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UBP - Union Bancaire Privée

Union Bancaire Privée's outlook for 2011
'Owner or lender?'

Brussels (ots)

Will it be better to invest in equities or bonds
in 2011? Growth prospects in emerging countries are strong and the US
economy is improving gradually, so, coupled with the renewed monetary
stimulus, we have a positive outlook for financial assets, especially
equities. This combination should favour shareholders over debt 
holders in 2011. We expect a gradual economic recovery in the G7, but
Pandora's box may have been opened, letting loose risks upon the 
Asian and emerging countries to lead sustained growth in 2011
According to the macroeconomic analysis of Patrice Gautry, UBP's 
Chief Economist, Asia will remain the world's most dynamic economic 
region. A structural growth trend is in place in emerging countries, 
underpinned by domestic consumption and investment. Although 
long-lasting adjustments are likely to hold back the G7 economies, 
loose financial conditions should support a progressive recovery in 
credit and restore a more consistent trend in consumer spending. 
Three countries continue to appear as regional champions in terms of 
their contribution to world GDP and exports, namely the United 
States, Germany and China.
In the midst of this gradual recovery, 2011 should see a stronger,
but lop-sided economic world. "The global economy remains unbalanced,
with a string of recurrent crisis. Economic policy will be a major 
source of risk in 2011 and should be less synchronised than in the 
past", said Patrice Gautry. Central banks have opened Pandora's box, 
unleashing risks upon the world economy. He continued, "As we emerge 
from the financial crisis, the economy is drawing strength from the 
corporate world."
Investment strategy: monetary policies should favour equities
UBP's investment strategy takes into account the prevailing major 
economic trends and reflects budgetary and monetary policies. 
Christophe Bernard, Head of Investment Strategy at UBP, advocates 
being a shareholder instead of a debt holder, as long as monetary 
policy remains accommodative and corporate margins high. He 
recommends focusing on global firms with strong brands, high 
sustainable returns and exposure to emerging markets.
Emerging markets have rebounded and continue to benefit from large
inflows and sustained economic growth. "UBP's preferred emerging 
markets are Russia and China, and we also recommend keeping a 
strategic exposure to emerging debt denominated in local currencies" 
said Christophe Bernard. He added, "We favour the energy and 
financial sectors, and real assets over nominal assets, with our 
preferred commodities being oil, copper and platinum."
About Union Bancaire Privée
Union Bancaire Privée, UBP SA (UBP) is based in Geneva and is one 
of Switzerland's leading private banks. Active in the field of asset 
management for both private and institutional clients and with a very
solid balance sheet, the Bank had some CHF 65 billion (USD 69 
billion) in assets under management as at 31 December 2010. UBP 
employs some 1,200 people in over 20 locations worldwide and provides
a complete range of innovative investment products and services, both
in traditional and alternative asset management, with the aim of 
achieving a high performance and protecting clients' capital.


Jérôme Koechlin
Head of Corporate Communications
Phone: +41/58/819'26'40

Rohan Sant
Press relations
Phone: +41/58/819'26'23

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