Jeffrey Palma, the global equity strategist at UBS AG (UBSN), said in an e-mail to clients that he’s leaving the firm after almost 13 years.
“Today is my last day at UBS as I move on to a new opportunity,” Palma wrote today.
Concerns about the U.S. and Chinese economies are “overdone” and corporate fundamentals “remain solid,” Palma wrote in a note dated yesterday. He recommended buying European shares in July as he downgraded his rating on U.S. stocks, before the intensifying debt crisis drove the Stoxx Europe 600 Index down 21 percent through Sept. 22. That was worse than the 16 percent drop in the Standard & Poor’s 500 Index.
Palma’s prediction proved prescient when he said on Jan. 3 that the U.S. should beat global markets. The S&P 500 rose 10 percent in 2012 through yesterday, exceeding the 7.7 percent gain from the version of the MSCI All-Country World Index that excludes American equities.
He joined UBS in 1999 after working at Bankers Trust Corp. as an economist, according to data compiled by Bloomberg. He has a master’s degree in business administration from Columbia University and a bachelor’s degree in economics from Rutgers University, data compiled by Bloomberg show.
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