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Events in the Middle East have highlighted a profound shift in market dynamics. The very nature of volatility appears to be changing, requiring management strategies to adapt.

After several years dominated by a small group of mega-cap stocks, the market environment is changing.

Global equities advanced, driven by strong US technology earnings, while fixed income markets slipped as yields moved higher and central banks maintained a cautious stance.

As global wealth management becomes more complex, external asset managers (EAMs) are operating under increasing pressure to deliver performance, manage costs, and differentiate their propositions.

Global markets are navigating a fragile balance between resilient growth, persistent geopolitical tensions and cautious central banks.

Nicolas Faller, Co-CEO of UBP Asset Management, which oversees EUR 34 billion in AUM, expresses confidence in a swift resolution to the conflict with Iran.

Investors reacted positively to a further de-escalation in the Middle East last week.

Following the announcement of a two-week US–Iran ceasefire on Tuesday, 7 April, risk assets were supported by the perception that the worst may have been avoided.

The external asset manager (EAM) segment constitutes a significant part of Union Bancaire Privée’s (UBP) business, accounting for around CHF 23 billion of the Bank’s total assets under management as at the end of 2025. We spoke with Sérène El Masri, CEO of UBP Monaco.