendency to invest in what is familiar.
This instinct to favor the familiar over the unknown, however, can lead to investors missing
out on growth opportunities elsewhere, and to
overvalue domestic assets over international
ones. This is especially so in an environment
where fundamentals of emerging economies
today have improved vis-à-vis developed
economies, with lower levels of debt, moderate
inflation and better fiscal accounts. Against the
backdrop of low interest rates, abundant
liquidity from major central banks, and superior
growth prospects in EM economies, we believe
EM currencies, equities, and corporate bonds
remain relatively attractive asset classes. These
assets are also underrepresented in most clients’
portfolios.
Currencies an underappreciated asset class
In recent times, we have witnessed a great deal
of activity among the central banks of the main
developed economies. The European Central
Bank, the Federal Reserve, and the Bank of
Japan have all announced or expanded quantitative easing programs intended to support
asset prices. We expect these interventions to
26
eventually weaken their currencies against those
of certain EM economies. Faced with abundant
supply from central banks, major currencies
such as the US dollar, the euro, and the yen, face
downward pressure over the medium to long
term. These major currencies are likely to depreciate against currencies of countries that do
not face the need for deleveraging, and thus do
not have to print as much money. Emerging
economies largely fall into this category, and their
currencies should appreciate against the majors
as sovereign balance sheets rebalance.
That said, while we are positive about the
outlook for EM currencies over the medium to
long term, they face two short-term headwinds.
The first is that in a world prone to acute bouts
of risk aversion, the flight to safety favors liquid
currencies, not necessarily those with the best
fundamentals. The second is that many exportoriented emerging countries fear that stronger
currencies will compound already weak external
demand, with central banks intervening to
prevent appreciation. As a result, the trend of
appreciation could be interrupted by periods of
volatility. While investors should take these
short-term considerations into account when
structuring their exposure to different EM
currencies, we believe that over time, long-term
appreciation trends will emerge for most of
them.
Equities riding on superior economic growth
Higher average EM growth prospects should
also translate into higher average corporate
earnings growth. This, in turn, should support
equity market performance in the medium
term, as we expect EM equities, on average, to
outperform developed market equities. In the
near term, however, uncertainty about growth
can increase volatility. The IMF forecasts real
GDP growth in EM accelerating to 5.5% in
2013 from 5.1% in 2012. The growth
differential between emerging and advanced
economies is also forecast to widen in favor of
EM, to 4.1% in 2013 from 3.8% in 2012.
Currently, we believe EM equity valuations are
attractive on a price-to-earnings ratio of 10.5x
12-month-forward consensus earnings,
compared with equivalent multiples of 13.2x
and 13.6x for the world and the US stock
markets.
Over a longer-term horizon, we think that EM
will have the edge over industrialized nations
with regard to equity investments. Rapidly rising
incomes in the emerging markets are
catapulting around a hundred million people
each year out of poverty and into the emerging
middle class. This has resulted in impressive
economic growth and fast-growing markets for
consumer goods. Western consumer goods
manufacturers that already have a large market
share in the emerging markets are one group
that will profit from this growth. However, local
consumer goods and service providers will also
benefit from the extremely rapid growth of the
middle class in these markets.
Corporate bonds a growing market
Another asset class for investors to tap into the
EM growth story is EM corporate bonds. We
believe EM corporate bonds’ valuations are not
in line with their attractive fundamentals. EM
growth is on an improving trend this year and
should benefit EM corporate bonds which are
of a relatively cyclical nature. Furthermore, given
improved economic prospects and lower
trending financing costs, EM corporates have
registered lower credit default rates over the
past five years compared to US corporates. We
expect this trend to continue as emerging
economies undergo a cyclical rebound. At the
same time, EM corporate bonds’ relatively short
duration offers some protection against rising
US Treasury yields. In fact, we are not
fundamentally concerned about the outlook for
EM corporate debt, as we do not expect policy
rates in the US to be raised over the next 6 – 12
months. We expect a base case return of 4.5%
in USD terms over the next six months.
EM corporates have overtaken sovereigns as the
main issuers of new USD-denominated EM debt
since 2003. While increasing leverage can
become a risk concern at some point, we
believe the asset class is still in a healthy growth
mode. As EM corporates have markedly
improved their balance sheets in recent years,
they have gained better access to capital
markets, which has improved the liquidity
profile of the asset class. Yet, EM corporate
bonds trade at a discount to developed market
corporate bonds of equivalent credit
fundamentals.
27
China
China in the focus
earliest possible opportunity for reining in credit
will likely be April, we think the more likely time
would be in H2 2013.
By Wang Tao, Head, China Economics Research, UBS Investment Bank
China’s economy has been recovering. Real GDP
grew by 7.9% y/y in Q4 2012, bringing the
annual average growth to 7.8%. Our estimates
show that the sequential momentum
accelerated further to 8.6%q/q in Q4, helped
by the strong credit impulse in Q3, and robust
rebound in property construction and exports.
Our baseline forecast is for real GDP growth
to recover modestly to about 8% in 2013
We believe that the government will pursue a
neutral monetary & credit policy in 2013, with
RMB loans growing by about 8.5 trillion. We
also believe the government will maintain the
current home purchase restrictions in large cities
and reiterate its intention to keep property
prices under control. On the above basis and
assumptions, we forecast a moderate recovery
in the property sector and sustained strength in
infrastructure investment, which can help to
offset the continued weakness in corporate
manufacturing investment. In H1, we expect
the strong credit impulse, the recovery in
property sector, and local government’s drive
for accelerating investment under the
“urbanization” theme to sustain the overall
economic recovery, even though exports may
remain lackluster during this time. Later in the
year, as the government gets more concerned
about rising housing prices and recovering
inflation, liquidity is likely to be tightened, with
shadow banking activity more tightly
supervised, and growth momentum is expected
to slow.
28
On the reform front: price reforms and
more social spending
While the government will likely formulate
plans rather than implementing far-reaching
reforms in 2013, we expect it to make progress
this year with energy and utility price reforms,
to expand the coverage of health care
insurance, to spend more on social and public
infrastructure, to further develop the bond
market and open up the capital market, and to
expand the business-for-VAT tax reform. We do
not expect a wide-spread property tax, an
obvious change in the one-child policy, or any
significant progress in Hukou reform, land
reform, or public finance reform in the coming
year. These policies are generally more positive
for consumption and services sector.
Booming credit expansion now brings
upside risks to growth in the short term
China credit impulse picked up further in
January after a brief slowdown in Q4, with net
new total social financing (TSF) reaching a
record high of 2.54 trillion RMB. Growths
overall bank credit picked up further, and
seasonally adjusted new credit flows resumed
upward trend as % of GDP after falling briefly
in Q4. If the strong momentum continues in the
next 1-2 months, we will see clear upside risks
to investment and growth in H1 2013.
“Urbanization” may also bring upside risks
to property and investment
Although still a vague theme, the central
government may wish to “accelerate” the
human aspect by providing more public services
to migrants and rural population, in order to
change economic structure and boost services
and consumption. However, the local
governments would mainly want to expand
their urban premise and do more investment,
funded by land acquisition & sales. Therefore,
the end result is likely to be more investment
and another property boom, which is positive
for commodity-intensive sectors in the short
run.
On balance, we see more upside risks to
investment and GDP growth in H1 2013 from
the credit impulse and a strong property
recovery, supported by local governments’ drive
to speed up urbanization. As a result, there will
be more visible risks of credit and property
policy tightening later in the year. Although the
29
Additional information
A look at the funds markets in 2013
With Paul Stefansson, Head of Investment Funds and Hedge Funds, Singapore and
Ernest Chan, Head of Investment Funds and Hedge Funds, Hong Kong.
In a complex political and global financial environment, how can Asian investors better
manage their funds in 2013.
Asia is one of the fastest growing regions
in the world and offers tremendous
potential for wealth creation. In this
environment, how may investors approach
their investment decisions?
Paul Stefansson:
At UBS we use a core satellite investment
framework. The core investment funds have
shown a reasonable return on investment.
Satellite funds normally offer relatively more
exciting returns, but are riskier.
For example, Asian investors should consider
building their core funds with diversified
“investment grade” corporate bonds and blue
chip, high-quality companies. Once the core is
in place, satellite funds can be added to focus
on individual countries such as China, high-yield
bonds, smaller companies, hedge funds,
property and private equity.
Unfortunately, many investors only invest in a
few individual bonds. While it’s adequate with
investment grade bonds, if you only have a few
high-yield bonds or stocks then you are playing
Russian roulette with your money. Most
investors know that investment grade bonds
have very low default rates (i.e. 0.09% per year
according to Moody’s Investor Service from
1983 to 2011) and that high-yield bonds offer
great yield, but few investors know the default
30
rate on high-yield bonds is 51-times higher (i.e.
4.67%). If you own a high-yield bond, there is
almost a one in 20 chance that you will lose
100%. Getting exposure to high-yield bonds
through a bond fund is one way to actively
manage the risk and generate higher returns, as
a bond fund will usually hold more than a
100-plus different bonds. Stop playing Russian
roulette!
Given the higher growth rates in emerging
markets, especially in Asia, investors should
consider investing more in emerging market
bond and equity funds. The easiest way to
achieve this is to invest in Asian or emerging
market asset income funds that are split
between bonds and stocks and yield over 5%.
The bonds will protect on the downside, while
the stocks will provide upside. The protection
will keep you invested in bear markets. You
need to stay committed to your core funds in
difficult times to reap the benefits of a healthy
relationship and a potential yield of over 5%!
What should investors who have bought
into fixed income funds do if interest rate
cycles change and rates go up?
Ernest Chan:
There is a high chance that investors could be
potentially deterred from their fixed income
portfolios in 2013, due to the danger of taking
a hit in value should interest rates rise. However,
at UBS we have an open fund architecture and
provide access to UBS and third-party funds.
The elaborate selection process includes
quantitative screening and qualitative
assessment (e.g. via fund manager interview).
We then further select core funds that can be
kept during multiple economic scenarios. Our
selected core bond funds are designed to
weather an increase in interest rates by either
being very short duration or having the
flexibility to generate alpha through currencies.
Last but not least, they are not benchmark
oriented and can increase their allocation to
high-yield bonds which tend to benefit from an
increase in rates through spread compression.
Fixed income funds will most likely still perform
in 2013, as few governments will increase
interest rates, though market expectations may
well drive interest rates higher. I also expect
equities to have an initially higher relative
performance, but we do not believe the
economy can support equities in the long-term.
Prudent investors can move from fixed income
funds into a balance of bonds and equities. The
strength of a more balanced fund is that your
assets are allocated into bonds and equities
based on the return potential of the respective
asset class. Volatility can cause equity
performance to swing from being the best
asset class in one quarter to being the worst in
the next. Balanced funds or multi-asset income
funds offer great diversification benefits,
contribute to the income stream and provide
greater protection compared to equity funds in
a downtrend, without compromising return
potential in the long term.
In the current global climate, how should
Asian investors look to grow their wealth?
Paul Stefansson:
In the developed world, the global financial
crisis and the subsequent fiscal deficits have
raised to debt to GDP about 90%. In the book,
“This Time is Different” by Kenneth Rogoff
and Carmen Reinhart, when debt to GDP
reaches 90%-plus, growth slows down by -1%
per year. The developed world will have slower
growth. On the monetary policy front, the US
Federal Reserve and many other central banks
have lowered interest rates to 0% and printed
money to stimulate growth. The slower growth
and 0% interest rates make investing
challenging. If investors stay in cash, then they
31
Additional information
will have negative real returns. For example, a
fixed deposit investor in Singapore earning
0.5% will have a negative real yield of -4.7%
(i.e. return of 0.5% – inflation of 5.2%). That is,
the investor has lost -4.7% in purchasing
power. Therefore, investors who want to beat
inflation may need to take on additional risk in
investing in corporate bonds, “high yield”
bonds, and equities.
Are there any particular sectors or regions
that Asian investors should look to access?
“If you have five high-yield
bonds in the core of your
portfolio, you’re playing
Russian roulette with your
money.”
Ernest Chan:
The high growth figures being posted by Asian
emerging markets are being driven by the
consumer sector, particularly domestic
consumption. This should be a sector of interest
for investors looking to participate in Asia’s
growth story. A sector that has been out of
favor for a while is the financial sector – often a
leading indicator for economic recovery in Asia
– but perhaps a more speculative approach
would be to look at the mining and metals
sectors. Due to inflationary pressures, there’s
been a substantial improvement in the
economic conditions of these sectors and they
could pick up further in 2013.
Country-wise, Taiwan has a lot of exposure to
technology, particularly when it comes to US
research and development. Developments in
technology have a chain effect and both Taiwan
and Korea could see their tech sectors picking
up off the back of R&D breakthroughs in the
US.
32
Notes
In Southeast Asia, countries like Vietnam and
Indonesia could be beneficiaries of the current
tensions between China and Japan. Foreign
direct investment likes stability, and that is
something these markets can offer.
Is there a common mistake that many
investors make?
Ernest Chan:
I believe that the ‘home bias’ that many Asian
investors show – focussing mainly on their
home country – constrains their ability to take
advantage of opportunities. Making the safe,
comfortable choice by going for investments
that you know more about is a natural
response, but it often means you forego other
opportunities.
Unlike many Asia-based investors, I prefer to
take a global approach. Currently, I think that
investment opportunities in the US or Europe
look at least as attractive as Asia. Limiting
yourself to Asia might mean higher regional risk
and forgone investment opportunities in
relatively inexpensive developed markets.
Investors may thus wish to at least look globally.
How will you personally position your
portfolio in 2013?
Paul Stefansson:
In my portfolio, I have a core fund position in
investment-grade bonds, high-yield bonds and
US “mortgage-backed” securities. The majority
of my long-term core equity positions are in
private equity and blue-chip companies (I have
held these equity positions for more than 10
years). Finally, I have satellite funds in US
property and European banks. In my opinion,
that’s a healthy combination.
33
Additional information
Offering the best of both worlds
Eric Sandlund, Head Investment Management, UBS Wealth Management Asia-Pacific
Finding the time to properly manage an investment portfolio can be difficult. Eric Sandlund
discusses the possible advantages of a discretionary portfolio and the benefits it brings to
Asia-based investors.
Discretionary portfolios are well established
in the US and Europe. What is the growing
attraction of discretionary solutions in Asia?
There are many good reasons why clients
choose a discretionary solution, but mostly they
want more time to enjoy life! While every client
would like their portfolio to be actively managed,
they also realize that this can be extremely time
consuming. In Asia alone, there are over 17,000
companies listed on the region’s stock markets.
By choosing a discretionary solution, it is
possible to get the best of both worlds active
management of the portfolio and more time to
spend on the finer things in life.
How do discretionary portfolios fit into
UBS’s core-satellite approach when
constructing wealth management
solutions?
A discretionary portfolio is ideal as a core
investment. Remember, the core component of
a portfolio is to satisfy long-term financial goals.
Over the long run, portfolio returns are
determined by strategic asset allocation, in
other words; how much exposure an investor
chooses to have in stocks and how much in
bonds. However, all portfolios drift over time
and clients may not rebalance their assets as
frequently as they should.
34
At UBS, disciplined rebalancing is integral to the
way we manage discretionary portfolios.
Could you further explain the investment
process by which discretionary portfolios
are managed?
Our investment process has been developed
from our long and broad experience in
managing discretionary portfolios. We make
adjustments to the process from time to time
but it has always been structured and
disciplined.
The process starts at the UBS Chief Investment
Office (CIO) which formulates macro views of
the investment environment and identifies
opportunities, themes and risks. The next step is
to apply these views to every client. For
example, if the CIO is positive on the “riskier”
asset classes, what would it mean for a client
with a conservative risk-profile holding a
portfolio with investments in fixed income only?
In many instances, this would more than likely
mean tilting the client’s portfolio towards the
sectors within fixed income that typically
perform well when risk appetite in the market is
strong.
The actual selection of securities is of course
also critical. What exactly do we buy for our
clients’ portfolios? We have specialized
investment teams for this. The teams are made
up of professionals who bring with them a
great deal of experience in the financial markets.
Another key feature of our investment process
is risk management. We want to deliver the best
possible returns to our clients but we do not
believe in taking excessive risk to achieve this.
For clients in Asia, how do UBS’s
discretionary solutions differ from other
approaches in the UBS portfolio shelf?
From our conversations with clients, we realized
that clients in Asia want to invest in Asia. More
than that, they want to put Asia at the core of
their portfolios. Part of this is simply a ‘home
bias’, but the investment story for Asia also
happens to be a compelling one. The
emergence of the middle class in Asia means
that the region has now entered the era of
mass consumption and this provides the region
with a powerful new engine of growth.
And we now have discretionary strategies that
offer clients significant exposure to Asia.
Are the portfolio managers for
discretionary solutions located here in
Asia?
Yes, we have portfolio managers located in
both our Singapore and Hong Kong offices. The
team is a highly experienced one, led by
professionals who have significant experience
investing in Asian markets. Our portfolio
managers are fluent in both English and
Chinese.
Even where portfolios are managed in Asia,
there is strong leverage off our global platform.
Our tactical asset-allocation calls are in line with
the Chief Investment Office and we work
closely with our global offices.
What is a discretionary portfolio?
When building a UBS Discretionary Solution, the
UBS client advisor first assesses your risk profile
and takes the time to understand your needs
and goals. From this, a strategic asset-allocation
is agreed upon. This is your long-term
investment strategy. The key question here is
how much exposure you wish to have to stocks
and how much to bonds. Once this is decided,
you leave the rest to the experts at UBS.
To construct your portfolio, the portfolio
manager takes the agreed strategic
asset-allocation as a starting point and
makes tactical shifts into areas where there
are perceived to be more opportunities. The
portfolio manager will monitor your portfolio
and carry out all the day-to-day investment
decisions. You will receive monthly updates
of your portfolio and all the transactions will
be reflected in your statement.
Although you place the full management of
your portfolio in the hands of UBS, there is a
lot of flexibility in discretionary portfolios.
There is a comprehensive range of strategies
available and you can change your strategy
at any time.
35
Additional information
The ART of the UBS Advisory Process
Alexander Kobler, Head of Investment Products & Services Asia Pacific
In today’s challenging financial markets, UBS makes it a priority to provide you with
up-to-date information on the quality of your investment portfolio, across all your assets
and positions. To ensure that your financial exposure and investment decisions remain
transparent and reflect an appropriate level of risk, UBS has introduced a market-leading
Advice Review Tool (ART), available exclusively to UBS Wealth Management client
advisors.
What is ART?
ART is an innovative platform that consolidates
relevant information from across all your
investments, including your personal asset
allocation and potential risk exposure, as well as
currency- , sector- and geographical
breakdown. With this data, ART is able to
conduct an in-depth and timely analysis on your
current positions and levels of exposure,
highlighting to your client advisor any specific
risks or opportunities in your portfolio.
How does ART benefit you?
u Enables tailor-made proposals for
portfolio adjustments
ART integrates UBS’s “Research-Based Advice”
content, directly linking our CIO’s opinions on
current market opportunities with a wide range
of suitable products. Based on the detailed
analyses and opportunities identified through
ART, your client advisor is better equipped to
provide targeted, bespoke solutions to meet
your financial goals.
36
u Offers full transparency across all your
investments
Using this detailed analysis and reporting tool
enables your client advisor to present you with
substantiated data and accurate benchmarking,
which in turn supports you in making fully
informed decisions about if, how, when and
where you want to make your next investment.
an issuer or of certain market risk, or if a
portfolio lacks diversification. Similarly, if there
are other potential quality issues in a portfolio,
such as holdings in equities that are on the UBS
sell list or holdings of unrated or below
investment grade fixed income positions, ART
gives you the transparency needed to rebalance
your portfolio.
In summary, ART provides the depth and
breadth of information needed for you to
stay on top of your risks and embark on
targeted investments. It allows your client
advisor to present you with an investment
proposal that is well-diversified and benchmarked against the UBS global reference
portfolio that best suits your needs and outlook. Essentially, via ART, we are putting the
health, the dynamics and opportunities of
your portfolio at the center of attention our
UBS Advisory Process.
Asset Summery (unbundled)
Friday, February 22, 2013
ART can provide a comprehensive overview of
your consolidated positions, in terms of asset
classes and currencies across your different
accounts. UBS recognizes that you have diverse
and global interests, and therefore the ART
reports, are customizable to include equity
sector, region, fixed income duration, income
projection, and credit rating distribution
according to your specific needs.
u Checks the quality of your investment
portfolio
It is paramount that you make a conscious
decision on the desired risk exposures,
particularly in volatile markets. ART allows UBS
to benchmark your actual asset allocation and
holdings against the UBS reference portfolios as
well as most recent research calls. Your client
advisors can spot, for example, concentration of
For illustration purposes only.
37
Notes
Disclaimer
Please note that UBS Investment Bank has its own wholly independent research and views which at times may
vary from the views of UBS Wealth Management.
The contents of this document have not been reviewed by any regulatory authority in Singapore. Investors are
advised to exercise caution in relation to any offer. If an Investor is in any doubt about any of the contents of
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WMSG_E2B_WI2013_EN_0313_V1
This document does not constitute and should not be construed as an offer, recommendation or solicitation to
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be exclusively subject to the detailed provisions, including any risk considerations, contained in the Documentation. Any
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© UBS 2013. All rights reserved.
39
Asian growth.
Portfolio growth.
Who can help you connect the two?
At UBS, we have dedicated teams of wealth management specialists
around the region, tapping into our in-depth research and
global resources to give you the financial insights you need
to take advantage of investment opportunities in the market.
To learn more, watch 100 seconds on understanding
what wealth management can do for you,
with Kathryn Shih, CEO UBS Wealth Management, Asia-Pacific.
Go to www.ubs.com/apac-insights-en or
scan the QR code with your smartphone.
We will not rest
© UBS 2013. All rights reserved.