The content of our website is not intended for persons resident, or partnerships or corporations organised or incorporated inside the United States (“US Residents”). UBP does not market, solicit or promote its services inside the jurisdiction of the United States at any time. The content provided on the UBP website is intended to be used for general information purposes only. Therefore, nothing on this website is to be construed as an investment recommendation or an offer to buy or sell any security or investment product, nor as a guarantee or the future performance of any security or investment product.
To browse on UBP.com, please confirm that you are not a US resident.
Group CIO and Co-CEO Asset Management
Geneva, Switzerland
English, French
Michaël Lok has been Co-CEO of UBP’s Asset Management division since 2015 and a member of its Executive Committee since 2016. Before joining UBP, he worked at Indosuez Wealth Management (Crédit Agricole group) as Global Head of Asset Management, after holding roles as Head of Investment and Head of Quantitative Portfolio Management. Before that, he was a portfolio and fund manager at Banque Martin Maurel and HSBC France. Michaël Lok holds two master’s degrees, one in finance (DESS) and one in banking and finance (DEA), from the University of Aix-en-Provence
08.07.2026
In June, we highlighted a paradox: a demanding macroeconomic environment, yet markets buoyed by exceptional corporate earnings. The mid-year point validates that reading and brings with it a turning point. The recent agreements between the United States and Iran have drawn a line under the energy shock that dominated the first half of the year, and the landscape now opening up is a different one, calling for greater selectivity.
06.07.2026
Cooling US employment and easing eurozone inflation are strengthening the case for an extended pause from both the Federal Reserve (Fed) and the European Central Bank (ECB) – a supportive backdrop for risk assets.
29.06.2026
A fading energy shock drove developed market rates lower, even as US personal consumption expenditure (PCE) inflation surprised on the upside at 4.07% y/y, with artificial intelligence (AI)-related costs emerging as a new structural source of price pressure.
22.06.2026
Global equities rose 1.2%, supported by progress on the US–Iran agreement and lower oil prices.
15.06.2026
A tentative US-Iran ceasefire drove a broad-based rally across rates, credit and risk assets last week, even as US inflation data sent mixed signals. Government bonds rose sharply as falling oil prices eased pressure on central banks.
08.06.2026
In May, we anticipated fragmentation of global growth against a backdrop of persistently elevated interest rates and energy prices. That scenario has since materialised with a level of precision that, far from surprising us, reinforces our structural reading of markets.
08.06.2026
A stronger-than-expected US jobs report shattered nine weeks of US equity gains, triggering a violent rotation out of semiconductors and forcing markets to reprice the Federal Reserve’s (Fed) policy path higher.
02.06.2026
In an environment marked by the return of inflationary tensions, the rise of AI, and the reshaping of geopolitics, Michaël Lok believes that markets are entering a new cycle.
01.06.2026
Global equities hit new all-time highs, bonds rallied, and credit tightened, all on the hopes of a US–Iran ceasefire that remains, as yet, unsigned.
