1. Newsroom
  2. Five questions to Norman Villamin
Menu
UBP in the press 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

Expertise

Impact investing - Contributing to a more sustainable future

What are the key features of impact investing?

Read more

Le news più lette

UBP in the press 28.04.2020

How to hedge when volatility itself becomes volatile

Professional Pensions (24.04.2020) - The fastest bear market in history ends one of the longest-ever bull markets

UBP in the press 12.05.2020

“UBP trusts in private markets, less correlated with traditional assets”

Monaco For Finance (23.04.2020) - Sérène El Masri was appointed Site Manager of UBP’s Monaco branch one year ago. Monaco For Finance spoke to her about her impressions of Monaco as a financial centre.

UBP in the press 21.08.2020

Does private education generate positive impact?

Environmental Finance (14.08) - There is a strong argument for saying that private education has no place in impact investing because education is a basic public good that should be freely accessible to all. 

Altro da leggere

UBP in the press 12.10.2020

The private banker’s metamorphosis

Le Temps (12.10.2020) - Few have been forced by their environment to go through such a deep professional change as private bankers. While relationship-building and advising remains their core role, their job today does not have much in common with what it was before the 2008 slump.

UBP in the press 09.10.2020

FRNs: an attractive medium-term opportunity

Institutional Money (08.09.2020) - FRNs offer an attractive risk/reward profile at the effective lower bound

UBP in the press 29.09.2020

Adrian Kuenzi: «I Wanted This Rupture»

Finews (28.09.2020) - Adrian Kuenzi has taken his next career step at Union Bancaire Privée, he told finews.com in an interview. The bank will keep investing, because the best of cost-cutting program won't help it win new clients.