Market Outlook Q4/2021

VSWA Livestream
9/22/2021 Reading time: 2 minute(s)

The global economy strongly rebounded from the virus-induced recession. Growth seems to be peaking in the major economies but will likely remain above average for the coming quarters. Rising inflation numbers in the U.S. and the emerging countries would require a more restrictive monetary policy stance. With Fed tapering around the corner, the period of extra-ordinary stock market returns may be behind us.

What are the prospects for equities and bonds? Where do we see opportunities and risks? How are we currently positioned? 


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Portrait shot of Reto Cueni, Chief Economist at Vontobel

Reto Cueni

Chief Economist

Reto Cueni is the Chief Economist at Vontobel and a member of the Investment Strategy and Asset Allocation Team within Vontobel Wealth Management. Prior to joining Vontobel, from 2009 to 2014, Reto Cueni worked as an empirical researcher and lecturer at the Economics Department of the University of Zurich. His research was awarded a research fellowship from the Swiss National Science Foundation (SNF). He is still a regular guest lecturer at the University of Basel and at the Zurich University of Applied Sciences (ZHAW). He started his career in 2006 as a quantitative analyst at Vontobel’s Equity Research. Reto Cueni studied at the University of Zurich, Universita degli Studi in Siena and at the Columbia University in New York. He holds a Master’s Degree and a PhD in Economics from the University of Zurich.



Thorsten Krauss, PhD

Chief Investment Officer

Thorsten Krauss, Chief Investment Officer, has been with Vontobel Swiss Wealth Advisors since 2018. He serves as the Chairman of the Vontobel Swiss Wealth Advisors Investment Committee and as the Head of Investment Management. Prior to Vontobel, Thorsten Krauss served first as a Senior Portfolio Manager and later as Head of Portfolio Management at Notenstein La Roche Privatbank. Earlier he was head of Portfolio Management at LBBW (Switzerland). Thorsten started his career at SGZ Bank in Frankfurt, Germany. Thorsten Krauss is a Certified European Financial Analyst (CEFA) and holds a PhD in Engineering from University of Karlsruhe, Germany.


Markus Bruhin, CIIA

Head Investment Management & Deputy CIO

Markus Bruhin, Head Investment Management & Deputy CIO, has been with Vontobel Swiss Wealth Advisors since 2013 and has over 40 years of experience in the financial industry. Prior to Vontobel, Markus Bruhin was a Senior Portfolio Manager and Chief Investment Strategist at Credit Suisse Private Advisors AG. Earlier, Markus worked for the alternative investment manager Horizon21, HPM Portfolio Management and was Institutional Sales trader at Swiss American Securities in New York. Markus is a Certified International Investment Analyst CIIA and holds a Financial Analyst and Portfolio Manager AZEK diploma. Earlier he attended the Business School Zurich and received the diploma as a Swiss-certified banking specialist.