The investments could pose a risk to the wider financial system, Caroline Crenshaw warns.
It's one of the factors weakening industry's earnings outlook.
The private credit market in the region is small but growing.
Some money managers are starting to convert separately managed accounts to ETFs to take advantage of the tax efficiency of the ETF wrapper.
It says US fiscal path is unsustainable and forecasts ongoing debt growth.
As Q3 earnings season begins, questions will be asked.
Developing nation equities have suffered significant pullbacks from investors.
Incumbent resigns after 18 months and the search is on for a successor.
The fact that households are in better shape financially could make a recession less likely.
But UBS says fixed income is a better bet than equities right now.
