UBS Mid-Year Outlook 2026

Charting the horizon

The UBS Mid-Year Outlook brings together the latest CIO perspectives on the forces driving global markets and volatility today, from rising earnings to geopolitical conflict, surging energy prices, and higher rates. All of these drivers carry important implications across Asia that cannot be ignored.

Beyond the macro backdrop, we will explore how to position portfolios for both uncertainty and for emerging themes shaping tomorrow, from the commodities supercycle and China’s next phase of growth, to longevity breakthroughs and technological change. Learn how to capture the next leg of the AI trade, as it transforms how we all work, spend, and interact across the global economy.

Join us for an exclusive conversation exploring the ideas and forces shaping the global investment landscape.

Event highlights

Event replay

Welcome Address

Power shifts: Geopolitics, China, and the multipolar world

As geopolitical tensions rise and global alliances are tested, investors are rethinking China’s role in a fragmented world. How will Middle East conflicts and evolving US-China dynamics reshape China’s trajectory? This session explores the new geopolitical landscape and what it means for investors seeking clarity amid uncertainty.

Mid-Year Outlook 2026: From AI to ROI?

So far, this year has shown how quickly market narratives can shift, and how costly it can be when portfolios are underinvested or overconcentrated. AI leaders, resilient growth, and fiscal support have kept stocks moving higher. Moreover, China has re-entered the global conversation. Looking ahead, higher interest rates, broadening market leadership, and lingering questions over AI outcomes are likely to command investor attention. Learn which signals, opportunities, and portfolio moves may matter most in the CIO Mid-Year Outlook 2026.

Riding the waves: Multi-asset strategies for evolving markets

While markets continue to navigate elevated inflation, geopolitical developments, and ongoing questions around AI-related capital expenditure, how should investors diversify their portfolios? This panel explores actionable strategies for allocation across equities, fixed income, commodities, and private markets, from a global and Asia Pacific perspective.

Rethinking education: How to prepare for the age of AI?

As AI transforms the classroom and the workplace, what does it mean to be truly prepared? Fangzhou Jiang, Co-founder of Crimson Education, reveals how high-performing students can stand out and understand what top universities and employers are really looking for in the AI era.

In conversation with Jean Eric Salata: Insights from a private equity veteran

Jean Eric Salata, Chair of EQT Group, shares insights from over three decades of investing through market cycles, exploring where he sees the most compelling opportunities today across regions, sectors, and AI-driven innovation. Drawing on his experience leading one of the world’s most successful private equity firms, he also reflects on the leadership principles and long-term themes shaping the next generation of investment winners.

The longevity economy: Capturing health care opportunities

As lifespans extend and aging populations speed up structural economic changes, longevity is emerging as a defining long-term investment theme. Hear from experts on how opportunities in health care, such as biotech innovation, AI-enabled drug delivery, and women’s health, are converging with longer-term demographic tailwinds, helping investors capitalize on the longevity economy’s transformative growth.

Property pulse: Hong Kong and mainland China real estate outlook

Mainland China’s property market faces its own challenges. But has Hong Kong truly turned the corner? In this closing session, Wing Ching Shih, Founder and Chairman of Centaline Group and John Lam, Head of Asia Property Research at UBS, draw on their deep market expertise to reveal where they see real estate risks and opportunities emerging across Greater China.

Amy Lo
Chairman Global Wealth Management Asia; Head and Chief Executive, UBS Hong Kong

Amy Lo is Chairman, Global Wealth Management Asia, Co-Head of Wealth Management Asia Pacific, Head and Chief Executive of UBS Hong Kong, and a Managing Director at UBS. Amy has over 30 years of experience in the banking industry. Since joining UBS in 1995, she has held a number of senior management positions including Regional Head of Ultra High Net Worth and Global Family Office in Asia. Today, the ultra-high net worth business is the leading wealth manager for ultra-high net worth individuals in the region.

Actively involved in the development of the private banking industry in Hong Kong, Amy chairs the Executive Committee of the Hong Kong Private Wealth Management Association (PWMA), and is a Board Member of the Hong Kong Financial Services Development Council (FSDC) and the Hong Kong Academy for Wealth Legacy. She is also a member of the Banking Industry Training Advisory Committee of the Hong Kong Education Bureau and an advisor of Our Hong Kong Foundation.

A passionate supporter of youth education and technological innovation in Greater China, Amy is a member of The Court and the MBA Advisory Board at The University of Hong Kong, and a member of the Advisory Committee of the Department of Social Work at The Chinese University of Hong Kong. She is also a Board Member of the UBS Optimus Foundation, the independent grant-making foundation that helps UBS clients improve the education and welfare of children globally.

In recognition of her contribution to the wealth management industry, Amy was named Private Banker of the Year in the Asian Private Banker Awards for Distinction 2020 and 2023. She also received the Executive Award at the DHL/SCMP Business Awards 2018 for her efforts in building UBS as a corporate citizen in Hong Kong. She was also named by a top-tier Chinese media, China Business News, as one of the "Hong Kong Top 20 in the next 20 years" for her contribution to innovation developments in 2017.

Jeff Blazek
Managing Director, Multi-Asset Co-Chief Investment Officer, Neuberger Berman

Jeff Blazek, CFA and Managing Director, is Multi-Asset Co-Chief Investment Officer. Jeff joined Neuberger Berman in 2024 and is responsible for co-leading the firm’s multi-asset investment activity, driving portfolio construction and developing investment outlooks.

He serves as co-chair of the firm's Asset Allocation Committee and Public Private Investment Committee, and he is also a member of the Investment Risk Committee.

Previously, Jeff spent over 12 years at Cambridge Associates, having founded and led the firm’s New York City office, and serving as co-leader of the Endowment & Foundation practice and as Head of the Healthcare practice. Jeff has also worked in-house at two investment offices: Managing Director at New York-Presbyterian Hospital for three years, and Portfolio Manager at Teacher Retirement System of Texas for five years.

Jeff has over 26 years of investment experience. Jeff holds a Bachelor of Business Administration and Master of Professional Accounting from University of Texas at Austin, and he is a CFA Charterholder. Jeff serves on the BBA Advisory Board for UT’s McComb School of Business.

George Cheveley
Portfolio Manager of the Ninety One Global Gold Fund, Co-Portfolio Manager of the Ninety One Global Natural Resources Fund

George is a portfolio manager and metals and mining specialist in the Natural Resources team at Ninety One. George is a portfolio manager for the Global Gold strategy and co-portfolio manager for the Natural Resources strategy. He covers all aspects of metals and mining supply and demand including, most recently, the impact of renewable energy and electric vehicles on metals demand.

Prior to joining Ninety One, George was a market analyst for three years at BHP Billiton, working in The Hague and Singapore. He was recruited to BHP Billiton in 2004 from CRU (Commodities Research Unit), an independent metals/chemicals related research company based in London. At CRU, he spent three years in the Carbon Steel team and five years as a Research Manager – Copper, providing in-depth research and forecasts to the industry, banks and hedge funds. George began his career in 1990 in operations at British Steel Strip Products, working for three years in the Tinplate division.

George graduated from the University of Oxford in 1989 with an honours degree in Classics and in 1995 was awarded a Master of Business Administration from Warwick University.

Yifan Hu
Chief Investment Officer Greater China & Head Macroeconomics APAC, UBS Global Wealth Management

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

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.

Fangzhou Jiang
Co-founder & Chief Product Officer, Crimson Education

Fangzhou Jiang is the co-founder of Crimson Education, a published author, and a graduate of the joint MPA/MBA program at Harvard Kennedy School and Stanford Graduate School of Business. Born in Shaanxi, China, Fangzhou moved to New Zealand as a teenager, where he became the first international student in the country’s history to receive the Premier Scholarship - New Zealand’s highest academic honor.

He went on to earn dual degrees in Computer Science and Commerce from the Australian National University on a full merit scholarship, followed by an MS in Management Science & Engineering from Stanford University and an MA in Global Affairs from Tsinghua University as a Schwarzman Scholar. At Harvard, Fangzhou was named a John F. Kennedy Scholar and was also a recipient of the Presidential Public Service Fellowship. He has also been admitted to many of the world’s leading institutions, including Yale, MIT, Columbia, Wharton, and others.

At Crimson, Fangzhou leads global business development and drives the company’s AI strategy, helping shape how technology can transform personalized education and student outcomes at scale. Over the past decade, he has guided students to offers from all eight Ivy League universities and Oxbridge every year.

Fangzhou published his book Classroom CEO: Think Like an Entrepreneur, Thrive as a Student, which helps students develop entrepreneurial thinking to succeed in the AI era. He was named to the Forbes 30 Under 30 list and has been recognized by APEC as a global young leader. Beyond Crimson, Fangzhou serves as an Industry Advisor and Entrepreneurship Coach at MIT Sloan School of Management and as an Adjunct Associate Professor in the Faculty of Business and Economics at the University of Auckland.

John Lam
Managing Director, Head of Asia Property Research, UBS Investment Bank

John Lam joined UBS in October 2018 and is currently head of Asia property team. His team covers >80 stocks across mainland China, Japan, Singapore, Australia, HK and ASEAN Property. In 2022, 2024, 2025 All-Asia Institutional Investor survey, John and team were the top ranked property team, and top 3 ranked team in 2017-2025 All-Asia Institutional Investor Survey. Prior to UBS, he was with Morgan Stanley in 2010-18, where he was originally a top ranked China cement analyst in 2014-2018 and cement analyst in 2010-2014, switching to property in early 2015.

Cheng Li
Founding Director, Centre on Contemporary China and the World (CCCW); Professor, School of Governance and Policy, The University of Hong Kong

Cheng Li is professor of political science and founding director of the Centre on Contemporary China and the World at the University of Hong Kong. Dr. Li’s research areas include the transformation of political leaders, the Chinese middle class, technological development in China, Sino-U.S. relations, and global governance. Li is the author and editor of 20 books, including more recently China-U.S. Relations: Converging Visions in a Shifting Global Landscape (2025), Middle Class Shanghai: Reshaping U.S.-China Engagement (2021), The Power of Ideas: The Rising Influence of Thinkers and Think Tanks in China (2017), and Chinese Politics in the Xi Jinping Era (2016).

Prior to joining the University of Hong Kong, Li served as director and senior fellow at the Brookings Institution’s John L. Thornton China Center. Dr. Li is also a director of the National Committee on U.S.-China Relations, a member of the Council on Foreign Relations, a Distinguished Fellow of the Munk School of Global Affairs and Public Policy at University of Toronto, and a scholar-in-residence in the Asia Society Hong Kong. Li received an M.A. in Asian Studies from the University of California at Berkeley and a Ph.D. in Political Science from Princeton University.

Xinyan Li
Chief Executive Officer and Chief Medical Officer of Frontera Therapeutics

Dr. Li Xinyan has 5 years of clinical practice experience, over 10 years of experience in immunology and biotechnology R&D and dedicated more than 25 years to engagement in innovative drug research and development. She brings extensive experience overseeing global drug development through its full life cycle.

Prior to founding Frontera Therapeutics, she spent over 16 years at Zensun (Shanghai) Sci. and Tech. Co., Ltd, advancing multiple candidate drugs to implementation. She subsequently served as Chief Medical Officer at KPC Pharmaceuticals, Inc and served as senior vice president at CARsgen Life Sciences Co., Ltd. She has deeply participated in core operation and management of multiple innovative biotech enterprises, amassing abundant industry expertise.

Her expertise covers the CGT (Cell and Gene Therapy) sector, full-process R&D of innovative biological products, medical affairs planning, and comprehensive operation management of pharmaceutical companies. She has accumulated profound professional capabilities and hands-on experience in clinical drug development, regulatory registration and industrialization, making her a senior industry expert in China’s innovative biomedicine sector.

Delwin Limas
Global Technology & AI Strategist – Executive Director, UBS Global Wealth Management

Delwin Limas is a lead global technology strategist in the UBS Chief Investment Office (CIO), where he oversees the firm’s flagship AI portfolio. With over a decade of industry experience, he has previously managed thematic technology portfolios spanning 5G, digital subscriptions, distributed ledger technology, and the ABCs of tech (AI, Big Data, and Cybersecurity).

Based in Singapore, Delwin regularly shares insights through weekly tech newsletters and has authored thought leadership pieces on quantum computing, humanoids, and next-generation connectivity. He graduated with First-Class Honours in Mathematics from Nanyang Technological University, earning double minors in Computing and Risk Management, and was awarded the prestigious Koh Boon Hwee Scholars Award. Delwin also holds the Chartered Financial Analyst (CFA) designation.

Kishore Mahbubani
Distinguished Fellow, Asia Research Institute, National University of Singapore

Kishore Mahbubani has dedicated three decades of his life to public service. In his 33 years as a Singapore diplomat, Kishore took on many challenging assignments. He also served two stints as Singapore’s Ambassador to the UN (1984-1989 and 1998-2004) and held the position of Permanent Secretary of the Ministry of Foreign Affairs from 1994 to 1998.

Kishore had an equally illustrious career in academia. He was the Founding Dean of the Lee Kuan Yew School of Public Policy from August 2004 to December 2017. He has been a prolific author and has published ten books. His ninth book, The Asian 21st Century, is an open access volume which has been downloaded over 4.35 million times. His latest book, a memoir titled Living the Asian Century, was published in August 2024.

Kishore has also been listed among the world’s top 100 public intellectuals by Foreign Policy and Prospect magazines and among the Top 50 individuals who would shape the debate on the future of capitalism by the Financial Times. He was inducted into the American Academy of Arts and Sciences in October 2019.

Masaki Nakamura
Managing Director, Private Equity, Tokyo, KKR

Masaki Nakamura (Tokyo) joined KKR in 2014 and is a member of the Health Care and Semiconductor industry teams within Private Equity. Mr. Nakamura originally joined the firm as a member of KKR Capstone before transitioning to the Private Equity team. From 2019 to 2020, he worked on KKR’s U.S. Health Care investment team in Menlo Park. He has been actively involved with KKR’s investments in PHC Holdings (formerly Panasonic Healthcare), KOKUSAI ELECTRIC (formerly Hitachi Kokusai Electric), Bushu Pharma, and Hoken Minaoshi Hompo.

Prior to KKR, he was an engagement manager at McKinsey & Company in their Tokyo, Stuttgart and New Jersey offices, where he was a member of the health care practice. He holds a degree in Medicine (M.D.) from University of Tokyo.

Jean Eric Salata
Chair, EQT Group

Jean Eric Salata is Chair of EQT Group and Chair of EQT Asia. He previously founded Baring Private Equity Asia in 1997, which eventually became one of the largest private equity firms in the region. In 2022, BPEA merged with EQT to create a global private markets firm spanning the US, Europe, and Asia.

EQT is a purpose-driven global investment organization with US$316 billion in total assets under management as of March 31, 2026. It is the second largest PE firm globally, and the largest firm headquartered outside the United States. In Asia, EQT has 350 team members across 9 offices in Hong Kong, Singapore, Mumbai, Tokyo, Seoul, Beijing, Shanghai, Sydney and Bengaluru. The group has invested approximately USD35 billion in Asia Pacific since 1997, and its portfolio today employs more than 280,000 people in the region.

Mr. Salata brings an international perspective, having lived in Chile as a child, completed his education in the United States, and lived and worked in Asia since 1989. Mr. Salata graduated magna cum laude from the Wharton School of the University of Pennsylvania with a B.S. in Finance and Economics.

Simone Song
Founder, ORI Capital

Simone Song is the founder of ORI Capital (“ORI”), and the senior partner of ORI Healthcare Funds which focus on investing in early stage and innovative healthcare companies globally.

Simone chairs the Investment Committee of ORI and formulates ORI’s quantamental investment strategy that incorporates artificial intelligence with human analyses. She is the architect of ORI’s proprietary AI-empowered ecosystem specifically developed for healthcare venture investment. She also oversees deal origination, due diligence, valuation, making investment, and portfolio management. Simone currently serves as investor director on several companies that ORI Healthcare Funds have invested in, including AffyImmune, Enable Injections and Pillar Biosciences.

Simone was the former Head of Goldman Sachs Healthcare Investment Banking for Greater China. Prior to joining Goldman Sachs, she was a Managing Director of Cowen Group; a member of the advisory board of AXA Investment Managers, and an executive board advisor to AXA Asia Pacific Holdings.

Simone received a BA in Economics from Fudan University in China and a MA in Economics from Claremont Graduate School in America.

Wing Ching Shih
Founder & Chairman, Centaline Group

Wing Ching Shih was born in Shanghai and brought up in Hong Kong. Shih founded Centaline Group and acts as its Chairman. Centaline has been majoring its business in property agency and has now developed as an enterprise involving in diversified businesses including surveying and valuation, mortgage agency, data consolidation, financial services, wealth management, securities brokerage, credit reporting, property management and online media.

Apart from involving in commercial activities, Shih actively participates in public services. Shih served respectively as the Member of the Advisory Committee of Hong Kong Independent Commission Against Corruption, the Hospital Governing Committee of The Hospital Authority, The Hong Kong Housing Authority, The Commission on Strategic Development, Task Force on Economic Challenges, The Estate Agents Authority and The Consumer Council.

With enthusiasm for charity and public welfares, and for cultural development, Shih also served as the Council Member of Oxfam Hong Kong, the Honorable Director of Sowers Action, Chairman of Green Council and Chairman of the Board of Governors of Hong Kong Sinfonietta.

Outside of work, Shih is a newspaper columnist and a host for electronic media. As Shih has keen interests in academic activities, he frequently delivers speeches for the tertiary institutions on topics not limited to the real estate, but also on wide range of issues such as politics, the economy, and even natural science and philosophy. Owing to the uniqueness of his point of view coupled with strong ability of expression, Shih is a well received commentator with his comments widely concerned by the society.

Min Lan Tan
Head Chief Investment Office APAC, Chief Investment Office, UBS Global Wealth Management

Min Lan Tan is the Head of the Asia Pacific Investment Office at UBS Global Wealth Management Chief Investment Office, since July 2013. She serves as a member of the House View Investment Forum and Asia Investment Meeting, which formulate the regional and global UBS House View.

Prior to joining UBS Global 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 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 sits on the Board of Trustees of the Singapore University of Technology and Design (SUTD).

Adeline Chien
Head of Global Wealth Management Hong Kong and South East Asia Hong Kong, UBS Global Wealth Management

Adeline Chien is Managing Director, Head of Global Wealth Management Hong Kong Domestic and South East Asia in Hong Kong at UBS Global Wealth Management. She is responsible for formulating business strategy, implementing business plan and overseeing the day-to-day operations of the Hong Kong Domestic market.

Adeline has been in the Private Banking industry since 1991. She joined UBS Wealth Management in 1995 as Client Advisor, then later as Desk Head in the Hong Kong team. She joined Goldman Sachs Private Wealth Management as Executive Director in 2004. She re-joined UBS Wealth Management during 2008 and 2010 as Cluster Head in the Ultra-High-Net-Worth team. Prior to re-joining UBS Wealth Management again as Country Team Head in 2014, she was Managing Director at EFG Bank (2010-2012) and Barclays Bank (2012 – 2014). She was appointed Regional Market Manager for Hong Kong Domestic team in March 2018. She became Head of Hong Kong Domestic in April 2019 and was appointed Head of Hong Kong Domestic and South East Asia in February 2020.

Adeline graduated in Finance at The Wharton School of University of Pennsylvania. She holds an EMBA from the University of Western Ontario, Richard Ivey School of Business. Adeline is fluent in English, Cantonese and Mandarin.

Jon Gordon
Cross-asset Strategist, UBS Global Wealth Management Chief Investment Office

Jon Gordon is a cross-asset strategist with the UBS Global Wealth Management Chief Investment Office (GWM CIO) in Hong Kong. Jon is a key contributor to the bank’s daily briefings and research notes for wealth clients, delivering context and actionable views on fast-moving developments that directly impact client portfolios.

As a key contributor to the UBS Circle One project, Jon is leading a shift to multimedia research and helping the bank to reshape now wealthy clients make and execute investment decisions. Prior to UBS, Jon worked as TV host and journalist in China and the APAC region, contributing to CNBC, Reuters and the BBC. He holds an MBA in Corporate finance from Spain’s IE university.

Eva Lee
Head Greater China Equities, Chief Investment Office, UBS Global Wealth Management

Eva Lee is the Head of Greater China Equities at UBS Global Wealth Management Chief Investment Office in Hong Kong. She joined UBS in September 2011 and led a team covering HK/China property research sector. Eva built up and held up the top 3 positions in Asia Real Estate research in the Institutional Investors poll of 2016/17/18.

Eva had covered the HK/China property sector for the past 21 years. Prior to joining UBS, Eva worked at Macquarie, ING, Credit Suisse and HSBC. Eva is a member of Chartered Financial Analysts, American Institute of Certified Public Accountants and Hong Kong Certified Public Accountants.

Adrian Zuercher
Co-Head Global Asset Allocation & Co-Head Global Investment Management APAC, Chief Investment Office, UBS Global Wealth Management

Adrian Zuercher is Co-Head Global Asset Allocation and Co-Head Global Investment Management APAC at UBS Chief Investment office. In his Global Asset Allocation role, he is responsible for multi-asset portfolio solutions. He co-chairs the tactical investment forum, the global portfolio construction meeting, and is a member of the global investment committee, which defines the UBS CIO house-view. In his Global IM APAC capacity, he is responsible for investment fund selection, portfolio management, and product development. Adrian oversees regional discretionary and advisory mandates, investment and alternatives funds, sustainable investing, and the wealth planning offering.

Before joining UBS, Adrian was Head of Multi-Asset Emerging Market Strategy and Global Asset Allocation at Credit Suisse Asset Management in Hong Kong and Zurich, where he was responsible for multi-asset class portfolios as well as advising sovereign wealth funds and other institutional investors on asset allocation. Prior to that, he was an equity fund manager in charge of Asia at VP Bank Asset Management, and a multi-asset class portfolio manager at F. van Lanschot Bankiers. Adrian holds an MSc in finance and economics from the University of Bern and is a CFA charterholder.

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UBS Mid-Year Outlook 2026

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