Smart money is after equities, EM bonds & VC opportunities

India story: We are quite bullish on India as an economy which is growing strongly. That is a great opportunity for us because we can access talent in India which can serve and support our global businesses. We opened our second business solution centre here near Mumbai.

UBS has shrunk operations in India: We have always had an independent approach in India. We never entered into a JV and offer all kinds of investment banking services - we are a top broker when it comes to foreigners that want to invest into Indian equities. Our equity franchise and M&A advisory are strong and we can bring all the global capabilities into India. We have more than 10,000 people working for UBS in India. Seven to eight years ago we had close to zero, so that's a significant growth.

Fees in India are shrinking: Our revenue stream is much bigger than the numbers you see. The Indian economy cannot be ignored. From our client perspective we have to be on the ground. Most of our clients expect us to serve them across all markets in India. There will be different pockets of revenue coming into India.

What kind of assets is smart money chasing: Globally, the focus is more towards securities. The portfolio weight has been shifted more towards equities and even emerging market bonds that are becoming attractive from a yield perspective. So it's a combination of equities and fixed income rather than commodities. A lot more families are setting up their overseas global family office (GFO) and they are also looking at alternative forms of investments seriously. It could be taking minority interest in companies or getting into venture capital funding. I have started to see a lot of them in India, too, as business families are all setting up their own venture capitals or family offices that are looking to invest into new ventures and ideas from an innovation perspective.