08.04.2025
World growth under tariffs
The tariffs announcement by US President Trump last Wednesday evening exceeded most expectations, raising the average tariff on US imports from 2.5% to 24%, a level not seen since the 1930–40s.
Michaël Lok
Group CIO and Co-CEO Asset Management
Genebra, Suíça
English, French
Michaël Lok is Group CIO and Co-CEO Asset Management at UBP. He has over 25 years of experience in wealth and asset management.
Before joining UBP in 2015, he was Global Head of Asset Management with Indosuez Wealth Management (Crédit Agricole Group), where he developed a range of UCITS funds for Private Banking and a set of UHNWI mandates and dedicated investment solutions with a focus on Asia and Latin America. This followed his roles as Head of Investment and Head of Risk and Quantitative Portfolio Management. Before that, he was Portfolio Manager at Banque Martin Maurel and HSBC France (ex-CCF).
Michaël Lok holds two Master’s degrees, one in Finance (DESS) and one in Banking and Finance (DEA), from the University of Aix-en-Provence (France).
Explorar mais de Michaël
02.04.2025
Technology: providing access to the Chinese market
Supported by innovation and the government, technology is the only Chinese sector offering great visibility.
13.03.2025
UBP House View - March 2025
Trump’s activism on the US economy is creating fears of recession. To navigate short-term turbulence, we have tactically scaled back our exposure to macro-sensitive assets, such as US equities, including US midcaps, along with high-yield and emerging-market debt, while increasing our allocation to gold.
04.03.2025
Can US equities sustain their momentum?
US corporate earnings growth is slowing. Unless it picks up again, stocks will become overvalued.
06.02.2025
UBP House View - February 2025
On his return to the Oval Office, Donald Trump swiftly sparked uncertainty with a trade offensive against Mexico, Canada and China. We expect the return of protectionist policies to fuel market volatility in the months ahead. In this environment, hedge funds and precious metals stand out as resilient investment choices.
04.02.2025
The Trump Trade: Interest rates react with a jump
The inevitable increase in interest-rate volatility is clouding the short-term outlook for the credit market.
17.01.2025
UBP House View - January 2025
Trump's agenda of higher tariffs, tax cuts, and stricter immigration measures could, if actually implemented, spur inflationary pressures, thus curbing the momentum for interest rate cuts. This ‘higher-for-longer’ interest rate environment favours hedge funds over fixed income investments – an asset class we have downgraded from 3/5 to 2/5.
09.01.2025
Switzerland and the new world order
The Covid pandemic has reshaped the global economy. It produced an exogenous shock that caused upheaval across the globe between 2020 and 2022, leading to a new world order.