Changing context UBS Wealth Insights
Hong Kong, January 12, 2018

UBS Wealth Insights 2018

The world is experiencing robust and synchronized economic growth, supporting rising global equity markets. But the investment context is changing. Central banks are beginning to withdraw stimulus. Geopolitics is in flux. And technological disruption is impacting economies, markets, and industries.

This year's Wealth Insights series titled "Changing Context”, will provide investors with the guidance they need to navigate these changes, and protect and grow their wealth in the year to come.

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UBS Wealth Insights LinkedIn group

The UBS Wealth Insights group on LinkedIn is designed to explore wealth management and market trends in Asia Pacific


Keynote speakers:

John Kerry

The Honorable John Kerry

68th United States Secretary of State (2013-2017)

On February 1, 2013, John Forbes Kerry was sworn in as the 68th Secretary of State of the United States, becoming the first sitting Senate Foreign Relations Committee Chairman to serve as Secretary in over a century. Kerry drew from this experience to provide the State Department with global stewardship on issues ranging from nuclear non-proliferation to radical extremists, to humanitarian challenges and the rising threat of climate change.

In 2013, Kerry became the first Secretary of State to meet with Iran’s Foreign Minister since the Iranian revolution of 1979. This meeting was the highest-level U.S. diplomatic contact with Iran in more than six years, and a key moment on the journey towards the eventual signing of the landmark 2015 agreement to prevent Iran from attaining a nuclear weapon.

Faced with the rising threat of global climate change, Kerry was also a key architect of the Paris Climate Accord, signing the historic agreement to reduce carbon emissions in 2016.

Kerry drew upon a lifetime of public service during his tenure as Secretary.
Shortly before he graduated from Yale University, Kerry volunteered for service in the United States Navy. He completed two tours of duty in Vietnam, including serving as a Swift Boat skipper patrolling the rivers of the Mekong Delta. Lt. Kerry returned home from service in Vietnam with a Silver Star, a Bronze Star with Combat V, and three Purple Hearts.

Back in the United States, Kerry felt compelled to speak out against the war in which he had served. Testifying at the invitation of Chairman J. William Fulbright before the Senate Foreign Relations Committee he would chair 38 years later, he asked the poignant question, “How do you ask a man to be the last man to die for a mistake?” He also began a lifelong fight for his fellow veterans as a co-founder of the Vietnam Veterans of America, and later as a Senator who fought to secure veterans’ benefits, extension of the G.I. Bill for Higher Education, and improved treatment for post-traumatic stress disorder.

After receiving his law degree from Boston College Law School in 1976, Kerry went to work as a top prosecutor in Middlesex County, Massachusetts, where he took on organized crime, fought for victims’ rights, and created programs for rape counseling. He was elected Lieutenant Governor of Massachusetts in 1982 and was elected to the United States Senate two years later.

In 2009, Kerry became Chairman of the Senate Foreign Relations Committee, assuming a leadership role on key foreign policy and national security issues facing the United States, including Afghanistan and Pakistan, China, nuclear non-proliferation, and global climate change.

In addition to his 28 years on the Senate Foreign Relations Committee, Kerry also held senior positions on the Finance, Commerce, and Small Business committees. He served as a member of the bipartisan Joint Committee on Deficit Reduction, where he worked across party lines to try and reduce the country’s debt and strengthen our economy. Prior to his departure from the Senate, Kerry was the seventh-most senior Senator.

A best-selling author of A Call to Service: My Vision for a Better America and This Moment on Earth, Secretary Kerry announced in 2017 he will be writing a memoir, expected in 2018. He is currently a Distinguished Fellow for Global Affairs at Yale University as well as the inaugural Visiting Distinguished Statesman for the Carnegie Endowment for International Peace.

Kerry was the Democratic Party’s nominee for President of the United States in 2004. He and his wife Teresa Heinz Kerry have two daughters, three sons, and six grandchildren.

Special Guest Speaker

Sir Christopher A. Pissarides

Sir Christopher A. Pissarides

Born: 1948, Nicosia, Cyprus
Field: Macroeconomics, Labor Economics
Awarded: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010, shared with Peter A. Diamond and Dale T. Mortensen
Prize-winning work: Analysis of markets with search frictions
Affiliation: Professor in Economics and Political Science at LSE

Though Pissarides, a Cypriot living in London, is without a doubt the expert on European economics among his fellow Laureates, quoted in the press on the future of the Eurozone and European integration, his research focuses not only on Europe but on global developments with regard to economic growth and economic policy.

He was awarded the Nobel Prize in Economic Sciences in 2010 for his work on unemployment, analyzing why there are people unemployed when jobs are available. He studied how well-connected and how well-matched people are in the labor market. His work went on to determine much of future research and policy making around labor, housing, loan allocation and other markets’ economic activity that requires match-making.

Pissarides has also worked and publicly commented on future technologies and how they will change working environments. He agrees that jobs will be lost in the future. As an economic advisor, he calls on governments to help workers to re-allocate and to re-educate, emphasizing that policy makers will need to provide good social services, a good infrastructure and a support in job creation at the lower end. As possible solutions, he has also suggested a higher taxation of top incomes, a zeropercent taxation of low-income jobs and a universal basic income, especially for single-parent families.

Selected papers and presentations (2011-2017)

• The New Normal in China: Lessons from Europe
• Is the Greek Crisis One of Supply or Demand?
• Social Europe in a Climate of Austerity
• Unemployment in the Great Recession

Main UBS Speakers:

Amy Lo

Amy Lo

Chairman and Head Greater China,
UBS Wealth Management
Chief Executive, UBS Hong Kong Branch
Group Managing Director

August 2017

Amy Lo is Chairman and Head of Greater China of UBS Wealth Management, Chief Executive of UBS Hong Kong Branch, and a Group Managing Director at UBS. Based in Hong Kong, she leads UBS's wealth management business in the Greater China region. As the Chief Executive of the Hong Kong Branch, she is responsible for the firm's strategic development and oversees business activities in Hong Kong.

Since joining the firm in 1995, she has held a number of senior management positions including Regional Head of Ultra-High Net Worth (UHNW) in Asia Pacific where she built up the practice and offering into today's position as the leading regional wealth manager for UHNW individuals.

Amy chairs the Hong Kong Private Wealth Management Association (PWMA); is a member of the Exchange Fund Advisory Committee (EFAC) Financial Infrastructure Sub-Committee of Hong Kong Monetary Authority; a member of the Banking Industry Training Advisory Committee of the Hong Kong Education Bureau; and a member of the MBA Advisory Board at the University of Hong Kong. She is also an Advisor of the Industrial Consulting Committee at the HongKong X-Tech. Amy was recently named by a top-tier media in China, China Business News, as one of the "Hong Kong Top 20 in the next 20 years" for her contribution to innovation developments in Hong Kong.

Amy is a Board Member of the UBS Optimus Foundation, the independent global grant-making foundation aimed at improving the education and welfare of children globally.

Mark Haefele

Mark Haefele

Global Chief Investment Officer,
UBS Wealth Management

Mark Haefele is the Global Chief Investment Officer UBS Wealth Management and is the chair of the UBS Global Investment Committee. He oversees investment policy and strategy for approximately USD 2trn in invested assets. He joined UBS as Head of Investment, CIO WM, when the CIO office was founded in 2011. Before that he was the cofounder and co-fund manager at Sonic Capital. He also served as a Managing Director at Matrix Capital Management. A former lecturer and acting dean at Harvard University, Mark is a frequent contributor to numerous financial media, including CNBC, Bloomberg, and the WSJ. He serves on the Foundation Board of the Pension Fund of UBS. After receiving his BA from Princeton, he earned both an MA and PhD from Harvard University. As a Fulbright Scholar, he also received an MA from the Australian National University.

Mike P. Ryan

Mike P. Ryan

Chief Investment Officer Americas
UBS Wealth Management

Professional history

Mike is Chief Investment Officer Americas for UBS Wealth Management. Mike is responsible for bringing together market and investment insights from multiple sources and positioning them so as to optimize impact for UBS clients. As Head of CIO Americas, Wealth Management, Mike manages over 40 U.S.-based research professionals dedicated exclusively to serving the needs of
individual investors.

Mike is a member of the WMA Executive Committee, in addition to serving on UBS’s Global Investment Committee and Global CIO Management Committee, which is responsible for formulating the UBS Wealth Management Investment House View.

With more than 30 years of experience in the financial industry, he is widely recognized as a leading market expert.

Professional affiliations

Mike is a Chartered Financial Analyst® and a member of the CFA Institute (formerly the Association for Investment Management Research), the Fixed Income Analysts Society Inc. (FIASI) and the New York Society of Security Analysts (NYSSA).

Media exposure

Mike appears regularly on CNN, CNBC, PBS, TV Tokyo and Bloomberg Television. He is frequently quoted in The Wall Street Journal, Dow Jones News Services, Reuters, Financial Times, Nikkei news and Bloomberg.


Mike holds an M.B.A. in finance from the University of Rochester’s William E. Simon Graduate School of Business Administration, and a B.A. in political science/economics from the University of Rochester.

Tan Min Lan

Tan Min Lan

Head APAC Investment Office
Chief Investment Office,
UBS Wealth Management

Tan Min Lan is a Group Managing Director at UBS AG. Since July 2013, she is the Head of the APAC investment office at UBS Wealth Management. She serves on the Global Investment Committee, Emerging Market Investment Committee and Asia Investment Committee at UBS Wealth Management, which formulate the regional and global UBS House View.

Prior to joining UBS Wealth Management, Min Lan spent eleven years with the UBS Investment Bank where she held a number of senior appointments. From 2002-2012, Min Lan was the Head of Research and Strategist at UBS Securities Singapore. Over this period, Min Lan was ranked a top analyst in Asia across major institutional investor surveys, including being named the Number 1 analyst in Singapore by Asiamoney for ten straight years. From 2006, she was concurrently appointed the Head of Equities for Singapore, with oversight of research, sales, trading and execution, prime brokerage and exchange traded derivatives. In 2012, Min Lan was made the Global Head of FICC Macro Strategy Research, where she was in charge of teams covering global asset allocation, global emerging markets, fixed income, FX and credit research. 

Before joining UBS, Min Lan worked as a senior economist with the Econometric Modelling unit at the Monetary Authority of Singapore, as well as an economist and strategist at Merrill Lynch covering the Asian equities markets. Min Lan holds a Bachelor in Accountancy (Hons) from the National University of Singapore and is a CFA charter holder. She also sits on the Investment Review Committee of the Singapore National Kidney Foundation. 

Kelvin Tay

Kelvin Tay

Regional Chief Investment Officer,
UBS Wealth Management

Kelvin Tay is the Regional Chief Investment Officer at UBS Wealth Management. Kelvin is a member of the UBS Global Emerging Markets Investment Committee, as well as the Asia-Pacific Investment Committee where he provides strategic research and inputs to the investment and asset allocation process across asset classes.

Based in Singapore, Kelvin joined UBS Wealth Management Asia in April 2006 and was deputy head of P&S Consulting (Southeast Asia), where he helped clients structure investment portfolios based on asset allocation. Prior to joining UBS, Kelvin worked at Deutsche Bank Private Wealth Management (Asia) as the Asian & European Equity Strategist responsible for Asian & European equity selection. He was also the portfolio manager of the Asian equities portfolio and was also responsible for conducting funds research.

From 2002 to 2004, Kelvin was a Regional Telecoms Analyst with JPMorgan Chase where he was consistently one of the top 3 rated regional Asian telecoms analysts in international surveys such as AsiaMoney and Institutional Investor.

From 2000 to 2002, Kelvin was a Regional Telecoms Analyst with ABN AMRO (Asia) Ltd in Hong Kong, where he was ranked No.3 in AsiaMoney's Asia-wide regional telecoms analyst survey in 2001 and his team was ranked No. 1 in the 2000 Greenwich survey. Prior to that, Kelvin worked at Overseas Union Bank in Singapore as a credit analyst in loan syndications and capital markets.

Peter Stephens

Peter Stephens

Head of Blockchain and UK Innovation - UBS AG

Pete leads UBS' exploration and development of blockchain and Distributed Ledger Technology solutions, based out of the Level39 FinTech accelerator in London's Canary Wharf. He has been with UBS since 2003, working in a variety of technology roles in Europe and Asia. Pete spent the last nine years based in Hong Kong, where most recently he represented the UBS Group CTO in Asia Pacific with an additional global responsibility for the architecture management of the UBS regulatory change portfolio. Pete's earlier career at UBS had a deep focus on Investment Bank Operations technology, prior to which Pete worked as a technology consultant for IBM and PwC. He holds a Masters in Electronic and Electrical Engineering from the University of Leeds.

Other speakers/panelists:

Sundeep Gantori

Sundeep Gantori

Equity Analyst,
UBS Wealth Management Chief Investment Office

Sundeep Gantori is an equity analyst responsible for covering the global technology sector and the Asia ex-Japan Focus 20 list, which features CIO's highest conviction ideas in the region.

Sundeep joined UBS Wealth Management as an equity analyst in February 2007. His coverage primarily focuses on global technology sectors including internet, semiconductors, software and services, and hardware. Additionally, Sundeep is also responsible for managing the Asia ex-Japan Focus 20 list, covering Taiwanese equities and developing other thematic ideas. Before joining UBS, Sundeep worked as an equity analyst at PCS Securities, an Indian brokerage firm where he was covering the Indian IT and telecom sectors.

During the past few years, Sundeep has authored many thought-leadership pieces on topics like AI, automation, cryptocurrencies, blockchain, etc., and his views regularly appear across high-profile media outlets.

Yifan Hu

Yifan Hu

Regional Chief Investment Officer & Chief China Economist
UBS Wealth Management

Dr Yifan Hu joins us as Regional CIO Greater China & Chief China Economist. She is based in Hong Kong, and serves as a member of the CIO Asia Investment Committee as well as the CIO Emerging Markets Investment Committee. Working alongside the investment teams globally and in Asia Pacific, Yifan is helping shape CIO's macroeconomic and investment views on China. 

Yifan has held several Chief Economist positions since 2007, most recently at Haitong International where she was tasked with leading H-share equity research. Prior to this role, Yifan worked as a Chief Economist at CITIC Securities, China Economist at France's Natixis, and China Strategist at Merrill Lynch. Her views and columns can be found in leading financial media.

Prior to that, Yifan was an Assistant Professor at the School of Business and Economics at the University of Hong Kong and published extensively in the international and Chinese academic journals. Yifan has considerable experiences in research and consulting, and served in various prestigious organizations including the World Bank and The Peterson Institute for International Economics (PIIE) in Washington D.C

Yifan received her Ph.D in Economics from Georgetown University and B.S. in Economics from Zhejiang University. 

Adrian Zuercher

Adrian Zuercher

Managing Director
Head Asset Allocation APAC, 
UBS Wealth Management Chief Investment Office

Adrian Zuercher is Managing Director and Head Asset Allocation APAC at UBS Chief Investment Office WM in Hong Kong. In his role, he is responsible for the Asian asset allocation strategy for both advisory and discretionary mandates. He chairs the Asia Investment Committee and serves as a member of the Emerging Market Investment Committee which formulates the global UBS House View. Before joining UBS, Adrian was head of emerging market strategy and global asset allocation strategist at Credit Suisse Asset Management in Hong Kong. Prior to that, he was a fund manager in charge of Asia at VP Bank Asset Management, and a portfolio manager at F. van Lanschot Bankiers. Adrian holds a master's degree in finance and economics from the University of Bern and is a Chartered Financial Analyst.