UBS said it completed the first on-chain redemption of a tokenized fund using Chainlink’s Digital Transfer Agent (DTA) in a live transaction that underscores how blockchain infrastructure is starting to interface with the $100 trillion global fund industry. The transaction involved the tokenized money market fund UBS USD Money Market Investment Fund Token (uMINT) built on Ethereum. DigiFT served as the onchain distributor, settling the redemption using Chainlink’s DTA standard. UBS’ internal systems init ...

瑞银（UBS）分析师表示，当前黄金市场的回调仅为暂时现象，金价仍有望达到每盎司4200美元；若地 缘政治或市场风险加剧，乐观情况下金价甚至可能冲高至每盎司4700美元。 "市场期待已久的回调已暂时平息，"瑞银在周一发布的研究报告中称，"除技术面因素外，我们未发现 此次抛售存在基本面支撑。" 这家瑞士银行业巨头指出，"价格动能减弱引发期货持仓量出现第二轮下滑"，但同时强调，黄金的潜在 需求依然强劲。 瑞银分析师还援引世界黄金协会（World Gold Council）《第三季度黄金需求趋势报告》称，该报告证 实"各国央行与个人投资者的购金需求均表现强劲且持续升温"。 他们在报告中写道："今年以来各国央行已购金634吨，虽低于去年同期速度，但第四季度购金量正逐步 回升，符合我们对2025年全年900-950吨购金量的预测。" 黄金ETF资金流入达222吨，金条与金币需求连续第四个季度超过300吨，这些数据均表明投资者对黄金 的兴趣已显著增强。瑞银指出，"珠宝需求也未如预期般疲软"。 "我们倾向于逢低买入黄金，"分析师表示，并补充称他们仍认为投资者对黄金的"配置比例偏低"。瑞银 建议，投资者应在投资组合中配置中等个 ...

Core Viewpoint - UBS Chairman Colm Kelleher highlighted two major disconnections in global regulation: the lack of oversight in the shadow banking system and inconsistent regulatory speeds across regions [1] Group 1: Regulatory Concerns - Kelleher called for a relaxation of regulations in the banking sector to enable more capital to support credit provision to the real economy [1] - He cited the regulatory failures surrounding the Silicon Valley Bank incident, emphasizing that regulators have been overly rigid in applying rules [1] - The U.S. has recognized the need for effective regulatory mechanisms to promote economic growth after addressing banks' capital issues, with the UK gradually following suit [1] Group 2: Shadow Banking and Systemic Risks - Kelleher pointed out that excessive regulation has led to a significant shift of financial products from the banking system to the shadow banking sector, which is not subject to the same regulatory standards [1] - The U.S. government lacks a comprehensive understanding of the shadow banking situation, as it increasingly favors state-level regulation of the insurance industry over federal oversight, posing systemic risks [1]

Group 1: Insurance Industry Risks - The chairman of UBS warns that the U.S. insurance industry is facing potential risks due to weak and complex regulation, exacerbated by unprecedented private financing growth [1] - There is a significant increase in the allocation of private debt investments by U.S. life insurance companies, with nearly one-third of their $5.6 trillion assets invested in this area last year, up from 22% a decade ago [1] - The rise of small rating agencies, which may be driven by commercial motives, poses a risk of inflated credit assessments, leading to systemic risks in the insurance sector [2] Group 2: Financial System Concerns - Recent bankruptcies of Tricolor Holdings and First Brands Group have raised concerns about potential hidden risks within the financial system, prompting warnings from JPMorgan's CEO [1] - The International Bank for Settlements (BIS) highlights that insurance companies often seek higher ratings to lower capital requirements, which can lead to reliance on smaller rating agencies [2] Group 3: Wealth Management Landscape - UBS chairman criticizes the Swiss market for losing its attractiveness as a wealth management center, facing significant competition from Hong Kong and Singapore [2] - By 2031, the private wealth managed in Hong Kong is expected to nearly double to $2.6 trillion, with Hong Kong projected to surpass Switzerland as the largest cross-border wealth management center this year [2] Group 4: UBS Strategic Moves - UBS is currently integrating Credit Suisse following a rescue plan agreed upon earlier this year, while also seeking to persuade the Swiss government to relax proposed banking regulatory reforms [3]

Group 1: Risks in the US Insurance Industry - UBS Group AG's chairman highlighted risks in the US insurance sector due to weak regulations and a surge in private financing [1][4] - The chairman noted a significant increase in private debt investments by US life insurers, with nearly one-third of their $5.6 trillion in assets allocated to this sector last year, up from 22% a decade ago [3] - Concerns were raised about the potential systemic risks to the banking system stemming from the rapid growth in private debt investments by insurers [3][4] Group 2: Rating Agency Concerns - The chairman pointed out the emergence of rating agency arbitrage in the insurance business, drawing parallels to the subprime crisis of 2007 [2] - Smaller rating agencies are increasingly used by insurers, which may lead to inflated assessments of creditworthiness due to commercial incentives [5] Group 3: Wealth Management Landscape - The chairman criticized Switzerland's declining status as a wealth management hub, facing competition from Hong Kong and Singapore [6] - Hong Kong's private wealth under management is projected to nearly double to $2.6 trillion by 2031, potentially surpassing Switzerland as the largest cross-border center [7] Group 4: UBS's Strategic Moves - UBS is currently integrating Credit Suisse following its acquisition in early 2023 and is negotiating with the Swiss government regarding proposed regulatory changes that could impose up to $26 billion in new capital requirements [8]

UBS Group’s chairman blasted his home market of Switzerland as losing its luster as a wealth management hub to Hong Kong and Singapore, while also warning against looming risks in the US insurance industry https://t.co/xq02rJJC2c ...

Core Viewpoint - UBS Chairman Colm Kelleher stated that Switzerland is experiencing an "identity crisis" regarding its position in the global banking sector [1] Group 1 - The statement reflects concerns about Switzerland's evolving role in international finance [1]

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2025.11. 03 本文字数：2674，阅读时长大约4分钟 当一个收藏家去世之后，其继承人可能会将其全部或部分藏品送至拍卖行。在旧的收藏流散四方之时，新 的收藏家也正通过艺术市场逐步建立自己的收藏体系，艺术品就在这样的过程中汇聚成新的系列。 在全球艺术市场，秋季拍卖正在火热举行。在这个如火如荼的拍卖季，有很多私人收藏、家族藏品上拍。 10月30日，香港著名出版人、传奇收藏家区百龄（1928-2019）悉心搜罗的中国历代名瓷在香港佳士得上 拍。10月28日，萨德鲁丁·阿迦汗王子（1933-2003）与王妃私人珍藏的绘画作品在伦敦佳士得拍卖。11 月5日，英国房地产大亨曼尼·戴维森（1931-2024）的收藏将在巴黎苏富比上拍。 瑞银6月发布的《2025全球财富报告》预测，在未来的20至25年里，全球将发生一场规模空前的财富转 移，总价值高达83万亿美元。在这场史诗级的"大迁徙"中：约9万亿美元将在配偶之间进行横向转移；其余 的74万亿美元将在代际之间进行纵向转移，即从上一代传给下一代。 艺术收藏是高净值人群财富的重要组成部分，这场规模空前的财富转移会对艺术和收藏造成怎样的影响？ 近日发布的《2025年巴塞尔 ...

Core Insights - The global art market is experiencing a significant shift due to the impending wealth transfer, estimated at $83 trillion over the next 20 to 25 years, which will impact art and collectibles [3][4] - The increase in female wealth and influence in the art market is notable, with women collectors showing a preference for works by female artists and a focus on social value in their collections [4][5] - The inheritance of art collections is becoming more common in China, with 47% of high-net-worth collectors having never inherited art, indicating a future shift in ownership and collection dynamics [6][7] Group 1: Wealth Transfer and Art Market - UBS's report predicts a historic wealth transfer of $83 trillion, with $9 trillion moving between spouses and $74 trillion across generations [3] - The art collection is a significant part of high-net-worth individuals' wealth, and the upcoming transfer will influence the art market [3][4] Group 2: Female Influence in Art Collecting - The UBS report highlights a major change in wealth structure, with an increase in female wealth due to income growth and inheritance [4] - Female collectors are increasingly focusing on works by women artists and are sensitive to themes like motherhood, often integrating social causes into their collections [5] Group 3: Inheritance and Collection Dynamics - In China, 97% of billionaires are self-made, and many high-net-worth collectors have not inherited art, suggesting a future of significant art inheritance [6] - The ideal scenario for art collection inheritance involves gradual decision-making power transfer to the next generation, fostering a deeper understanding of the collection's significance [6][7] - Some collectors may choose to sell their collections instead of passing them down, reflecting a growing trend in the mature art market [7][8]