Message from the Chairman of
the Board of Directors and
the Chief Executive Officer
Daniel de Picciotto
Chairman of the Board of Directors
Guy de Picciotto
Chief Executive Officer
“ Agility in the face of rapid change. ”Activity report
COMMITTEE OF THE
BOARD OF DIRECTORS
- From left to right
John Manser has been a member of UBP’s Board since 2008. He gained a solid grounding in finance in his early career working for the Cantonal Bank of St. Gallen, UBS in Geneva and Citibank in Geneva, London, New York and São Paulo. In the 1980s he became the head of the finance department at Ciba-Geigy AG in Basel. That company’s merger with Sandoz in 1996 gave rise to Novartis, where he was Group Treasurer until 2007. John Manser holds MBAs from the Alexander Hamilton Institute and the University of Columbia (New York). He also holds the Swiss Federal Banking diploma.
As at 31 December 2020, he was also a member of the investment committee of the University of Basel.
Eftychia (La) Fischer
Eftychia Fischer has been* a member of UBP’s Board and Committee of the Board since 2015.
She joined the Bank in 2010 as Head of the Treasury & Trading division and was also joint-Head of the Asset Management division until 2015.
Before joining UBP, she held various high-level roles at EFG International, Julius Baer, JP Morgan and UBS, and ran her own asset management company in Zurich.
Eftychia Fischer holds a BSc from Imperial College, London and has completed the AMP (Advanced Management Program) run by Wharton University in the United States.
She holds both Chartered Financial Analyst (CFA) and Financial Risk Management (FRM) qualifications.
As at 31 December 2020, she was also a member of the boards of the following companies: Alberca Foundation, Banque Cantonale Vaudoise, Sherpa Asset Management, Vaudoise Assurances Holding, and Mutuelle Vaudoise.
* Eftychia (La) Fischer left the Board of Directors at the end of the Shareholders’ General Meeting of 25 March 2021.
Olivier Vodoz was first elected to UBP’s Board in 1998, a position he currently occupies as General Counsel as well as being the Chairman of the Audit Committee.
Between 1989 and 1997 he was in government in Geneva canton, holding the positions of President of the Department of Finance and President of the Department of Defence,
prior to which he was a member of Geneva’s cantonal parliament. Olivier Vodoz has a degree in law from the University of Geneva and is a licensed legal practitioner in Geneva.
Earlier in his career, he spent 20 years as a lawyer and partner at Geneva law firm Haissly & Vodoz.
He has also worked as Ethics Commissioner at the Geneva police department, as well as being a member of the Assembly of the International Committee of the Red Cross from 1998 to 2013 and its Vice-Chairman from 2006 to 2013.
As at 31 December 2020, he was a member of the boards of the following companies, among others: Parkgest Holding, SIX Exchange Regulation, Swiss Risk and Care SA, Opsion – Open Pension collective fund.
Anne Rotman de Picciotto
Anne Rotman de Picciotto has been a member of UBP’s Board since 2006. She is also a member of the Bank’s Audit Committee and Remuneration Committee. After spending several years in Goldman Sachs’ Asset Management division, she joined UBP’s London branch management team in 2002, where she was responsible for business development with a focus on high net worth individuals and institutional relationships. Anne Rotman de Picciotto holds a BA in Business Administration from HEC in Lausanne, as well as an MBA from the INSEAD business school.
As at 31 December 2020, she was Chairwoman of the Board of CBI Holding SA, and sat on several other boards, including that of Dagnar Ltd.
Marcel Rohner has been a member of UBP’s Board since 2010 and its Vice-Chairman since 2016 and has chaired the Committee of the Board since 2015. He has a wealth of experience in the fields of banking, finance and risk management. He worked for almost 20 years at UBS AG, holding roles including Chairman and CEO of Global Wealth Management & Business Banking in 2005, Member of the Executive Committee from 2002 to 2009 and CEO of UBS Group from 2007 to 2009. Marcel Rohner has a PhD in economics from the University of Zurich.
As at 31 December 2020, he was also a member of the boards of the following companies: Löwenfeld AG, Löwenfeld Beteiligungen AG, Warteck Invest AG, Armada Investment AG, Helvetische Bank AG, Acoro Asset Management AG. He was also a member of the Advisory Board of the University of Zurich's Department of Economics and of the Board of Directors of the Swiss Bankers’ Association. In 2018 he became Chairman of the Association of Swiss Asset and Wealth Management Banks
Daniel de Picciotto
Daniel de Picciotto has been Chairman of UBP’s Board since 2016. He has been a member of the Board since 2010, before which he spent ten years on the Executive Committee. He joined the Bank in 1985 as Head of the Private Banking division’s Research Department, before becoming Head of Private Banking in 1990 and then Head of Asset Management in 1996.
As at 31 December 2020, Daniel de Picciotto was also a member of CBI Holding SA’s board of directors.
As at 31 December 2020, Guy de Picciotto was also a director of CBI Holding SA, among others.
Assets under management (in CHF Billions)
(IN CHF MILLIONS)
(IN CHF MILLIONS)
(IN CHF MILLIONS)
TOTAL ASSETS RATIO
ASSETS UNDER MANAGEMENT
(IN CHF BILLIONS)
in a few words
Two major crises – Covid-19 and the global recession – were responsible for an exceptional financial environment in 2020. While unprecedented monetary and fiscal policy stimulus helped avert a liquidity crisis, financial markets went through significant spikes in volatility, especially in equities. The new macroeconomic situation prompted sector rotation among investors, visible in large investment flows into the healthcare and technology sectors.
The search for yield dominated the fixed income markets, pushing investors towards alternatives to traditional bond portfolios. Interest in active risk management increased as well, even as most financial markets staged a recovery in the second half of the year.
UBP’s proven qualities of adaptability and resilience came to the fore in 2020. Our business continuity plans and our dedicated task force allowed for a smooth shift to working from home for most of our staff members, thereby limiting the pandemic’s impact on our business.
We expanded our reach in 2020 in several regions, notably by acquiring the Wealth Management business of Jefferies in the United Kingdom, setting up a Frankfurt branch of our Luxembourg subsidiary and doubling the size of our Monaco office. We also expanded our footprint in Asia-Pacific by opening in Melbourne, Australia.
A dedicated governance structure
Strong governance is the foundation of our sustainability drive.
Our expertise in responsible investing attests to our commitment to a sustainable world.
CORPORATE SOCIAL RESPONSIBILITY
We have embarked on a long-term plan to reduce our environmental footprint.
UBP's main news
UBP launches a new emerging markets impact strategy
Union Bancaire Privée (UBP) today announces the launch of a new emerging equity solution broadening its impact investment platform.
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 launches a new corporate governance-focused strategy
Union Bancaire Privée, UBP SA (“UBP”) has recently added a new strategy to its alternative UCITS platform. The market-neutral and sector-neutral strategy will invest in Japanese equities and focus on individual companies’ corporate governance.
The dawn of the hedge fund era
Le Temps (03.08.2020) - In the past ten years, hedge funds have struggled to offer any kind of satisfactory returns, constrained by persistently weak interest rates and a lack of volatility.
UBP Monaco becomes energy transition player in the Principality
In line with the UBP Group’s strategy to reduce its environmental footprint, on 18 March UBP Monaco signed the Principality of Monaco’s National Energy Transition Pact.
New absolute return strategy on UBP's alternative UCITS platform
UBP has enhanced its alternative UCITS platform with a new absolute return strategy launched in partnership with Baltimore-based alternative investment manager Campbell & Company Investment Adviser LLC.
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.
A pure-play private bank with a long heritage - the UBP way
WealthBriefingAsia (03.08.2020) - Ranjit Khanna, Head of South Asia and Singapore Branch Chief Executive, Union Bancaire Privée, talks to WealthBriefingAsia. The bank won Best Boutique Private Bank (Southeast Asia).
2021 INVESTMENT OUTLOOK
These developments ought to underpin demand for industrial commodities, gold and certain other precious metals. Stronger fiscal stimulus and a shifting political landscape in the US are fuelling expectations for ongoing US dollar weakness and a bull market for gold. In fixed income, the search for yield should encourage investors to explore less familiar markets, such as emerging-market and European bank debt, and to exploit opportunities in private debt and foreign exchange. However, caution is advised in relation to rising defaults resulting from the ongoing health crisis.
Overall, as in 2020, active risk management will be a vital tool in helping investors protect themselves against any disruption caused by the current transformation of the global economy.