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The recent BVG reform aimed at addressing funding issues in Switzerland's 2nd pillar pension system was rejected by voters, leaving the current structure unchanged. Key proposed changes included lowering the minimum conversion rate and entry threshold, but the need for reform remains critical as pension gaps persist, particularly affecting women. The debate highlights the importance of reviewing personal pension provisions amidst ongoing discussions for future reforms.
UBS Asset Management maintains a neutral stance on various asset classes amid signs of slowing growth and inflation. While European high yield offers attractive yields, credit spreads are close to cyclical lows, limiting potential price rises. The firm favors the Japanese yen due to anticipated monetary policy tightening and prefers US Treasuries for their improved hedging capacity.
UBS faces criticism from industry leaders over declining credit conditions and service quality post-Credit Suisse takeover, yet remains largely insulated from complaints due to Swiss competition law. Experts argue that current regulations are outdated and call for reforms, including the introduction of sector inquiries to better address market dynamics.
UBS, shielded by legal protections, faces criticism for declining service quality, with 23% of surveyed clients expressing dissatisfaction. The Competition Commission can only act retrospectively, making it difficult to address current market dominance issues, prompting calls for reform in Swiss antitrust law to better monitor complex markets.
UBS is selling 19 branches across Switzerland, including the Locarno branch, as part of its consolidation following the integration of Credit Suisse. This significant real estate transaction allows potential buyers to acquire individual properties or the entire portfolio, with a closing deadline expected in spring 2025. UBS plans to close 85 branches to streamline its network, aiming for 190 branches by 2026, similar to its pre-takeover count.
UBS is launching "Project Horizon," offering 19 commercial properties across Switzerland for sale, primarily from Credit Suisse, with a signing/closing expected by spring 2025. Interested buyers must sign a confidentiality agreement and can bid on individual properties or as a portfolio. The sale reflects the significant downsizing of Credit Suisse following its emergency acquisition by UBS.
UBS is selling 19 branches across Switzerland as part of its consolidation efforts following the integration of Credit Suisse. The properties, located in areas such as Locarno, Glarus, Einsiedeln, and Martigny, can be acquired individually or as a package. Ultimately, UBS plans to close 85 duplicate branches, maintaining a network of 190 by 2026.
The US Federal Reserve has initiated its easing cycle with a 50 basis point rate cut, reducing the target range to 4.75-5%. Private banks are advising investors to embrace more risk, particularly in equities, while suggesting a shift from cash to high-quality bonds. However, the trajectory of future rate cuts may be influenced by the upcoming presidential election.
Seven Swiss institutions, including UBS, BCV, and BKB, are participating in the Agorá project, which aims to explore the integration of customer deposits and central bank money into a programmable financial platform. Launched by the Bank for International Settlements and seven central banks, the project seeks to enhance the monetary system through tokenization and smart contracts. The initiative, involving 41 private financial institutions globally, is set to run until 2025.
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