First day interview

What is your background?

I've been in the financial services industry for 20 years. I started out in equity research during the dot com bubble, and when it burst I was covering tech so in some ways it's a similar experience to now, jumping into hot water. Prior to UBS, I was with J.P. Morgan Wealth Management for 14 years, the last 7 of which I was running the Fixed Income, Currencies and Commodities business. I seem to make major career moves around times of crisis, like the dot com bubble bursting, the Global Financial Crisis and now, COVID. I hope that's not an indication of anything! But seriously, that's ok because a lot of learning happens in crisis moments.

What did you think of UBS before joining?

You can't be in wealth management and not take notice of UBS. I was aware of UBS' robust platform that is able to serve both the affluent and Ultra High Net Worth space with differentiated products and services. I was fascinated with how UBS' advisory model sits side-by-side with the private bank globally. Something that really struck me is that UBS recovered well after the Global Financial Crisis, and was able to restructure the private bank with a steady hand. From the outside it seemed like a big success story. I'm glad I made the leap because reality surpassed expectations.

What makes the Chief Investment Office at UBS unique?

The Chief Investment Office is unique in its breadth and depth. We have over 200 analysts from Tokyo to New York. We can leverage our partners in Asset Management and the Investment Bank, but really, Wealth Management has built out its own research function. We are locally active, but globally connected. It's a big feat to be able to have that many independent analysts providing insights into their respective areas yet still have them rally around one House View.

There are CIO functions at other firms but most are focused on asset allocation. We focus on asset allocation but also provide research across asset classes, sectors and geographies.

The Chief Investment Office is independent from the rest of the bank in the sense that we come up with our own objective views, so there's credibility. But we don’t just rely on ourselves. Whenever you have a group of people working closely together, there's a possibility of group think. To avoid this, we have formulated a Research Advisory Board and Investor Forum, where we invite, on a regular basis, not just an ad hoc basis, the greatest minds from our industry to challenge our views. We ask industry leaders to challenge our thoughts so that all our Ts are crossed and I's dotted before we get to the clients.

We're not focused only on the day-to-day gyrations of the market. We also focus on thematic research and sustainable investing, areas UBS is leading. For example, we recently launched our " Future of " series where we examine the big questions, not of this year, or next year but of the next decade. Wealth Way is also a framework that has come out of CIO. It's an innovative way of matching your investments with your goals for today, for the future and beyond, meaning your legacy.

What is your vision for the Chief Investment Office (CIO)?

I was very fortunate to work with Mike Ryan, who is not only one of the most respected voices in the industry but also a natural leader. I've seen in action how much he cares about clients and those he works with, each step of the way. I'm honored that he's trusting me with his legacy.

So first, I'd like to say what I'd like to maintain. I've been really impressed by the collaboration and dedication of the team in offering unparalleled advice. Strong communication with advisors and clients is key, especially during tumultuous times like these. The elevated communication that is a part of the culture of the Chief Investment Office is something I will work to maintain.

As to where I want to take the Chief Investment Office, I would like to incorporate a more global perspective into our dialogue with clients and advisors in America. We already have information, resources and insights from around the world under our roof. It's important to be more global now, even as, and especially as, the world looks to be de-globalizing. It's important to be global in our portfolios so that we aren't subject to challenges in any one part of the world.

I would also like to have a closer partnership with our Asset Management business and our Global Mandates & Investment Content (GMIC) group – which is essentially our investment solutions platform. Thought leadership needs to be aligned with implementation to enhance value add for clients. The Chief Investment Office will of course continue to be independent in the formation of our views, but we can't be divorced from how our views can be executed in investments. The goal is that if we have a thematic view, UBS will also have the right solutions to help clients execute on the view.

Let's get a glimpse of Solita Marcelli beyond work. Where is the first place you'll visit when it's safe to travel?

Istanbul, where I grew up. I've spent most of my life in the US but my parents are there and I still have a lot of friends there.

What is your favorite book?

Victor Frankl's "Man's Search for Meaning." It was written when the author had just come out of a concentration camp. The insights still resonate today.

What is the best advice you've ever received?

"It's not a sprint, it's a marathon."

UBS On-Air podcast conversation

ubs.com/cio-disclaimer