Asia's Wealthiest Investors Advised to Prepare for Dollar Rally's End in 2016
- UBS is telling wealthy clients dollar's gain will be limited
- Vulpes Investment has refrained from betting on currencies
Is the Dollar Bull Run Over?
Money managers for Asia’s wealthiest families say they’ll be looking elsewhere for returns after chasing the U.S. dollar’s gains in the past three years.
UBS Group AG, the world’s largest private bank, is telling clients there’s “little room for further dollar appreciation,” said James Purcell, cross-asset strategist at its wealth management business in Hong Kong. Stephen Diggle, who runs a family office in Singapore called Vulpes Investment Management, said U.S. rate increases aren’t enough “to chase a strong dollar.” Stamford Management Pte, which oversees $250 million for Asia’s rich, will review its outlook for greenback gains after expected advances in the first quarter, said Jason Wang, its chief executive officer in the city.