UniCredit Private Banking is out of emerging markets

UniCredit’s head of global investment strategy Manuela D’Onofrio has said the private banking team came out of emerging markets a few months ago to invest in the Japanese stock market.

Manuela D’Onofrio (pictured), the group’s head of global investment strategy, confirmed the change to Investment Europe, adding that the change came in March.

“After the Bank of Japan announced its ultra-expansionary monetary policy, we decided to include Japan in our stock portfolio and withdraw completely our presence from emerging markets,” D’Onofrio said.

As the head of global investment strategy also explained, the Group’s private banking exposure to emerging markets had already been reduced in September 2012 in favour of a larger exposure in Europe.

“The tactic decision to prefer the Japanese stock market to that of emerging markets has only been applied to private banking’s asset management,” D’Onofrio added.

D’Onofrio also said that UniCredit’s PB is positive at the moment on the US, European and Japanese stock markets, while it has been negative since September 2012 on the bond markets’ front.

“We’ve been negative on bond markets since September last year. Most of all, we have been increasingly advising our clients to keep their return expectations low and to make riskier investments if they want stick to bond markets, such as Btp and high yiled bonds,” D’Onofrio also said.

The head of global investment strategy also said that the Italian investor appetite remains low and risk-averse due to the negative influence of the domestic economic scenario.


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