Protectionism fears should not prompt portfolio shifts: UBS

Singapore

EVEN during this period of greatest uncertainty brought by fears of more trade protectionism, Singapore millionaires are not advised to make large shifts in portfolios to guard against trade wars, said a senior UBS banker.

Economic growth has hummed along despite the death of trade pacts such as Trans-Pacific Partnership, noted Hartmut Issel, head of equity and credit in Asia-Pacific at UBS Wealth Management, at a media briefing on Wednesday.

His comment comes as UBS, Asia's largest private bank, launched its global survey that showed eight in 10 millionaires view this tim…