MENA CONFERENCE – APRIL 2013MENA CONFERENCE – APRIL 2013 1

Patrice GautryChief Economist and member of the Investment Committee

Union Bancaire Privée, UBP SA

Union Bancaire Privée, UBP SA | 96-98, rue du Rhône | CP 1320 | 1211 Geneva 1, SwitzerlandTel.: +41 58 819 2111 | Fax: +41 58 819 2200

Swiss-Arab Wealth Management Forum

10 APRIL 2013

Swiss-Arab Wealth Management Forum – 10 APRIL 2013 3

Asset Allocation’s current challenges

Moderate growth and low yields, but aggressive central banks

Massive reflation is driving asset allocation

Preferences are converging towards equities

Central banks are declaring a new currency war

Gold: not the end of an era