private-client assets: UBS was the fifth largest U.S. wealth management firm, with around 601 billion in private-client assets under management in 2018, according to Barron's, according to Market Watch. The spreads on emerging market bonds have remained resilient even as trade tensions have escalated, a testament to their solid fundaments, but the spreads are likely to widen if additional tariffs increase growth concerns, Haefele wrote. In a late Thursday note, Mark Haefele, chief investment officer for UBS Global Wealth Management, said the firm was dropping its overweight positions in emerging market hard currency bonds versus U.S. government bonds. In contrast, U.S. Treasury bond yields are likely to fall in that scenario. Yields and bond prices move in opposite directions. This adjustment reduces some risk in the portfolio without giving up much upside if a trade agreement is reached.
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