1. Newsroom
  2. Five questions to Norman Villamin
Menu
UBP dans la presse 12.09.2017

Five questions to Norman Villamin

Five questions to Norman Villamin

NZZ am Sonntag (10.09.2017) - Interview with Norman Villamin, Chief Investment Officer (CIO) Private Banking and Head of Asset Allocation.


1. The global economy is in good shape. Can it still be improved?

The starting position is actually astonishingly good. In Europe, the economy is growing by 2%. Only two years ago, no one would have expected such a rate of growth. And the situation may improve further. The planned labour market reforms in France, for example, could contribute to this.

2. Are the recent debt ceiling discussions in the US a cause for concern for investors?

It looks like the problem will be postponed until December. If you look back in history, when it happened before, the stock markets saw some volatility but rebounded quickly. The big declines around debt ceiling occurred when rating agency Standard & Poor’s downgraded the credit rating of the USA. We do not anticipate that this time around.

3. Stock valuations, especially in the technology sector, are currently high. Doesn’t that call for a correction?

US technology stocks can be divided into two groups. The first is the established companies that generate a lot of cash. In their case I believe that the valuation is reasonable and not exaggerated. Investors should be cautious with the newer companies, on the other hand, as they’re still making losses and are more ambitiously valued.

4. Are there markets or countries that are actually still rated favourably and offer potential?

It has become very difficult to find something that is really cheap. However, valuation is only one aspect; another decisive factor is how corporate profits develop. The US stock market indices have risen sharply, but not valuations because profits have also risen. We believe that European equities are attractive in this respect, because there is still room for profit growth. And they will increase when the reform effects kick in.

5. Which sectors should we focus on?

If the economic situation in Europe continues to improve, small and mid-caps focused on the domestic market will benefit the most. The outlook is also brightening for banks, which means that they will have more available capital again and will be able to take advantage of opportunities.

- Translation of an interview published in German -
More about UBP's investment expertise

Norman Villamin-1.jpg

Norman Villamin
Chief Investment Officer (CIO) Private Banking and Head of Asset Allocation

Small and mid caps

Convertible bonds add convexity to your portfolio

Find out why convexity works in the short-to-long term

Watch the video

Actualités les plus lues

UBP dans la presse 07.06.2019

Gold is a good choice for hedging portfolios

Finanz und Wirtschaft - Norman Villamin, CIO Private Banking at Union Bancaire Privée (UBP), advises investors to use asymmetric strategies to protect their portfolios against market risks.

UBP dans la presse 30.07.2019

Prendre ses profits ou risquer la correction

Le Temps (29.07.2019) - Après un premier semestre en fanfare, la seconde moitié de l’année s’annonce sous haute tension pour les gérants actifs.

UBP dans la presse 26.08.2019

UBP fast-tracks its private banking operations in Asia

Hubbis (22.08.2019) - Michael Blake is CEO of the Asian private banking operations of Union Bancaire Privée (UBP) and is presiding over a phase of dramatic growth for the business in Asia, where assets under management have surged more than 50% since 2016.

A lire également

UBP dans la presse 21.10.2019

Compatibilité Finance durable - Marchés émergents

Allnews (16.10.2019) - Pour Karine Jesiolowski, experte chez UBP, il n’y a pas d’incompatibilité entre finance durable et marchés émergents.

UBP dans la presse 17.10.2019

Une approche pragmatique de l’effort de réduction des émissions de carbone

L'Agefi (09.10.2019) - Les rôles très différents des marchés émergents et développés

UBP dans la presse 08.10.2019

Cyberprotection, nouveau critère de choix d’une banque privée?

Le Temps (07.10.2019) - L’industrie de la banque privée est confrontée à un nouveau défi: la lutte contre la cybercriminalité.