Latest news with #UBSGlobalWealthManagement
CNBC
9 hours ago
- Business
- CNBC
Beijing's anti-involution push won't be too drastic as it could lead to higher unemployment
Kelvin Tay from UBS Global Wealth Management CIO says China's involution phenomenon has its cultural root in the Confucianism and addressing the issue would take time and a fine balance given the social implications.
Business Times
5 days ago
- Business
- Business Times
Building wealth for tomorrow
WHEN UBS first established its Singapore presence in the 1970s, it was the first Swiss bank to believe in the young city-state's nascent ambitions to be an international finance hub. More than half a century later, Singapore is a dynamic global financial centre and UBS – now the world's largest wealth manager – has planted its biggest Asia Pacific office in the heart of downtown Singapore. It is a testament to a partnership that has strengthened with each passing decade. Strategic hub for Asia Pacific 'Singapore is an important regional hub for UBS and is integral to our strategy for growth in Asia,' says Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore. Singapore ranks as one of UBS's top two wealth management centres in the Asia Pacific region alongside Hong Kong. UBS has established the city-state as its South-east Asian headquarters for investment banking operations, as well as its Asia Pacific hub for foreign exchange, rates and credit. This makes Singapore a critical node in UBS's global network, particularly as Asia Pacific drives both assets and profit growth. In 2024, the region's wealth management business generated 24 per cent of the group's underlying profit before tax and 21 per cent of net new assets. 'As the largest truly global wealth manager, we can connect our clients with their peers, leaders and experts globally who can inspire and empower them to achieve their ambitions,' Young says. Riding the APAC wealth wave Wealth in the region has outpaced that of the rest of the world, according to UBS's Global Wealth Report 2024. Since the report's first edition in 2008, APAC wealth has surged 177 per cent. The region's billionaires have also seen wealth jump 141 per cent over the last decade, UBS's 2024 Billionaire Ambitions report states. 'We see strong growth opportunities based on demographics and the rapid creation of wealth,' says Iqbal Khan, Co-President UBS Global Wealth Management and President of UBS Asia Pacific. Iqbal Khan, Co-President UBS Global Wealth Management and President UBS Asia Pacific (left) in dialogue with President Bill Clinton, 42nd President of the United States and Founder, Clinton Foundation at the inaugural UBS Asian Investment Conference Singapore Wealth Edition. 'Our leadership in wealth management – where we serve two out of three billionaires in Asia Pacific and half of APAC family offices – provides unparalleled insights into the unique needs of our clients.' The recent family office boom exemplifies this well. In Singapore alone, the number of single family offices has grown from 400 in 2020 to over 2,000 in 2024. With most family offices surveyed for UBS's latest Global Family Office Report planning to allocate more assets to APAC in the next five years, the region is set to stay an investment hotspot. A people business, nurturing talent 'Our people are our biggest priority in running a successful business,' Young emphasises. UBS's talent development approach leverages Singapore's cosmopolitan, highly educated workforce while helping to build the financial hub's talent pipeline. The UBS University in Singapore – the first and largest in Asia Pacific – has been a cornerstone in cultivating top-tier banking talent. Through its industry-leading certification programmes, such as the Certified Wealth Management Advisor (CWMA), a hallmark of Swiss wealth management excellence and accredited by Singapore's Institute of Banking and Finance – the firm has been setting a new industry benchmark for professional development. UBS is also equipping its workforce for the future with skills in areas such as sustainability and artificial intelligence. The firm has trained over 350 bankers in Hong Kong and Singapore so far, in partnership with the Center for Sustainable Finance and Private Wealth, reinforcing its leadership in sustainable finance and responsible investing. 'The availability of diverse, skilled talent in Singapore, as well as access to resources supporting the firms' talent development efforts, have enhanced Singapore's value proposition as a key global financial centre,' says Daniel Brandenberger, Head of Human Resources (Singapore) and Human Resource Business Partner for UBS Global Wealth Management (SEA). 'We're investing in this environment to attract top talent and nurture future leaders in finance.' Its talent development programmes include the UBS Graduate Talent Program to attract early career talent and UBS-SUPER (UBS Singapore University Program for Employability and Resilience). The UBS-SUPER, launched during the pandemic, has provided over 400 fresh graduates and mid-career professionals with on-the-job training, upskilling opportunities and mentorship. A new Polytechnic Graduate Program will also be launched with support from IBF to nurture banking talent. International mobility is a key facet of talent development, as UBS's collaboration with the Monetary Authority of Singapore on the International Postings Programme shows. 'UBS colleagues gained new perspectives and insights on overseas assignments. They also became ambassadors of Singapore,' says Brandenberger. He adds: 'Upskilling our talents on the latest banking trends including digital, ESG, impact investing, philanthropy, and succession planning, are key to addressing and capturing future opportunities.' Investing in the next generation As Asia grows wealthier, next generation wealth is on the rise too. UBS actively works with many of Asia's wealthiest business families to nurture their heirs and successors. Its Leadership Excellence and Development Series, aimed at clients aged 18 to 25, focuses on equipping young participants to advance their family legacy as future leaders and stewards of wealth. For ultra-high net worth clients aged 20 to 35, the firm runs an annual Global Rising Investors programme which covers finance, wealth management and personal development. It culminates in an invitation to the Young Investor Organization, a community of over 1,700 trailblazers from influential families in more than 75 countries. Community at the core UBS's community engagement extends beyond the affluent. Its decade-long sponsorship of the annual 'Singaporean of the Year' award, which has become a mainstay of community recognition, honours individuals and groups for significant societal contributions. Edmund Koh, Chairman UBS Asia Pacific, presents Tharman Shanmugaratnam, President of the Republic of Singapore, with a token of appreciation woven by the award finalists at the 10th year of The Straits Times Singaporean of the Year award ceremony. Past winners include the Schooling family, who made Olympic history with Singapore's first gold medal; and Koh Seng Choon, founder of the Dignity Kitchen, a food court that empowers people with disabilities through employment. 'Over the past decade, the award has grown from a humble recognition into a beacon of inspiration, celebrating the extraordinary spirit of our people,' says Edmund Koh, Chairman UBS Asia Pacific. 'Each year, we've witnessed individuals and groups who have gone above and beyond, embodying resilience, compassion and innovation.' UBS is also behind several stunning installations marrying art and sustainability, made accessible to the public. These have ranged from Singapore's tallest upcycled festive tree at Fort Canning to the 'Taking Flight' installation of butterflies and birds – both fashioned out of repurposed plastic bottles. In 2022, it launched, with sustainable street artist Bordalo II, a 7-metre-tall sculpture of the critically endangered Sumatran Tiger made entirely of waste materials such as portable loos and road dividers. The sculpture kicked off UBS's Trash-Sure campaign to highlight the severity of the climate crisis. Driving social impact UBS amplifies its social impact through the UBS Optimus Foundation, its award-winning platform for philanthropists and impact investors, and through employee volunteering. Set up in Singapore in 2019, the Foundation alongside its donor advised funds has since mobilised nearly S$110 million in donations and S$66 million in grants to over 100 charity programmes globally, of which more than half are in Singapore. Through the Foundation's grantees and other impact partners, UBS actively engages employees in both skills-based and service-based volunteering opportunities. These align with UBS's core impact priorities – health, education, and climate. Recent initiatives include befriending at Care Corner, guided trips with Children's Wishing Well, Earth Day clean-ups with Waterways Watch Society, and citizen science activities with Nature Society Singapore and WWF Singapore. AI and innovation to the fore Recognising that riding the region's wealth wave requires cutting-edge capabilities, UBS is doubling down on innovation, especially in artificial intelligence. And Singapore has witnessed multiple firsts for UBS in this realm. From its AI & Transformation Factory in Singapore, the firm's first worldwide, it expects to develop modular, innovative solutions scalable beyond the region. These include offerings such as UBS Asset Management's first Tokenized Investment Fund (uMINT), launched out of Singapore. Built on Ethereum distributed ledger technology, the innovative solution meets growing investor appetite for tokenised financial assets. These future-facing initiatives are housed within the firm's 400,000 sq ft Asia Pacific office at 9 Penang Road – itself a showcase of sustainability and innovation. Running entirely on renewable energy, the building stands amid an eclectic mix of museums and heritage sites rather than skyscrapers. The largest LEED Platinum project in South-east Asia for interior offices at launch, it also earned the Green Mark Platinum certification from Singapore's Building and Construction Authority. Commemorating SG60 'At UBS, we believe in the power of art to inspire, connect, and enrich communities,' says Young. To commemorate Singapore's 60th year of independence in 2025, the firm launched a year-long 'Art for All' community programme with the unveiling of a 60-metre-long tapestry, which was woven out of discarded textiles weighing over 35kg, and has since been further repurposed into gifts. The tapestry, which made the Singapore Book of Records, brought UBS employees, children from non-profit Care Corner, and community partners together for community weaving activities and art workshops. Commemorating SG60 with UBS's record-making 60-metre-long tapestry, woven by UBS employees and members of the public. From left: Edmund Koh, Chairman UBS Asia Pacific; Young Jin Yee, Co-Head UBS Global Wealth Management Asia Pacific and Country Head UBS Singapore; Alvin Tan, then-Minister of State for Culture, Community and Youth and Trade and Industry; and Ong Eng Huat, Founder Singapore Book of Records. Fairgoers at ART SG, South-east Asia's leading international art fair, were also invited to weave at the UBS studio. UBS – no stranger to art advocacy and promotion – was the founding and lead partner of ART SG for a third consecutive year in 2025. As UBS and Singapore look to the coming decades, their shared success – reflected not only in financial metrics but in communities built – demonstrates what is possible when global vision meets local commitment. 'As a global financial institution, UBS is proud to support Singapore's continued success as a leading financial hub, while actively contributing to the communities in which we operate,' says Young. 'The future of banking isn't just about following wealth, it's about building the ecosystem for prosperity, innovation and social impact to converge. In Singapore, UBS is writing that future.' This material is for distribution only under such circumstances as may be permitted by applicable law. It has not been prepared with regards to the specific investment objectives, financial situation or particular needs of any specific person. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments or to participate in any particular trading or investment strategy. The contents of this material should not be construed as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein except with respect to information concerning UBS Group AG, its subsidiaries and affiliates ('UBS'), nor is it intended to be a complete statement or summary of the matters referred to in this material. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or business divisions of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained herein, and past performance is not necessarily indicative of future results. Not all products and services are available to citizens or residents of all countries. Neither UBS nor any of its directors, officers, employees or agents accept any liability for any loss or damage arising out of the use of all or any part of this material or reliance upon any information contained herein. Additional information may be made available upon request. Clients wishing to effect transactions should contact their local sales representative. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. ©UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved.
Canada News.Net
6 days ago
- Business
- Canada News.Net
U.S. stocks close Tuesday with minor losses
NEW YORK, New York - U.S. stock markets took a well-earned breather on Tuesday, after recent heady gains. "Today we're seeing the market pull back a little bit, but equities have been on a nice run. We're probably due for a period of consolidation, some backing and filling, so to speak," Terry Sandven, chief equity strategist at U.S. Bank Asset Management told CNBC Tuesday. "Clearly, valuations are elevated. This is not a cheap market." Although a bumpy road ahead is likely, there is light at the end of the tunnel, according to Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management. "While we still expect near-term volatility as the impact of U.S. tariffs feeds through to the economy, we also believe the bull market is intact and expect further gains over the next year," Hoffmann-Burchardi wrote in a note to clients on Tuesday. "Our base case remains that the U.S. central bank will resume rate cuts at the September meeting, with a total of 100 basis points of easing by early 2026," she continued. "Rate cuts have typically been supportive for stock markets during non-recession periods, and a likely weaker US dollar as a result of lower rates should offer a further tailwind." U.S. Markets Dip S&P 500 fell 0.49 percent to 6,299.20, marking its third straight decline as technology and consumer discretionary stocks led losses. Dow Jones Industrial Average edged down 0.14 percent to 44,111.74, with losses capped by gains in healthcare and industrial stocks. NASDAQ Composite dropped 0.65 percent to 20,916.55, pressured by declines in mega-cap tech names. Trading volumes were active, with the S&P 500 seeing 3.04 billion shares traded, while the NASDAQ recorded 6.475 billion shares changing hands. Market Drivers Analysts attributed the U.S. pullback to: Outlook Traders will be closely watching: Wednesday's Federal Reserve meeting minutes Thursday's jobless claims data Friday's nonfarm payrolls report for further market direction Global Foreign Exchange Markets Show Mixed Movements on Tuesday The foreign exchange market saw varied movements on Tuesday, with the U.S. dollar gaining against some major currencies while weakening slightly against others. Moves in either direction were limited amid cautious trading. Key Currency Pairs EUR/USD (Euro / US Dollar): The euro edged up 0.05 percent to 1.1573, as traders assessed economic data from the Eurozone. USD/JPY (US Dollar / Japanese Yen): The dollar strengthened 0.35 percent to 147.60, amid expectations of continued monetary policy divergence between the U.S. and Japan. USD/CAD (US Dollar / Canadian Dollar): The greenback rose modestly by 0.03 percent to 1.3781, supported by fluctuating oil prices. GBP/USD (British Pound / US Dollar): Sterling gained 0.10 percent to 1.3294, as investors awaited key UK economic reports later in the week. USD/CHF (US Dollar / Swiss Franc): The dollar dipped 0.04 percent to 0.8074, with the Swiss franc holding steady amid cautious market sentiment. Commodity-Linked Currencies AUD/USD (Australian Dollar / US Dollar): The Aussie dollar climbed 0.06 percent to 0.6469, supported by improved risk appetite in Asian trading. NZD/USD (New Zealand Dollar / US Dollar): The Kiwi dollar declined 0.20 percent to 0.5895, pressured by weaker-than-expected domestic economic data. Strong gains seen in stock markets around the world Global stock indices delivered a solid performance on Tuesday, with major gains in most Asian and European markets. Australian and South Korean markets led the gainers, while Israel and India registered significant losses. Canadian Market Outperforms In contrast to U.S. markets, Canada's S&P/TSX Composite surged 2.03 percent to 27,570.08, its best single-day gain in three months. The rally was fueled by strong performances in energy and materials stocks as commodity prices rebounded. Trading volume reached 281.796 million shares. UK and Europe The FTSE 100 (UK) rose to 9,142.73, gaining 14.43 points, up 0.16 percent. Germany's DAX climbed 0.37 percent to 23,846.07, while France's CAC 40 dipped slightly by 0.14 percent to 7,621.04. The EURO STOXX 50 edged up 0.14 percent to 5,249.59, and the Euronext 100 saw a modest 0.07 percent increase to 1,559.40. Belgium's BEL 20 surged 1.23 percent to 4,665.35. Asia and Pacific In China the Shanghai Composite rose 0.96 percent to 3,617.60. Japan's Nikkei 225 climbed 0.64 percent to 40,549.54. In Hong Kong the Hang Seng Index advanced 0.68 percent to 24,902.53, while Singapore's STI Index rose 0.27 percent to 4,208.58. The Australian S&P/ASX 200 jumped 1.23 percent to 8,770.40, and the All Ordinaries gained 1.20 percent to 9,028.80. India's S&P BSE Sensex, however, fell 0.38 percent to 80,710.25, while in Indonesia the IDX Composite rose 0.68 percent to 7,515.19. Malaysia's KLSE increased 0.76 percent to 1,538.64. In New Zealand the NZX 50 surged 1.52 percent to 12,877.04. South Korea's KOSPI soared 1.60 percent to 3,198.00, and in Taiwan the TWSE climbed 1.20 percent to 23,660.59. Middle East & Africa
Business Times
01-08-2025
- Business
- Business Times
Europe: Shares log biggest daily drop since April after US tariffs hike
[BENGALURU] European stocks logged their biggest one-day drop in over three months on Friday (Aug 1), at the end of a busy week as investors grappled with the repercussions of fresh US levies on dozens of countries, including a 39 per cent tariff on Switzerland. Investors shunned riskier equities globally as Trump continued his tariff blitz, announcing steep levies on exports from dozens of trading partners including Canada, Brazil, India and Taiwan with countries not listed subject to a base 10 per cent rate ahead of a Friday trade deal deadline. Healthcare stocks lost 1 per cent after US President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies, including Novo Nordisk and Sanofi, outlining how they should slash US prescription drug prices. The sector was already singed this week by Novo Nordisk's profit warning. The Denmark-listed Wegovy-maker shed 1.8 per cent and logged its steepest weekly decline on record. 'We saw during the week that companies such as Novo Nordisk had different issues. European pharma is very close to bottoming and that's why it didn't react to the uncertainty around tariffs and policy,' Anthi Tsouvali, a multi-asset strategist at UBS Global Wealth Management said. 'Europe is an export market... if we see heightened tariffs all over the world and trade being subdued, then that will have an impact on European companies regardless.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The pan-European Stoxx 600 index slid 1.9 per cent and marked its biggest one-week drop since early April when Trump unveiled his tariffs on world economies. The euro Stoxx volatility index jumped 4.25 points to its highest in over one-month. The Stoxx index has lost over 5 per cent from its March peak, after coming within 2 per cent of that level earlier this week, dragged down by a record plunge in Novo Nordisk shares, and as investors assess the implications of the U.S.-EU trade deal. Markets in Switzerland were shut for a holiday, but UK-listed Watches of Switzerland declined 6.8 per cent, while a U.S.-listed exchange traded fund tracking the country's equities slid to a more than three-month low and was last down 1.2 per cent. Most regional bourses were in the red, with Germany's blue-chip DAX down 2.7 per cent, while Denmark's OMXC fell 1.8 per cent to a nearly two-year low. Banks, that had rallied earlier in the week, were down 3.4 per cent and were the top sectoral underperformer as they notched their biggest one-day drop since early April. Adding to the dour mood, US data showed job growth slowed sharply in July, which boosted bets for an interest rate cut by the Federal Reserve next month, while traders also priced in a dovish move by the European Central Bank later this year. In a bright spot, Italy's Campari was the top gainer on the Stoxx 600 index, adding 7.9 per cent after reporting an increase in second-quarter operating profit. REUTERS
Yahoo
01-08-2025
- Business
- Yahoo
Global stocks drop as Trump unveils his tariffs
Stocks across the globe were lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation. The Dow tumbled 665 points, or 1.5%. The broader S&P 500 fell 1.87% and the tech-heavy Nasdaq Composite slipped 2.5%. The S&P 500 and Nasdaq were on track for their biggest single-day losses since April. The Dow was on track for its biggest drop in over one month. The blue-chip index fell every day this week as Trump's tariffs have come back into focus. Trump late Thursday released his long-awaited plan for tariffs on US trading partners. The president laid out tariffs ranging from 10% to 41% on countries from Chile to Syria, set to take effect August 7 — which was later than expected. Investors in recent months have begun to try and look past Trump's tariffs, betting the president will back down on his most daunting threats. As the president has tempered his approach — including once again delaying the start of tariffs — markets have tried to adjust to the prospect of a more protectionist global order. But the scope and unprecedented nature of the tariff campaign portends to roil the global economy and markets. 'Our base case remains that the US effective tariff rate should settle at around 15% by the end of the year, and the economic impact is likely to prove manageable,' Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management, said in a note. 'Still, tariffs are a headwind for global trade and growth, and they have started to contribute to a rise in inflation,' Hoffmann-Burchardi said. 'With markets already pricing in much of the good news on the trade front, we expect stock volatility to pick up in the near term.' Stocks took a step lower and Treasury bonds rallied Friday morning after the latest jobs data showed the US economy added 73,000 jobs in July, which was less than expected. The 10-year and 30-year Treasury yields fell to 4.23% to and 4.81%, respectively, as investors snapped up bonds in a flight to safety and to lock in high rates. Meanwhile, the US dollar dropped. The dollar index, which measures the dollar's strength against six major foreign currencies, fell 0.85%. Gold, a safe haven during uncertainty, rallied 1.5%. 'The stock market will probably move past this particular report and keep climbing this month, but today could be an ugly day in the market given the confluence of new tariff announcements and more evidence that the job market is slowing,' Chris Zaccarelli, chief investment officer at Northlight Asset Management, said in an email. European stocks posts worst day since April US stocks on Friday followed stocks in Europe and Asia lower. Europe's benchmark Stoxx 600 index sank 1.89%, while Germany's DAX index and France's CAC 40 index dropped 2.66% and 2.91%, respectively. Each of the indexes posted their biggest single-day loss since early April. In Asia, markets were modestly lower. Hong Kong's Hang Seng index dropped 1.07%, Japan's Nikkei 225 fell 0.66% and Taiwan's benchmark index sank 0.46%. 'Today is merely the next episode in Trump's tariff story – it's unwelcome, hence the market dip; but it's not entirely unexpected, hence the lack of a full market crash,' Russ Mould, investment director at AJ Bell, said in a note. Global markets turned lower as Trump announced his tariff plans, although losses so far were relatively contained compared to the intense turmoil of early April when there was an unusual and simultaneous sell-off in US stocks, bonds and the dollar. 'While the dollar sell-off in April included a degree of shock and surprise that wont be replicated now, we would still conclude tariffs as ultimately dollar negative over time as it hits real growth, lowers real yields and will encourage portfolio diversification,' Derek Halpenny, head of research for global markets at MUFG, said in a note. Stock market rally faces major tariff test Investors have been gearing up for Trump's long-awaited tariff plan. Stocks had been on a steady climb higher in recent months, but the momentum began to stall in July. The S&P 500 rose just over 2% in July after climbing 6% in May and 5% in June. Many investors have embraced the 'TACO' trade, betting that 'Trump always chickens out' on his biggest tariff threats. That trade has also faced hiccups, though, as the president has pressed forward with high levies on goods like steel and aluminum. 'Tariff worries are back in focus, and even though the market has remained resilient, we are still in a headline-sensitive market,' Glen Smith, chief investment officer at GDS Wealth Management, said in an email. While investors are concerned about the prospect of tariffs, they might also want to wait and see evidence of the impact on inflation or the labor market in the economic data, Zachary Hill, head of portfolio management at Horizon Investments, said. And while Wall Street is fixated on tariffs, corporate earnings were also impacting the market. Shares in Amazon (AMZN) fell 8.6% on Friday after its forecast did not impress investors.
