With more than $2.48 trillion AUM, UBS Global Wealth Management is one of the world's largest asset managers. And now, for the first time since the financial crisis, the Swiss bank has dropped its rating on equities to 'underweight' as it braces for a recession spurred by a worsening trade war and slowing economic growth in Europe, Bloomberg reports.

The Swiss asset manager cut its equity positioning relative to investment-grade bonds, said Global Chief Investment Officer Mark Haefele, to reduce its exposure to all of the factors mentioned above.

More specifically, the change incorporates a new underweight position in emerging-market stocks.

"Risks to the global economy and markets have increased, following a renewed escalation in U.S.-China trade tensions," Haefele said.

https://www.zerohedge.com/news/2019-08-26/ubs-turns-bearish-stocks-first-time-financial-crisis