in a few words
2022 will be remembered as a year of unprecedented geopolitical and
economic turbulence. War in Ukraine and continuing Covid-related
restrictions disrupted supply chains, sparked an energy crisis and
fuelled inflation. This, and the resulting policy response of
interest rate hikes, generated significant volatility in the equity
and fixed-income markets, and stoked fears of recession.
These upheavals once again underscored UBP's ability to
adapt to radical changes and to hold course in an environment with
little or no visibility.
The Bank’s top
priority during this tumultuous year was to remain as close as
possible to our clients, both private and institutional, in order
to provide them with continuous advice and relevant solutions in
the face of challenging market conditions. Client satisfaction
remains, as ever, our central tenet.
investment paradigm required a reset of portfolio allocations.
While many clients took refuge in the safety of interest-bearing
deposits, our decorrelated investment offering, including
structured products, private markets and hedge funds, proved a
welcome alternative for clients as they exited equity and fixed
Confident in our business strategy, we
continued to invest in our core competences and markets. This
included the further strengthening of our sustainability offering
and research, the completion of the acquisition of Danske Bank
International (DBI) in Luxembourg, the selective recruitment of
experienced relationship managers and the start of our Chinese
onshore wealth management capabilities with a first office in
Simultaneously we reviewed our
operating model for gains in efficiency, reinforcing our processes
and enhancing the client experience as well as closing our Nassau
branch and selling our US client business (UBP Investment
Sustainability is an increasingly prominent
consideration in our investment decisions and actions as a
Our responsible investment expertise allows us to play
an active role in the transition to a sustainable future.
Concrete targets and measures help us to continually
lower our own environmental footprint.
Our dedicated governance structure is the foundation of
our sustainability drive.