When Jean Chia took the reins as Bank of Singapore’s fourth CIO, she didn’t just inherit a strong investment platform; she saw an opportunity to transform it into the engine room of the bank’s future growth. Having spent more than a decade at Bank of Singapore, Chia, the global CIO, began her journey by heading the equities and derivatives business. […]

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Bank of Singapore has strengthened its CIO global advisory council with four heavyweight additions, reinforcing its push to deliver sharper investment insights and thought leadership to its clients. The latest members include Joseph Zidle, chief investment strategist at Blackstone Private Wealth, and Torsten Slok, chief economist and partner at Apollo Global Management. Joining them are Guo Kai, executive president and […]

The post Bank of Singapore adds Apollo and Blackstone heavyweights to CIO council appeared first on Asian Private Banker.

Jean Chia believes that Bank of Singapore is on track to offer wealthy clients a chief investment office (CIO) experience unlike any other, blending top-tier investment expertise from both asset and wealth management – a distinction she finds unique to the bank and within the region. The Singapore private bank, which manages about US$116 billion, has a “CIO 2.0 strategy […]

The post “We’re writing our own story”: Jean Chia’s CIO 2.0 vision for BOS appeared first on Asian Private Banker.

Space, artificial intelligence, China, India, and US equities, and gold are the key focuses for private banking CIOs in Asia Pacific this coming quarter, who collectively oversee asset allocations worth more than US$4 trillion globally. While some CIOs recommend staying overweight in equities compared to bonds and cash, others are including emerging markets US Dollar bonds in portfolios as diversifiers. […]

The post Space, AI, China, and gold – US$4tn PB CIOs are betting big appeared first on Asian Private Banker.

Bank of Singapore has created a new senior investment role in its latest effort to sharpen its focus on cross-asset research, asset allocation and portfolio management. Industry veteran Owi S. Ruivivar has assumed the role of chief portfolio strategist, the bank said on Monday. Based in Singapore, Ruivivar will be a member of the bank’s investment committee and report to […]

The post BoS continues to beef up asset allocation with senior appointment appeared first on Asian Private Banker.

Bank of Singapore has brought together a group of investment veterans from the asset management and think tank communities to provide advice to its chief investment office and insights to clients. Members of the CIO Global Advisory Council come from alternative investment-focused managers KKR and Blackstone, as well as other financial powerhouses like BlackRock and Goldman Sachs. Other members come […]

The post Bank of Singapore enlists BlackRock, Blackstone, KKR to advise CIO appeared first on Asian Private Banker.

Standard Chartered Wealth Management (Standard Chartered WM) has highlighted three investment trends that it believes will serve private clients well for the rest of 2023 and beyond. The bank’s latest outlook, unveiled on Monday, comes as private banks and their clients are forced to navigate rocky terrain, with interest rates and inflation remaining stubbornly high. That is not to mention […]

The post Three investment trends for 2023 and beyond: Standard Chartered WM appeared first on Asian Private Banker.

This week: Tangible assets can restore the economic equilibrium: Saxo Bank; Emerging market issuance of ESG bonds shows resilience: Pictet Asset Management; UBP expects progressive recovery of Chinese economy in 2H22 Tangible assets can restore the economic equilibrium: Saxo Bank Saxo Bank believes that the tangible assets of the real economy are the winners in the current market. The CIO […]

The post CIO Weekly – Why we are bullish on tangible assets: Steen Jakobsen of Saxo Bank appeared first on Asian Private Banker.

Who would want to be a CIO in these market conditions? Less than five months into the year, and Asia-Pacific’s leading investment strategists are ripping up their playbooks — and likely tearing out their hair. Most major asset classes have wilted in the face of surging inflation, multiplying Federal Reserve interest rate rises and what looks like a prolonged energy […]

The post Shadow Banker – Who wants to be a CIO? Not me appeared first on Asian Private Banker.

This week: Deflating tech “superbubble” will inflict more pain: Nomura IWM; Stronger policy support will help China recover in 2H22: UBS GWM Deflating tech “superbubble” will inflict more pain: Nomura IWM A brutal sell-down in US technology stocks is a ‘red signal’ for investors, according to Nomura International Wealth Management (Nomura IWM), which believes that a ‘superbubble’ in the sector […]

The post CIO Weekly – Brace for more pain as tech ‘superbubble’ deflates: Gareth Nicholson of Nomura IWM appeared first on Asian Private Banker.

This week: Outlook for China and RMB about to improve: Deutsche Bank IPB; Fed hawkish cycle has not peaked: Bank of Singapore Outlook for China and RMB about to improve: Deutsche Bank IPB Deutsche Bank International Private Bank (IPB) sees the recent RMB depreciation only as a temporary market reaction to a stronger USD and is betting on a brighter […]

The post CIO Weekly – The worst for China and RMB is behind us: Jason Liu of Deutsche Bank IPB appeared first on Asian Private Banker.

This week: Don’t read too much into yield curve inversion: DWS; Outflows from bonds will go to private market: DBS Don’t read too much into yield curve inversion: DWS DWS believes that it is too early to predict that a recession is coming, despite the US two-year treasury yield briefly moving above that of the 10-year this week, in an […]

The post CIO Weekly – Yield curve inversion does not mean recession is coming: Sean Taylor of DWS appeared first on Asian Private Banker.

This week: Too early to buy Chinese equities: Credit Suisse; Maintain a calm stance: UBS on Ukraine and Russia crisis Too early to buy Chinese equities: Credit Suisse Credit Suisse is advising its private banking clients in Asia not to “jump the gun” and buy Chinese equities, with the Swiss lender maintaining its cautious stance on the market amid fears […]

The post CIO Weekly – Investors should not “jump the gun” on Chinese equities: Jack Siu of Credit Suisse appeared first on Asian Private Banker.

This week: We are not entering a bear market: Audrey Goh of StanChart WM; Rotate into alternative strategies as a hedge against volatility: UBP; Expect China equities to recoup losses in Year of the Tiger: Pictet Asset Management We are not entering a bear market: Audrey Goh of StanChart WM The recent equities correction has caught many investors by surprise, […]

The post CIO Weekly – Choppy start to 2022 doesn’t mean we are entering a bear market: Audrey Goh of StanChart WM appeared first on Asian Private Banker.

Hong Kong’s unique advantage of “one country, two currencies” will remain as long as a fully convertible RMB remains in the works, said Credit Suisse APAC CIO John Woods at Asian Private Banker’s Asian Outlook 2022 seminar. Over the past decade, China has been setting up onshore free trade zones and accelerating its policy to open up its financial market […]

The post Hong Kong’s financial hub status is bullet-proof until the RMB is fully convertible: John Woods of Credit Suisse appeared first on Asian Private Banker.

Economic growth in the US has been accompanied by a rise in inflation. Numbers have risen faster than expected, but EFG believes that inflation peaked in May. In the latest Economic Outlook from the OECD, many of the 2021 GDP forecasts were sharply revised upwards. The world economy is now expected to grow by 5.8% this year, up from 4.2% […]

The post US 2021 inflation rises to 13-year high appeared first on Asian Private Banker.

As fiscal policy increasingly takes the reins from monetary policy, 2021 should see a recovery in global growth, characterised by rising but volatile inflation, according to Norman Villamin, CIO, Wealth Management, UBP. For its part, the US economy appears to be ending the recovery phase of this new economic cycle and investors are advised to be more selective about opportunities […]

The post Prepare for a “mini-cycle” to begin in 2H21: UBP appeared first on Asian Private Banker.

Deutsche Bank has announced the launch of its Environmental, Social and Governance Centre of Excellence (ESG COE) in Singapore, as private clients have become keener on using their investments to create a positive impact on the environment. The German lender’s ESG COE will focus on facilitating the execution of ESG transactions across all business divisions, including investment banking, corporate banking, […]

The post Riding wave of growing interest, Deutsche Bank opens ESG Centre of Excellence in Singapore appeared first on Asian Private Banker.

This week: UBS: Invest long term as stocks are still relatively cheap; Pictet WM: Gold to be less supported over the short term; Standard Chartered PB: Bullish on EUR and AUD over medium term; UBP rotates exposure within fixed income portfolios; Bank of Singapore: Continued fiscal stimulus to bolster investor sentiment in US UBS: Invest long term as stocks are […]

The post CIO Weekly – Featuring UBS GWM’s Adrian Zuercher appeared first on Asian Private Banker.

This week: Pictet WM: European recovery fund makes Europe equities interesting again; UBS GWM CIO: 2H20 reopening story a key driver of markets; BNP Paribas: China A-shares to see consolidation in the short term; Bank of Singapore: Euro likely to trade “sharply higher”; LGT Private Banking: More market headwinds in the short term Pictet WM: European recovery fund makes Europe […]

The post CIO Weekly – Featuring Pictet Wealth Management’s Evelyn Yeo appeared first on Asian Private Banker.

Festering US-China tensions, US elections, and the coronavirus pandemic may pose a material risk to markets for the balance of 2020, but investors should look at the second half through a “glass-half-full lens”, according to UBS Global Wealth Management. “Risks remain … but we expect the reopening story to be the key driver of markets in the months ahead,” the […]

The post UBS GWM CIO: “Reopening story to be key driver of markets in 2H appeared first on Asian Private Banker.

Fintech provider Finantix has launched a product that digitalises the investment office process and achieves fast communication of CIO views and convictions to relationship managers (RMs) and wealth clients. CIO Cockpit has been designed in collaboration with CIOs and research analysts. It is the first product that uses Finantix’s advisory and collaborative capabilities and the data-driven and AI-enabled WM tools […]

The post Finantix unveils digital CIO product to streamline investment office process appeared first on Asian Private Banker.

A positive turn in some forward-looking indicators would suggest that expectations of economic and corporate fundamentals have hit rock bottom on anticipation of a recovery later this year, according to Standard Chartered Private Bank’s latest market view. That’s despite a number of possible hurdles in the nearer term, including rising geopolitical tensions — especially between the US and China as […]

The post StanChart PB sees green shoots despite near-term hurdles appeared first on Asian Private Banker.

At Monday’s US market open, Wall Street suffered the greatest one-day loss since the 2008 financial crisis. While investors were gripped by a sell-off frenzy that caused heightened market volatility, Credit Suisse warned it is still too early to know whether the situation has created a trading opportunity. Very high volatility in the equity market is likely to persist in […]

The post Current market dislocations not yet a trading opportunity, PBs say appeared first on Asian Private Banker.

Amid the uncertainties surrounding the COVID-19 outbreak, investors had better brace for an economic downturn and market slump, before the economy eventually recovers and the situation brightens up, UBP said in a media conference call today. Fears escalated this past weekend that the virus would further cripple the global economy as the number of infections surged in South Korea, Japan, […]

The post UBP favours defensive strategy, warns of market correction before rebound appeared first on Asian Private Banker.

Alternative investments platform Xen has hired a new chief investment officer to oversee the firm’s alts portfolio, develop strategic investment plans, and conduct asset allocation reviews, the Singapore-based firm announced on 9 January. Kenneth Yeo has joined Xen as CIO from Azalea Asset Management — a private equity firm wholly owned by Singapore sovereign wealth fund Temasek Holdings — where […]

The post Fintech Xen hires new CIO to oversee alts portfolio appeared first on Asian Private Banker.

In Year Ahead 2020 – UBS House View, the Swiss bank shifted its tactical asset allocation of global equities from “overweight” at the beginning of 2019 to “neutral”, and has emphasised the need for diversification as volatility increases in the late economic cycle. The Swiss giant has labelled 2020 as a “Year of Choices”, with an array of geopolitical events […]

The post UBS turns neutral towards global equities in 2020 appeared first on Asian Private Banker.

This week: UBS GWM sees US equities trading range-bound, Standard Chartered PB says weak US data boosts the chance of a trade deal, Nomura Bank expects BoJ to further cut interest rates, Deutsche Bank WM increases US treasury exposure by 2pps, Julius Baer forecasts China to emerge as a standalone asset class. UBS GWM sees US equities to trade range-bound […]

The post CIO Weekly – Featuring UBS GWM’s Crystal Zhao appeared first on Asian Private Banker.

This week: UBS gives guidance on USDCNY after the yuan breaks 7.0 but is not convinced the currency’s slide signals competitive devaluation; BoS calls currency manipulator designation an “extraordinary” move and does not rule out USDCNY hitting 7.80-7.90; DBS warns of currency war impact on emerging markets; and Credit Suisse says Singapore is headed for a technical recession. UBS GWM: […]

The post CIO Weekly – Featuring UBS, BoS, DBS, CS appeared first on Asian Private Banker.

This week: Deutsche Bank WM ups bond exposure, favouring Asia HY and US IG; Julius Baer says trade disputes are not a game changer; UBS GWM advises cash-rich investors to buy on dips; Standard Chartered WM believes USD will peak in the long term; and UBP sees more room for policy easing in Asia. Deutsche Bank WM ups bond exposure, […]

The post CIO Weekly – Featuring Deutsche Bank WM’s Tuan Huynh appeared first on Asian Private Banker.

This week: CreditEase advises investors to shift from capital markets to alts; UBS GWM believes ASEAN will fill the production gap widened by trade tensions; Standard Chartered WM recognises the strong pricing power of the US tech sector; DBS says the healthcare sector offers an “oasis of calm” in a volatile market; and J. Safra Sarasin thinks the declining valuations of European […]

The post CIO Weekly – November 2018 Week 4 appeared first on Asian Private Banker.

This week: Julius Baer’s Laxminarayan says market sentiment may outweigh fundamentals in Asian HY; UBS GWM thinks the recent equity selloff is just a bull market correction; Bank of Singapore has better hopes for Asian currencies as oil prices drop; DBS advises investors to adopt barbell approach to growth and income; and BNP Paribas WM talks oil prices. Julius Baer’s […]

The post CIO Weekly – November 2018 Week 3 appeared first on Asian Private Banker.

This week: DBS Bank comments on the worsening “pain” in emerging markets; UBP sees attractive opportunities in China’s banking sector; Nomura Wealth Management talks about low-vol strategies; and Bank of Singapore reviews the “positive risk-reward” in Asian ex-Japan shares. DBS’s Lee: The “pain” in EM to get worse Recession risks across emerging markets (EMs), interest rate hikes in developed markets […]

The post CIO Weekly – September 2018 Week 3 appeared first on Asian Private Banker.

UBS Global Wealth Management, a major advocate for diversified portfolio-centric investing, has launched an asset allocation strategy for onshore investors in China. “We decided to bring our multi-asset class portfolio approach offshore to onshore investors in China due to popular request from front office colleagues,” Adrian Zuercher, APAC head of asset allocation for the private bank’s CIO office, told Asian […]

The post UBS GWM launches asset allocation strategy for China’s onshore investors appeared first on Asian Private Banker.

Key headline risks in the form of escalating trade tensions and inflation are unlikely to derail global economic expansion, at least for the next year, according to three of UBS Global Wealth Management’s most senior CIOs, who presented a benign but cautious outlook for markets at a roundtable briefing in Singapore today. “There are more challenges out there as central […]

The post Headline risks unlikely to undermine global growth story, say UBS CIOs appeared first on Asian Private Banker.

Should portfolios add risk in equities or bonds? The former asset class is the easy pick, according to Julius Baer, observing that nobody covering the latter, today, has ever worked through a bond bear market. Equities is an easy pick over bonds In its biannual house view, Julius Baer’s Asia chief investment officer, Bhaskar Laxminarayan, stated that everybody in the […]

The post Nobody in bond markets today has ever worked through a bear market: Julius Baer appeared first on Asian Private Banker.

Welcome to Asian Private Banker’s latest CIO Weekly, a focused roundup of key views and comments from private banking CIOs on the state of global markets and macroeconomics. This week: Bank of Singapore expresses wariness over US recession risk in 2020; J. Safra Sarasin calls EM debt fears “out of tune”; BNP Paribas Wealth Management highlights resilient economic growth in China; […]

The post CIO Weekly – June 2018 Week 1 appeared first on Asian Private Banker.

A survey of leading asset and wealth managers in Asia has revealed a growing divergence in house views on global markets, especially regarding the future of the dollar. Delegates at Asian Private Banker’s annual Investment Advisory Summit in Singapore were divided on the direction of the USD in the coming 12 months, with views on the state of US economic growth, […]

The post Asian WM, AM house views on global markets diverge appeared first on Asian Private Banker.

BNP Paribas Wealth Management (WM) has appointed a new chief investment advisor in Hong Kong in what is the latest update to a business that is undergoing a major growth-focused reorganisation in Asia. Grace Tam has been named chief investment advisor Hong Kong and is responsible for helping to formalise and communicate global asset allocation and investment strategies in Asia, […]

The post BNP Paribas WM names new chief investment advisor in Hong Kong appeared first on Asian Private Banker.

Credit Suisse has moved the China market to ‘outperform’ in line with its optimistic view towards equities despite the recent correction, citing strong economic momentum, an earnings recovery, and southbound inflows as major drivers. APAC AA: Time to scale in on Asian equities Although Asian equities erased their year-to-date gains over the two-week correction period, Credit Suisse believes that broad […]

The post Credit Suisse: China equity to ‘outperform’ with more to the cyclical rally than expected appeared first on Asian Private Banker.

Despite heightened valuations, VP Bank believes that markets will continue to remain upbeat in the first half of 2018, although it urges investors to not only focus on absolute but also risk-adjusted returns. According to the bank’s chief strategist and head of investment research, Bernd Hartmann, the current advanced stage of the market cycle is expected to be “characterised by […]

The post VP Bank: Expect upbeat markets to continue through 1H18 appeared first on Asian Private Banker.

According to one industry study, Asia’s burgeoning independent asset management industry could more than double its AUM by 2020 to US$55-60 billion. To achieve this, IAMs will need to grow at a CAGR in the range of 14.9-16.9% – well above what Asia’s private banks are achieving (6.5% CAGR, 2012-2016). Anecdotally, a number of firms have told Asian Private Banker […]

The post Asia’s independent asset managers: a snapshot survey appeared first on Asian Private Banker.

Last Friday, we hosted the first High Conviction: Investment Ideas & Themes 2018 event in Singapore with the most informed CIO leaders of the region who debated and examined the products that will be most interesting to Asian clients in 2018. Find out more here. Your Top Eight follows. TECHNOLOGY | EXCLUSIVE   6 November 2017 Julius Baer’s IT platform revamp misses […]

The post Top Eight for Week 3 – 10 November 2017 appeared first on Asian Private Banker.

J. Safra Sarasin shares its views and insights on the upcoming Fed Chair appointment and the effect of central bank liquidity on rates, FX and equities in the midst of shrinking balance sheets. Fed Chair appointment: Top four candidates According to pure play, there are four primary candidates on the president’s shortlist for the role of Fed Chair, excluding Gary […]

The post J. Safra Sarasin: On Fed Chair appointment, central bank liquidity’s effect on markets appeared first on Asian Private Banker.

Deutsche Bank Wealth Management believes that Prime Minister Shinzo Abe’s election victory will not solve Japan’s underlying economic problems, notably the low inflation environment. “Our view is that the election result confirms popular support for ‘Abenomics’, but does not provide a short-term trigger for a reassessment of our economic or market forecasts,” Deutsche Bank Wealth Management said in its latest […]

The post Deutsche Bank WM: Japan’s election result won’t solve underlying problems appeared first on Asian Private Banker.

The small bounce in US equities last week “masks broader weakness in global equities”, according to an investment note from DBS, which urges investors to brace for more sideways drift to lower prices in the coming weeks due to weakened sentiment. Last week, the S&P 500 Index closed higher, driven by optimism about the US economy. Economic growth came in […]

The post DBS: Brace for sideways drift to lower equity prices appeared first on Asian Private Banker.

Private banks struggling with underinvested Asian HNWIs could face further pressures, with LGT indicating that volatility could rise in the second quarter following a prolonged period of calm. Equities: Expect greater Q2 volatility and short-term consolidation “Political insecurities have continuously increased on both sides of the Atlantic in the last few months, but have been taken with a grain of […]

The post LGT: Equity volatility to rise in Q2 appeared first on Asian Private Banker.

Even though the US market has reached another record high, triggered by Donald Trump’s speech to congress, Deutsche Bank Wealth Management believes that the market will be disappointed by the lack of concrete details of his policy implementation. “We remain cautious on the surge in U.S. and global equity prices as valuations remain near the highest level since 2004,” the […]

The post Deutsche Bank WM: US markets likely to be “irked” appeared first on Asian Private Banker.

Union Bancaire Privée (UBP) has shared its views on potential pitfalls and opportunities in China after the PBoC underwent modest tightening in the last two weeks. According to the bank, a combination of falling international reserves and higher US interest rates has forced the PBoC’s hand to tighten its monetary policy amid slowing growth. “China’s ability to depreciate the renminbi […]

The post UBP: Pitfalls and opportunities in China post-tightening appeared first on Asian Private Banker.

The Australia wealth arm of ANZ has appointed a new chief investment officer (CIO), according to a statement from the bank. The hire comes at time when the bank is looking to offload its wealth management business. Mark Rider has been promoted to the new role and will be responsible for delivering the overarching investment strategy, including asset allocation, investment […]

The post ANZ Wealth names new CIO appeared first on Asian Private Banker.

The Hong Kong stock market will continue to face upward pressures in 2017, with the Hang Seng Index set to reach 24,600, according to Alexander Lee, research director, China and Hong Kong market strategist, DBS Vickers (Hong Kong) Limited. “[The earnings recovery] is still the key reason why we are optimistic about this year’s market despite many negative factors,” says Lee. Lee […]

The post DBS: HSI could reach 24,600 this year appeared first on Asian Private Banker.

Deutsche Bank Wealth Management expects to see more changes in the global market following Donald Trump’s inauguration as US president, but much depends on how quickly he will implement and act on his mooted policies. According to the bank, repealing and replacing Obamacare, tax reforms and Supreme Court nominations are going to be Trump’s top three policy priorities in his first […]

The post Deutsche Bank WM reveals its top 10 investment themes in post-inauguration age appeared first on Asian Private Banker.

Credit Suisse believes that monetary policy divergence between the Fed and other central banks, along with political uncertainties, will shape the investment landscape in 2017, advising investors to be selective, even if there is “positive growth momentum”. Within the major developed economies, the bank expects the economic upswing to continue, along with higher inflation in at least the short term. With […]

The post Credit Suisse reveals its latest investment themes appeared first on Asian Private Banker.

DBS, in its latest investment outlook, believes that the first half of 2017 will see downward global GDP growth, along with an acceleration worldwide income inequality. Further, the global “more debt, less growth” phenomenon is set to trigger a “loss of confidence in capitalism,” according to Boon Lim, managing director, chief investment officer, group wealth management, DBS Bank. In line with the uncertainties that […]

The post DBS: top 10 investment ideas for a “disrupted world” appeared first on Asian Private Banker.

DBS believes that “Trump trade” has ground to a halt over the past  week due to the lack of further policy details emanating from the incoming administration, but says that it is still too early to predict the end of the asset reflation scenario. “Sentiments have taken a slight hit after the President-Elect’s first press conference failed to offer details on […]

The post DBS: ‘Trump trade’ ceases due to the lack of further policy details appeared first on Asian Private Banker.

Similar to 2016, BNP Paribas Wealth Management believes that 2017 will be a volatile year and is advising investors to build a more diversified portfolio. “I know it sounds boring but investors need to diversify,” says Prashant Bhayani, managing director, chief investment officer Asia, BNP Paribas Wealth Management. “They may not have needed to do so during the strong fixed […]

The post BNP Paribas WM reveals top 10 investment themes for 2017 appeared first on Asian Private Banker.

Julius Baer has adjusted its 3-month USD outlook higher, due to the inflationary impact of Donald Trump’s fiscal proposals and the near-100% probability of a rate hike in December with additional rate hikes to come. Rising inflation supported by growing oil prices will also push up the USD, according to David Kohl, chief currency strategist and head economist Germany, Julius Baer. […]

The post Julius Baer: Strength of US dollar unstoppable in short term appeared first on Asian Private Banker.

Fed rhetoric continues to signal a likely December rate hike and Julius Baer expects additional increases to follow in March and September next year. Three US rate hikes from now till 2017-end A third quarter growth surprise led Julius Baer to adjust up its US GDP projections for next year to 1.9% and to predict three 0.25% rate hikes from now till 2017-end. […]

The post Julius Baer: Expect rate hikes in March and September 2017 appeared first on Asian Private Banker.

UBP maintains its 6-month forecast of US$45-50 per barrel and is even more positive in the medium-term, despite a recent IEA release confirming a slowdown in global oil demand and an increase in global supplies. Brent crude settled at around US$40.5-51.3 per barrel in the third quarter which the bank attributes to ongoing uncertainties in macroeconomic conditions. In addition, OPEC supply […]

The post UBP: Still positive on oil despite strong OPEC supply and weakening demand appeared first on Asian Private Banker.

DBS has warned against overstaying in the markets, fearing a weaker economy that damages the outlook on risk assets or a stronger one that will trigger a rate increase after asset prices rise. Beware of overstaying According to the bank, there are two major reasons to be cautious of overstaying. First, US authorities have attributed the long-term pause on rates […]

The post DBS: Markets cheer over Fed inaction, but beware of overstaying appeared first on Asian Private Banker.

The US Federal Reserve did not produce any surprises during its recent meeting, although an increase in Fed hawkishness – underpinned by the dissent of three governors and Yellen’s positivity towards growth – should increase expectations of a December hike, according to Deutsche Wealth Management’s (WM) latest outlook. Fed does not surprise While the Fed failed to provide markets with a ‘surprise’ September move, […]

The post Deutsche Bank WM: Fed does not surprise appeared first on Asian Private Banker.

Heading into autumn, asset markets face three key risks, according to DBS’ latest outlook note. (i) The bank points towards the heightened likelihood of “disappointment” towards central bank monetary policies. Both the BoJ and the Fed are due to revisit their  and, as DBS points out, the market expects the latter to keep the status quo and the former to […]

The post DBS: Three risks stalking autumn markets appeared first on Asian Private Banker.

The Fed may be more sanguine about the US economic outlook, but Deutsche Bank Wealth Management points to a recent spike in the CBOE Volatility Index (VIX) as evidence that investor nerves continue to jangle over a number of near-term uncertainties. The bank points out that we are now entering a period of sustained volatility, with the VIX Index hitting 18.14 […]

The post Deutsche Bank WM: Expect uncertainties to stir up volatility appeared first on Asian Private Banker.

LGT advises investors to collect diversified risk premia across equities, real estate and credit, while retaining short durations amidst expectations of heightened market volatility in the near-term. Real estate overweight retained The bank is retaining its tactical asset allocation (TAA) overweight in global listed real estate but is underweight in listed private equity and commodities. With regards to the former, […]

The post LGT: Focus tactical allocation on collecting risk premia and managing duration appeared first on Asian Private Banker.

Improved confidence in the yuan – underpinned by the currency’s official inclusion in the IMF’s new SDR basket that comes into effect in October this year – paired with an ultra-low yield environment, should pique the interest of global bond investors, according to DBS. Attractive yields and low correlations to lure investors “[W]e expect increased allocation by global bond investors into the […]

The post DBS: SDR inclusion, attractive yields expected to draw in global bond investors appeared first on Asian Private Banker.

While a correction may be in the making after the Bovespa shot up 35% year-to-date, Deutsche Bank Wealth Management expects it to be manageable and limited, although sustained economic optimism will depend on Brazilian president, Michel Temer, who has a “limited window of opportunity”. US$465 million of foreign net outflows were registered in August while ETF flows shorting Brazilian equities outpaced long […]

The post Deutsche Bank WM: Bovespa correction to be manageable but new president must act hard and fast appeared first on Asian Private Banker.

‘Not so hot and not so cold’ is how Bank of Singapore has interpreted a recent announcement that 151,000 US jobs were created in August, noting that opinions remains split on whether a September rate hike will follow. “The latest US jobs report was a Goldilocks-type of number,” says Richard Jerram, chief economist at Bank of Singapore. “Not so hot that […]

The post BoS: Latest US jobs figure a “Goldilocks-type of number” appeared first on Asian Private Banker.

Time will tell whether yields will give way to a gradual US tightening earmarked to begin in December, or a sustained bond buying exercise by central banks globally, but in any case, Deutsche Bank Wealth Management believes that yields will not revisit the record low 1.36% in July. 10-year Treasury yields will not revisit record low In addition to hawkish […]

The post Deutsche Bank Wealth Management: 10-year Treasury yields won’t revisit record low appeared first on Asian Private Banker.

Spectators may be tempted to liken the Bank of Japan’s wait-and-see approach to some form of paralysis, but LGT begs to differ, saying that the Japanese central bank is yet to run out of ammo and that BoJ’s patience is part of a long game. “The main problem with the frequently articulated claim that the BoJ is running out of ammunition in […]

The post LGT: BoJ not out of policy ammo appeared first on Asian Private Banker.

What should one make of the recent Fed comments? Not a lot really, says Bank of Singapore, which is of the view that American central bankers “tend to be experts at ambiguity”, and cautions against taking action based on empty rhetoric. Experts at ambiguity Projection: 1 rate hike in December, 2-3 in 2017 According to the Singaporean private bank, Fed Chair Janet […]

The post Bank of Singapore: Fed officials tend to be “experts at ambiguity” appeared first on Asian Private Banker.

Following what Credit Suisse describes as a “relentless” post-Brexit rally in Asia – the market is up 13% and outperforms global markets by 3% – the bank advises investors to take profits on the region’s equities and instead seek a better re-entry opportunity due to elevated foreign flow levels. According to Credit Suisse, the currently high levels of foreign flows – […]

The post Credit Suisse: Investors should take profits from Asia rally as flows reach elevated levels appeared first on Asian Private Banker.

Detecting a shift in tone of elite policymakers’ conversations on the Fed’s current policy framework, Lombard Odier suggests that central banks look at nominal GDP targeting instead of the current 2% inflation approach. All eyes will be on Jackson Hole later this month – a historically common venue to introduce major monetary policy innovation. Lombard Odier’s baseline scenario for this meeting […]

The post Lombard Odier: Time for the Fed to consider nominal GDP targeting appeared first on Asian Private Banker.

Excessive complacency about when the Fed’s first rate hike will materialise could cost those investors who continue to support the ongoing rally in equities and bonds, alongside a weaker dollar, according to Deutsche Bank Wealth Management, which expects the American central bank to make its first move this December. Markets too complacent about rate hike? December expected to be first hike […]

The post Deutsche Bank WM: Be wary of complacency over US rate hike appeared first on Asian Private Banker.

Credit Suisse shares its top investment ideas for US equities following the much anticipated presidential election that pits Clinton against Trump. Cash-rich and infrastructure-related equities to benefit from Trump or Clinton win Both candidates support the repatriation of taxes and additional infrastructure stimulus programmes, leading the bank to be positive on cash-rich and infrastructure-related equities. With regards to cash-rich equities, […]

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APB Mandate covers Deutsche Bank Wealth Management’s latest CIO outlook, which touches upon the US election and Eurozone PMIs. Markets will signal US election winner in 90-day countdown “Dating back to 1928, the performance of the S&P 500 in the three months leading up to the election has accurately predicted the correct outcome in 19 of the last 22 occasions,” says Larry […]

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“Recent reluctance by the BoJ [Bank of Japan] to take bolder steps will likely only contain, but not reverse the upward movement of the [yen],” says a recent report by J. Safra Sarasin. Accordingly, the bank has revised its USDJPY rate downwards. JPY unlikely to reverse strengthening trend USDJPY 3-month, 6-month, 9-month and 12-month forecast: 103.0 BoJ disappointed with a paucity of details on fiscal […]

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UBS believes that further strengthening of the dollar could send the yuan lower than current levels, but does not expect Chinese authorities to let the currency slip beyond 6.8 against the greenback, for fear of a political backlash from trading partners. “[We] expect to see two-way volatility, depending on how the USD moves against other major currencies,” says an investment note […]

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Lombard Odier, in its most recent research note, was less-than-impressed with Bank of Japan’s latest easing package, although the Swiss private bank believes there is still room to maneuver. Markets were given quite the sour surprise as the Bank of Japan forwent launching an aggressive easing package, instead opting to retain its targeted annual increase in money base at ¥80 […]

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UBS Wealth Management’s CIO, Mark Haefele, has delivered the private bank’s latest outlook for the Asia Pacific region. APB Mandate rounds up some of the key takeaways. With global political uncertainty far from over – note a drawn-out Brexit drama, looming US and European elections, Euro banking sector instabilities and TPP – the bank recommends that investors keep a close eye on fundamentals […]

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In a Standard Chartered op-ed, the bank’s global head of investment advisory and strategy for wealth management, Alexis Calla, cautions investors to adapt to a new world of lower returns for higher risks without compromising any that is agility required to capitalise on growth opportunities. Lower returns for higher risks “Today, those seeking a return equivalent to what a bank deposits would […]

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In UBS’ latest note, the Swiss giant reveals its top plays for the second half of the year. Equities: Risk-reward deteriorates but still upside for DM US over Europe; FTSE100 over FTSE250; positive on dividend stocks UBS still sees an upside for developed market (DM) equities in the second half, arguing that that “extreme risk aversion and the prospect for even […]

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UBS reviews its thematic hits and misses during a first half that was not short of surprises. Hit: Structurally low US real rates The bank bet against the broad consensus that global yields were too low for comfort and that a Fed tightening cycle would burst a bonds bubble. Since September, UBS has estimated that a low growth trend would lead […]

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J. Safra Sarasin predicts a future of euro-denominated bonds issued by Chinese corporates whose outbound merger and acquisition activities continue to climb. The issuance of the bonds – or what the bank calls “Reverse Panda” notes – mirrors the path of US corporates whose “Reverse Yankee” bonds make up 15% of the European investment grade indices or €250 billion, second […]

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Despite a spike in the sterling following the confirmation of a new British Prime Minister, currency headwinds are incoming, with Deutsche Bank’s Wealth Management advising against going long. The German wealth manager pinpoints a six-month GBPUSD and EURGBP projection of 1.28 and 0.84, respectively. The pound is currently trading at US$1.32. “All the jitters and woes post-Brexit are expected to continue,” […]

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Swiss private bank Julius Baer’s latest research note touches upon Abe’s strengthened mandate, a positive outlook for the USD and metals. Japan: Strengthened mandate for Abenomics, expect more stimulus With Shinzo Abe sweeping to a clear victory in Japan’s upper house elections last week, Julius Baer expects government stimulus – led by the government and Bank of Japan – to […]

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There is no easy choice between stocks and bonds given expensive equity valuations and low government debt yield, but improving US earnings and attractive dividend yields in Asia ex-Japan has led UBS to be overweight the former. Stable US earnings Overweight US equities; favour IT, consumer discretionary, energy and healthcare After three consecutive quarters of negative earnings per share (EPS) […]

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Lombard Odier’s latest outlook warns investors to act prudently in the face of recession risks and central bank caution. Fixed income – no longer a safe haven “Yields are increasingly negative, diversification is gone and liquidity is fractured.” These trends have all given rise to increased market risk, with the bank citing US$10 trillion in government and corporate bonds now yielding […]

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UBS Wealth Management has released its latest outlook geared towards navigating foreseeable political chaos via APAC opportunities. Post-Brexit, no major impact on Asian assets Though not left unscathed, Asian economic development is expected to elude major consequences, as its direct trade exposure to the UK and EU is relatively low, with fairly manageable risk (despite a non-negligible share to the […]

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Standard Chartered has revealed its top views by asset class amidst a market where yields remain low, equities appear to be fully valued or expensive and uncertainty continues to rule the roost. Constructive on bonds Prefers corporate bonds vs government bonds; Favours US investment grade (IG) bonds, Asia USD bonds and developed market (DM) high yields (HY) Notwithstanding the persistent […]

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Avoid UK-exposed companies in former UK colonies Downside forecast by year-end: 5-10% Despite the basket of UK-exposed corporate (listed in South Africa, Australia, Singapore, India and Hong Kong) outperforming the FTSE 250 by 10% (in dollar terms) since the Brexit event, they have a similar exposure to the index (approximately 50% of revenue and assets). UBS also highlights the big local […]

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Mere hours after the UK voted by the slimmest of margins to break away from the European Union, International Monetary Fund chief Christine Lagarde sounded a shrill warning that parties need to move swiftly to reduce uncertainties so as rein in risk. If nothing else, the Brexit referendum – both in the lead up and especially in the aftermath – […]

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Days out from a referendum that will decide whether the UK remains inside the European Union, Asia’s private banking clients are cashing out, preferring to let the results run their course instead of taking a bet – even as the odds of a ‘Bremain’ result shorten. “Although most people expect that the chances for UK remaining in the EU are higher, quite a […]

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With the yen’s rally likely nearing its end, Lombard Odier believes that any further strengthening presents a tactical opportunity to add dollar risk in portfolios denominated in the Japanese currency. Despite Bank of Japan’s (BoJ) inaction last week, the Swiss pure play believes that the central bank will ease again in July to boost its policy credibility, given that its […]

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The United Kingdom is likely to remain in the European Union, but Falcon Private Bank’s CIO advises clients to underweight equities in the face of slowing global growth and pervasive uncertainty. “We still think that the stay scenario will be chosen on the simple premise that people are afraid of uncertainty and will vote for the ‘stay decision’ or the status quo on the […]

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The United Kingdom is likely to remain in the European Union, but Falcon Private Bank’s CIO advises clients to underweight equities in the face of slowing global growth and pervasive uncertainty. “We still think that the stay scenario will be chosen on the simple premise that people are afraid of uncertainty and will vote for the ‘stay decision’ or the status quo on the […]

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Five months out from the US presidential election, Lombard Odier has bet on Hillary Clinton to beat out Republican frontrunner, Donald Trump, and on US bond yields to benefit from a mix of aggressive spending and a more hawkish Fed. Trumping Trump On Clinton’s win, the Swiss pure play is betting against the historical tendency for incumbent parties to lose control […]

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For the longer-term investor, MSCI’s latest A-shares snub is immaterial, and their imminent inclusion spells a greater opportunity for investors, as China’s total weighting in the emerging market (EM) index could exceed 40%, according to UBS Wealth Management. The Swiss private bank earmarked this figure as the projected weighting of all Chinese equities, listed on and offshore. In the event […]

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UBS Securities (UBSS) has returned to defensive names in the equity market following MSCI’s decision not to include China A-shares in its emerging market index. Defensive in the short-term According to UBSS – the Swiss bank’s Chinese securities joint venture – disappointment surrounding MSCI’s decision, coupled with recent macroeconomic weakness, will shift investor focus to defensive equities – namely those with […]

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With long term interest rates being pushed near to or beyond negative by policy makers, investors should be wary of the “significant risk” posed developed market sovereign bond yields, according to Pictet Wealth Management’s most recent outlook. With global bond yields plunging to a new low in recent days, as “risk off” investors flock to developed market sovereign bonds, Christophe […]

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With long term interest rates being pushed near to or beyond negative by policy makers, investors should be wary of the “significant risk” posed developed market sovereign bond yields, according to Pictet Wealth Management’s most recent outlook. With global bond yields plunging to a new low in recent days, as “risk off” investors flock to developed market sovereign bonds, Christophe […]

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