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

Insight

Navigating wealth succession in Asian families

Wealth succession is complex, emotional and can be costly if not managed properly

Read more

Le news più lette

UBP in the press 02.04.2019

Zurich: a nerve centre for UBP

Le Temps (29.03.2019) - UBP, which acquired Coutts exactly four years ago, has doubled the amount of assets it manages in Zurich to CHF 25 billion in five years. We spoke to Adrian Künzi, who has headed UBP’s local branch for the last year.

UBP in the press 26.03.2019

UBP is ready for all Brexit eventualities

AWP (25.03.2019) - Union Bancaire Privée (UBP) anticipated the uncertainties surrounding future relations between the United Kingdom and the European Union. By expanding in London with the acquisition of ACPI and maintaining a strong presence in Luxembourg, the Geneva bank is prepared for any outcome, as its CEO Guy de Picciotto explained to AWP.

UBP in the press 03.04.2019

Taking on more credit risk

Option Finance (21.03.2019) - With economic growth returning to normal, the end of central-bank monetary tightening and an upturn in volatility, bond management could benefit from three main approaches: gradually taking on more credit risk, increasing duration, and seeking liquidity.

Altro da leggere

UBP in the press 19.09.2019

“Extremely low interest rates set to persist”

Frankfurter Allgemeine Zeitung (13.09.2019) - Swiss asset manager Nicolas Faller expects high stock market volatility

UBP in the press 18.09.2019

Challenges & Opportunities in Impact Investing

Financial Times (12.09.2019) - It is difficult to regard the 2008 financial crisis in anything other than a negative light. However, for one area of investment, it marked a significant acceleration in prospects.

UBP in the press 13.09.2019

Asset TV Masterclass : Fixed Income

With interest rates at rock bottom, bond markets have become very expensive. So why would anybody want to invest in fixed income? Where does the balance between risk and reward lie in these markets and how are central banks responding to slower growth?