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Insight 19.11.2021

UBP Investment Outlook 2022

UBP Investment Outlook 2022

Embracing Change

The Investment Outlook 2022 on the theme of “Embracing Change” will be physically and digitally touring UBP’s key locations across Europe between 24 November and 14 December 2021, before moving on to the Middle East and Asia between then and the end of January 2022. The conferences will feature presentations by Co-CEO of Asset Management & Group CIO, Michaël Lok, CIO of Wealth Management, Norman Villamin, and Chief Economist, Patrice Gautry, as well as several other experts. To complement the roadshow discussions, we have produced a brochure detailing the topics covered.


UBP Investment Outlook 2022 in brief

Investors benefited as the recovery took hold in the US and Europe in 2021, supported by the vaccine-led reopenings of the regions’ economies.

We expect 2022 to require similar agility on the part of investors as the global economic cycle transitions from its post-pandemic recovery phase to a normalisation phase comparable to the “mini-cycles” that have characterised economic recoveries since the early 1990s. In such an environment, investors will need to remain nimble in order to enhance the more modest return profiles on offer in both fixed income and equities in the year ahead.

Transformation will remain an important narrative, both as a potential catalyst and as a headwind for returns. As winter begins in Europe and China, widespread energy shortages should accelerate investment in the green energy transition. Moreover, the tech transformation story will expand with select industrials set to become technology companies in their own right, as the benefits of their IT investments spur growth in a traditionally cyclical sector.

Read more

China Outlook

According to UBP expert Carlos Casanova, to attain high-income status by 2025, China will seek to realign its factor of production towards labour and away from capital.

Watch this video to find out about his investment views for the coming year.

Watch the replay of our webinar

On the 25th of November, we held an online talk launching our Investment Outlook “Embracing Change”, featuring our Group Chief Investment Officer & Co-CEO Asset Management Michaël Lok, Wealth Management Chief Investment Officer Norman Villamin, Chief Economist Patrice Gautry, and Global Head of Forex Strategy Peter Kinsella.

We are pleased to provide you with the recording of the webinar.

Asia Outlook

According to UBP's Expert Carlos Casanova, Asia’s GDP growth could be held back by the emergence of new COVID-19 variants and decrease to 4.3% in 2022.

Go ahead and watch the video to find out more on our Asia outlook for the coming year!

Dive into the brochure for much more details and insight.



Michaël Lok

Co-CEO Asset Management and CIO Group

Michaël joined UBP in 2015 as Co-CEO Asset Management / CIO Group.

Luxembourg - Zurich - Dubai - Monaco - London

Norman Villamin

Chief Investment Officer (CIO) & Head of Asset Allocation

Norman has over 20 years’ experience managing wealth both on an advisory and discretionary basis for top companies in the financial industry.


Eleanor Taylor Jolidon

Co-Head of Swiss and Global Equity

Eleanor has more than twenty years’ investment experience on the sell- and buy-sides, of which she spent fifteen focussing specifically on the Swiss equity market. She speaks French, English and German.

Geneva - Paris - Lausanne

Patrice Gautry

Chief Economist

Patrice has been Chief economist at UBP for over 15 years and has 30 years’ experience in macroeconomics and investment strategy.


Philippe Lespinard

Head of Asset Management London

Philippe Lespinard is a seasoned investment professional with over 30 years of experience in leading investment firms, primarily as Fixed Income CIO.

Monaco - London

Victoria Leggett

Head of Impact Investing

Victoria joined UBP in 2010 as a portfolio manager and has 15 years of investment experience. She previously worked as a European Equity Analyst at Threadneedle and started her career in Corporate Finance.


Marco Pabst

Chief Investment Officer (CIO) London

Marco joined UBP as Chief Investment Officer for London in 2018 from ACPI. He has over 20 years of experience in investment management and research.

Zurich - London

Peter Kinsella

Global Head of Forex Strategy

Peter has 14 years’ experience in forex. He joined UBP in 2018 from the Commonwealth Bank of Australia in London where he was Director of International Rates & FX Strategy.


Marc Elliott

Investment specialist

Marc Elliott joined the Advisory Services team at UBP in Geneva in April 2021 as an Energy Transition Investment Specialist.


Kieran Calder

Head of Equity Reseach Asia

Kieran leads the Equities Research team in Asia and is responsible for regional stock market coverage.


Vey Sern Ling

Senior Equity Advisor

Vey-Sern is a Senior Equity Advisor overseeing the technology and Internet equity coverage in Asia, with a particular focus on China.


Cindy Tan

Head of Fixed Income Research, South Asia

Cindy is an experienced fixed income specialist who oversees UBP’s fixed income recommendations and strategy for South East Asia.

Hong Kong

Anitza Nip

Head of Fixed Income Research, Asia

Anitza is responsible for innovating investment opportunities and solutions in fixed income across the region.


Vitor Santos

Head of Investment Consulting at UBP

Vitor has just joined from Millennium Banque Privée where he was Head of Investment Advisory and a member of the Asset Allocation Committee.


Global equities

Invest in companies with superior and sustainable value creation.

Further reading

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