Mr Themistocleous was invited to speak to those interested in investments and is one of the 300+ speakers that Eton College hosts every year for boys on diverse topics.
On Wednesday 9 October, Eton and Holyport College students had the chance to hear from Themis Themistocleous, Head of the UBS Investment offices in EMEA (Europe, the Middle East, and Africa). UBS oversees $4.2 trillion in client assets. His role involves looking at news, politics, markets, and economies daily and using his experience in wealth management to help see what might happen to different areas or sectors of the stock, commodity, or forex market. He then calls colleagues to exchange ideas on how these factors might impact the portfolios of their clientele.
Mr Themistocleous is also responsible for generating investment content and ideas across all asset classes within Europe, as well as for marketing the UBS House View within the region. He heads up the Emerging European Research team, which includes economics, credit and equity research.
Mr Themistocleous shared insights into the day-to-day variety his job offers, explaining that the firm is always monitoring events in the world, and as the global landscape changes, his team adapts their investment strategies accordingly. He stressed the importance of risk management, always asking, “What can go wrong?” to safeguard client portfolios.
One of the key highlights from the talk was UBS’s recent acquisition of Credit Suisse. This move positioned UBS as a dominant player in the financial world. The merger, while still ongoing, is projected to take several a couple of years to fully integrate. The acquisition further strengthens UBS’s global position, as the regions in which they had presence complemented each other, particularly in regions like Latin Americaand Middle East. Mr Themistocleous emphasised the complementary strengths that this acquisition brings, making the firm even more formidable by 2027.
He also discussed the global economy, addressing the UK’s struggle post-COVID, inflation pressures, and supply chain issues. Despite these challenges, Mr Themistocleous remains optimistic. He foresees a re-acceleration of the US economy after it slows down after this period of a growing economy, while European growth will continue at a more stable but slower pace. This balanced view underscores his cautious but forward-thinking approach.
Technology and AI were another major topic. Themis highlighted how companies like Meta are heavily investing in AI, specifically in data centres and semiconductors, in the primary stage of the AI chain, key enablers of future technological growth. UBS itself is using AI to better serve clients, levering technology to identify under-represented sectors and improve the portfolios for their clientele.
On the topic of portfolio diversification, Themis pointed to Nokia’s rise and fall in the late 1990s as a cautionary story, emphasising how volatile individual companies can be. He advised on the importance of spreading investments across sectors to reduce risks. If you invest all your money into one stock or commodity, it is more volatile than investing in many stocks and commodities, increasing diversity and reducing risk. He also discussed classes such as bonds, currencies, and sectors like utilities and technology, which he sees as promising opportunities.
Toward the end of his talk to Investment Club, Mr Themistocleous shared advice for aspiring analysts. He emphasised the need for analytical skills, curiosity, and a strong work ethic. He said that UBS values candidates who can handle the demands of rigorous financial analysis, and those who succeed must be prepared for a fast-paced, ever-changing environment. The hiring process is competitive, requiring solid academic results and practical assessments to ensure candidates are well-suited to the firm’s high standards.
We would like to thank Themis Themistocleous for offering a comprehensive look at the financial industry’s inner workings, the importance of risk management, and how technology is reshaping wealth management. His engaging talk on global markets, technological advancements, and strategic acquisitions revealed his deep understanding of the financial world and his vision for the future of UBS and the industry.
