Principles and Methodology of Research in Global Wealth Management

This document is a guide that outlines the principles and methodologies utilized in the research conducted by the Global Wealth Management CIO Investment Office. It begins by detailing the independence of research, emphasizing the importance of avoiding conflicts of interest and adhering to ethical standards as mandated by the Swiss Bankers Association. The document describes the organizational structure that ensures the CIO operates independently from other UBS departments, thereby safeguarding the objectivity of its research. It further elaborates on the behavioral and ethical standards expected from financial analysts, including compliance with laws and guidelines. The guide also discusses the methodologies employed in macroeconomic research, covering various asset classes and the systematic evaluation of market drivers. Additionally, it highlights the role of environmental, social, and governance (ESG) criteria in the analysis process. Overall, the document serves as a comprehensive reference for understanding the research framework within UBS's Global Wealth Management.