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While a global recession may not be imminent, we are clearly late in the cycle and economies and markets are not immune from accidents. Certain well-defined investment themes are particularly relevant at this juncture, argues Pictet Wealth Management’s head of investments.

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Making sound investments and steering a company through today’s political and economic waters can be tricky. At Pictet’s 2019 European Family Master Class in Zürich, a line-up of eminent guest speakers and the Swiss bank’s own financial experts unpacked the world of geopolitics, business governance, economic forecasts, technology innovation and one’s responsibility – whether social or environmental – as a player in today’s markets. Guest panellists included former prime ministers Matteo Renzi and Anders Fogh Rasmussen, anthropologist Rahaf Harfoush, the Financial Times’ US national editor Edward Luce and Gaia Gaja, co-owner of one of Italy’s most prestigious family-owned wineries.

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Making sound investments and steering a company through today’s political and economic waters can be tricky. At Pictet’s 2019 European Family Master Class in Zürich, a line-up of eminent guest speakers and the Swiss bank’s own financial experts unpacked the world of geopolitics, business governance, economic forecasts, technology innovation and one’s responsibility – whether social or environmental – as a player in today’s markets. Guest panellists included former prime ministers Matteo Renzi and Anders Fogh Rasmussen, anthropologist Rahaf Harfoush, the Financial Times’ US national editor Edward Luce and Gaia Gaja, co-owner of one of Italy’s most prestigious family-owned wineries.

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Markets find themselves caught between opposing forces: on the one hand an ageing economic cycle and continued trade tensions; on the other, central banks intent on prolonging growth as long as possible, according to Christophe Donay, Chief Strategist and Head of Asset Allocation, Pictet Wealth Management. This tug of war, high valuations and evidence a lot of good news has already been priced in, mean we expect equities to trade sideways in the near term.

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Head of investments and CIO at Pictet Wealth Management, César Pérez Ruiz says that something has to give when it comes to investment in 2019. While he expects economic growth to uptick in the second half of the year, the current climate of markets moving out of fear and geopolitical uncertainty – in particular the evolving relationship between China and the US – isn’t without its opportunities, especially if you’re prepared to trade fast and look for unintended consequences. For Latin American families, portfolio diversification is the key.

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Technology plays an increasingly important role in our lives, from business interactions to the way we communicate in our private lives. Pictet’s 2019 edition of its annual Latam Family Office masterclass – which took place in Nassau, the Bahamas – delved into this topic around the central themes of geopolitics, families and the new power of social media. Alongside a Pictet line-up that included managing partners Marc Pictet and Boris Collardi, guest panelists and speakers ranged from the ‘Financial Times’ US editor Edward Luce and Facebook’s former head of politics and government Elizabeth Linder to Florida’s former governor Jeb Bush.

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Equity markets have reached new highs, extending the longest bull market in US history. However, César Pérez Ruiz, Head of Investments and CIO at Pictet Wealth Management, is conscious of complacency in markets and keeping protection on portfolios as tail risks remain. Geopolitical developments such as the potential escalation of Iranian tensions and drawn-out trade negotiations between the US and China, could send short-term volatility through markets.

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Following the Fed’s recent dovish turn, we could expect other central banks to follow suit. However, according to Frederik Ducrozet, Strategist at Pictet Wealth Management, the ongoing trade tensions and idiosyncratic constraints facing central banks today could limit their room to manoeuvre. We expect the European, Japanese and Chinese central banks to contribute to rising global liquidity this year, more than offsetting any quantitative tightening by the Fed.

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2018 was a difficult year for markets and according to César Pérez Ruiz, Pictet Wealth Management’s Head of Investments and CIO, 2019 will be a year in which the “three amigos” will have to coexist. The bull will appear in economic deceleration, the bear in a democratic recession and the kangaroo across market dynamics.

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In Asia, we are seeing a generational shift as the region’s wealth creators hand over stewardship of family wealth to their sons and daughters. As this second generation’s influence grows, the management of family assets and investments is becoming increasingly sophisticated. Over the years, Pictet has been a successful partner in helping both families and their Family Offices to complete this process, and it was among the topics addressed during two days of discussion and debate at Pictet’s fifth annual Asian Family Office Masterclass in Singapore.

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In Asia, we are seeing a generational shift as the region’s wealth creators hand over stewardship of family wealth to their sons and daughters. As this second generation’s influence grows, the management of family assets and investments is becoming increasingly sophisticated. Over the years, Pictet has been a successful partner in helping both families and their Family Offices to complete this process, and it was among the topics addressed during two days of discussion and debate at Pictet’s fifth annual Asian Family Office Masterclass in Singapore.

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After a decade of protection from central banks, the markets are changing. But Cesar Perez Ruiz, Pictet’s chief investment officer, says this needn’t be cause for concern. During the Investment Summit, at Pictet’s headquarters in Geneva, he made the case for active management and strategic asset allocation as important contributors to healthy returns.

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With geopolitical currents challenging the west’s long-standing liberal status quo, we live in an age of global uncertainty. But even as the world enters what has been described as a “democratic recession”, there’s cause for optimism. Edward Luce is The Financial Times’ US national editor; at Pictet’s 2018 Investment Summit he outlined how beneficial a truly global perspective can be in the face of change.

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The world is at a crossroads: while geopolitical tensions threaten to upend the established order, developments in areas such as healthcare and technology offer new vistas of possibility for humanity. Uncertainty may seem to be the order of the day but Pictet’s Investment Summit offered a more reassuring message. With more than 200 years of experience, the bank has negotiated the currents of change before; at Pictet’s headquarters in the heart of Geneva, a dynamic line-up of speakers unpacked the challenges – and opportunities – of the future. At an expertly catered reception, guests explored the subjects raised, while Pictet’s own team were on hand to explain how the bank’s expertise is poised to offer security and growth in uncertain times.

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Consumers have today what Claus Kjeldsen, CEO of the Copenhagen Institute for Future Studies (Cifs), calls a “liquid identity.” This means trying to classify consumers by age and gender is no longer effective, and so Cifs studies future trends and scenarios through the lens of social and behavioural science, economics and technology. At the fifth Entrepreneur Summit in Geneva, Claus discussed how so-called strategic adaptation can be applied to inform guests on opportunities for growth and investment.

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Uncertainty is becoming the norm in our fast-changing world and business owners and investors are looking for answers in how to turn volatility into opportunity. A range of solutions were discussed in detail at the fifth edition of the Pictet Entrepreneur Summit, held in Geneva at the end of August. A key takeaway from this year’s event was put best by senior managing partner Nicolas Pictet, who said that established ideas about how business, trade and politics work are quickly shifting. From blockchain and artificial intelligence to personalised healthcare and philanthropy, a host of innovators were on hand to lead discussion in charting a course through disruption and on to prosperity. Rooftop lunches, intimate dinners and a range of activities such as chocolate

[embedded content]The world is becoming increasingly unpredictable, as new geopolitical faultlines emerge and challenge the long-held status quo. This was the key lesson to emerge from the Pictet Family Consilium, which took place in the Swiss mountain resort of Gstaad in June. The central theme of this year’s exclusive biannual event was ‘“Who Owns the Future?”. From technology to gender dynamics and philanthropy, high-profile speakers took to the stage to unpack the forces that are shaping the landscape. Pictet’s experts gave pointers for investment opportunities arising in a year marked by heightened volatility. Intimate dinners and receptions allowed for the exchange of ideas between guests from around the world, as well as speakers such as former US under-secretary of state Steve

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Future-facing companies and disruptive business models are what Mattias Ljungman, co-founder and partner at Atomico, is all about. Mattias believes in the power of technology to shape the future of investments and he’s particularly excited about the growth potential of the gaming industry – the subject of his presentation at the Latam Family Office Master Class in the Bahamas.

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This year has clearly been defined by market volatility – and it feels a long way from the boom times of last year. But the message from Alexandre Tavazzi – a global strategist at Pictet Wealth Management – is that growth remains robust and investors simply need to be more nimble. He spoke from the Latam Family Office Master Class in the Bahamas.

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Latin America is at a crossroads in 2018 with several regional powerhouses heading to the polls. And while plenty is yet to be defined – both economically and politically – there are also causes for optimism as populism arguably shifts out of the region and into North America. Alfonso Prat-Gay, Argentina’s former finance minister and ex-president of the nation’s central bank, spoke inside the tented event space at the Latam Family Office Master Class in the Bahamas. And he’s adamant there are plenty of investor opportunities for the region.

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The fifth edition of the Latam Family Office Master Class took place in Nassau in April 2018, with more than 60 guests attending. This year the focus was around geopolitics, digital revolution, alternative investments and family governance. Among the speakers, we had the pleasure of welcoming Alec Ross, Former Senior Advisor for Innovation to Secretary Hillary Clinton; Argentina’s one-time Minister of Economy, Alfonso Prat-Gay; Ernesto Zedillo, Former President of Mexico, and Director of Yale Center for the Study of Globalization.

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The 4th edition of the Pictet Mountain Retreat was held in St Moritz in March 2018 at the heart of the Swiss Alps. It brought together an exclusive group of 50 entrepreneurs and investors in an intimate setting to network, unwind and have fun.This event combines sport, competition, Pictet expertise as well as relaxed moments spent in a cosy and exclusive environment.