UBS: Asia’s wealthy trade less

ZURICH: Wealthy Asian investors are trading less, worried that trade tensions are tilting the global balance of power, Martin Blessing, co-head of wealth management at UBS, said.
“I think they would share the conclusion that it is not only about tariffs, it is more about political balance. That might take longer to resolve. People who had taken leverage to invest into the market … have retrenched a bit,” he said.
As geopolitical jitters and trade tensions have put pressure on its main business, Switzerland’s biggest bank, which is also the world’s largest wealth manager, is turning to ultra-rich Americans for growth.
While clients in the United States have begun to take more note of ongoing trade wars, their mood remains more positive, he added. — Reuters