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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

UBS Asset Management - Real estate yearly update 2016 - all you need to know

Adding flavor to your portfolio – This extract from the Pension Fund Indicators publication gives great insight into real estate as an asset class - a superb foundation for both internal and external audiences.

Company: UBS
Date added: 27-09-2016
Sector: Real Estate

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UBS Asset Management - APAC Real Estate Outlook – 2H16

APAC domestic demand drivers remained resilient in 2Q16, supported by further monetary easing, relatively healthy jobs markets and the ongoing structural shift towards services sector production. The latter is being driven by changes in consumer preferences, improvements in technology, wage growth (in emerging markets) but also lower global growth. Weaker trade volumes as a result of slower global growth, increasing trade restrictions and lack of significant liberalization agreements in recent years means that Asia's historical drivers of capital spending and exports have taken a back seat to services based consumption and jobs.

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – Brexit: The Asia Pacific perspective July 2016

As investors come to terms with the outcome of the UK's referendum on its EU membership, the vote to exit will have implications for the global economy and financial markets. Investors should brace themselves for a period of heightened volatility by taking advantage of selective opportunities and positioning their investment strategies accordingly

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - UK Real Estate Outlook – 2H16

Expectations for UK economic growth underwent some fairly significant downward revisions prior to the EU Referendum, and these have now been revised downwards again, although we do not envision the UK entering a recession as the main scenario.

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - Real assets, real expertise (Global ex-UK real estate exposure

Across most real estate markets, the conventional practice for investors has been: (a) invest in their domestic market; and then (b) consider cross border opportunities. Real estate investment has not been exclusively domestic, but there has been a strong home bias for the majority of investors. Real estate markets differ across the globe and are subject to different risks and local practices. With investor expertise typically focused on domestic markets, this forms a deterrent to those wishing to invest beyond their domestic markets, above and beyond the very real concerns around currency risk, transparency, and tax issues.

Company: UBS
Date added: 01-08-2016
Sector: Real Assets

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UBS Asset Management - Riding a new wave – Emerging markets: The new normal

For the last several years, global markets have experienced a “New Normal” of low economic growth and persistently low inflation. The tepid economic recovery from the great financial crisis of 2008-2009 is one factor driving the New Normal. Low long-term bond yields and a flat yield curve bears evidence that the markets believe in the New Normal as the base case scenario.

Company: UBS
Date added: 01-08-2016
Sector: Emerging & Frontier Markets

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UBS Asset Management - Eurozone Real Estate Outlook – 2H16

The slowdown in China and other emerging markets viewed in conjunction with the uncertainties surrounding Brexit, has led to a downward revision of economic growth prospects in the eurozone. However, the threat of contagion appears limited for now. Domestic demand in the eurozone has expanded at a healthy rate so far in 2016, and the recovery has broadened away from household spending. While Brexit could be a shock that brings the current self-sustained recovery to halt, it seems to be far too soon to assume that this is inevitable.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Research Blast - Thoughts and views in the wake of Brexit

Real estate and the rise of populism, a changed political landscape brings new challenges for real estate.

Company: UBS
Date added: 01-07-2016
Sector: Brexit

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UBS Asset Management - Research Blast – NPLs in the Italian banking system and potential impacts on commercial real estate

The Italian banking sector is currently seen one of the weakest in the eurozone, with the European Banking Authority reporting a Tier 1 ratio of 12% and a Return of Equity (RoE) of 3.3% in their 1Q16 Risk Dashboard.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Research Blast – European Real Estate Summary – Edition 3, 2016

Despite uncertainties, occupational demand continues to strengthen. Shortage of good quality CRE for occupation is driving prime rental growth. Sharp slowdown in UK investment activity while rest of Europe sees a bounce-back on 1Q. Market fundamentals remain strong but geopolitical risks are accentuated.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – The market needs to correct, not be forced to collapse July 2016

On the face of it, the past week has been a tumultuous one for UK commercial real estate. In the more liquid equity markets we have continued to see share prices for UK house builders and REITs slide, whilst the impacts of the Brexit vote are now filtering into direct, retail real estate funds.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – European financial office markets post-Brexit July 2016

Let us say it upfront: London is the number one global financial center and is not easily replaced. Were London's position to be challenged, it would not only be a major risk for the UK economy but also a broader threat to the EU, if not the rest of the world.

Company: UBS
Date added: 01-07-2016
Sector: Brexit

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UBS Asset Management - Limbo Lower

The combination of an ageing demographic, unconventional monetary policy, and increased financial market regulation post the global financial crisis has left real interest rates globally in a structurally lower regime. Like a limbo stick that has shifted down, lower real rates implies the capital markets line across all asset classes has shifted down leaving expected returns structurally lower.

Company: UBS
Date added: 01-07-2016
Sector: Interest Rates

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UBS Asset Management - Real Estate Research Blast – Brexit: The outcome June 2016

The full impact of the vote to exit will take longer to emerge in the real estate market than other more liquid asset classes. Real estate transactions which would provide indications of the impact on pricing will take months to complete, whilst the valuation based property index in the UK will also have a lag in reflecting the impact of the decision.

Company: UBS
Date added: 30-06-2016
Sector: Brexit

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UBS Asset Management - US Real estate summary – edition 2 June 2016

US commercial real estate rents are rising faster than inflation. Transactions volume appears to be leveling off near record highs. Appreciation remains higher than history but slowed during 1Q16, as expected. Positive outlook for 2016 even with reduced expectations for total return.

Company: UBS
Date added: 02-06-2016
Sector: Real Estate

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UBS Asset Management - Global Real Estate Summary

This UBS paper provides some important insights into the global real estate market. The authors posit that the global macroeconomic environment is healthier than most people realise.

Company: UBS
Date added: 26-05-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – Japan's negative interest rate policy May 2016

The Bank of Japan (BoJ) joined the negative interest rate club earlier this year, following in the footsteps of central banks in Europe – including the ECB, Swiss National Bank, Riksbank and Danish National Bank – and which have pushed deposit rates on bank reserves below the zero threshold, albeit to varying degrees.

Company: UBS
Date added: 01-05-2016
Sector: Real Estate

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UBS Asset Management - Asia Pacific Real estate summary – edition 1 May 2016

APAC leasing demand in line with historical averages. Rental growth limited to supply constrained CBD and submarkets. Liquidity focused on key APAC markets and cities. Generally positive outlook for 2016 but macro and geopolitical risks persist.

Company: UBS
Date added: 01-05-2016
Sector: Real Estate

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UBS Asset Management - Lower for longer - The impact of sluggish inflation on expected returns

As market volatility, liquidity issues and low yields challenge investment returns, investors also need to consider whether and how inflation will affect their portfolios. In this paper, we review the underlying factors that have suppressed inflation in the recent past, look at the latest macroeconomic data for pointers to the likely trajectory of inflation in the near future, and suggest some effective tactical solutions for investors.

Company: UBS
Date added: 02-04-2016
Sector: Interest Rates

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UBS Asset Management - US Real estate summary – edition 1 March 2016

US commercial real estate performance reflects the strength of fundamentals. 2015 produced a sixth year of above-average appreciation and strong income growth.Tax reform passed in December 2015 potentially benefits qualified foreign pension plans. Positive outlook for 2016 even with reduced expectations for total return.

Company: UBS
Date added: 01-03-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – What's in a statistical area? March 2016

Awash in acronyms, the hierarchical nature of CBSAs (Core Based Statistical Area) and MSAs (Metropolitan Statistical Area) is not immediately apparent to the ordinary observer. This is markedly true in witnessing the term's common usage. A particular geographic region may commonly be referred to as an MSA and a CBSA; both usages would be completely correct.

Company: UBS
Date added: 01-03-2016
Sector: Real Estate

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UBS Asset Management - The investment drought - How can the problem of weak investment be fixed

In this White Paper we aim to address some of the potential causes of the recent investment malaise, and propose potential solutions. We also explore some of the structural shifts in the global economy that point to the most promising areas for long-term investment.

Company: UBS
Date added: 01-09-2015
Sector: Briefing - Investment

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UBS Asset Management - The New Global Context – Could economic transformations threaten stability? WEF 2015

The white paper for the World Economic Forum Annual Meeting 2015 in Davos (Switzerland), draws on analysis from across UBS to tackle the central theme of the Annual Meeting – The New Global Context faced by the world economy this year and beyond. The paper includes a foreword by Axel Weber, Chairman of the Board of Directors and Sergio P. Ermotti, Group Chief Executive Officer, as well as contributions from Andreas Koester in the Multi Asset team.

Company: UBS
Date added: 01-01-2015
Sector: Multi Asset

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UBS Asset Management - The New Global Context – Could economic transformations threaten stability? WEF 2015

The white paper for the World Economic Forum Annual Meeting 2015 in Davos (Switzerland), draws on analysis from across UBS to tackle the central theme of the Annual Meeting – The New Global Context faced by the world economy this year and beyond. The paper includes a foreword by Axel Weber, Chairman of the Board of Directors and Sergio P. Ermotti, Group Chief Executive Officer, as well as contributions from Andreas Koester in the Multi Asset team.

Company: UBS
Date added: 01-01-2015
Sector: Multi Asset

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