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Nadège Lesueur-Pène, Leiterin des Bereichs Vermögensverwaltung für Schwellenländer und Europa bei der Union Bancaire Privée (UBP), erläutert, was Schweizer Privatbanken – und insbesondere die UBP – in einer zunehmend komplexen und wettbewerbsintensiven Welt auszeichnet.

As the year draws to a close, 2025 delivered robust return across all asset classes. We maintain our conviction in US equities and have upgraded emerging market debt from 3/5 to 4/5.

The Federal Reserve cut its key rates by 25 basis points to 3.25 - 3.75% last week, and surprised observers with the resumption of purchases of short-term Treasuries. The Fed also raised its 2026 growth forecasts to 2.3%. However, we maintain our current scenario of several Fed rate cuts in 2026.

On the equities markets, valuation concerns have resurfaced for AI-related companies, even as the Artificial Intelligence (AI) investment outlook remains robust, while risk appetite expends to cyclical equities. Such dynamics underscore the need for diversification and selectivity as we enter 2026.

AI remains the decade’s most disruptive technology, with cloud platforms and semiconductor suppliers poised to benefit most.

Dieser erste Fonds konzentriert sich auf festverzinsliche Anlagestrategien. Die Auflegung eines zweiten, in Hedge-Dachfonds investierenden Fonds ist nächstes Jahr geplant.

Global equities closed the first week of December in positive territory, supported by rising expectations of a Fed rate cut, while the bond market experienced rate volatility. Attention now turns to the Federal Reserve, which is expected to deliver a 25-bp interest rate cut on Wednesday. A still-supportive backdrop continues to underpin equities, with fiscal stimulus measures, easing monetary policy and structural growth drivers encouraging investors to keep a broader perspective.

US labour market data indicates that the Federal Reserve is likely to maintain its monetary easing policy, a move that could have implications for bond markets.

China is positioning itself to become a global leader in technological innovation.

Geneva-based bank Union Bancaire Privee has launched its first office in Riyadh, a significant step in its long-term expansion and highlighting the rising evolution of wealth management needs in Saudi Arabia.

The last week of November ended strongly, following a period of market uncertainty. As December gets under way, seasonal patterns point to a firm year-end finish. However, attention is now turning to next week’s Federal Open Market Committee (FOMC) meeting. Market expectations became markedly more dovish in the final week of November amid growing concerns about the labour market; investors are now pricing in a 25-bp rate cut in December.

The euro investment-grade (IG) credit market has historically delivered an average annual return of +2.8% since 2005. However, the past five years have proven particularly challenging, with returns stagnating at around 0.0%. This period was marked by a sharp 15% drawdown in 2022, driven by the energy crisis and surging inflation.

Im November 2025 wurde die UBP bei den renommierten PWM & The Banker Global Private Banking Awards in London in der Kategorie «Beste Privatbank Europas für alternative Anlagen» ausgezeichnet.