[{"id":256,"title":"Editorial","content":"<p>As the end of the year approaches, it\u2019s no surprise that central banks continued to tighten their respective monetary policies in a context still marked by concerns about the level of inflation. Between 14 and 16 December, the US Federal Reserve (Fed), the Swiss National Bank (SNB) and the European Central Bank (ECB) raised their key interest rates. In Switzerland, according to the latest SNB statement, \u201cInflation has declined somewhat in recent months, and stood at 3.0% in November. However, it is still clearly above the range the SNB equates with price stability.\u201d It\u2019s in this economic environment that our investment policy has recently been adapted, particularly at the bond level, by rebalancing our exposure in this asset class to neutral. The upcoming start of a new year is often associated with positive expectations for the financial markets. This is particularly the case now, as an unprecedented financial year draws to an end. However, we\u2019ll still need to be patient before we see a normalisation of global monetary policies combined with a less tense geopolitical context.\n<br><br>Happy holidays and, above all, take care!<\/p>","slug":"editorial","slugs":{"fr":"edito-256","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Editorial - Alexandre Michellod, CAIA - Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-46-38-191-2IaoXWNOG2LofCUaCgNL.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":261,"title":"CIO LETTER ISSUE 12 - DECEMBER 2022","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p><!--StartFragment-->As the end of the year approaches, it\u2019s no surprise that central banks continued to tighten their respective monetary policies in a context still marked by concerns about the level of inflation. Between 14 and 16 December, the US Federal Reserve (Fed), the Swiss National Bank (SNB) and the European Central Bank (ECB) raised their key interest rates. In Switzerland, according to the latest SNB statement, \u201cInflation has declined somewhat in recent months, and stood at 3.0% in November. However, it is still clearly above the range the SNB equates with price stability.\u201d It\u2019s in this economic environment that our investment policy has recently been adapted, particularly at the bond level, by rebalancing our exposure in this asset class to neutral. The upcoming start of a new year is often associated with positive expectations for the financial markets. This is particularly the case now, as an unprecedented financial year draws to an end. However, we\u2019ll still need to be patient before we see a normalisation of global monetary policies combined with a less tense geopolitical context.<br><br>Happy holidays and, above all, take care!<!--EndFragment--><\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-12\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-12-december-2022","slugs":{"fr":"cio-letter-n-12-decembre-2022","de":"cio-letter-issue-12-december-2022","es":"cio-letter-issue-12-december-2022","pt":"cio-letter-issue-12-december-2022"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 12 - December 2022"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"date":{"id":1,"name":"date","label":"Date","value":"20\/12\/2022"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><!--StartFragment-->As the end of the year approaches, it\u2019s no surprise that central banks continued to tighten their respective monetary policies in a context still marked by concerns about the level of inflation. Between 14 and 16 December, the US Federal Reserve (Fed), the Swiss National Bank (SNB) and the European Central Bank (ECB) raised their key interest rates. In Switzerland, according to the latest SNB statement, \u201cInflation has declined somewhat in recent months, and stood at 3.0% in November. However, it is still clearly above the range the SNB equates with price stability.\u201d It\u2019s in this economic environment that our investment policy has recently been adapted, particularly at the bond level, by rebalancing our exposure in this asset class to neutral. The upcoming start of a new year is often associated with positive expectations for the financial markets. This is particularly the case now, as an unprecedented financial year draws to an end. However, we\u2019ll still need to be patient before we see a normalisation of global monetary policies combined with a less tense geopolitical context.<br><br>Happy holidays and, above all, take care!<!--EndFragment--><br><\/p>"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":262,"title":"SENIOR RELATIONSHIP MANAGER(S)","content":"<p>If as a <span style=\"color: rgb(217, 0, 13);\">Senior Relatioship Manager(s)<\/span>, you wish to share our banker's philosophy entirely dedicated to customer service, within the framework of a resolutely human-sized establishment promoting entrepreneurship and autonomy, we invite you to make your offers at the address below.<\/p>","slug":"senior-relationship-managers","slugs":{"fr":"relationship-managers-confirmees","de":"senior-relationship-managers","es":"gestores-de-relaciones-senior","pt":"gestores-de-relacoes-seniores"},"tags":[],"model_type":"page","fields":{"image":{"id":176,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-4-25-17-50-31-305-sR0JGJzARyLCKEc4vSU9.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"gallery":{"id":180,"name":"gallery","label":"Gallery","value":null},"job_description":{"id":177,"name":"job_description","label":"Job Description","value":"<p>As human-sized private bank whose origins date back to 1845, Gonet offers global wealth management services to Swiss and international private clients.<\/p>\n<p>In order to develop our business and expand our wealth management teams in Geneva, Lausanne and Zurich, we are looking for one or more <strong>Senior Relationship Managers<\/strong>.<\/p>\n<p><br><strong>Responsibilities:<\/strong><br><\/p>\n<ul><li>Acquiring, developing and maintaining a strong relationship with clients in compliance with current regulations<\/li><\/ul>\n<p><br><strong>Profile:<\/strong><br><\/p>\n<ul><li>Senior Relationship Manager with at least 10 years' stable and solid experience in Switzerland;<\/li><li>Strong knowledge and expertise of markets, financial products, Swiss and cross-border regulations;<\/li><li>You are CWMA \u2013 SAQ certified;<\/li><li>You have a real entrepreneurial spirit and the ability to work independently;<\/li><ul><\/ul><li>You must be resident in Switzerland (valid work permit).<\/li><\/ul>\n<p><strong><strong><\/strong><\/strong><strong><strong><strong><br>Our offer and strengths<\/strong><strong>:<\/strong><\/strong><\/strong><\/p>\n<ul><li>A stimulating working environment where independence, entrepreneurial spirit and a tailor-made relationship are paramount;<\/li><li>Autonomy and flexibility in the performance of your duties;<\/li><li>Entrepreneurial remuneration package;<\/li><li>Close link with General Management.<\/li><\/ul>\n<p><\/p>\n<hr>\n<p><strong><\/strong>If you think you match our requirements, please send us your complete file to:&nbsp;<a href=\"mailto:careers@gonet.ch?subject=Senior%20Relationship%20Manager\" target=\"_blank\">careers@gonet.ch<\/a><em><\/em><\/p>\n<p><em><em>Your file will be taken care of confidentially. We will not consider applications that do not meet the required profile<\/em><em>.<\/em><\/em><\/p>"},"seo_title":{"id":181,"name":"seo_title","label":"Seo Title","value":"Job offer - Senior Relationship Manager - Gonet & Cie SA"},"seo_description":{"id":182,"name":"seo_description","label":"Seo Description","value":"In order to develop our business and expand our wealth management teams in Geneva, Lausanne and Zurich, we are looking for one or more Senior Relationship Managers."},"page_button":{"id":178,"name":"page_button","label":"Page Button","value":"1"}},"collection_type":"careers"},{"id":263,"title":"A REINFORCED PARTNERSHIP WITH THE GONET GENEVA OPEN","content":"<p><strong>The partnership between the Gonet Geneva Open and the private bank Gonet&nbsp;&&nbsp;Cie SA is now a long-term one. Initiated in 2021, it has been extended until 2025, with an option for the 2026 and 2027 editions. Private bank Gonet&nbsp;&&nbsp;Cie SA thus remains the title sponsor of an ATP 250 tournament that has been organized since 2015 in the magnificent setting of the Parc des Eaux-Vives and that has very quickly earned its letters of nobility.<\/strong><\/p>\n<p><br>Director of the Gonet Geneva Open, Thierry Grin says he is \u201cextremely touched by the mark of confidence from Gonet bank.\u201d \u201cWith such a committed title sponsor by our side, we are convinced that the Gonet Geneva Open will continue to grow and contribute to the influence of Geneva\u201d, he continues. For his part, Nicolas Gonet comments, \u201cIt is important for us to make a long-term commitment and thus contribute to the development and sustainability of a sporting event that has become a major event in French-speaking Switzerland.\u201d<\/p>\n<p><br>Since 2015, the Gonet Geneva Open has attracted renowned players, starting with Roger Federer, who played his last tournament in Switzerland in Geneva in 2021. Stan Wawrinka, for his part, won twice at the Parc des Eaux-Vives, in 2016 and 2017. The tournament's past winners list also includes the names of Alexander Zverev, winner in 2019, and Casper Ruud, two-time defending champion. Daniil Medvedev, Dominic Thiem and Marin Cilic, three Grand Slam winners, have also played at the Gonet Geneva Open.<\/p>\n<hr>\n<h2>CASPER RUUD FOR A THREE-PEAT<\/h2>\n<p><br>Casper Ruud will be aiming for an unprecedented hat-trick this year at the Gonet Geneva Open after his successes in 2021 and 2022. No. 3 in the world on January 1st, the Norwegian will be looking for his third crown at the Gonet Geneva Open, the eighth edition of which will take place from May 20 to 27 at the Parc des Eaux-Vives.<\/p>\n<p><br>Undefeated in eight matches on the Geneva Tennis Club center court, Casper Ruud will be presenting himself to the Geneva public as a two-time Grand Slam and Masters finalist. The year 2022 was indeed the year of almost all happiness for the 24-year-old player. We are naive enough to believe that his second victory at the Gonet Geneva Open, which came at the end of a closely fought final against the Portuguese Joao Sousa, was a real turning point. It allowed him to build up his confidence before heading to Paris. At Roland Garros, he reached the final with great authority before falling to Rafael Nadal.<\/p>\n<p><br>Less than three months later, Casper Ruud demonstrated in New York that his performance in Paris was no fluke. He qualified for the final at Flushing Meadows where he was one tie-break away from becoming the world's No. 1 player against Carlos Alcaraz. Casper Ruud was to conclude his year with a strong performance at the Masters in Turin, where he lost only in the final against Novak Djokovic.<\/p>\n<p><br>In a recent interview with \u201cL'Equipe Magazine\u201d, Casper Ruud recalled that his victories in ATP 250 tournaments such as the Gonet Geneva Open have given him a confidence that he has been able to bring to life on the big occasions.<\/p>","slug":"a-reinforced-partnership-with-the-gonet-geneva-open","slugs":{"fr":"un-partenariat-renforce-avec-le-gonet-geneva-open","de":"a-reinforced-partnership-with-the-gonet-geneva-open","es":"a-reinforced-partnership-with-the-gonet-geneva-open","pt":"a-reinforced-partnership-with-the-gonet-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"24\/01\/2023"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"A reinforced partnership with the Gonet Geneva Open"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>The partnership between the Gonet Geneva Open and the private bank Gonet&nbsp;&&nbsp;Cie&nbsp;SA is now a long-term one. Initiated in 2021, it has been extended until 2025, with an option for the 2026 and 2027 editions.<\/p>\n<p>Private bank Gonet&nbsp;&&nbsp;Cie&nbsp;SA thus remains the title sponsor of an ATP 250 tournament that has been organized since 2015 in the magnificent setting of the Parc des Eaux-Vives and that has very quickly earned its letters of nobility.<\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-1-23-14-42-39-958-43NV0TsDLs25fO6noz9r.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2023-1-24-8-33-50-290-xpuxJgBHetPmKrkrpnnu.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":267,"title":"JEAN-REN\u00c9 LEPEZEL","content":"<p>Jean-Ren\u00e9 Lepezel joined Gonet & Cie in 2010 as Senior Relationship Manager, Member of Management. He became a member of the Bank\u2019s Executive Committee in 2016, in charge of the Private Banking Department since 2017 and&nbsp;is CEO from 1 January 2023. Prior to this, he had various responsibilities since 1992 in market activities at Cr\u00e9dit Lyonnais (Switzerland) SA and then at UBS Warburg. In 2000, he joined the Wealth Management department of UBS, before joining Cr\u00e9dit Lyonnais\/Indosuez Wealth Management in 2003 as a Senior Manager, Member of the Executive Board.<\/p>\n<p>Jean-Ren\u00e9 Lepezel has a degree in engineering from Centrale-Sup\u00e9lec in Paris and a postgraduate degree in finance from the University of Paris Dauphine.<\/p>","slug":"jean-rene-lepezel-267","slugs":{"fr":"jean-rene-lepezel-267","de":"jean-rene-lepezel-267","es":"jean-rene-lepezel-267","pt":"jean-rene-lepezel-267"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":"CEO"},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-10-19-10-11-12-861-VgwbeDzBvncmog3Xv7vS.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"committee"},{"id":272,"title":"Editorial","content":"<p>The primary purpose of our CIO Letter is to look to the future and to offer you the most reliable explanation possible for your upcoming investments.<br><br>Exceptionally, however, we feel it is important to devote some space in this edition to analysing the events of the last few weeks, as they set the scene for the months ahead. A gradual and rapid rise in interest rates, intended to curb inflation and promote a soft landing for the economy, led to an uncontrolled skid on the road to a Californian bank, the echo of which created a crisis of confidence in the financial sector that was, to say the least, stressful and materialised through the express rescue of a Swiss bank \u201ctoo big to fail\u201d.<br><br>Let us be reasonably optimistic in noting that the system seems better equipped to absorb such a shock, but let us remain resolutely realistic, as prediction is becoming increasingly dependent on unpredictable elements.<br><br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-272","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":273,"title":"CIO LETTER ISSUE 13 - APRIL 2023","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>The primary purpose of our CIO Letter is to look to the future and to offer you the most reliable explanation possible for your upcoming investments.<br><br>Exceptionally, however, we feel it is important to devote some space in this edition to analysing the events of the last few weeks, as they set the scene for the months ahead. A gradual and rapid rise in interest rates, intended to curb inflation and promote a soft landing for the economy, led to an uncontrolled skid on the road to a Californian bank, the echo of which created a crisis of confidence in the financial sector that was, to say the least, stressful and materialised through the express rescue of a Swiss bank \u201ctoo big to fail\u201d.<br><br>Let us be reasonably optimistic in noting that the system seems better equipped to absorb such a shock, but let us remain resolutely realistic, as prediction is becoming increasingly dependent on unpredictable elements.<br><br>Enjoy the read!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-13\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-13-april-2023","slugs":{"fr":"cio-letter-n-13-avril-2023","de":"cio-letter-issue-13-april-2023","es":"cio-letter-issue-13-april-2023","pt":"cio-letter-issue-13-april-2023"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"24\/03\/2023"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 13 - April 2023"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-3-22-12-18-8-391-t9uIdDYA2q5pIL6ZMZkB.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":274,"title":"CITYWIRE: INTERVIEW WITH JEAN-REN\u00c9 LEPEZEL","content":"<table width=\"100%\"><tbody><tr><td style=\"padding-right: 25px;\"><figure style=\"float: left; width: 100%; max-width: 166px; margin: 0px 10px 0px 0px;\"><img style=\"width: 100%;\" src=\"\/uploads\/CTTT1.6a11cd180d27f226493333d6ca409db8.png\" data-image=\"f56c8a520d83dd55e0ab5f15a3e29331\" alt=\"Citywire Switzerland - Logo\"><\/figure><\/td><\/tr><\/tbody><\/table>\n<hr>\n<p><strong>What makes a good leader and what is the biggest challenge in being a leader?<\/strong><\/p>\n<p><br>Without a doubt, I\u2019d say leading by example is the best way to run a business with integrity and consistency. To accomplish this, we must demand the same level of performance from ourselves \u2013 or even more \u2013 as we do from our teams.<\/p>\n<p><br>The legitimacy of a leader stems from the fact that they previously held the same position as those who report to them. This means they are intimately familiar with what clients want and expect, and understand the issues \u2013 both the barriers and the opportunities \u2013 that characterise our industry.<\/p>\n<p><br>The toughest challenge is ensuring that everyone personally adds value to the business and realises this is only possible when working as a team. Contrary to common perception, success in private banking is only possible if we all work together to provide excellent service to our clients.<\/p>\n<p><br><br><\/p>\n<p><strong>What kind of Swiss investments appeal the most to your non-Swiss clients?<\/strong><\/p>\n<p><br>What non-Swiss clients value most is the ability of Swiss banks to operate on a multi-asset and multi-currency basis. That\u2019s always worth remembering when discussing the competitive advantage of the Swiss financial services industry.<\/p>\n<p><br>Aside from these considerations, the SMI is rightly regarded as stable and predictable, which can be reassuring for investors seeking to invest outside of their home market.<\/p>\n<p><br><br><\/p>\n<p><strong>How do you make sure your relationship managers come from a variety of backgrounds and have access to different markets? Is this more difficult than hiring for Switzerland?<\/strong><\/p>\n<p><br>The most important thing for us is that our relationship managers, regardless of the markets they cover, have proven Swiss credentials. In practice, what does this mean? As a Swiss bank, we\u2019re one of the representatives of a time-honoured and sought-after expertise in global wealth management. Our relationship managers must therefore be fully imbued with this expertise, through their knowledge and understanding of the legal and regulatory framework that governs our industry: you don\u2019t become a Swiss banker overnight. All of this goes hand in hand with an in-depth understanding of our clients\u2019 backgrounds and cultural differences, whether they\u2019re from Europe, the Middle East or Latin America. So recruiting relationship managers for foreign markets is no easier or more difficult than recruiting them for Swiss clients.<\/p>\n<p><br><br><\/p>\n<p><strong>How important are family office services to your clients?<\/strong><\/p>\n<p><br>As a boutique private bank with a strong emphasis on service, it goes without saying that family office services are an integral part of our offering. We are in reality a family office in the most common sense of the term. This is far more than investment management.<\/p>\n<p><br>Our value proposition is based on a holistic approach to wealth. As a result, we are sufficiently well equipped to handle any request pertaining to a specific area, frequently going the extra mile for our clients and using external solutions when appropriate as part of our open-architecture approach. This could include locating a rare object such as a work of art, finding a school or picking out a philanthropic project.<\/p>\n<hr>\n<p><a href=\"https:\/\/citywire.com\/ch\/publishing\/heads-of-private-banking-2023\" class=\"animatedLink\" target=\"_blank\">Find out more<\/a><\/p>","slug":"citywire-interview-with-jean-rene-lepezel","slugs":{"fr":"citywire-interview-with-jean-rene-lepezel","de":"citywire-interview-with-jean-rene-lepezel","es":"citywire-interview-with-jean-rene-lepezel","pt":"citywire-interview-with-jean-rene-lepezel"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"18\/04\/2023"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Interview with Jean-Ren\u00e9 Lepezel, CEO of Gonet & Cie SA, for Citywire"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2023-4-19-9-52-3-867-zWC6tZLMjzOgsgmP1gpp.jpg","caption":"Dare & Hier Media for Citywire","link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":275,"title":"TEN OF THE WORLD'S TOP FIFTY PLAYERS AT THE GONET GENEVA OPEN","content":"<p>The eighth edition of the Gonet Geneva Open will not be lacking in appeal. The list of nineteen players who have been admitted directly into the main draw of this ATP 250 tournament, which will take place from May 20 to 27 at the Parc des Eaux-Vives, is indeed full of promise. It brings together ten of the fifty best players in the world.<\/p>\n<p><br>Two top-ten players, two-time defending champion Casper Ruud (ATP 4) and Taylor Fritz (ATP 10), the leader of a strong American contingent, are the first headliners of the tournament. Others will follow. With the three wild cards at their disposal, the organizers will be able to attract, as in recent years, other players of great value.<\/p>\n<p><br>The tournament cut-off point is 69th place. It is interesting to note that seven players on this list have won an ATP tournament this year: Tallon Griekspoor in Pune, Yibing Wu in Dallas, Taylor Fritz in Delray Beach, Nicolas Jarry in Santiago, Roberto Carballes Baena in Marrakech, Casper Ruud in Estoril and Dusan Lajovic in Banja Luka.<\/p>\n<p><br>Swiss No. 1 Marc-Andrea H\u00fcsler does not enter the draw directly because of his ranking (ATP 76). He could however benefit from possible withdrawals to enter the draw.<\/p>\n<p><br>Entry list of the Gonet Geneva Open:<\/p>\n<ol><li>Casper Ruud (NOR\/ATP 4)<\/li><li>Taylor Fritz (USA\/ATP 10)<\/li><li>Denis Shapovalov (CAN\/ATP 27)<\/li><li>Botic van de Zandschulp (NED\/ATP 29)<\/li><li>Tallon Griekspoor (NED\/ATP 36)<\/li><li>Ben Shelton (USA\/ATP 38)<\/li><li>Dusan Lajovic (SRB\/ATP 40)<\/li><li>Bernabe Zapata Miralles (ESP\/ATP 42)<\/li><li>Adrian Mannarino (FRA\/ATP 46)<\/li><li>J.J. Wolf (USA\/ATP 49)<\/li><li>Nicolas Jarry (CHI\/ATP 51)<\/li><li>Roberto Carballles Baena (ESP\/ATP 53)<\/li><li>Alexander Bublik (KAZ\/ATP 55)<\/li><li>Yibing Wu (CHN\/ATP 57)<\/li><li>Marcos Giron (USA\/61)<\/li><li>Constant Lestienne (FRA\/ATP 62)<\/li><li>Jan-Lennard Struff (GER\/ATP 65)<\/li><li>John Isner (USA\/ATP 68)<\/li><li>Iliya Ivashka (BLR\/ATP 69)<\/li><\/ol>\n<p><br>The draw will be completed by 2 \"special exempt\" players, 3 wild card players and 4 players from the qualifiers.<\/p>","slug":"ten-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","slugs":{"fr":"dix-des-cinquante-meilleurs-joueurs-mondiaux-au-gonet-geneva-open","de":"ten-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","es":"ten-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","pt":"ten-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"25\/04\/2023"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Ten of the world's top fifty players at the Gonet Geneva Open"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2023-4-25-10-56-52-765-vosKpCByD56gUMxoqT6q.png","caption":"Jean-Luc Auboeuf","link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2023-4-25-10-57-8-460-qLCAvyv2y58yI99pGjjV.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":276,"title":"JOY FOR CHILE AS JARRY WINS THE GONET GENEVA OPEN","content":"<p>Chile\u2019s Nicolas Jarry (ATP 54) claimed his third ATP Tour title \u2013 and his third on clay \u2013 on Saturday, beating Grigor Dimitrov 7-6 (1) 6-1.<\/p>\n<p><br>\u201cI\u2019m obviously very happy,\u201d said the Chilean afterwards. \u201cIt\u2019s been a long road to get here. \u201cToday is reward for the hard work I\u2019ve put in to get back to my best.\u201d Knocked out in the first rounds at Madrid and Rome recently \u2013 both times by players outside the Top 100 \u2013 Jarry reversed his fortunes this week, accounting for the No.6, 1, 3 and 4 seeds, including two previous winners of the tournament. Tallon Griekspoor (withdrawal), Casper Ruud, Alexander Zverev and Dimitrov make for quite a quartet of victims.<\/p>\n<p><br>Just as he has been all week, the Chilean was in commanding form against the Bulgarian. \u201cI think I\u2019ve only played one bad set all tournament, against Ruud,\u201d he said \u201cIt\u2019s very encouraging for the future.\u201d After two matches lasting nearly three hours, Dimitrov could be forgiven for feeling a little heavy-legged. That did not prevent him from clawing back a break in the first set, but there was no way back for him after a one-sided first-set tiebreak went Jarry\u2019s way. With his high-octane serve firing to perfection, Jarry was too hot to handle for his opponents this week.<\/p>\n<p><br>And so the 2023 Gonet Geneva Open ended on a high note, as the 2019 runner-up took the title. With a total of 30,000 spectators attending across the week, the Geneva tournament continues to cement its place in the local cultural and sporting landscape and is now one of the city\u2019s main events of the year.<\/p>","slug":"joy-for-chile-as-jarry-wins-the-gonet-geneva-open","slugs":{"fr":"viva-chile-nicolas-jarry-remporte-le-gonet-geneva-open","de":"joy-for-chile-as-jarry-wins-the-gonet-geneva-open","es":"joy-for-chile-as-jarry-wins-the-gonet-geneva-open","pt":"joy-for-chile-as-jarry-wins-the-gonet-geneva-open"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Joy for Chile as Jarry wins the Gonet Geneva Open"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"27\/05\/2023"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-5-27-19-28-3-122-n90JoiqkIEYUeq16c0aS.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":281,"title":"Conditions of use of the website","content":"<p><strong>COPYRIGHT<\/strong><\/p>\n<p>The contents of this website are protected by copyright (with all rights reserved) and are owned by Gonet & Cie SA and\/or any duly designated third parties. The name Gonet & Cie SA, Banquiers priv\u00e9s and the corresponding logo are registered trademarks.Reproduction (in full or in part), storage (temporary or permanent), or transmission (for private or public purposes) of the information contained on this website is strictly prohibited without the prior written permission of Gonet & Cie SA.<\/p>\n<p><br><strong>LOCAL LEGAL RESTRICTIONS<\/strong><\/p>\n<p>This website of Gonet & Cie SA is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the website is prohibited.<\/p>\n<p><br><strong>NO RELIANCE AND NO WARRANTY<\/strong><\/p>\n<p>The information made available on this website has been prepared and is regularly updated by Gonet & Cie SA, which uses all reasonable care to ensure that it is fair, accurate, and complete. Gonet & Cie SA makes no representation or warranty, either express or implied, as to the accuracy, completeness, or fitness for any purpose or use of such information whatsoever.<\/p>\n<p>Furthermore, the information displayed on this website may be changed by Gonet & Cie SA without notice and should not be used as a basis for making investment or other decisions. Nothing contained on this website constitutes legal, tax or other advice.<\/p>\n<p><br><strong>NO OFFER AND NO LIABILITY<\/strong><\/p>\n<p>No information appearing on this website shall be deemed as an offer for services or products, in particular bank products nor as an offer or the solicitation for a purchase or sale of securities or of any other investment product. The information and opinions contained on this website are purely informative. Past performance is no guarantee of future results. We would therefore strongly recommend that you consult your financial adviser before making any investment decisions.<\/p>\n<p>In no event will Gonet & Cie SA be liable for any loss or damage sustained or arising out of or in connection with the use of information contained on this website.<\/p>\n<p><br><strong>LINKS TO THIRD-PARTY WEBSITES<\/strong><\/p>\n<p>Links to third-party websites on the website of Gonet & Cie SA are provided solely as pointers to information on topics that may be useful to users of the website, and Gonet & Cie SA has no control over the content on such third-party websites. In linking a third-party website to this website, Gonet & Cie SA neither assumes nor accepts any responsibility or liability whatsoever in respect of products, services or other items offered on such website.<\/p>\n<p><br><strong>E-MAIL<\/strong><\/p>\n<p>This website allows you to send e-mails to Gonet & Cie SA. Transmission of e-mail messages via public networks is an unprotected medium, and these messages can potentially be intercepted, read and tampered with by third parties or lost. Gonet & Cie SA does not accept any liability whatsoever for damages or losses resulting from the use of e-mail.<\/p>\n<p><br><strong>APPLICABLE LAW<\/strong><\/p>\n<p>Use of this website is exclusively governed by Swiss law. The courts of Geneva shall have exclusive jurisdiction over all claims or disputes arising out of or in connection with this website and its use.<\/p>","slug":"conditions-of-use-of-the-website","slugs":{"fr":"conditions-dutilisation-du-site","de":"website-richtlinien","es":"condiciones-de-uso-del-sitio-web","pt":"condicoes-de-utilizacao-do-sitio-web"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":282,"title":"CONCLUSION OF THE STRATEGIC BUSINESS PARTNERSHIP BETWEEN ARAB BANK SWITZERLAND AND GONET & CIE SA","content":"<p>Following the approval of the Swiss Financial Market Supervisory Authority (FINMA), we have the pleasure of announcing that our institutions have concluded the strategic business partnership agreement announced on November 10, 2022. <\/p>\n<p>This partnership sees Arab Bank (Switzerland) Ltd. take a majority stake in the family holding which owns Gonet&nbsp;&&nbsp;Cie SA. Each entity will however stay independent, keep its name and its banking license. <\/p>\n<p><br>Our two institutions are looking forward to starting a new phase in their development, solidifying their growth dynamic and their ambition of being amongst the key players in the financial market in Geneva. <\/p>\n<p><br>The Board of Directors of Arab Bank (Switzerland) Ltd. is composed of Wahbe A. Tamari (President), Jean-Pierre Roth (Vice-President), G\u00e9rard Lohier, Alessandro Bizzozero, Omar M. Kamal, Claude Suchet, Pierre-Olivier Fragni\u00e8re and Bassam W. Kanaan. Nicolas Gonet will join this Board of Directors starting June 30th, 2023. <\/p>\n<p>Serge Robin is the CEO of Arab Bank (Switzerland) Ltd. since July 1st, 2018. <\/p>\n<p><br>The Board of Directors of Gonet&nbsp;&&nbsp;Cie SA is composed of Edgar Brandt (President), Jean-Pierre Roth (Vice-President), Nicolas Gonet, Serge Robin, Alessandro Bizzozero, Sylvie Buhagiar and Henric Immink. Early 2024, Nicolas Gonet will replace Edgar Brandt at the Presidency of this Board of Directors.  <\/p>\n<p>Jean-Ren\u00e9 Lepezel is the CEO of Gonet&nbsp;&&nbsp;Cie SA since January 1st, 2023.<\/p>\n<hr>\n<p><strong>ABOUT ARAB BANK SWITZERLAND<\/strong><\/p>\n<p><br>Arab Bank (Switzerland) Ltd. was created in Switzerland in 1962, aiming to create a bridge between the Middle Eastern and the Western worlds. The bank has become a trusted partner for high net worth individuals, including business leaders and family entrepreneurs in the MENA region for the past 60 years. Arab Bank Switzerland is the independent, sister company of Arab Bank Plc, one of the biggest banks in the Middle East.<\/p>\n<p><br>For more information, please visit: <a href=\"https:\/\/www.arabbank.ch\" class=\"animatedLink\" target=\"_blank\">www.arabbank.ch<\/a><\/p>","slug":"conclusion-of-the-strategic-business-partnership-between-arab-bank-switzerland-and-gonet-cie-sa","slugs":{"fr":"conclusion-du-partenariat-strategique-entre-arab-bank-switzerland-et-gonet-cie-sa","de":"conclusion-of-the-strategic-business-partnership-between-arab-bank-switzerland-and-gonet-cie-sa","es":"conclusion-of-the-strategic-business-partnership-between-arab-bank-switzerland-and-gonet-cie-sa","pt":"conclusion-of-the-strategic-business-partnership-between-arab-bank-switzerland-and-gonet-cie-sa"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/06\/2023"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Conclusion of the strategic business partnership between Arab Bank (Switzerland) Ltd. and Gonet & Cie SA"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-11-10-8-6-14-126-jGeEOzoSBkMfixHkFgj9.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Following the approval of the FINMA, our institutions have concluded the strategic business partnership agreement announced on November 10, 2022."},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2023-6-1-11-29-22-69-RTAiLYtDnRelTevfIqQH.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":283,"title":"Editorial","content":"<p>\u201cKeep a cool head and be patient\u201d is a leitmotif very \u2013 too? \u2013 often evoked by market experts in unusual, complex, unexpected or supposedly unpredictable situations. We have to concede that, in the situation we have been dealing with for over a year now, the advice seems to us to be sound.<br><br>\nThe predicted recession has yet to materialise, and its potential scale and consequences are the subject of much speculation. In the current cycle, the focus has been on the rapid rise in inflation and the reaction of the US Federal Reserve (Fed).<br><br>\nThat said, the probability of a soft landing seems better than that of a severe recession, mainly because of the resilience of the labour market. Based on this view, we believe that equity markets are becoming increasingly attractive. Patience tells us to wait for the last rate hike, probably in the second half of 2023, before stepping up our investment policy in this direction.<br><br>\nEnjoy the read and have a great summer!<\/p>","slug":"editorial","slugs":{"fr":"edito-283","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":31,"title":"Gonet Geneva Open","content":"<p>As title sponsor of the <a href=\"https:\/\/gonetgenevaopen.com\/?lang=en\" target=\"_blank\">Geneva Open<\/a> tennis tournament, the Bank is committed to contribute to the future of an event which is an integral part of French-speaking Switzerland and Genevan sports heritage and which is fully in line with the values \u200b\u200bof performance and entrepreneurship that we express on a daily basis in the service we provide to our clients.<br><\/p>\n<figure><img src=\"\/uploads\/cR4l5.911f78b8e3394f3ccd66a5f29ecc0e8d.png\" data-image=\"c2f0fddedafd77f1b8d3800f92848c5f\" width=\"100%\"><\/figure>\n<p><br>Classified as an ATP 250 tournament since 2015, under the umbrella of Geneva Trophy Promotion S\u00e0rl, the Geneva Open is played in the unique setting of the Tennis Club of the Parc des Eaux-Vives in Geneva, offering a unique environment and conditions that make it one of the most popular tournaments among players on the European circuit. Its usual place in the calendar, the week before the Roland-Garros Grand Slam Tournament, ensures it attracts special attention from the tennis community. Recognised champions include two-time winner Stan Wawrinka (2016 and 2017), Alexander Zverev, 2019 winner,&nbsp;Nicolas Jarry 2023 winner and Casper Ruud, 2021, 2022 & 2024 winner.<br><br>The Geneva tournament has a rich and memorable history, as it enjoyed a first incarnation from 1980 to 1991, also at the Parc des Eaux-Vives, with numerous prestigious winners including Bj\u00f6rn Borg, Mats Wilander, Marc Rosset, Henri Leconte and Thomas Muster.<br><br>For almost 15 years, Gonet has been firmly committed to sports projects that share its values. In sailing, for instance, the D35 Gonet won the 2006 Bol d\u2019Or and the Monofoil Gonet \u2013 a revolutionary monohull with foils \u2013 has been a pioneer since its launch in 2018. Between 2015 and 2018, as part of a support programme for young sporting talents of the future (\"Gonet Going Up\"), the Bank also supported runner Julien Wanders and tennis player Antoine Bellier.<span style=\"color: rgb(217, 0, 13);\"><\/span><\/p>\n<p><br><a href=\"\/en\/gonet\/news\/the-banque-gonet-extends-its-partnership-with-the-geneva-open-until-2027\" class=\"animatedLink\">Read the last article<\/a><\/p>","slug":"gonet-geneva-open","slugs":{"fr":"gonet-geneva-open","de":"gonet-geneva-open","es":"gonet-geneva-open","pt":"gonet-geneva-open"},"tags":[],"model_type":"page","fields":{"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2021-4-26-16-47-56-238-Y2FC1CdMd1S9BRu00q4z.png","title":null,"alt":null,"caption":null,"link":null}]},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-28-16-34-22-386-5Ft95U9lhC48HAWcWBir.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":""},"gallery":{"id":167,"name":"gallery","label":"gallery","value":null}},"collection_type":"sponsors"},{"id":288,"title":"CIO LETTER ISSUE 14 - JULY 2023","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>\u201cKeep a cool head and be patient\u201d is a leitmotif very \u2013 too? \u2013 often evoked by market experts in unusual, complex, unexpected or supposedly unpredictable situations. We have to concede that, in the situation we have been dealing with for over a year now, the advice seems to us to be sound.<br><br>\nThe predicted recession has yet to materialise, and its potential scale and consequences are the subject of much speculation. In the current cycle, the focus has been on the rapid rise in inflation and the reaction of the US Federal Reserve (Fed).<br><br>\nThat said, the probability of a soft landing seems better than that of a severe recession, mainly because of the resilience of the labour market. Based on this view, we believe that equity markets are becoming increasingly attractive. Patience tells us to wait for the last rate hike, probably in the second half of 2023, before stepping up our investment policy in this direction.<br><br>\nEnjoy the read and have a great summer!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-14\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-14-july-2023","slugs":{"fr":"cio-letter-n-14-juillet-2023","de":"cio-letter-issue-14-july-2023","es":"cio-letter-issue-14-july-2023","pt":"cio-letter-issue-14-july-2023"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 14 - July 2023"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"29\/06\/2023"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-28-10-0-49-781-xcL5iAHrHMwS50r1uUHP.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":298,"title":"Types of Personal Data collected and Legal bases","content":"<p>Personal Data include any information relating to an identified or identifiable natural person and are set out below.<br><br>The Personal Data we process may be based on law, such as banking regulations, financial market supervision and\/or anti-money laundering and anti-terrorist financing regulations, the Swiss Code of Obligations (\u201c<strong>CO<\/strong>\u201d), on social security laws, on our overriding private interest, including the conclusion or performance of a contract, on an overriding public interest and on your consent, and may also be based, cumulatively, on one or other of the aforementioned reasons. The personal data collected by the Bank include in particular:<\/p>\n<ul><li>Personal information such as your name, national identification number, date of birth, anti-money laundering compliance documents, telephone number, home address and email address, as well as family information, such as the name of your spouse, partner or children;<\/li><li>Sensitive information such as data on health, or racial or ethnic origin, data on criminal and administrative prosecutions or sanctions;<\/li><li>Financial information, including payment and transaction records, information relating to your assets (including real estate), your financial statements, liabilities, taxes, income, profits and investments (including your investment objectives) and generally your risk profile; <\/li><li>Details of our interactions with you and the products and services you use, including electronic interactions across various channels such as emails and mobile apps; <\/li><li>Identifiers that we assign to you, such as your customer number, business relationship number, partner number, contract or account number, including identifiers for accounting purposes;<\/li><li>Identification data issued by government departments and other registers: identity cards, passports, certificate of incorporation, articles of association, share registers;<\/li><li>Information relating to criminal convictions or offences; <\/li><li>Address for tax purposes and other documents and information related to your taxation; <\/li><li>The AVS number and other documents and information related to an employment contract with the Bank or for the purpose of entering into an employment contract with the Bank, such as information about your education and various jobs, evaluation of your performance and, where applicable, behavioural data or data relating to personality traits;<\/li><li>Professional information about you, such as your job title and professional experience, your remuneration with your current or former employer; <\/li><li>Information relating to your investment knowledge and experience;<\/li><li>Your financial situation, investment objectives, investment risk tolerance, and ESG preferences (Environmental, Social and Governance criteria);<\/li><li>Any recording of telephone calls between you and the Bank, in particular telephone log information such as your telephone number, calling number, called number, call forwarding numbers, time and date of calls and messages, length of calls, forwarding information and types of calls, primarily in consideration of market abuse rules (supervision of financial markets and transparency);<\/li><li>Management and security data, e.g., records of being at our premises;<\/li><li>Visual and video surveillance media, for example, from video surveillance at our premises for security purposes;<\/li><li>Use of cookies, traceability technologies and other means (e.g., web beacons, pixels, unique identifiers) to collect and process information about you from different channels and devices you use, including emails and devices you use to interact with us to access our websites, platforms, products, services and mobile device applications. To find out about how we use cookies and other traceability technologies in relation to our website, please refer to our <a href=\"\/en\/cookie-policy\" class=\"animatedLink\">Cookies Policy<\/a>.<\/li><\/ul>\n<p>In certain circumstances, we may ask you for your prior or explicit consent to collect and process certain categories of Personal Data. For example: <\/p>\n<ul><li>for reference information (e.g., your current or former employer);<\/li><li>to comply with applicable law, in particular, the DPA or the CO.<\/li><\/ul>\n<p>If an applicant or employee provides the Bank with information about their family or any other third party (e.g., emergency contacts or references), you must, prior to providing us with such information, inform the persons concerned that you will be disclosing their Personal Data to us and provide them with a copy of the information contained in this Notice.<\/p>","slug":"types-of-personal-data-collected-and-legal-bases","slugs":{"fr":"types-de-donnees-personnelles-collectees-et-bases-juridiques","de":"arten-der-erhobenen-personenbezogenen-daten-und-rechtsgrundlagen","es":"tipos-de-datos-personales-recopilados-y-fundamentos-juridicos","pt":"tipos-de-dados-pessoais-recolhidos-e-fundamentos-juridicos"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":300,"title":"Editorial","content":"<p>The repeated rate hikes recorded since the beginning of 2022 are part of a monetary cycle whose peak seems to have finally been reached. For all that, the game is not over: while the horizon is brightening for investors and borrowers, who can see a little more clearly, such high rates can only slow the economy, and while the spectre of inflation is less of a threat, business and retail spending remain under pressure. However, this is in line with the scenario we were outlining at the end of the second quarter, and the adjustments made to our asset allocation bear this out.<br><br>In addition to all this, which is the subject of our daily attention, this CIO Letter also includes in its columns two themes that will continue to impact the markets in the future: on the one hand, the formidable potential of artificial intelligence (AI), despite the uncertainties that accompany it, and on the other, the development of green bonds, one of many reflections of the fight against global warming.<br><br>\nEnjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-300","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":304,"title":"CIO LETTER ISSUE 15 - OCTOBER 2023","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>The repeated rate hikes recorded since the beginning of 2022 are part of a monetary cycle whose peak seems to have finally been reached. For all that, the game is not over: while the horizon is brightening for investors and borrowers, who can see a little more clearly, such high rates can only slow the economy, and while the spectre of inflation is less of a threat, business and retail spending remain under pressure. However, this is in line with the scenario we were outlining at the end of the second quarter, and the adjustments made to our asset allocation bear this out.<br><br>In addition to all this, which is the subject of our daily attention, this CIO Letter also includes in its columns two themes that will continue to impact the markets in the future: on the one hand, the formidable potential of artificial intelligence (AI), despite the uncertainties that accompany it, and on the other, the development of green bonds, one of many reflections of the fight against global warming.<br><br>\nEnjoy the read!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-15\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-15-october-2023","slugs":{"fr":"cio-letter-n-15-octobre-2023","de":"cio-letter-issue-15-october-2023","es":"cio-letter-issue-15-october-2023","pt":"cio-letter-issue-15-october-2023"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 15 - October 2023"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"01\/10\/2023"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-28-17-9-47-21-1qiYl0hJxyOqTM8MiMkD.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":308,"title":"THE 2023 GONET LITERARY PRIZE AWARDED TO JOSEPH INCARDONA","content":"<p style=\"text-align: right;\"><em>(in French only)<\/em><\/p>\n<p><br><\/p>\n<p><span style=\"font-size: 14px;\">Jean-Ren\u00e9 Lepezel, CEO de Gonet, Joseph Incardona, laur\u00e9at du Prix litt\u00e9raire Gonet 2023, et Sandrine Bourgeois, Pr\u00e9sident du Comit\u00e9 du Festival du L\u00c0C.<\/span><\/p>\n<hr>\n<p>Le Prix litt\u00e9raire Gonet 2023 a \u00e9t\u00e9 d\u00e9voil\u00e9 hier lors d'une c\u00e9r\u00e9monie tenue au caf\u00e9-restaurant Le Lyrique \u00e0 Gen\u00e8ve.<br><br>\nIl a \u00e9t\u00e9 d\u00e9cern\u00e9 \u00e0 Joseph Incardona pour son livre \u00abLes corps solides\u00bb \u00e9dit\u00e9 en ao\u00fbt 2022 (\u00c9ditions Finitude) et \u00e9lu par un jury de 50 personnes parmi cinq livre pr\u00e9s\u00e9lectionn\u00e9s&nbsp;par le Comit\u00e9 du Festival du L\u00c0C et porteurs de th\u00e8mes soci\u00e9taux (f\u00e9minicide, migrations, transition \u00e9cologique, lien aux animaux, pr\u00e9carit\u00e9 et t\u00e9l\u00e9-r\u00e9alit\u00e9).<br><br>\n\u00c9pop\u00e9e moderne, histoire d\u2019amour filial et maternel, \u00abLes corps solides\u00bb est un roman&nbsp;sur la dignit\u00e9 d\u2019une femme tomb\u00e9e dans la pr\u00e9carit\u00e9 et faisant face au cynisme d\u2019une \u00e9poque o\u00f9 tout s\u2019ach\u00e8te, m\u00eame les consciences, dans le grand tourbillon du voyeurisme m\u00e9diatique.<br><br>\nSuisse d\u2019origine italienne, Joseph Incardona est l\u2019auteur d\u2019une quinzaine de romans, de recueils de nouvelles. Il est aussi sc\u00e9nariste pour la BD, le cin\u00e9ma ou la t\u00e9l\u00e9vision, dramaturge et r\u00e9alisateur.<\/p>\n<hr>\n<p><strong><em>Le Prix litt\u00e9raire Gonet<\/em><\/strong><\/p>\n<p><em><a href=\"https:\/\/www.gonet.ch\/fr\/gonet\/sponsoring\/festival-du-lac\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Partenaire du Festival du L\u00c0C<\/span><\/a> d\u00e8s sa cr\u00e9ation en 2021, la banque Gonet&nbsp;&&nbsp;Cie SA a souhait\u00e9 \u00e9largir son engagement en cr\u00e9ant un Prix litt\u00e9raire Gonet r\u00e9compensant un ouvrage francophone original, de tout genre litt\u00e9raire et en lien avec les enjeux soci\u00e9taux de notre temps.<\/em><br><br>\n<em>Ce prix est d\u00e9cern\u00e9 dans un esprit ind\u00e9pendant, sensible \u00e0 la fois au caract\u00e8re divertissant de l\u2019ouvrage prim\u00e9 et \u00e0 son ouverture \u00e0 une sensibilisation originale sur le monde moderne.<\/em><\/p>\n<hr>\n<p><a href=\"\/en\/gonet\/sponsoring\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more about our involvements<\/span><\/a><\/p>","slug":"the-2023-gonet-literary-prize-awarded-to-joseph-incardona","slugs":{"fr":"le-prix-litteraire-gonet-2023-attribue-a-joseph-incardona","de":"der-2023-literaturpreis-gonet-geht-an-joseph-incardona","es":"premio-gonet-de-literatura-2023-para-joseph-incardona","pt":"premio-literario-gonet-2023-atribuido-a-joseph-incardona"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"date":{"id":1,"name":"date","label":"Date","value":"18\/10\/2023"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":[{"url":"\/uploads\/2023-10-18-17-40-17-694-UbAixd0uD5kCwQxcdofR.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-313-CApIiGzFfRbUQJPTw9d1.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-665-YYHjVeGEJOMcQge0bTuC.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-150-7ccTMtfr2wSo1QpgS71j.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-986-oDfRg9cePz7KjxNuvsf1.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-669-2zdF432Li6e83g2jDNaU.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-125-qHzDIOMva0EngCFhlx6U.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-10-18-17-40-17-133-HI23IUgAEymQ67VxCHSa.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The 2023 Gonet Literary Prize awared to Joseph Incardona"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2023-10-18-13-36-40-87-N0J4Bjn3kuxINnW3yZfb.jpg","caption":"Harmonik Pictures","link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"The 2023 Gonet Literary Prize was unveiled at a ceremony held at the caf\u00e9-restaurant Le Lyrique in Geneva."},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2023-10-17-11-56-42-166-QJbhA5GvmWHtopiESvNw.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":313,"title":"Discover the next Gonet Geneva Open poster","content":"","slug":"discover-the-next-gonet-geneva-open-poster","slugs":{"fr":"decouvrez-laffiche-du-prochain-gonet-geneva-open","de":"entdecke-das-plakat-des-nachsten-gonet-geneva-open","es":"descubra-el-poster-del-proximo-gonet-geneva-open","pt":"descubra-o-poster-do-proximo-gonet-geneva-open"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"28\/11\/2023"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/gonet\/sponsoring\/gonet-geneva-open"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-11-29-17-8-23-216-znBzyV2Q6F0FTHOilRdi.png","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":314,"title":"SPHERE: Interview with Jean-Ren\u00e9 Lepezel, CEO","content":"<h2><strong>EACH ENTITY HAS KEPT ITS IDENTITY, CLIENT BASE AND ITS WAY OF DOING BUSINESS WITH THEM<\/strong><\/h2>\n<p><strong><br>A year has passed since it was announced that Arab Bank Switzerland would acquire a majority stake in Gonet & Cie SA. Since then, the Swiss bank has continued to develop its business as rapidly as it did during Nicolas Gonet\u2019s 15-year tenure at the helm. Jean-Ren\u00e9 Lepezel, the new CEO, has no plans to change course. The backing of a new shareholder gives him the firepower to plan ambitiously for the future while retaining his freedom of action and preserving a valuable brand.<\/strong><\/p>\n<hr>\n<p><em>Jean-Ren\u00e9 Lepezel joined Gonet in 2010 as Senior Relationship Manager and Member of Management. He became a member of the Executive Committee in 2016 and started overseeing the Private Banking division in 2017. He has been CEO since January 2023. Previously, from 1992, he held various positions in capital markets at Cr\u00e9dit Lyonnais (Switzerland) SA, then at UBS Warburg. In 2000, he joined UBS Wealth Management before moving to Cr\u00e9dit Lyonnais\/Indosuez Wealth Management in 2003 as Senior Relationship Manager and Member of Management.<\/em><\/p>\n<p><em>Jean-Ren\u00e9 holds an engineering degree from Centrale-Supelec in Paris and a postgraduate degree in finance from the University of Paris Dauphine.<\/em><\/p>\n<hr>\n<p><strong>What has been your observation since taking over as CEO at the beginning of the year?<\/strong><\/p>\n<p><br>First I\u2019d like to set the scene. In November 2022, exactly one year ago, Arab Bank Switzerland acquired a majority stake in the bank from Nicolas Gonet, who has since sat on the Boards of Directors of both entities. At that time, I took over the management of Gonet & Cie SA, which I knew to be a thriving going concern, having worked there for 13 years. I was one of the first relationship managers hired by Nicolas when he started to take the bank to the next level. When I joined the Executive Committee in 2016, I had a ringside seat to watch Gonet go from strength to strength. In 2010, client assets were still around the CHF 1 billion mark, compared to just under CHF 6 billion today. What makes this growth in client assets so remarkable is that the circumstances have not necessarily been supportive. From stockmarket slumps and tighter regulation to the pandemic and then the invasion of Ukraine, the road has not always been easy.<\/p>\n<p><br><br><\/p>\n<p><strong>How do you think the alliance with Arab Bank Switzerland has benefited Gonet the most?<\/strong><\/p>\n<p><br>I would say in two ways. Firstly, the transaction fulfilled Nicolas Gonet\u2019s wish that the bank should keep its name. He felt it was important not only to preserve the brand but also to enhance it, which paved the way for Arab Bank to pursue its specific strategy. Secondly, we fully intend to leverage the products, ideas, scale and capital resources of our new shareholder. In terms of markets, it\u2019s worth remembering that Arab Bank Switzerland does not operate in the same segment as Gonet, so we can continue to develop our business in extremely positive conditions.<\/p>\n<p><br><br><\/p>\n<p><strong>What is the point of having Arab Bank as a provider of capital?<\/strong><\/p>\n<p><br>Right now, based on our current plans, we effectively have no such need. But this capital could prove useful if we ever want to make a game-changing move, such as buying another bank.<\/p>\n<p><br><br><\/p>\n<p><strong>What are your business priorities at the moment? <\/strong><\/p>\n<p><br>There has been no real need to change our business priorities. They are basically the same, give or take some fine-tuning. We remain focused on our clients, to whom we want to continue to provide an impeccable level of service. This means broadening our range of wealth solutions to include offerings that take a more holistic view of wealth management, covering areas such as wealth planning, post-retirement benefits, asset structuring, tax and philanthropy. We\u2019ll also continue to focus on our key markets of Switzerland, Europe, Latin America and the Middle East. One thing we\u2019ll do differently, however, is to step up our recruitment of new relationship managers, selling them on the fact that they\u2019re joining a standard-setting bank built on an entrepreneurial, competitive and attractive ethos. Relationship managers are the foundation of our business model, so we\u2019re going to grow stronger in that area.<\/p>\n<p><br><br><\/p>\n<p><strong>Does the backing of Arab Bank help with new business?<\/strong><\/p>\n<p><br>Having such a solid shareholder at our side has indeed raised the profile of our bank. This increased interest is tangible. We\u2019ve never recruited as many relationship managers as in the first six months of this year. Our business model continues to work well. Our relationship managers are able to operate in a light, flexible and flat structure, with the CEO and the Head of Private Banking being the only more senior roles. Decisions are made quickly and we\u2019re able to resolve complex issues in a short time.<\/p>\n<p><br><br><\/p>\n<p><strong>You earlier talked about your post-retirement offering. What role will Lemania play in your organisation?<\/strong><\/p>\n<p><br>The development of Lemania, for which Gonet was the incubator, has in recent years focused on digitalisation, scalability and mass processing. This meant that it was no longer in line with our exclusive status and the private banking services we offer, which are aimed at the top of the market. We also prefer to look beyond retirement with our clients by using a personalised approach based on open architecture solutions. That\u2019s why we\u2019ve stepped back from Lemania, which is now a product provider like any other.<\/p>\n<p><br><br><\/p>\n<p><strong>Do you see synergies being unlocked with Arab Bank?<\/strong><\/p>\n<p><br>\u201cSynergies\u201d is not a term I like to use. I prefer talking about \u201ccollaboration\u201d or \u201cco-construction\u201d. But we\u2019re still in the early stages. Arab Bank came on board as a shareholder last autumn, but we had to wait until May to get the green light from FINMA. Right now we\u2019re in the analysis phase, abiding by the principle that each entity should retains its own identity, its own brand, its own client base and its own way of doing business with them.<\/p>\n<p><br><br><\/p>\n<p><strong>What form could these joint actions take?<\/strong><\/p>\n<p><br>When the transaction was unveiled, we emphasised the highly complementary product ranges of the two entities. We\u2019re working towards convergence so that both client bases can benefit. <\/p>\n<p>We\u2019re also looking into how we can move forward together on certain support services, in particular how we can share a core banking system. At the end of the day, it is wishful thinking to believe that we can continue to run two different systems in parallel.<\/p>\n<p><br><br><\/p>\n<p><strong>What changes have you made since you took over?<\/strong><\/p>\n<p><br>Very few. Apart from Lemania, which is no longer part of our business, we\u2019ve mainly been fine-tuning. The management process and the procedures we have in place are working, so we\u2019re able to put in place a reliable risk management framework as we continue to develop. If you\u2019ll pardon the expression, you don\u2019t change a team that\u2019s on a winning streak. But I think we can be more proactive in the way we approach existing and potential clients and the market in general. There\u2019s no reason for us to feel intimidated. We\u2019re still quite self-restrained. We need to draw more attention to our achievements over the past 15 years and be clearer on the extra advantages that we now offer.<\/p>\n<p><br><br><\/p>\n<p><strong>What\u2019s your verdict after your first year at the helm?<\/strong><\/p>\n<p><br>More than satisfactory, I\u2019d say, although let\u2019s be clear: I\u2019ve benefited from all the work done in previous years and the high interest rate environment. At CHF 5.7 billion, our client assets are at an all-time high. Our net new money in the first six months was CHF 350 million, and our net profit exceeds CHF 5.7 million, compared to only CHF 1.7 million last year. But I\u2019d like to stress that we\u2019ve been on a longer-term upward trajectory, with net new money of CHF 600 million in 2021 and the same in 2022.<\/p>\n<p><br><br><\/p>\n<p><strong>Tell us about what Gonet is doing in German-speaking Switzerland?<\/strong><\/p>\n<p><br>Our performance there is also respectable. And yet it\u2019s never easy for a bank from French-speaking Switzerland to break into this market. We opened our Zurich office in 2020 and, despite the pandemic, we\u2019ve been steadily gaining momentum. Our local teams, led by Albert Peter, are doing an excellent job. As proof, our client assets have grown to the point where we can now start recruiting on a regular basis. We plan to add new relationship managers, or teams of managers, to our Zurich operations in the coming years.<\/p>\n<p><br><br><\/p>\n<p><strong>What initiatives are you planning to take to adapt to the underlying trends that we can see at the moment?<\/strong><\/p>\n<p><br>The first thing that comes to mind is interest rates. We\u2019re going to have to learn how to work and thrive in a low interest rate environment, which is going to be here to stay. The pressure is off for now, but I don\u2019t think it will last. Low interest rates will continue to hover over our heads.<\/p>\n<p>Then we need to prepare for the next generations, which means taking into account their goals, expectations, aspirations and habits. I\u2019m not just talking about future clients; I\u2019m also talking about future employees, especially our future relationship managers, as some of our current cohort is approaching retirement age. Making way for the next generations means adapting our products, services and marketing relays, as well as our image, commitments and values.<\/p>\n<p><br><br><\/p>\n<p><strong>How do you imagine the relationship manager of tomorrow?<\/strong><\/p>\n<p><br>For a bank with our profile, the NextGen manager will undoubtedly need to have a Swiss-inspired sense of service through and through. Once this culture has become part of who they are, they will need to develop a broad vision, if only to thrive in an ever-expanding and increasingly sophisticated investment ecosystem. When they hit a roadblock, they need to be able to pass the baton and delegate the task, even if it means turning to novel solutions \u2013 especially those driven by AI.<\/p>\n<p><br><br><\/p>\n<p><strong>Would you have scope to use robo-advisor-type solutions to equip your future managers?<\/strong><\/p>\n<p><br>It\u2019s on our minds and we\u2019re keeping an eye on the industry, bearing in mind that the impersonal nature of robo-advisors, which are completely unemotional, makes them poor private bankers from the outset. But I\u2019m sure they could be useful as a decision-making tool.<\/p>\n<p><br><br><\/p>\n<p><strong>One last question: how do you see the wealth management industry evolving in Switzerland?<\/strong><\/p>\n<p><br>What I find fascinating about Switzerland is the perfect balance between tradition, with its inherent strengths, and the ability to innovate. I\u2019m an engineer by training, so I\u2019m very sensitive to innovation. The wealth management industry must continue to strike this balance and move with the times, even if it sometimes means a complete overhaul. We all need to be more aware of the opportunities that new technologies offer us today while ensuring that we carefully preserve the iconic image of the trusted, time-honoured banker whose legacy today is a dominant position in the global wealth management market.<\/p>\n<hr>\n<p><em>Gonet & Cie SA has been the title sponsor of the Gonet Geneva Open, an ATP 250 tournament, since 2021 and will remain so until 2025, with the possibility of extending this sponsorship to 2026 and 2027. The last two tournaments were won by Casper Ruud, recently ranked third in the world, and Nicolas Jarry, respectively.<br><\/em><br><\/p>\n<p><em>Gonet was founded in 1845 and celebrated its 175th anniversary in 2020. Representing the fifth generation, Nicolas Gonet took over the reins in 2008 and presided over 15 years of steady growth.<br><\/em><br><\/p>\n<p><em>Arab Bank Switzerland dates back to 1962. Since then, its core market has been mature companies, HNWIs and entrepreneurs with strong ties to the MENA region. Client assets exceeded CHF 6 billion in 2022 with revenues of CHF 119 million and a net profit of CHF 32.4 million.<\/em><\/p>\n<hr>\n<p><a href=\"https:\/\/sphere.swiss\/magazine\/\" class=\"animatedLink\" target=\"_blank\">Find out more<\/a><\/p>","slug":"sphere-interview-with-jean-rene-lepezel-ceo","slugs":{"fr":"sphere-interview-de-jean-rene-lepezel-ceo","de":"sphere-interview-mit-jean-rene-lepezel-ceo","es":"sphere-entrevista-con-jean-rene-lepezel-ceo","pt":"sphere-entrevista-com-jean-rene-lepezel-diretor-executivo"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"date":{"id":1,"name":"date","label":"Date","value":"05\/12\/2023"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2023-12-5-14-46-26-888-07XXRgVeGvhlW962QUia.jpg","caption":"Karine Bauzin","link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2023-12-5-14-46-12-261-cFhRkzBQPQf8M5TSuES4.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":316,"title":"Editorial","content":"<p>While 2023 ends on a positive note, a degree of caution is still called for in the year ahead, which will have to contend with its share of uncertainties: the crisis in the Middle East, the foreseeable endless war in Ukraine and, last but not least, the US presidential election in November. We are clearly entering the final phase of the inflationary cycle that began in the wake of the Covid crisis. Central bankers are maintaining their restrictive stance to reinforce their anti-inflation message, but the most likely scenario now is that rates will be cut gradually over the next 12 to 24 months, which should favour equities and bonds.<\/p>\n<p>This is the context in which it will be up to investment professionals to pick up on the right trends and identify promising opportunities, both those that are self-evident and those that need to be flushed out. This CIO Letter is a perfect reflection of this dual challenge, covering both the unavoidable luxury sector and the surprising but very real pet sector.<\/p>\n<p>Enjoy the reading and happy festive season!<\/p>","slug":"editorial","slugs":{"fr":"edito-316","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":320,"title":"CIO LETTER ISSUE 16 - DECEMBER 2023","content":"","slug":"cio-letter-issue-16-december-2023","slugs":{"fr":"cio-letter-n-16-decembre-2023","de":"cio-letter-issue-16-december-2023","es":"cio-letter-issue-16-december-2023","pt":"cio-letter-issue-16-december-2023"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"14\/12\/2023"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 16 - December 2023"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-12-14-14-45-38-130-ZkPnAQ5C71eROsgVlQhy.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":322,"title":"NICOLAS GONET","content":"<p>After obtaining a Master\u2019s degree in economic and social sciences from the University of Fribourg in 1994, Nicolas Gonet completed his banking training in New York (Merrill Lynch, Shearson Lehman Brothers), London (Cazenove, Credit Suisse) and Luxembourg (de Groof). In September 1997 he joined the family bank Gonet & Cie, representing the fifth generation of bankers. He was appointed partner in 2003, running business development and expansion of the Gonet Group from 2008. He became CEO on 1 January 2016 following the Bank\u2019s transformation into the limited company Gonet & Cie SA, a position he held until December 2022. During this phase he initiated and successfully led the purchase and integration of both the bank Mourgue d\u2019Algue & Cie and of the bank Degroof Petercam (Switzerland). He has been a member of the Board of Directors of Gonet & Cie SA since 1 January 2023, and its Chairman since 1 January 2024. Nicolas Gonet is also active as an entrepreneur, particularly in the Geneva hospitality business, and has been co-owner of the ATP250 Gonet Geneva Open tennis tournament since December 2024. He is also involved in a number of philanthropic initiatives.<\/p>","slug":"nicolas-gonet-322","slugs":{"fr":"nicolas-gonet-322","de":"nicolas-gonet-322","es":"nicolas-gonet-322","pt":"nicolas-gonet-322"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":"CHAIRMAN"},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-4-8-7-50-11-75-BHx1tXtsP4NxK33EsNq0.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-5-31-13-13-48-610-nwPKWjzPC7hQGaG7Jc7M.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"directors"},{"id":325,"title":"Casper Ruud and Ben Shelton at the Gonet Geneva Open","content":"<p>The Gonet Geneva Open is delighted to announce its first two headliners for its ninth edition, which will take place from 18 to 25 May in the enchanting setting of the Parc des Eaux-Vives. Two-time winner of the tournament in 2021 and 2022, Casper Ruud (ATP 12) will be returning to Geneva for the fourth time. Ben Shelton (ATP 16), who also took part last year, will be back with much greater ambitions.<br>\n<br>With the Norwegian and the American, the Gonet Geneva Open will be presenting the Geneva public with two players who have shone in recent months. Casper Ruud is a three-time Grand Slam finalist, having reached the French Open final in 2022 and 2023 and Flushing Meadows final in 2022. As for Ben Shelton, he thrilled the crowds last year in New York when he reached the semi-finals of the US Open. He then went on to win his first ATP title in autumn with his victory at the ATP 500 tournament in Tokyo. <br>\n<br>The announcement of Casper Ruud and Ben Shelton as new players once again underlines the attractivity of the Gonet Geneva Open to the world's top players. Over the last ten years, the tournament has welcomed a host of top names in tennis, including five Grand Slam winners - Roger Federer, Stan Wawrinka, Daniil Medvedev, Dominic Thiem and Marin Cilic - reigning Olympic champion Alexander Zverev and Masters winner Grigor Dimitrov. The Gonet Geneva Open is also an opportunity for the next generation of Swiss tennis players to show their skills to their home crowd. Dominic Stricker won his first ATP Tour match in Geneva in 2021.  <br>\n<br>Casper Ruud and Ben Shelton will not be the only top players coming to Geneva this year. As in previous editions, the field will be enriched by other renowned players. The Gonet Geneva Open aims to maintain the growing popularity of a tournament that attracted almost 30,000 people to the Parc des Eaux-Vives in 2023 over the eight days of competition.<\/p>","slug":"casper-ruud-and-ben-shelton-at-the-gonet-geneva-open","slugs":{"fr":"casper-ruud-et-ben-shelton-au-gonet-geneva-open","de":"casper-ruud-and-ben-shelton-at-the-gonet-geneva-open","es":"casper-ruud-and-ben-shelton-at-the-gonet-geneva-open","pt":"casper-ruud-and-ben-shelton-at-the-gonet-geneva-open"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Casper Ruud and Ben Shelton at the Gonet Geneva Open"},"date":{"id":1,"name":"date","label":"Date","value":"13\/02\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-2-13-9-9-15-882-PQDfPxEMZxaiYO7Ed0ze.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2024-2-12-15-28-57-12-Up4CDEwKrTT8ubEqN3l6.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":327,"title":"`NEWSGONET #1: ADVISORY SERVICE","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>","slug":"newsgonet-1-advisory-service","slugs":{"fr":"newsgonet-1-service-advisory","de":"newsgonet-1-advisory-service","es":"newsgonet-1-advisory-service","pt":"newsgonet-1-advisory-service"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":2,"name":"Investments","slug":"investments","order":2,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqndj4i\/1jhvl2uqdhl3g\/1jhvl2uqndj4u.mp4"},"date":{"id":1,"name":"date","label":"Date","value":"15\/02\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On 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Date","value":"15\/02\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":329,"title":"`NEWSGONET #2: GONET GENEVA OPEN","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>\n<hr>\n<p>In this 2nd episode: a look back at our commitment to the Gonet Geneva Open and a look at the organisation of this major sporting event.<\/p>","slug":"newsgonet-2-gonet-geneva-open","slugs":{"fr":"newsgonet-2-gonet-geneva-open","de":"newsgonet-2-gonet-geneva-open","es":"newsgonet-2-gonet-geneva-open","pt":"newsgonet-2-gonet-geneva-open"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New 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Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqnmox7\/1jhvl2uqdhl3g\/1jhvl2uqnmoxi.mp4"},"date":{"id":1,"name":"date","label":"Date","value":"07\/03\/2024"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-7-9-29-37-757-gDzX6StQXTFJ1Iq7HkFm.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-3-7-9-29-44-927-WVMOpG0IEzeRgqWwRfZr.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":"07\/03\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":330,"title":"Editorial","content":"<p>The three territories \u2013 in the truest sense of the term \u2013 of economic analysis, the United States, Europe and China, appear to be stabilising. Each of them, in its own way, is preparing to embark on a phase of growth, fuelled by the expected cut in interest rates, valiantly inaugurated by the Swiss National Bank (SNB), as well as by the formidable potential of artificial intelligence.<\/p>\n<p>&nbsp;Does this mean we can look forward to the \u201cGoldilocks\u201d scenario that some investors are hoping for? Let's not get carried away: caution remains the order of the day against the backdrop of the US elections and looming geopolitical conflicts.<\/p>\n<p>In this CIO Letter, we suggest that small and mid caps could well make a comeback when the economy picks up the pace. Similarly, and for other reasons, we turn the spotlight on the potential opportunities in the Swiss property market, which has to incorporate the reduction in CO2 emissions imposed by the Federal Council's 2050 energy strategy.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"editorial","slugs":{"fr":"edito-330","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":335,"title":"CIO LETTER ISSUE 17 - APRIL 2024","content":"","slug":"cio-letter-issue-17-april-2024","slugs":{"fr":"cio-letter-n-17-avril-2024","de":"cio-letter-issue-17-april-2024","es":"cio-letter-issue-17-april-2024","pt":"cio-letter-issue-17-april-2024"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 17 - April 2024"},"date":{"id":1,"name":"date","label":"Date","value":"26\/03\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-25-14-51-54-391-Bvri8wy6WS4pItWjGRUS.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":337,"title":"`NEWSGONET #3: EXTERNAL ASSET MANAGERS","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>\n<hr>\n<p>In this 3rd episode: our EAM expertise.<\/p>","slug":"newsgonet-3-external-asset-managers","slugs":{"fr":"newsgonet-3-gerants-indedendants","de":"newsgonet-3-external-asset-managers","es":"newsgonet-3-external-asset-managers","pt":"newsgonet-3-external-asset-managers"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqnxq8f\/1jhvl2uqdhl3g\/1jhvl2uqnxq8m.mp4"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"28\/03\/2024"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-28-12-41-58-876-s9PPVKKeTLG3SEDM1mST.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-3-28-12-41-52-666-i32fevpTZVujWIYhjrj1.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":"28\/03\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":338,"title":"BLAISE GOETSCHIN JOINS THE BOARD OF DIRECTORS OF ARAB BANK (SWITZERLAND) LTD. AND GONET & CIE SA","content":"<p>Arab Bank (Switzerland) Ltd. and Gonet & Cie SA are pleased to announce that Blaise Goestchin will be joining the Board of Directors of Arab Bank (Switzerland) Ltd. as a Member and Gonet & Cie SA as Member and Vice-Chairman, effective at the beginning of April.<\/p>\n<p><br>This election follows the announcement of the strategic partnership between the two banking entities which was concluded on June 1st, 2023. <\/p>\n<p><br>Wahb\u00e9 A. Tamari and Nicolas Gonet, respectively Chairmen of the Boards of Directors of Arab Bank (Switzerland) Ltd. and Gonet & Cie SA, commented: \u201cThe arrival of Blaise Goetschin, a leading Swiss figure and a highly experienced professional in the financial industry, represents a significant added value for our governing bodies and will allow us to carry further the success of these two banks.\u201d <\/p>\n<p><br>Blaise Goetschin added: \u201cIt is both an honor and a delight to join, in these new roles, a major Swiss banking group which is growing at a fast pace.\u201d <\/p>\n<p><br><br>The updated composition of the boards of Directors is detailed hereafter. <\/p>\n<p><br>Arab Bank (Switzerland) Ltd. - Wahb\u00e9 A. Tamari (Chairman), Jean-Pierre Roth (Vice-Chairman), Nicolas Gonet, Alessandro Bizzozero, Omar M. Kamal, G\u00e9rard Lohier, Claude Suchet, Pierre-Olivier Fragni\u00e8re, Bassam W. Kanaa and Blaise Goetschin.<\/p>\n<p><br>Gonet & Cie SA - Nicolas Gonet (Chairman), Blaise Goetschin (Vice-Chairman), Serge Robin, Alessandro Bizzozero, Sylvie Buhagiar and Henric Immink.<br><\/p>\n<hr>\n<p><a href=\"\/en\/gonet\/governance\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Find out more<\/span><\/a><\/p>","slug":"blaise-goetschin-joins-the-board-of-directors-of-arab-bank-switzerland-ltd-and-gonet-cie-sa","slugs":{"fr":"blaise-goetschin-rejoint-les-conseils-dadministration-darab-bank-switzerland-ltd-et-de-gonet-cie-sa","de":"blaise-goetschin-tritt-den-verwaltungsraten-von-arab-bank-switzerland-ltd-und-gonet-cie-sa-bei","es":"blaise-goetschin-se-incorpora-a-los-consejos-de-administracion-de-arab-bank-switzerland-ltd-y-gonet-cie-sa","pt":"blaise-goetschin-integra-os-conselhos-de-administracao-da-arab-bank-switzerland-ltd-e-da-gonet-cie-sa"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Blaise Goetschin joins the Board of Directors of Arab Bank (Switzerland) Ltd. and Gonet & Cie SA"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"date":{"id":1,"name":"date","label":"Date","value":"03\/04\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2024-4-2-17-54-50-946-9iedRT4Bacen30fCeFJJ.jpg","caption":"Loris von Siebenthal","link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Arab Bank (Switzerland) Ltd. and Gonet & Cie SA are pleased to announce that Blaise Goestchin will be joining the Board of Directors of Arab Bank (Switzerland) Ltd. as a Member and Gonet & Cie SA as Member and Vice-Chairman"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2024-4-3-9-17-4-754-N2JoNK1DWGn20O2HaS3R.pdf","caption":null,"link":null,"newFile":"2024-4-3-9-17-4-754-N2JoNK1DWGn20O2HaS3R.pdf"}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":339,"title":"`NEWSGONET #4: FESTIVAL DU L\u00c0C - GONET LITERARY PRIZE","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>\n<hr>\n<p>Episode #4 of our NewsGonet chronicle is devoted to our passionate commitment to literature...<br><br>Since 2021, our Bank has been a partner of the luminous Festival du Livre \u00e0 Collonge (L\u00c0C), awarding the Gonet Literary Prize each year to a book dealing with a societal theme.<\/p>","slug":"newsgonet-4-festival-du-lac-gonet-literary-prize","slugs":{"fr":"newsgonet-4-festival-du-lac-prix-litteraire-gonet","de":"newsgonet-4-festival-du-lac-gonet-literary-prize","es":"newsgonet-4-festival-du-lac-gonet-literary-prize","pt":"newsgonet-4-festival-du-lac-gonet-literary-prize"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"18\/04\/2024"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoc0e3\/1jhvl2uqdhl3g\/1jhvl2uqoc0ea.mp4"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-4-18-17-13-19-127-Y5Lf5pmDsEr6NzC1w9Se.jpg","title":null,"alt":null,"caption":null,"link":null}]},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-4-18-17-13-13-717-gNdFQrrJGd9sozUQHIDB.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":"18\/04\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":341,"title":"Eight of the world's top twenty-five players at the Gonet Geneva Open","content":"<p>The ninth edition of the Gonet Geneva Open, to be held from May 18 to 25 at the Parc des Eaux-\nVives, is set to put on a magnificent show. Eight of the world's top twenty-five players feature on the\nentry list unveiled by the ATP.<\/p>\n<p><br>Barcelona winner Casper Ruud (ATP 6) leads the list, which also includes Taylor Fritz (ATP 13) and\nBen Shelton (ATP 15). While the Norwegian and the two Americans had already been announced,\nthe presence of Tommy Paul (ATP 16), Sebastian Baez (ATP 19), defending champion Nicolas Jarry\n(ATP 23), Jan-Lennard Struff (ATP 24) and Tallon Griekspoor (ATP 25) enriches the field of this ATP\n250 tournament, which has truly earned its place on the Tour.<\/p>\n<p><br>Kei Nishikori, who made it all the way to the semi-finals in 2017, will also be taking part. The Japanese\nplayer has benefited from a protected ranking to enter the draw, where the cut is set at the 51st place.\nEighteen players have been directly entered into the draw, which also features four qualifiers, three\nspecial exemptions and three wild cards.<\/p>\n<p><br>Last but not least, the waiting list includes two big names: Dominic Thiem, winner of the 2020 US\nOpen, and Matteo Berrettini, Wimbledon finalist in 2021. The interest shown by the Austrian and the\nItalian underlines the appeal of the Gonet Geneva Open to the best players of the tour.<\/p>\n<p><br>Entry list of the Gonet Geneva Open 2024:<\/p>\n<ol><li>Casper Ruud (NOR\/ATP 6)<\/li><li>Taylor Fritz (USA\/ATP 13)<\/li><li>Ben Shelton (USA\/ATP 15)<\/li><li>Tommy Paul (USA\/ATP 16)<\/li><li>Sebastian Baez (ARG\/ATP 19)<\/li><li>Nicolas Jarry (CHI\/ATP 23)<\/li><li>Jan-Lennard Struff (GER\/ATP 24)<\/li><li>Tallon Griekspoor (NED\/25)<\/li><li>Jiri Lehecka (CZE\/ATP 31)<\/li><li>Jordan Thompson (AUS\/33)<\/li><li>Fabian Maroszan (HUN\/ATP 37)<\/li><li>Jack Draper (GBR\/ATP 43)<\/li><li>Christopher Eubanks (USA\/44)<\/li><li>Facundo Diaz Acosta (ARG\/ATP 47)<\/li><li>Asian Karatsev (RUS\/ATP 48)<\/li><li>Kei Nishikori (JPN\/ATP 48)<\/li><li>Thomas Machac (CZE\/ATP 50)<\/li><li>Marcos Giron (USA\/ATP 51)<\/li><\/ol>\n<p><br><\/p>","slug":"eight-of-the-worlds-top-twenty-five-players-at-the-gonet-geneva-open","slugs":{"fr":"huit-des-vingt-cinq-premiers-joueurs-du-monde-au-gonet-geneva-open","de":"eight-of-the-worlds-top-twenty-five-players-at-the-gonet-geneva-open","es":"eight-of-the-worlds-top-twenty-five-players-at-the-gonet-geneva-open","pt":"eight-of-the-worlds-top-twenty-five-players-at-the-gonet-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Eight of the world's top twenty-five players at the Gonet Geneva Open"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News 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service.<\/p>","slug":"newsgonet-5-cologny-rive-gauche","slugs":{"fr":"newsgonet-5-cologny-rive-gauche","de":"newsgonet-5-cologny-rive-gauche","es":"newsgonet-5-cologny-rive-gauche","pt":"newsgonet-5-cologny-rive-gauche"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoo1b7\/1jhvl2uqdhl3g\/1jhvl2uqoo1bc.mp4"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"seo_image":{"id":166,"name":"seo_image","label":"Seo 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Title sponsor of the only ATP 250 tournament held in French-speaking Switzerland, the Banque Gonet has renewed its contract, which ran until 2025, for the 2026 and 2027 editions of the tournament.<br><br><\/p>\n<p>The Gonet Geneva Open is the only ATP 250 tournament to have featured three of the four members of the Big Four since 2021, with the arrival of Roger Federer in 2021 and Andy Murray and Novak Djokovic this year.<br><br><\/p>\n<p>Thanks to the support of its title sponsor, the Gonet Geneva Open is increasingly establishing itself as one of the top tournaments in the ATP 250 category. The popular success it has enjoyed over the years also makes it one of the most important social events in the city and canton.<\/p>","slug":"the-banque-gonet-extends-its-partnership-with-the-geneva-open-until-2027","slugs":{"fr":"la-banque-gonet-prolonge-son-partenariat-avec-le-geneva-open-jusquen-2027","de":"the-banque-gonet-extends-its-partnership-with-the-geneva-open-until-2027","es":"the-banque-gonet-extends-its-partnership-with-the-geneva-open-until-2027","pt":"the-banque-gonet-extends-its-partnership-with-the-geneva-open-until-2027"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo 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Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-5-25-20-18-2-212-Zqk4RYKUTxaGQ1ZfilCO.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2024-5-25-19-49-47-940-Gngksim1qBVs01FmznnZ.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":348,"title":"`NEWSGONET #6: GONET GENEVA OPEN \/ 2024 EDITION","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>\n<hr>\n<p>Episode #6 of our NewsGonet chronicle takes a look back at the 2024 edition (18 to 25 May), a record-breaking and emotional event...<\/p>","slug":"newsgonet-6-gonet-geneva-open-2024-edition","slugs":{"fr":"newsgonet-6-gonet-geneva-open-edition-2024","de":"newsgonet-6-gonet-geneva-open-2024-edition","es":"newsgonet-6-gonet-geneva-open-2024-edition","pt":"newsgonet-6-gonet-geneva-open-2024-edition"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"29\/05\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoxkaf\/1jhvl2uqdhl3g\/1jhvl2uqoxkak.mp4"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-5-29-13-28-51-447-GZlD2MZSbQ2YyzFSKVoU.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-5-29-13-29-0-323-tbpa83JfxwTROOU9xDdD.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":"29\/05\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":349,"title":"The 2024 Gonet literary Prize awarded to Nathalie Bianco","content":"<p style=\"text-align: right;\"><em>(in French only)<\/em><\/p>\n<!--StartFragment--><p><span style=\"font-size: 14px;\">Jean-Ren\u00e9 Lepezel, CEO de Gonet, et Nathalie Bianco, laur\u00e9ate du Prix litt\u00e9raire Gonet 2024.<\/span><\/p>\n<hr>\n<p>Le Prix litt\u00e9raire Gonet 2024 a \u00e9t\u00e9 d\u00e9voil\u00e9 hier soir lors de la c\u00e9r\u00e9monie d\u2019inauguration du Festival litt\u00e9raire \u00e0 Collonge (L\u00c0C), qui se tient&nbsp;ce week-end des 8 et 9 juin \u00e0 Collonge-Bellerive\/Gen\u00e8ve (Ferme de Saint-Maurice), en pr\u00e9sence notamment des autorit\u00e9s administratives et communales, du Pr\u00e9sident du Festival Pierre Assouline, membre de l\u2019Acad\u00e9mie Goncourt, et de Metin Arditi, invit\u00e9 d\u2019honneur de la manifestation.<br><br>Il a \u00e9t\u00e9 d\u00e9cern\u00e9 \u00e0 Nathalie Bianco pour son ouvrage \u00abLe petit lynx\u00bb (\u00c9ditions Sixi\u00e8me(s)), \u00e9lu par un jury de plus de 50 personnes parmi cinq ouvrages pr\u00e9s\u00e9lectionn\u00e9s par le Comit\u00e9 du Festival du L\u00c0C et porteurs de th\u00e8mes soci\u00e9taux contemporains.<br><br>\u00abLe petit lynx\u00bb est un roman fort, sensible et plein d\u2019humour qui traite de th\u00e9matiques sombres, telles que la maltraitance psychologique, l\u2019intol\u00e9rance ou le racisme. Il met en sc\u00e8ne Faycal, un petit gar\u00e7on de 10 ans vivant dans un milieu familial hostile, trouvant refuge aupr\u00e8s de personnages originaux autant que dans la d\u00e9couverte des livres.<\/p>\n<hr>\n<p><strong><em>Le Prix litt\u00e9raire Gonet<\/em><\/strong><\/p>\n<p><em><a href=\"\/en\/gonet\/sponsoring\/festival-du-lac\"><span style=\"color: rgb(217, 0, 13);\">Partenaire du Festival du L\u00c0C<\/span><\/a> d\u00e8s sa cr\u00e9ation en 2021, la banque Gonet & Cie SA a souhait\u00e9 \u00e9largir son engagement en cr\u00e9ant un Prix litt\u00e9raire Gonet r\u00e9compensant un ouvrage francophone original, de tout genre litt\u00e9raire et en lien avec les enjeux soci\u00e9taux de notre temps. Contribuant au rayonnement culturel du Festival, ce prix est d\u00e9cern\u00e9 dans un esprit ind\u00e9pendant, sensible \u00e0 la fois au caract\u00e8re divertissant de l\u2019ouvrage prim\u00e9 et \u00e0 son ouverture \u00e0 une sensibilisation originale sur le monde moderne. Les trois premiers laur\u00e9ats du prix sont Marion Emonot pour \u00abRessuscit\u00e9\u00bb en 2021, Albina du Boisrouvray pour \u00abLe courage de vivre\u00bb en 2022 et Joseph Incardona pour \u00abLes corps solides\u00bb en 2023.<\/em><em><\/em><\/p>\n<hr>\n<p><a href=\"\/en\/gonet\/sponsoring\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more about our involvements<\/span><\/a><\/p>","slug":"the-2024-gonet-literary-prize-awarded-to-nathalie-bianco","slugs":{"fr":"le-prix-litteraire-gonet-2024-attribue-a-nathalie-bianco","de":"der-2024-literaturpreis-gonet-geht-an-nathalie-bianco","es":"premio-gonet-de-literatura-2024-para-nathalie-bianco","pt":"premio-literario-gonet-2024-atribuido-a-nathalie-bianco"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The 2024 Gonet Literary Prize awared to Nathalie Bianco"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"08\/06\/2024"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-6-10-16-51-3-859-rA79FWkzVAw1Bd1YckCg.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2024-6-10-16-36-21-3-TjEmmG1YcPmI97r9OybI.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":350,"title":"`NEWSGONET #7: FESTIVAL DU L\u00c0C \/ 2024 EDITION","content":"<p>Discover NewsGonet, our video chronicle which, throughout 2024, presents the many facets of the Gonet world: our people, our expertise, our projects and our commitments.<\/p>\n<hr>\n<p>Our `NewsGonet #7 focuses on the third edition of the Festival du Livre \u00e0 Collonge (L\u00c0C), which took place last weekend in Collonge-Bellerive (GE).<br><br>Several thousand visitors came to (re)discover this magnificent cultural event, which is making a significant contribution to the development of the Lake Geneva literary scene. As a partner of the Festival from the outset, the Bank unveiled its annual Literary Prize.<\/p>","slug":"newsgonet-7-festival-du-lac-2024-edition","slugs":{"fr":"newsgonet-7-festival-du-lac-edition-2024","de":"newsgonet-7-festival-du-lac-2024-edition","es":"newsgonet-7-festival-du-lac-2024-edition","pt":"newsgonet-7-festival-du-lac-2024-edition"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqpc3t3\/1jhvl2uqdhl3g\/1jhvl2uqpc3ta.mp4"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NewsGonet, our video chronicle which presents the many facets of the Gonet world"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"12\/06\/2024"},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-6-12-17-31-26-889-gsJMi9quW4Whlzu21Xgy.jpg","title":null,"alt":null,"caption":null,"link":null}]},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-6-12-17-31-38-686-6homty0uP4GCMqjJpt9o.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":"12\/06\/2024"},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":95,"title":"History Introduction","content":"<p><span style=\"color: rgb(191, 191, 191);\">The roots of Gonet go back more than 175 years. The same entrepreneurial spirit, tenacity and devotion to the client have passed down unchanged through five generations of a single banking family, resulting in a bank that is unlike any of its peers or competitors.<\/span><\/p>","slug":"history-introduction","slugs":{"fr":"histoire-introduction","de":"geschichte-einleitung","es":"history-introduction","pt":"history-introduction"},"tags":[],"model_type":"page","fields":{"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-7-14-12-25-8-673-LTCsO1V9hlIFWMfDLkG5.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"date":{"id":142,"name":"date","label":"Date","value":""},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":351,"title":"Video 12","content":"","slug":"video-12","slugs":{"fr":"video-12","de":"video-12","es":"video-12","pt":"video-12"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""},"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqpc3t3\/1jhvl2uqdhl3g\/1jhvl2uqpc3ta.mp4"},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"date":{"id":19,"name":"date","label":"Date","value":"12\/06\/2024"},"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-6-12-17-32-42-660-weRAJqlBgq3S6bm8eqmm.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"videos"},{"id":353,"title":"Editorial","content":"<p>Just as we were about to embark on a gently sloping summer, perhaps following the Olympic Games and certainly already looking ahead to the American elections in November, politics reminds us of itself. France, and by contagion Europe, will be the focus of investors' attention over the next few weeks, following the surprise dissolution of its national representation and the resulting electoral conflagration fanned by the extremes.<\/p>\n<p>Nevertheless, we need to take a step back -&nbsp;or in other words, keep a cool head&nbsp;- to avoid panicking. While political uncertainty is growing, the macroeconomic situation is becoming clearer. Inflation rates are continuing to fall, albeit at a slower pace, central banks are starting to cut interest rates and growth levels are holding up reasonably well.<\/p>\n<p>And beyond our macroeconomic comments, there are other themes that are becoming increasingly important in the investor's landscape, such as artificial intelligence and ESG issues: they are also the subject of this CIO Letter.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"editorial","slugs":{"fr":"edito-353","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":357,"title":"AGEFI: \u201cGonet's name and swiss roots are vital to us\u201d","content":"<p>The CEOs of Gonet (Jean-Ren\u00e9 Lepezel) and Arab Bank Switzerland (Serge Robin) signed a strategic partnership between their two establishments on 31 May 2023.<\/p>\n<hr>\n<h2>\u201cWe\u2019re aiming for internally generated AuM growth of CHF&nbsp;1&nbsp;billion annually\u201d<br><br><\/h2>\n<p><strong>BANKING<\/strong>. With their full-year results out now, the CEOs of Arab Bank Switzerland and Gonet make an initial assessment of their almost year-old alliance.<br><br><\/p>\n<p><strong>Laure Wagner<\/strong><\/p>\n<hr>\n<p><strong><\/strong>Gonet is no stranger to Serge Robin. He was first a partner, then deputy CEO of this Swiss private bank for seven years before taking the helm at Arab Bank Switzerland (ABS) in July 2018. Jean-Ren\u00e9 Lepezel joined Gonet in 2010 as a relationship manager. He took over as CEO in January 2023 after the alliance \u2013 which came into effect on 1 June 2023 (<em>see sidebar<\/em>) \u2013 was announced.<br><\/p>\n<p> <\/p>\n<p>Almost one year on, here are their thoughts about this ground-breaking partnership in Geneva\u2019s banking industry and their first set of full-year earnings together.<br><br><\/p>\n<h3><span style=\"color: rgb(217, 0, 13);\">Initial assessment of the strategic alliance<br><br><\/span><\/h3>\n<p><strong>Nearly one year ago Arab Bank Switzerland became the majority shareholder of Gonet, setting in stone this strategic alliance. <br>\nWhat tangible benefits has this yielded, especially on the client front?<br><br><\/strong><\/p>\n<p><strong>Serge Robin: <\/strong>First of all, our private banking clients are high net worth or ultra-high net worth individuals (HNWI or UHNWI). Some of them are keen to allocate their money to more than one bank. In doing so, they generally used to approach other Geneva private banks or went to UBS or Credit Suisse. By bringing Gonet \u2013 a bank with a long heritage \u2013 into the fold, we\u2019re able to offer our clients a quintessentially Swiss alternative under the same roof. This has resulted in significant asset inflows for us at ABS, and the trend is gathering pace.<\/p>\n<p>Subsequently, this alliance will open up new clients segments by enabling us to put down deeper roots in Switzerland.<br><br><\/p>\n<p><strong>Is your client base still primarily from the Middle East?<br><br><\/strong><\/p>\n<p><strong>SR<\/strong>: We\u2019re a Swiss bank, based in Switzerland, and our clients are exclusively Middle Eastern and offshore. We wanted to market our services to Swiss clients but we realised that this was complex, or nigh on impossible given our name and our core Middle Eastern focus. That\u2019s what led to our initial idea of acquiring a Swiss bank before we settled on this strategic alliance with Gonet<br><\/p>\n<hr>\n<p>\n         \n                                              <\/p>\n<p style=\"text-align: center;\"><em>\u201cGonet\u2019s name, infrastructure, banking licence, heritage and Swiss roots are vital to us.\u201d<br>&nbsp;<\/em><\/p>\n<p style=\"text-align: center;\">\n         <\/p>\n<p style=\"text-align: center;\"><span style=\"color: rgb(217, 0, 13);\"><strong>Serge Robin<br><\/strong>CEO, Arab Bank Switzerland<\/span><\/p>\n<hr>\n<p><strong>How do things look from Gonet\u2019s perspective?<br><br> <\/strong><\/p>\n<p><strong>Jean-Ren\u00e9 Lepezel: <\/strong>This strategic alliance has delivered benefits in terms of raw numbers and in other respects, too. <\/p>\n<p>It has dispelled any lingering doubts about our future and financial strength, offered reassurance where needed and shored up our client base consisting of independent asset managers (IAM), wealth management clients and family offices.<\/p>\n<p>We\u2019ve also been able to offer new products. For example, our clients will soon be able to access digital assets, as a result of the expertise that ABS has been nurturing since 2019.<br><br><\/p>\n<p><strong>Have your staff counts increased in tandem with this alliance?<br><br><\/strong><\/p>\n<p><strong>J-RL: <\/strong>They are indeed increasing, as the alliance with ABS enables us to go head-to-head with other Geneva banks and attract new talent. Last year we took on six relationship managers, and four contracts have been signed so far this year. Our staff count at Gonet is now 132.<\/p>\n<p><strong>SR: <\/strong>If you take the ABS group as a whole, we have more than 300 employees, including Gonet. Our aim is to recruit between 10 and 15 people a year on average.<br><br><\/p>\n<p><strong>In an interview with <em>Le Temps <\/em>last year, you touched on the possibility of \u201cforming a jointly owned asset manager to house the strategies of Gonet and ABS, with investment specialists recruited from both sides\u201d. Is this idea still current?<br><br><\/strong><\/p>\n<p><strong>SR: <\/strong>Yes, we\u2019re still intent on pooling our investment solutions. Two options are available: either we do it under our own steam, which is perfectly plausible, or we team up with an existing asset manager by acquiring an interest in such a company or acquiring it outright. We\u2019ve already met and discussed the issue with prospective partners. But we\u2019re in no hurry.<br><br><\/p>\n<p><strong>When the alliance with Gonet was announced, you said in this newspaper that you wanted to achieve CHF&nbsp;15&nbsp;billion of assets under management via acquisitions. Are you still aiming for this target and, if so, do you have a timeframe?<br><br><\/strong><\/p>\n<p><strong>SR: <\/strong>The strategic alliance with Gonet has boosted our assets under management significantly to date, up to CHF&nbsp;12.4&nbsp;billion. At the same time, we\u2019re of course still considering other acquisitions: asset managers or small-scale banks that will broaden our access to the Swiss market.<\/p>\n<p>But we don\u2019t have definite plans to make an acquisition this year. The CHF&nbsp;15&nbsp;billion figure is a medium-term target. To achieve it, we\u2019re aiming to increase our assets under management by an average of CHF&nbsp;1&nbsp;billion internally each year.<br><br><\/p>\n<p><strong>So Gonet and Arab Bank Switzerland are still not due to merge?<br><br><\/strong><\/p>\n<p><strong>SR: <\/strong>No. But Gonet\u2019s name, infrastructure, banking licence, heritage and Swiss roots are vital to us, especially since Gonet will be our hub for expanding in wealth management.<br><br><\/p>\n<p><strong>In early April, you announced that Blaise Goetschin was joining ABS as a director and Gonet as vice-chair. This news took the Geneva banking industry by surprise. The former BCGE chief is known in the banking world as a turnaround specialist, not a private banker. What needs turning around in your operations?<br><br><\/strong><\/p>\n<p><strong>J-RL<\/strong>: That\u2019s something of an over-simplification! Blaise Goetschin is an ideal match, with experience of almost every line of banking business. Today the Arab Bank Switzerland group stands out by virtue of its diverse business activities, ranging from traditional wealth management and trade finance to cryptocurrencies. Having Blaise on board, with his in-depth knowledge of all these businesses and his strong connections both locally and nationally, is a major asset for our group.<br><br><\/p>\n<h3><span style=\"color: rgb(217, 0, 13);\">Profitability increasing<br><br><\/span><\/h3>\n<p><strong>Let\u2019s turn to your financial results. Gonet\u2019s total assets increased by 4.5% to CHF&nbsp;5.23&nbsp;billion last year and notably its net profit shot up by nearly 50% to CHF&nbsp;7.5&nbsp;million. Can this be put down to higher interest rates?<br><br><\/strong><\/p>\n<p><strong>J-RL: <\/strong>Indeed we certainly benefited from the rise in interest rates, as most of our competitors did. But that is not the only explanation.<\/p>\n<hr>\n<p>\n         <\/p>\n<p style=\"text-align: center;\">\n    <em>\u201cTwo other reasons account for our solid results: tight cost management during the low-rate paradigm and the fact that investments made in 2020 and 2021 are now producing results.\u201d<br>&nbsp;<\/em><\/p>\n<p style=\"text-align: center;\">\n         <\/p>\n<p style=\"text-align: center;\"><span style=\"color: rgb(217, 0, 13);\"><span style=\"color: rgb(217, 0, 13);\"><strong>Jean-Ren\u00e9 Lepezel<br><\/strong>CEO, Gone<\/span>t<\/span><\/p>\n<hr>\n<p>Two other reasons account for our solid results: tight cost management during the low-rate paradigm and the fact that investments made in 2020 and 2021, such as at our Zurich branch and in strengthening our investment teams, are now producing results. Despite grim market conditions in 2023 and a currency effect working against us as the Swiss franc surged higher, our assets under management increased on the back of net new money exceeding CHF&nbsp;350&nbsp;million.<br><br><\/p>\n<p><strong>Taking the Swiss ABS group as a whole, assets under management practically doubled, largely following the consolidation of Gonet. But your business report reveals a sharp fall in net new money (CHF&nbsp;582&nbsp;million compared with CHF 912 million in 2022). What is that due to?<br><br><\/strong><\/p>\n<p><strong>SR<\/strong>: We recorded a net inflow of close to CHF&nbsp;600&nbsp;million, which is remarkable if your assets under management are around CHF&nbsp;10&nbsp;billion to CHF&nbsp;12&nbsp;billion. So let\u2019s be clear: this is not a disappointing number. Rather the CHF&nbsp;900&nbsp;million collected in the prior year was a one-off, tied to a handful of major contracts outside the usual scope of wealth management, including the financing of clients\u2019 business.<br><br><\/p>\n<p><strong>Net profit rose from CHF 32.4 million to CHF&nbsp;35.5&nbsp;million on gross profit up from CHF&nbsp;49&nbsp;million to CHF&nbsp;91&nbsp;million. Wealth management evidently played a huge part, but commodity financing was less productive last year, according to your business report. What kind of hurdles are you up against?<br><br><\/strong><\/p>\n<p><strong>SR<\/strong>: Gross income from our trade financing business still rose slightly, increasing from CHF 40 million to CHF 42 million from 2022 to 2023. But the war between Russia and Ukraine definitely disrupted business in 2023 relative to 2022, although we do not have any direct business interests in this region.<\/p>\n<p>Our focal point is the Middle East. Even so, some of our clients who are active in trading Russian oil or gas were hit, prompting us to make a strategic shift to diversify our client\u00e8le and portfolio.<\/p>\n<p>This transition has taken time and has probably slowed our progress into this line of business. Currently, we are aiming for annual growth of 9-10%, bearing in mind the need to tightly manage the risks inherent in this type of business.<br><br><\/p>\n<p><strong>Have you been adversely affected by the switch of some trading from Geneva to Dubai?<br><br><\/strong><\/p>\n<p><strong>SR: <\/strong>No, this has had no real effect on our figures. And we still prioritise our Swiss business partners in these activities anyway.<br><br><\/p>\n<p><strong>The Swiss-based commodity-trading majors (Glencore, Vitol, Trafigura, Gunvor and Mercuria) all delivered exceptionally strong results in 2022 and 2023. Did that not flow down to you?<br><br><\/strong><\/p>\n<p><strong>SR: <\/strong>With the huge profits they have chalked up, these companies have amassed significant cash piles, so they had less need to call on partner banks to fund their transactions. This was the thorny issue we were facing. We were also impacted by the less supportive side of higher interest rates in regard to this business, namely that while interest income may have been higher for us, the increased costs involved for them deterred companies from borrowing even though they needed the funding.<br><br><\/p>\n<p><strong>Given the current state of the world, with Israel and Palestinian groups at loggerheads since October, are your ties with the Jordan-based Arab Bank Plc group likely to evolve? Could you attract some of their clients?<br><br><\/strong><\/p>\n<p><strong>SR<\/strong>: We welcome all and any clients from Arab Bank Plc, or from any other retail bank, who have significant wealth and are looking for wealth-management services. The flare-up in the region has no specific impact on this type of business. Bear in mind that Arab Bank Plc and Arab Bank Switzerland operate in two completely different lines of business so in general their client bases do not overlap. Arab Bank Plc is simply a sister company of Arab Bank (Switzerland) Ltd. whereas we\u2019re primarily a Swiss private bank headquartered in Geneva.&nbsp;<\/p>\n<hr>\n<h4><strong>Group-wide AUM of almost CHF&nbsp;12&nbsp;billion<br><br><\/strong><\/h4>\n<p>In November 2022, Arab Bank Switzerland (ABS) bought most of the shares (90%) in Gonet. The remaining 10% still belong to Nicolas Gonet.<br><br><\/p>\n<p>The strategic alliance was approved by the Swiss Financial Market Supervisory Authority (FINMA) on 31 May 2023. The formation of a holding company that was due to house the interests in the two banks is no longer under consideration. Each entity will retain its independence, name and banking licence.<br><br><\/p>\n<p>As at 31 December 2023, total assets managed by the ABS group were CHF&nbsp;11.94&nbsp;billion, including CHF&nbsp;5.26&nbsp;billion from Gonet.<br><br><\/p>\n<p>The group has 336 employees worldwide, including 132 Gonet employees.<br><\/p>","slug":"agefi-gonets-name-and-swiss-roots-are-vital-to-us","slugs":{"fr":"agefi-nous-avons-besoin-du-nom-et-de-lancrage-suisse-de-gonet","de":"agefi-gonets-name-and-swiss-roots-are-vital-to-us","es":"agefi-gonets-name-and-swiss-roots-are-vital-to-us","pt":"agefi-gonets-name-and-swiss-roots-are-vital-to-us"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"26\/04\/2024"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"We\u2019re aiming for internally generated AuM growth of CHF 1 billion annually"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":[{"url":"\/uploads\/2024-6-20-12-34-28-586-2NPlm6l0QUam633VJdik.jpg","title":null,"alt":null,"caption":null,"link":null}]},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-6-20-11-46-24-689-TZcpdB3EQKpkmfxynGtE.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"With their full-year results out now, the CEOs of Arab Bank Switzerland and Gonet make an initial assessment of their almost year-old alliance."},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2024-6-20-12-25-23-424-w6eSuoIeJl1EGtccS8H5.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":358,"title":"CIO LETTER ISSUE 18 - JULY 2024","content":"<p>Just as we were about to embark on a gently sloping summer, perhaps following the Olympic Games and certainly already looking ahead to the American elections in November, politics reminds us of itself. France, and by contagion Europe, will be the focus of investors' attention over the next few weeks, following the surprise dissolution of its national representation and the resulting electoral conflagration fanned by the extremes.<\/p>\n<p>Nevertheless, we need to take a step back -&nbsp;or in other words, keep a cool head&nbsp;- to avoid panicking. While political uncertainty is growing, the macroeconomic situation is becoming clearer. Inflation rates are continuing to fall, albeit at a slower pace, central banks are starting to cut interest rates and growth levels are holding up reasonably well.<\/p>\n<p>And beyond our macroeconomic comments, there are other themes that are becoming increasingly important in the investor's landscape, such as artificial intelligence and ESG issues: they are also the subject of this CIO Letter.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"cio-letter-issue-18-july-2024","slugs":{"fr":"cio-letter-n-18-juillet-2024","de":"cio-letter-issue-18-july-2024","es":"cio-letter-issue-18-july-2024","pt":"cio-letter-issue-18-july-2024"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"27\/06\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 18 - July 2024"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-6-26-12-15-11-574-4UjfeL7OTThgKMkyABBd.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":364,"title":"CIO LETTER ISSUE 19 - OCTOBER 2024","content":"<p>Because China is struggling to find the second wind that would enable it to reach the summit, and because Europe is still imagining itself as the predominant economic power, the United States remains, against all odds, the beacon towards which all eyes are focused when it comes to developing our investment scenarios. The odds are that this will continue to be the case for many years to come.<\/p>\n<p>By cutting interest rates by 50 basis points, in one fell swoop and after all the other central banks, the Federal Reserve (Fed) is showing that it is (more or less) the only one in charge of setting the tone and fuelling speculation about the next decisions to be taken. Especially as we are now less than six weeks away from the US presidential elections.<\/p>\n<p>This CIO Letter looks at what the economic programmes of the two candidates in the run-up to 5 November might look like, and looks back to see to what extent the presidential elections may or may not have influenced pre- and post-election strategies.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"cio-letter-issue-19-october-2024","slugs":{"fr":"cio-letter-n-19-octobre-2024","de":"cio-letter-issue-19-october-2024","es":"cio-letter-issue-19-october-2024","pt":"cio-letter-issue-19-october-2024"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 19 - October 2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"25\/09\/2024"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-9-25-10-7-22-95-67bLefPLHzf3shQsH7xc.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":365,"title":"Editorial","content":"<p>Because China is struggling to find the second wind that would enable it to reach the summit, and because Europe is still imagining itself as the predominant economic power, the United States remains, against all odds, the beacon towards which all eyes are focused when it comes to developing our investment scenarios. The odds are that this will continue to be the case for many years to come.<\/p>\n<p>By cutting interest rates by 50 basis points, in one fell swoop and after all the other central banks, the Federal Reserve (Fed) is showing that it is (more or less) the only one in charge of setting the tone and fuelling speculation about the next decisions to be taken. Especially as we are now less than six weeks away from the US presidential elections.<\/p>\n<p>This CIO Letter looks at what the economic programmes of the two candidates in the run-up to 5 November might look like, and looks back to see to what extent the presidential elections may or may not have influenced pre- and post-election strategies.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"editorial","slugs":{"fr":"edito-365","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":369,"title":"THE PRIVATE BANKS GONET & CIE SA AND ONE SWISS BANK SA ARE JOINING FORCES TO CREATE A LEADING PLAYER IN SWITZERLAND","content":"<h2><strong>The private banks Gonet & Cie SA and ONE swiss bank SA&nbsp;are joining forces to create a leading player in Switzerland<\/strong><\/h2>\n<p><br><\/p>\n<ul><li><strong>The two private banks are set to merge in 2025<\/strong><\/li><li><strong>The new unit will operate under the single Gonet brand<\/strong><\/li><li><strong>Dynagest\u2019s expertise with institutional investors will contribute to the development of a unique asset management offering<\/strong><\/li><\/ul>\n<p><br>Gonet & Cie SA (\u201cGonet\u201d) and ONE swiss bank SA (\u201cONE\u201d) are pleased to announce their merger to create a leading player in wealth and asset management in the Swiss financial market. This merger, between two players of similar size who share common values, will accelerate the development of their business in Switzerland and internationally through their joint know-how.<\/p>\n<p><br>This major development follows the successful mergers and acquisitions carried out by Gonet and ONE within the past decade. With this operation, the Arab Bank Switzerland Group (\u201cABS Group\u201d), which is firmly rooted in Switzerland and a long-standing player in Geneva's financial centre, serving a demanding Swiss and international private clientele, is pursuing its ambitious growth strategy. Following the transaction with ONE, ABS Group will have assets under management approaching CHF 20 billion.<\/p>\n<p><br>Today, the Gonet and ONE shareholders signed an agreement for Gonet to acquire a majority stake in ONE. Subject to the prior approval of the regulatory authorities, the legal merger of the two entities is set to be completed by the 30th of June 2025. In the meantime, each bank will keep its identity and governance. The merged entity will then operate under the unique brand Gonet and will be led by Jean-Ren\u00e9 Lepezel, the current CEO of Gonet & Cie SA.<\/p>\n<p><br>As a result of this merger, the new entity is also pleased to be expanding its asset management expertise for institutional clients through Dynagest, a specialised division of ONE, which was one of Switzerland\u2019s pioneers in quantitative management. It will expand its offering to private and institutional clients by combining the expertise of Dynagest with that of Gonet\u2019s asset management teams, in addition to the range of ABS investment products.<\/p>\n<p><br>This newly created unit will manage nearly CHF 12 billion in assets, through a strong presence in Switzerland (Geneva, Cologny, Lausanne, Zurich and Lugano), and operational entities in the Bahamas and Dubai.<\/p>\n<p><br><strong>Jean-Ren\u00e9 Lepezel, CEO of Gonet & Cie SA<\/strong>, comments: <em>\u201cThis alliance with the teams and expertise of ONE swiss bank is a great opportunity to scale up together and to offer our respective clients an even wider range of products and services. This opens up a new and very promising chapter for our Institution.\u201d<\/em><\/p>\n<p><br><strong>Gr\u00e9goire Pennone, CEO of ONE swiss bank SA<\/strong>, adds<em>: \u201cThis is a natural stage in our development and builds on the steps we have been taking since the end of 2015. A renewal and simplification of our shareholding structure had become necessary to continue our growth and meet the challenges of our sector. I would like to thank our stakeholders for their confidence during this period and look forward to bringing our teams\u2019 skills and experience to Gonet and to the ABS Group.\u201d<\/em><\/p>\n<p><br><strong>Serge Robin, CEO of Arab Bank (Switzerland) Ltd.<\/strong>, explains: <em>\u201cThis transaction is a new milestone of our growth strategy in Switzerland, as announced and initiated two years ago with our acquisition of a majority stake in Gonet & Cie SA. <em>Thanks in particular to its solid history and the high quality of its brand, Gonet will be the platform for the acquisition-led development of ABS Group's Wealth Management activities in Switzerland, which, following the transaction with ONE swiss bank, will approach 20 billion in assets under management.\u201d<\/em><\/em><em><\/em><\/p>\n<p><br>All planned operations are subject to the approval of the relevant regulatory authorities.<\/p>\n<hr>\n<p><strong>ABOUT ONE SWISS BANK<\/strong><\/p>\n<p>ONE swiss bank is a Swiss private bank with offices in Geneva, Lugano and Zurich, as well as a subsidiary in Dubai. It offers wealth and asset management services to private and institutional clients as well as financial intermediaries.<\/p>\n<p>Find out more: <a href=\"https:\/\/www.oneswissbank.com\" class=\"animatedLink\" target=\"_blank\">www.oneswissbank.com<\/a><\/p>\n<hr>\n<p><strong>ABOUT ARAB BANK SWITZERLAND<\/strong><\/p>\n<p>Arab Bank (Switzerland) Ltd. was established in Switzerland in 1962 and serves as a bridge between the Middle East and the West. For more than 60 years, the Bank has been a trusted partner of established businesses, high net worth individuals and ambitious entrepreneurs with close ties in the MENA region. It is the independent sister company of Arab Bank Plc, one of the largest banks in the Middle East.<\/p>\n<p>Find out more: <a href=\"https:\/\/www.arabbank.ch\" class=\"animatedLink\" target=\"_blank\">www.arabbank.ch<\/a><em><\/em><\/p>","slug":"the-private-banks-gonet-cie-sa-and-one-swiss-bank-sa-are-joining-forces-to-create-a-leading-player-in-switzerland","slugs":{"fr":"gonet-cie-sa-et-one-swiss-bank-sa-joignent-leurs-forces-et-creent-un-acteur-de-premier-plan-en-suisse","de":"die-privatbanken-gonet-cie-sa-und-one-swiss-bank-sa-schliessen-sich-zu-einem-fuhrenden-akteur-in-der-schweiz-zusammen","es":"the-private-banks-gonet-cie-sa-and-one-swiss-bank-sa-are-joining-forces-to-create-a-leading-player-in-switzerland","pt":"the-private-banks-gonet-cie-sa-and-one-swiss-bank-sa-are-joining-forces-to-create-a-leading-player-in-switzerland"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"19\/11\/2024"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The private banks Gonet & Cie SA and ONE swiss bank SA are joining forces to create a leading player in Switzerland"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-11-19-9-50-42-437-DDBX57WraIgBAQtgh9Lh.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Gonet & Cie SA and ONE swiss bank SA are pleased to announce their merger to create a leading player in wealth and asset management in the Swiss financial market."},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2024-11-19-16-20-34-21-UH48FjjEqgBZIpBkPqVn.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":370,"title":"ALLNEWS: ENJEUX DE LA MUTUALISATION DU KYC\/KYB","content":"<h3>Pour Maryline Stiegler, \u00abl'accroissement des exigences implique l'accroissement de la facilit\u00e9 de collecte et d'\u00e9change des informations KYC.\u00bb<\/h3>\n<p><br>Maryline Stiegler, responsable des gestionnaires de fortune ind\u00e9pendants (GFI) chez Gonet & Cie SA, nous partage sa vision des enjeux de la mutualisation des processus KYC et KYB, ainsi que des opportunit\u00e9s qu'offre cette \u00e9volution incontournable du secteur financier.<br><br><\/p>\n<h4>UN CONTEXTE R\u00c9GLEMENTAIRE DE PLUS EN PLUS EXIGEANT<\/h4>\n<p>Le cadre r\u00e9glementaire actuel impose des exigences toujours plus strictes, complexifiant et alourdissant consid\u00e9rablement le processus KYC, explique Maryline Stiegler. Il est n\u00e9cessaire d'accepter que cette tendance ne fera que s'accentuer avec le temps. La mutualisation des efforts repr\u00e9sente une solution essentielle pour rationaliser ces proc\u00e9dures, en les rendant moins lourdes, afin de pr\u00e9server des institutions \u00e0 taille humaine face \u00e0 l'inflation r\u00e9glementaire. Aujourd'hui, le processus KYC demeure largement manuel, fragment\u00e9 entre divers d\u00e9partements bancaires, ce qui g\u00e9n\u00e8re des lenteurs significatives. La mutualisation constitue d\u00e8s lors un levier incontournable pour fluidifier les \u00e9changes d'informations, optimiser les processus et permettre ainsi un gain de temps substantiel pour toutes les parties prenantes, y compris le client. Maryline conclut ainsi: \u00abL'accroissement des exigences implique l'accroissement de la facilit\u00e9 de collecte et d'\u00e9change des informations KYC.\u00bb<br><br><\/p>\n<h4>S\u00c9CURIT\u00c9 ET CONFIANCE: DES ENJEUX CRUCIAUX<\/h4>\n<p>Pour Maryline Stiegler, la mutualisation, telle que con\u00e7ue via la collaboration entre la Blockchain Association (BAF) et Wecan, r\u00e9pond \u00e9galement aux enjeux de s\u00e9curit\u00e9. Les \u00e9changes de donn\u00e9es doivent non seulement \u00eatre digitalis\u00e9s, mais \u00e9galement s\u00e9curis\u00e9s, dans des environnements de confiance o\u00f9 les acteurs ont la possibilit\u00e9 de partager les informations en toute fiabilit\u00e9. Pour autant, il s'agit avant tout d'un d\u00e9fi humain plus que technologique. Maryline souligne: \u00abLa technologie se d\u00e9veloppe, mais l'humain a besoin de temps pour accorder sa confiance.\u00bb En effet, la technologie est d\u00e9j\u00e0 disponible et n'attend qu'\u00e0 \u00eatre exploit\u00e9e. Pour progresser, un alignement des mentalit\u00e9s et une confiance mutuelle sont indispensables. Cette confiance na\u00eetra d'une collaboration \u00e9troite et de la cr\u00e9ation d'outils pertinents et fiables pour les utilisateurs.<\/p>\n<p><br>Maryline Stiegler met \u00e9galement en avant l'avantage de la blockchain en mati\u00e8re d'auditabilit\u00e9 des donn\u00e9es. Cette technologie garantit la tra\u00e7abilit\u00e9 des informations, r\u00e9pondant ainsi aux exigences strictes de la Finma. Par ailleurs, l'accessibilit\u00e9 \u00e9conomique de la solution de Wecan permet aux gestionnaires d'actifs externes de rejoindre la plateforme sans que le co\u00fbt ne soit un obstacle.<br><br><\/p>\n<h4>LA BLOCKCHAIN ASSOCIATION FOR FINANCE: UNE INITIATIVE D\u00c9TERMINANTE<\/h4>\n<p>La BAF a \u00e9t\u00e9 un forum d\u00e9cisif pour \u00e9tablir la confiance n\u00e9cessaire et permettre des exp\u00e9rimentations concr\u00e8tes sur le KYC entre les banques, Wecan et les EAM. D\u00e8s la cr\u00e9ation de la BAF, une volont\u00e9 de dialogue constructif s'est manifest\u00e9e, posant des bases solides pour avancer. Malgr\u00e9 certaines r\u00e9ticences initiales, de nombreux points de convergence ont \u00e9t\u00e9 identifi\u00e9s, d\u00e9passant souvent les attentes. Wecan, \u00e0 travers la Blockchain Association for Finance, a r\u00e9ussi l\u00e0 o\u00f9 d'autres avaient \u00e9chou\u00e9. La grande force de cette initiative r\u00e9side dans le fait que chaque acteur conserve son identit\u00e9 propre, sans qu'une autorit\u00e9 sup\u00e9rieure impose une vision unique. Maryline r\u00e9sume ainsi: \u00abLa BAF est un collectif fond\u00e9 sur le respect mutuel\u00bb et ajoute qu'\u00abil est temps de jouer collectif et de le faire pleinement.\u00bb<\/p>\n<p><br>Elle estime que nous vivons un v\u00e9ritable changement de paradigme. Pour progresser ensemble, nous devons nous adapter aux nouvelles exigences r\u00e9glementaires mais aussi de march\u00e9, tout en conservant nos forces. Cela implique une collaboration proactive, cr\u00e9ant un environnement financier suisse dynamique et accessible, o\u00f9 des acteurs agiles conservent leur identit\u00e9.<\/p>\n<p><br>Par ailleurs, elle constate que les attentes des clients \u00e9voluent: ils ne souhaitent plus perdre de temps sur des processus administratifs comme le KYC, d\u00e8s lors que la s\u00e9curit\u00e9 est garantie. Ils recherchent la simplicit\u00e9 afin de se concentrer sur la satisfaction de leurs besoins.<\/p>\n<p><br>Elle affirme que la place financi\u00e8re suisse dispose \u00abd'une opportunit\u00e9 unique de red\u00e9finir notre mani\u00e8re de collaborer, en respectant les identit\u00e9s individuelles tout en cr\u00e9ant une valeur collective. C'est ainsi que nous pourrons prosp\u00e9rer dans un monde en constante \u00e9volution.\u00bb<br><br><\/p>\n<h4>VERS UNE ADOPTION PROGRESSIVE DE LA MUTUALISATION<\/h4>\n<p>L'\u00e9volution vers la mutualisation des processus KYC\/KYB prendra du temps, mais Maryline Stiegler est convaincue que le contexte est favorable \u00e0 une adoption massive de ces solutions. Elle compare cette transition \u00e0 celle d'Internet il y a quelques d\u00e9cennies: une fois la technologie d\u00e9mystifi\u00e9e, la confiance s'installe naturellement. Les acteurs doivent sortir de leurs silos et collaborer pour r\u00e9pondre aux exigences croissantes, \u00e9vitant ainsi que la conformit\u00e9 ne devienne une entrave au d\u00e9veloppement de l'industrie.<br><br><\/p>\n<h4>DES B\u00c9N\u00c9FICES CONCRETS POUR L'INDUSTRIE FINANCI\u00c8RE SUISSE<\/h4>\n<p>La mutualisation permet de r\u00e9aliser des \u00e9conomies d'\u00e9chelle et d'am\u00e9liorer l'efficacit\u00e9. En partageant des solutions communes, les banques peuvent optimiser leurs ressources, renforcer la pr\u00e9cision et la s\u00e9curit\u00e9 des donn\u00e9es, tout en simplifiant l'exp\u00e9rience client. Actuellement, celle-ci est souvent alourdie par des proc\u00e9dures administratives fastidieuses. Maryline Stiegler souligne l'importance de replacer le client au centre des pr\u00e9occupations et de rendre son exp\u00e9rience plus fluide. Pour que la place financi\u00e8re suisse demeure comp\u00e9titive, il est crucial d'am\u00e9liorer l'efficacit\u00e9 collective.<\/p>\n<p><br>Elle r\u00e9sume la situation ainsi: \u00abCela fait des ann\u00e9es que l'on se contente de pratiques constantes, mais finalement sans \u00e9volution d\u00e9cisive.\u00bb L'industrie doit oser se digitaliser, repenser ses m\u00e9thodes, et sortir de sa zone de confort, car c'est dans l'int\u00e9r\u00eat des clients et, par extension, de la place financi\u00e8re suisse.<\/p>\n<p><br>Les derni\u00e8res ann\u00e9es ont vu l'impl\u00e9mentation de nombreuses ressources en compliance et le d\u00e9ploiement de diverses technologies au sein des institutions financi\u00e8res, mais leur efficacit\u00e9 reste encore \u00e0 prouver. En revanche, l'exp\u00e9rience client en la mati\u00e8re s'est certainement alourdie, et chacun reconna\u00eet qu'il faut apporter des am\u00e9liorations. Il est donc imp\u00e9ratif de travailler ensemble pour accro\u00eetre l'efficacit\u00e9. Le mot d'ordre de Maryline: \u00abEfficacit\u00e9\u00bb.<br><br><\/p>\n<h4>ENCOURAGER L'ADOPTION DE NOUVELLES PRATIQUES<\/h4>\n<p>Pour acc\u00e9l\u00e9rer la transition vers une mutualisation efficace, il faut oser rompre avec les sch\u00e9mas traditionnels et adopter de nouvelles m\u00e9thodes de travail. Maryline Stiegler souligne l'importance de la formation interne et de la sensibilisation des clients. La Blockchain Association for Finance joue un r\u00f4le central dans cette \u00e9volution, en garantissant une communication efficace au sein des \u00e9tablissements financiers, afin de favoriser une adh\u00e9sion collective aux nouvelles pratiques. L'enjeu est ainsi, selon Maryline, de \u00abconstruire un avenir plus s\u00e9curis\u00e9 et plus fluide pour l'ensemble de l'industrie financi\u00e8re Suisse.\u00bb<\/p>","slug":"allnews-enjeux-de-la-mutualisation-du-kyckyb","slugs":{"fr":"allnews-enjeux-de-la-mutualisation-du-kyckyb","de":"allnews-enjeux-de-la-mutualisation-du-kyckyb","es":"allnews-enjeux-de-la-mutualisation-du-kyckyb","pt":"allnews-enjeux-de-la-mutualisation-du-kyckyb"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"27\/11\/2024"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-11-27-9-19-37-314-nfJTb2ulz6dFppIO6qi0.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":371,"title":"Editorial","content":"<p>The subject of much speculation and even fantasy, the long-awaited US elections have reminded us, if we needed reminding, that the impetus for investment scenarios definitely comes from across the Atlantic. While the very clear verdict of 5 November has already had tangible effects on the markets in recent weeks, this does not mean that the path is clear in the medium and long term: we are going to have to deal with Donald Trump\u2019s unpredictability.<\/p>\n<p>Although the performance of 2024 was mainly driven by US equities and the strengthening of the US dollar, we believe that 2025 is likely to see a more balanced performance, as the differences in valuation and investor sentiment between US equities and the rest of the world appear to be extreme.<\/p>\n<p>This CIO Letter is also intended to reflect the often antagonistic trends dictating the course of the world and of investment in particular: it develops the effects of the announced relocation of American industry, and explains the difficult challenges facing the sustainable finance and ESG investment sectors.<\/p>\n<p>Enjoy your reading and the festive season!<\/p>","slug":"editorial","slugs":{"fr":"edito-371","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":375,"title":"CIO LETTER ISSUE 20 - DECEMBER 2024","content":"<p>The subject of much speculation and even fantasy, the long-awaited US elections have reminded us, if we needed reminding, that the impetus for investment scenarios definitely comes from across the Atlantic. While the very clear verdict of 5 November has already had tangible effects on the markets in recent weeks, this does not mean that the path is clear in the medium and long term: we are going to have to deal with Donald Trump\u2019s unpredictability.<\/p>\n<p>Although the performance of 2024 was mainly driven by US equities and the strengthening of the US dollar, we believe that 2025 is likely to see a more balanced performance, as the differences in valuation and investor sentiment between US equities and the rest of the world appear to be extreme.<\/p>\n<p>This CIO Letter is also intended to reflect the often antagonistic trends dictating the course of the world and of investment in particular: it develops the effects of the announced relocation of American industry, and explains the difficult challenges facing the sustainable finance and ESG investment sectors.<\/p>\n<p>Enjoy your reading and the festive season!<\/p>","slug":"cio-letter-issue-20-december-2024","slugs":{"fr":"cio-letter-n-20-decembre-2024","de":"cio-letter-issue-20-december-2024","es":"cio-letter-issue-20-december-2024","pt":"cio-letter-issue-20-december-2024"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 20 - December 2024"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"17\/12\/2024"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-12-17-9-20-8-394-OC8uRmPOXMykwOUNK6SY.jpg","alt":null,"title":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":123,"title":"WHAT IS A COOKIE?","content":"<!--StartFragment--><p>A cookie is a text file, often encrypted, sent by a website and stored on your IT terminal (e.g. computer, mobile phone or tablet) when you access the website. Most websites use cookies, for example to save certain user preferences (language, location, user type, etc.).<\/p>\n<p>A cookie allows its issuer to identify the terminal on which it is stored, during the period of validity and storage of the cookie.<\/p>\n<!--EndFragment-->","slug":"what-is-a-cookie","slugs":{"fr":"quest-ce-quun-cookie","de":"what-is-a-cookie","es":"que-es-una-cookie","pt":"o-que-e-um-cookie"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":379,"title":"ALLNEWS: ENSURING THE SECURE TRANSFER OF DIGITAL ASSETS","content":"<h2>Interview with Benjamin Duban, Head of Private Banking, in Allnews<\/h2>\n<p><br>Retail investors and money managers are increasingly prioritising cryptocurrency and other digital assets, investing significant sums in these products. That\u2019s why Gonet & Cie SA recently launched its own suite of crypto investment services for wealth management clients. The Geneva-based bank offers a certified custody service, a comprehensive crypto exchange, crypto-backed loans and even crypto asset planning. We spoke to Benjamin Duban, Head of Private Banking at Gonet & Cie SA, who gave us a tour of these new services.<br><br><\/p>\n<h4>Allnews.ch: Why has a private bank like Gonet & Cie SA decided to launch a range of cryptocurrency services?<\/h4>\n<p><strong>Benjamin Duban:<\/strong> We realised that digital assets were transforming the world of finance, impacting both investments and payments. Slowly but surely, they\u2019re assuming a pivotal role. So having a strong value proposition in cryptocurrencies felt like a logical move, especially since our partnership with our shareholder Arab Bank (Switzerland) \u2013 a pioneer in the sector \u2013 has fast-tracked our expertise in these complex assets. In short, we decided to blend our experience in \u2018plain vanilla\u2019 wealth management with digital finance. What\u2019s more, digital asset solutions will help us connect with next-gen clients, a key market in our industry.<br><br><\/p>\n<h4>Are these digital asset solutions only for existing Gonet & Cie SA clients, or do you also offer them to new clients? <\/h4>\n<p>The cornerstone of our value proposition is our innovative crypto custody facility. We act as an \u2018asset protector\u2019. This service may well attract new clients to Gonet & Cie SA, but they still have to meet our usual onboarding criteria.<br><br><\/p>\n<h4>If a client with a cryptocurrency portfolio approached you just to use your custody service, would you agree? <\/h4>\n<p>Yes, without a shadow of doubt. However, our requirements for digital assets are the same as for conventional securities. So we may not be the best option for clients with only a few tens of thousands of cryptocurrencies in their portfolios. <br><br><\/p>\n<h4>Several companies and platforms offer cryptocurrency hosting and custody services. How does your approach differ from existing solutions on the market? <\/h4>\n<p>Our services meet the highest standards for cryptocurrency and digital asset custody \u2013 under the watchful eye of FINMA, the Swiss industry regulator. We hold digital assets in a highly secure environment, using state-of-the-art storage solutions certified to the industry\u2019s most stringent standards, through one of the most reliable systems in the world. Our FIPS (US Federal Information Processing Standard) Level 3-certified custody solution offers protection in the form of physical tamper resistance, identity-based authentication and private key encryption. It is underpinned by Taurus technology, a market reference.<br><br><\/p>\n<p>In addition to custody services, we ensure the secure transfer of digital assets to heirs or beneficiaries in the event of a client\u2019s death or disappearance. Contrary to popular belief, people of all ages, including older people, hold cryptocurrencies. Succession planning has become a major headache for people with part of their wealth invested in digital assets. Another issue is the loss of your encryption key, which can have serious consequences. To avoid losing everything on the blockchain, it\u2019s advisable to appoint a trusted third party to keep it safe and recover it for you. <\/p>\n<p><br>Around 15 years ago, many early cryptocurrency investors aimed to break away from the traditional financial system. Nowadays, somewhat counter-intuitively, some of these same people are seeking our help to secure their digital assets and ensure they are passed on to their heirs. <br><br><\/p>\n<h4>You also offer crypto-backed loans. What kind of ratios do you apply here? <\/h4>\n<p>Typically, we can lend up to 20% of a client\u2019s Bitcoin investment. The higher the asset\u2019s volatility, the lower the ratio. This applies to both cryptocurrencies and other assets.<br><br><\/p>\n<p>We decided to offer this service after noticing that many people were reluctant to part with their digital assets as they wanted to continue to benefit from the market\u2019s trend, which was still rising despite the high volatility. Freeing up cash without having to sell the asset itself is an attractive solution for these clients. This is our way of solving their dilemma.<br><br><\/p>\n<h4>Besides certified custody for digital assets, do you have any plans to add cryptocurrency investment advisory to your services? <\/h4>\n<p>We focus on helping our clients with custody and succession planning. At least for the time being, we do not offer investment advice on cryptocurrencies, let alone offer them in our asset allocation. As Swiss bankers, our main mission is to support digital asset owners who have been overlooked by the industry by providing robust solutions.<br><br><\/p>\n<p>More broadly, offering this type of cryptocurrency custody service helps us to remind people that we\u2019re a forward-looking bank despite \u2013 or perhaps because of \u2013 our 180-year history. Nobody thought we\u2019d be active in this niche so soon, but here we are.<\/p>","slug":"allnews-ensuring-the-secure-transfer-of-digital-assets","slugs":{"fr":"allnews-garantir-la-securite-et-la-transmission-des-cryptomonnaires","de":"allnews-ensuring-the-secure-transfer-of-digital-assets","es":"allnews-ensuring-the-secure-transfer-of-digital-assets","pt":"allnews-ensuring-the-secure-transfer-of-digital-assets"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"24\/03\/2025"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Allnews: Secure transfer of Digital Assets | Gonet & Cie SA"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-3-25-10-20-23-483-ycpIT269RfAh948nRaqR.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Retail investors and money managers are increasingly prioritising cryptocurrency and other digital assets, investing significant sums in these products. That\u2019s why Gonet & Cie SA recently launched its own suite of crypto investment services for wealth management clients."},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":381,"title":"ARAB BANK SWITZERLAND GROUP COMMITS TO THE HEART OF GENEVA","content":"<h2><strong>Arab Bank Switzerland Group commits to the heart of Geneva, gathering its two brands into one historical location.<\/strong><\/h2>\n<p><br><\/p>\n<ul><li><strong>Arab Bank (Switzerland) Ltd. and Gonet & Cie SA will both relocate their headquarters to rue de la Corraterie<\/strong><\/li><li><strong>This announcement is another milestone in the growth strategy of ABS Group <\/strong><\/li><li><strong>The two banks\u2019 employees will access the new premises in 2028, after two years of renovation works<\/strong><\/li><\/ul>\n<p><br>In line with its expansion in recent years, Arab Bank Switzerland Group (ABS Group) confirms its presence in Geneva for decades to come, with the acquisition of a new building and the relocation of its two banks, Arab Bank Switzerland and Gonet, to one of the most prestigious areas in the city. <\/p>\n<p><br>The headquarters of Arab Bank (Switzerland) Ltd. will be relocated to 11 rue de la Corraterie - the current headquarters of Swiss Private Bank Lombard Odier. Arab Bank (Switzerland) Ltd.\u2019s offices will move to 9, 11 and 13 rue de la Corraterie. The headquarters of Gonet & Cie SA will be relocated to 15 rue de la Corraterie. <\/p>\n<p><br>To facilitate this relocation ABS Group has bought the building located at 15 rue de la Corraterie from the bank Lombard Odier, and has taken over the latter\u2019s rental contract with AXA for the buildings at numbers 9, 11 and 13 on the same street. <\/p>\n<p><br>This large-scale real estate operation will allow ABS Group\u2019s two brands, Arab Bank Switzerland and Gonet, to operate in separate buildings on the same site, in the Geneva city centre, by 2028. This joint effort will provide its clients with an exceptional reception area and its employees with a unique working environment. It is anticipated that the buildings will cover a total surface of over 8,000 m2 with a capacity of 450 to 500 office working spaces.<\/p>\n<p><br>The two banks\u2019 respective teams are expected to move into their new offices in 2028, after a renovation works period of two years which will start following Lombard Odier\u2019s installation in their new headquarters in Bellevue (GE). <\/p>\n<p><br><strong>Wahbe Tamari, Chairman of Arab Bank (Switzerland) Ltd., <\/strong>declared: <em>\u201cThe long term installation of ABS Group in some of the most iconic buildings in Geneva is tangible proof of our commitment to the city and its financial community as well as our clear ambitions for growth.\u201d<\/em><\/p>\n<p><br><strong>Serge Robin, CEO of Arab Bank (Switzerland) Ltd., <\/strong>explained: <em>\u201cThis major relocation, which combines the presence of the two entities, Arab Bank Switzerland and Gonet, on the same site, whilst fully respecting their operational independence, is another reflection of the strategic and commercial partnership sealed two years ago.\u201d<\/em><\/p>\n<p><br><strong>Jean-Ren\u00e9 Lepezel, CEO of Gonet & Cie SA, <\/strong>commented: <em>\u201cWe are delighted to be able to leverage this strategic local presence that will benefit our respective clients, and provide our stakeholders and business partners with an excellent working environment.\u201d<\/em><em><\/em><\/p>\n<p><br>This announcement follows the strategic partnership between Arab Bank (Switzerland) Ltd. and Gonet & Cie SA in November 2022, and the acquisition of ONE swiss bank SA by Gonet & Cie SA in November 2024, which is subject to the prior approval of the relevant regulatory authorities and set to be completed by 30th June 2025. Following this transaction with ONE, the ABS Group will have nearly 20 billion CHF assets under management. <\/p>\n<hr>\n<p><strong>ABOUT ARAB BANK SWITZERLAND<\/strong><\/p>\n<p>Arab Bank (Switzerland) Ltd. was established in Switzerland in 1962 and serves as a bridge between the Middle East and the West. For more than 60 years, the Bank has been a trusted partner of established businesses, high net worth individuals and ambitious entrepreneurs with close ties in the MENA region. It is the independent sister company of Arab Bank Plc, one of the largest banks in the Middle East.<\/p>\n<p>Find out more: <a href=\"https:\/\/www.arabbank.ch\" class=\"animatedLink\" target=\"_blank\">www.arabbank.ch<\/a><em><\/em><\/p>","slug":"arab-bank-switzerland-group-commits-to-the-heart-of-geneva","slugs":{"fr":"le-groupe-arab-bank-switzerland-sinstalle-au-coeur-de-geneve","de":"arab-bank-switzerland-group-commits-to-the-heart-of-geneva","es":"arab-bank-switzerland-group-commits-to-the-heart-of-geneva","pt":"arab-bank-switzerland-group-commits-to-the-heart-of-geneva"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Arab Bank (Switzerland) Ltd. and Gonet & Cie SA will both relocate their headquarters to rue de la Corraterie"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"date":{"id":1,"name":"date","label":"Date","value":"02\/04\/2025"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-4-2-9-30-9-335-5iYPC3MjY6NbjPW9HvJO.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"ABS Group confirms its presence in Geneva for decades to come, with the acquisition of a new building and the relocation of its two banks, Arab Bank Switzerland and Gonet."},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2025-4-2-9-30-18-945-A7d0rUz8oop9NoAdruBA.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":382,"title":"Editorial","content":"<p>The world \u2013 and, by extension, the financial markets \u2013 are going through an unusual period, to say the least: turbulent, undoubtedly confusing, marked by instability and uncertainty.<\/p>\n<p>The first few months of the Trump 2.0 presidency have been turbulent for investors, who have had to cope with an unprecedented pace of economic and geopolitical announcements in the first few weeks. This major upheaval is reshuffling the deck and seeing blocs \u2013 mainly the United States, Europe and China \u2013 reconfigure themselves, in particular with all-out tariffs. <\/p>\n<p>Beyond that, we are always keen to take a step back \u2013 against all the odds, we are tempted to say \u2013 and pay attention to underlying trends: this CIO Letter does just that by looking at thematic investing as an approach designed to generate superior performance over the long term, and at the circular economy as the model of the future.<\/p>\n<p>Enjoy your reading!<\/p>","slug":"editorial","slugs":{"fr":"edito-382","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":386,"title":"CIO LETTER ISSUE 21 - APRIL 2025","content":"","slug":"cio-letter-issue-21-april-2025","slugs":{"fr":"cio-letter-n-21-avril-2025","de":"cio-letter-issue-21-april-2025","es":"cio-letter-issue-21-april-2025","pt":"cio-letter-issue-21-april-2025"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"02\/04\/2025"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 21 - April 2025"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-4-2-15-4-33-290-FaZPH9lDbuFlWTE95BAx.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":387,"title":"Sixteen of the world's top fifty players at the Gonet Geneva Open","content":"<p>Sixteen of the world's top fifty players will be participating at the Gonet Geneva Open. The entry list published by the ATP gives even more substance to the tournament, which takes place from 17 to 24 May at the Parc des Eaux-Vives.<\/p>\n<p><br>One former winner - Nicolas Jarry (ATP 57) - and two former runners-up - Tomas Machac (ATP 20) and Denis Shapovalov (ATP 30) - are among the twenty-one players admitted directly into the draw. The first top players have been announced in recent weeks. World No. 4 Taylor Fritz, three-time winner and defending champion Casper Ruud (ATP 15), Grigor Dimitrov (ATP 16) and recent ATP 500 Barcelona semi-finalist Karen Khachanov (ATP 25) have all confirmed their participation.<\/p>\n<p><br>Two Masters 1000 winners, Alexei Popyrin (ATP 26) and Hubert Hurkacz (ATP 28), will also be competing. As will Italians Lorenzo Sonego (ATP 43) and Matteo Arnaldi (ATP 44), both of whom have real ambitions.<\/p>\n<p><br>The organisers still have 3 wild cards to add players to the field. The staging of the Rome Masters 1000 could, as it did last year, provide them with a real opportunity to attract other top players. Finally, on the Swiss front, the Australian Open junior champion Henry Bernet is well placed to benefit from the second wild card for the qualifying draw, which is also shaping up to be very tight. The first was awarded to Leo Borg.<\/p>\n<p><br>Entry list of the Gonet Geneva Open 2025:<br><\/p>\n<ol><li>Taylor Fritz (USA\/ATP 4) <br><\/li><li>Casper Ruud (NOR\/ATP 15) <br><\/li><li>Grigor Dimitrov (BUL\/ATP 16) <br><\/li><li>Tomas Machac (CZE\/ATP 20) <br><\/li><li>Karen Khachanov (RUS\/ATP 25) <br><\/li><li>Alexei Popyrin (AUS\/ATP 26) <br><\/li><li>Hubert Hurkacz (POL\/ATP 28) <br><\/li><li>Denis Shapovalov (CAN\/ATP 30) <br><\/li><li>Tallon Griekspoor (NED\/ATP 34) <br><\/li><li>Alex Michelsen (USA\/ATP 38)<\/li><li>Jordan Thompson (AUS\/ATP 40) <br><\/li><li>Nuno Borges (POR\/ATP 41) <br><\/li><li>Lorenzo Sonego (ITA\/ATP 43) <br><\/li><li>Matteo Arnaldi (ITA\/ATP 44) <br><\/li><li>Miomir Kecmanovic (SER\/ATP 47) <br><\/li><li>Zizou Bergs (BEL\/ATP 50) <br><\/li><li>Quentin Halys (FRA\/ATP 52) <br><\/li><li>Jaume Munar (ATP 53) <br><\/li><li>Nicolas Jarry (CHI\/ATP 57) <br><\/li><li>Juncheng Shang (CHN\/ATP 60) <br><\/li><li>Benjamin Bonzi (FRA\/ATP 62)<\/li><\/ol>\n<p><br>The field will be completed by four qualifiers and three wild card players. <\/p>","slug":"sixteen-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","slugs":{"fr":"seize-des-cinquante-meilleurs-joueurs-du-monde-au-gonet-geneva-open","de":"sixteen-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","es":"sixteen-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open","pt":"sixteen-of-the-worlds-top-fifty-players-at-the-gonet-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"22\/04\/2025"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Sixteen of the world's top fifty players at the Gonet Geneva Open"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-4-23-9-50-31-753-ZCTBZ0trTXOhtVHpy4TF.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2025-4-23-7-34-38-588-HT6lVzmC3xceSyfgdPrm.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":388,"title":"Novak Djokovic returns to the Gonet Geneva Open","content":"<p>The record holding tennis champion, with 24 Grand Slam titles and a Gold Medal won at the 2024 Paris   Olympics, accepted the organisers\u2019 wild card.<\/p>\n<p><br>A semi-finalist at last year's tournament, Novak Djokovic has chosen Geneva and the Parc des Eaux-Vives ahead of the French Open. In 2024, he enjoyed the setting and atmosphere of the Gonet Geneva Open to fine tune his clay-court preparations. There is always a strong, loyal and passionate welcome from fans and the tennis audience.<\/p>\n<p><br>Last year\u2019s week in Geneva was the foundation to great results in Paris. Novak won all ten of his matches at the French Open and Paris Olympics, conquering the gold medal. <\/p>\n<p><br>Novak is joined in Geneva by Taylor Fritz (ATP 4) and Casper Ruud (ATP 7). The 2025 edition of the Gonet Geneva Open will boast the presence of three top ten players and shaping up to be one of the most competitive ATP 250 tournaments of the year.<\/p>\n<p><br>For its tenth anniversary, with Novak in attendance, the Gonet Geneva Open is gearing up for an extraordinary week! <\/p>","slug":"novak-djokovic-returns-to-the-gonet-geneva-open","slugs":{"fr":"novak-djokovic-retourne-au-gonet-geneva-open","de":"novak-djokovic-returns-to-the-gonet-geneva-open","es":"novak-djokovic-returns-to-the-gonet-geneva-open","pt":"novak-djokovic-returns-to-the-gonet-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Novak Djokovic - the most decorated male tennis player in history - returns to the Gonet Geneva Open"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"09\/05\/2025"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-4-23-9-50-31-753-ZCTBZ0trTXOhtVHpy4TF.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2025-5-9-10-24-36-436-DZHgYXruYByXgMQXMTSk.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":389,"title":"LBT HOLDINGS LTD. ACQUIRES GONET BANK & TRUST LIMITED","content":"<h2><strong>LBT Holdings Ltd. acquires Gonet Bank & Trust Limited, introducing Bank of Nassau to uphold the finest traditions of private banking<\/strong><\/h2>\n<p><br>LBT Holdings Ltd., in partnership with Gonet SA, is pleased to announce the successful acquisition of Gonet Bank & Trust Limited, a distinguished Bahamas-based private bank formerly owned by Gonet SA. The transaction, which has received full regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA), the Central Bank of The Bahamas (CBOB), and The Securities Commission of The Bahamas (SCB), marks a significant milestone for both organizations.<\/p>\n<p><br>Effective immediately, LBT Holdings Ltd. assumes 100% ownership of Gonet Bank & Trust Limited. As part of this strategic transition, Gonet Bank & Trust Limited will be rebranded as Bank of Nassau 1982 Limited, reflecting its renewed vision and commitment to excellence in private banking and wealth management.<\/p>\n<p><br>This acquisition strengthens the position of all parties in the global financial services sector, enabling expanded service offerings while upholding the highest standards of client-centric banking. Bank of Nassau 1982 Limited will maintain its valued partnership with Gonet & Cie SA, a Switzerland-based subsidiary of Gonet SA, ensuring seamless continuity of existing banking services for clients worldwide.<\/p>\n<p><br>Leadership continuity is a cornerstone of this transition, with Jonathan Cartwright remaining as Chief Executive Officer and Patrick Guye-Bergeret continuing as Head of Private Banking. Their expertise will guide Bank of Nassau 1982 Limited into its next chapter of growth and innovation.<\/p>\n<p><br><strong>ABOUT LBT HOLDINGS LTD.<\/strong><\/p>\n<p>LBT Holdings Ltd. is a strategic partnership between Levant Advisors and Quantfury, uniting decades of expertise in international banking, investment, and wealth management. <\/p>\n<p>Levant Advisors, founded by Antoine Bastian and Anthony Ferguson in 2017, is a Bahamas-based leader in wealth management, overseeing assets exceeding $2 billion and specializing in regulatory compliance for investment funds, fiduciary structures, and private companies. <\/p>\n<p>Quantfury, established in 2017 by Lev Mazur, is a globally recognized brokerage offering commission-free trading and investing at real-time spot prices across major exchanges, with an annualized trading volume surpassing $250 billion as of 2025.<\/p>\n<p><br><strong>LEADERSHIP STATEMENTS<\/strong><\/p>\n<p>\u201cWe are thrilled to build on the storied legacy of Gonet Bank & Trust Limited, as we drive innovation and deliver unparalleled value to our clients,\u201d said Anthony Ferguson, Founder and Director of LBT Holdings Ltd.<\/p>\n<p><br>Henric Immink, Chairman of the Board of Gonet Bank & Trust Limited, added, \u201cThis acquisition marks the beginning of an exciting new era. We are confident that under LBT Holdings Ltd.\u2019s stewardship, the bank will achieve sustained growth and continue to exceed client expectations.\u201d <\/p>\n<p><br>Jonathan Cartwright, CEO of Gonet Bank & Trust Limited, remarked, \u201cThis transformative acquisition enhances our ability to deliver world-class private banking services. With the combined expertise of LBT Holdings Ltd. and our dedicated team, we are poised to elevate the client experience while maintaining the trust and quality our clients deserve.\u201d<\/p>","slug":"lbt-holdings-ltd-acquires-gonet-bank-trust-limited","slugs":{"fr":"lbt-holdings-ltd-acquires-gonet-bank-trust-limited","de":"lbt-holdings-ltd-acquires-gonet-bank-trust-limited","es":"lbt-holdings-ltd-acquires-gonet-bank-trust-limited","pt":"lbt-holdings-ltd-acquires-gonet-bank-trust-limited"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"LBT Holdings Ltd. acquires Gonet Bank & Trust Limited, introducing Bank of Nassau to uphold the finest traditions of private banking"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"date":{"id":1,"name":"date","label":"Date","value":"21\/05\/2025"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-5-19-10-6-10-961-hAEsZlSn3CDYrLn490EH.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2025-5-21-14-56-53-530-qvFNjxbvfvP0rpLc0S1u.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":390,"title":"The 2025 Gonet literary Prize awarded to Nour Malow\u00e9","content":"<p style=\"text-align: right;\"><em>(in French only)<\/em><\/p>\n<p><span style=\"font-size: 14px;\">Nour Malow\u00e9, laur\u00e9ate du Prix litt\u00e9raire Gonet 2025, et Jean-Ren\u00e9 Lepezel, CEO de Gonet.<\/span><\/p>\n<hr>\n<p>Le Prix litt\u00e9raire Gonet 2025 a \u00e9t\u00e9 d\u00e9voil\u00e9 hier soir lors de la c\u00e9r\u00e9monie d\u2019inauguration du Festival du livre \u00e0 Collonge (L\u00c0C), qui se tient ce week-end des 14 et 15 juin \u00e0 Collonge-Bellerive\/Gen\u00e8ve (Ferme de Saint-Maurice), en pr\u00e9sence notamment des autorit\u00e9s administratives et communales, du Pr\u00e9sident du Festival Pierre Assouline, membre de l\u2019Acad\u00e9mie Goncourt, et de David Foenkinos, invit\u00e9 d\u2019honneur de la manifestation.<br><br>Il a \u00e9t\u00e9 d\u00e9cern\u00e9 \u00e0 Nour Malow\u00e9 pour son ouvrage \u00abLe printemps reviendra\u00bb (\u00c9ditions R\u00e9camier), \u00e9lu par un jury de plus de 80 personnes parmi cinq ouvrages pr\u00e9s\u00e9lectionn\u00e9s par le Comit\u00e9 du Festival du L\u00c0C et porteurs de th\u00e8mes soci\u00e9taux contemporains.<br><br>D'une \u00e9criture fulgurante et po\u00e9tique, et \u00e0 travers le regard de Marwa, h\u00e9ro\u00efne du quotidien se battant contre la fatalit\u00e9 de son destin et de celui de toutes les femmes afghanes, Nour Malow\u00e9 d\u00e9crit ces jours interminables, du 4 juillet au 15 ao\u00fbt 2021, qui scelleront pour longtemps le futur des Afghans suite au retour des talibans au pouvoir.<\/p>\n<hr>\n<p><strong><em>Le Prix litt\u00e9raire Gonet<\/em><\/strong><\/p>\n<p><em><a href=\"https:\/\/www.gonet.ch\/fr\/gonet\/sponsoring\/festival-du-lac\"><span style=\"color: rgb(217, 0, 13);\">Partenaire du Festival du L\u00c0C<\/span><\/a> d\u00e8s sa cr\u00e9ation en 2021, la banque Gonet & Cie SA a souhait\u00e9 \u00e9largir son engagement en cr\u00e9ant un Prix litt\u00e9raire Gonet r\u00e9compensant un ouvrage francophone original, de tout genre litt\u00e9raire et en lien avec les enjeux soci\u00e9taux de notre temps. Contribuant au rayonnement culturel du Festival, ce prix est d\u00e9cern\u00e9 dans un esprit ind\u00e9pendant, sensible \u00e0 la fois au caract\u00e8re divertissant de l\u2019ouvrage prim\u00e9 et \u00e0 son ouverture \u00e0 une sensibilisation originale sur le monde moderne.<br>\n<br>Les quatre premiers laur\u00e9ats du prix sont Marion Emonot pour \u00abRessuscit\u00e9\u00bb en 2021, Albina de Boisrouvray pour \u00abLe courage de vivre\u00bb en 2022, Joseph Incardona pour \u00abLes corps solides\u00bb en 2023 et Nathalie Bianco pour \u00abLe petit lynx\u00bb en 2024.<\/em><\/p>\n<hr>\n<p><a href=\"\/en\/gonet\/sponsoring\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more about our commitments<\/span><\/a><\/p>","slug":"the-2025-gonet-literary-prize-awarded-to-nour-malowe","slugs":{"fr":"le-prix-litteraire-gonet-2025-attribue-a-nour-malowe","de":"der-2025-literaturpreis-gonet-geht-an-nour-malowe","es":"premio-gonet-de-literatura-2025-para-nour-malowe","pt":"premio-literario-gonet-2025-atribuido-a-nour-malowe"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"14\/06\/2025"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The 2025 Gonet Literary Prize awared to Nour Malow\u00e9"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":"1"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-6-14-11-13-5-285-SMmoiiiJlJS5OtWdeDKG.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2025-6-14-10-34-58-347-IVplRoUDcQyAzJxobmKn.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":391,"title":"Dynagest Fund World HY Corporate Bonds","content":"<p>Provides access to international high-yield corporate bond markets using an innovative approach and optimised sampling aiming at aligning the portfolio\u2019s risk profile with the most efficient bonds.<\/p>\n<p>&gt; Live factsheet available here: <a href=\"https:\/\/dynagest.oneswissbank.com\/products\/dmc-fund-world-hy-corporate-bonds-i-usd\/factsheet\">https:\/\/dynagest.oneswissbank.com\/products\/dmc-fund-world-hy-corporate-bonds-i-usd\/factsheet<\/a><\/p>\n<p>G\u00e9rifonds:<\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-i-usd\">DMC FUND \u2013 WORLD HY CORPORATE BONDS I in USD<\/a><\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-i-chf-hedged\">DMC FUND \u2013 WORLD HY CORPORATE BONDS I in CHF (hedged)<\/a><\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-i-eur-hedged\">DMC FUND \u2013 WORLD HY CORPORATE BONDS I in EUR (hedged)<\/a><\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-r-usd\">DMC FUND \u2013 WORLD HY CORPORATE BONDS R in USD<\/a><\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-r-chf-hedged\">DMC FUND \u2013 WORLD HY CORPORATE BONDS R in CHF (hedged)<\/a><\/p>\n<p><a href=\"https:\/\/www.gerifonds.ch\/fr\/class\/dmc-fund-world-hy-corporate-bonds-r-eur-hedged\">DMC FUND \u2013 WORLD HY CORPORATE BONDS R in EUR (hedged)<\/a><\/p>","slug":"dynagest-fund-world-hy-corporate-bonds","slugs":{"fr":"fonds-dynagest-world-hy-corporate-bonds","de":"dynagest-fund-world-hy-corporate-bonds","es":"dynagest-fund-world-hy-corporate-bonds","pt":"dynagest-fund-world-hy-corporate-bonds"},"tags":[],"model_type":"page","fields":[],"collection_type":"funds"},{"id":392,"title":"Synergie World Bonds fund (EX-CHF) hedged in CHF-C","content":"<p>It is a segment of the Synergie investment fund, reserved for the second pillar pension funds operating under Swiss law. This investment vehicle dedicated to Investment Grade corporate bonds provides access to an attractive \u2018return \/ risk\u2019 pairing by taking advantage of international diversification without incurring currency risk.<\/p>\n<p><a href=\"https:\/\/oneswissbank.com\/wp-content\/uploads\/2025\/04\/SYNERGIE_DYNAGEST_BY_ONE_factsheet_February_2025.pdf\">More information<\/a><\/p>","slug":"synergie-world-bonds-fund-ex-chf-hedged-in-chf-c","slugs":{"fr":"fonds-synergie-world-bonds-ex-chf-couvert-en-chf-c","de":"synergie-world-bonds-fund-ex-chf-hedged-in-chf-c","es":"synergie-world-bonds-fund-ex-chf-hedged-in-chf-c","pt":"synergie-world-bonds-fund-ex-chf-hedged-in-chf-c"},"tags":[],"model_type":"page","fields":[],"collection_type":"funds"},{"id":393,"title":"Synergie World Bonds High Yield hedged in CHF","content":"<p>It is a segment of the Synergie investment fund, reserved for the second pillar pension funds operating under Swiss law. This investment vehicle dedicated to High Yield corporate bonds provides access to an attractive \u2018return\/risk\u2019 pairing by taking advantage of international diversification without incurring currency risk.<\/p>\n<p><a href=\"https:\/\/oneswissbank.com\/wp-content\/uploads\/2025\/04\/Synergie_HY_Report2025.pdf\">More information<\/a><\/p>","slug":"synergie-world-bonds-high-yield-hedged-in-chf","slugs":{"fr":"synergie-world-bonds-high-yield-couvert-en-chf","de":"synergie-world-bonds-high-yield-hedged-in-chf","es":"synergie-world-bonds-high-yield-hedged-in-chf","pt":"synergie-world-bonds-high-yield-hedged-in-chf"},"tags":[],"model_type":"page","fields":[],"collection_type":"funds"},{"id":394,"title":"Dynagest Global Sustainable Bonds Fund","content":"<p>Our ESG approach (French): <a href=\"https:\/\/oneswissbank.com\/wp-content\/uploads\/2025\/01\/Dynagest-Approche-ESG-fonds-Sustainable.pdf\"><em>PDF \u2013 Approche ESG<\/em><\/a><\/p>","slug":"dynagest-global-sustainable-bonds-fund","slugs":{"fr":"dynagest-global-sustainable-bonds-fund","de":"dynagest-global-sustainable-bonds-fund","es":"dynagest-global-sustainable-bonds-fund","pt":"dynagest-global-sustainable-bonds-fund"},"tags":[],"model_type":"page","fields":[],"collection_type":"funds"},{"id":174,"title":"CIO LETTER OCTOBER 2021 - ISSUE 7","content":"<p>CIO LETTER<\/p>\n<p>OCTOBER 2021 - ISSUE 7<\/p>","slug":"cio-letter-october-2021-issue-7","slugs":{"fr":"cio-letter-octobre-2021-n-7","de":"cio-letter-october-2021-n-7","es":"cio-letter-october-2021-issue-7","pt":"cio-letter-october-2021-issue-7"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"title":"CIO Letter October 2021 - Issue 7","alt":null,"url":"\/uploads\/2021-9-28-11-20-15-569-ad1U0SON5ZHOgBYW6Elr.pdf","caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":178,"title":"THE FIRST GONET LITERARY PRIZE AWARDED TO MARION EMONOT, FOR \"RESSUSCIT\u00c9\"","content":"<p style=\"text-align: right;\"><em>(in French only)<\/em><\/p>\n<p><br><\/p>\n<p>Le premier Prix litt\u00e9raire Gonet a \u00e9t\u00e9 d\u00e9voil\u00e9 ce jour lors de la c\u00e9r\u00e9monie d\u2019inauguration du <a href=\"https:\/\/www.festival-du-lac.com\/\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Festival du L\u00c0C<\/span><\/a>, qui se tient ce week-end des 2-3 octobre \u00e0 Collonge-Bellerive (Ferme de Saint-Maurice), en pr\u00e9sence notamment des autorit\u00e9s communales et des Pr\u00e9sidents de l\u2019\u00e9dition 2021 Pierre Assouline, membre de l\u2019Acad\u00e9mie Goncourt, et M\u00e9lanie Chappuis.<\/p>\n<p><br><\/p>\n<p>Il a \u00e9t\u00e9 d\u00e9cern\u00e9 \u00e0 Marion Emonot, pour son ouvrage \"Ressuscit\u00e9\" \u00e9dit\u00e9 en avril dernier (Editions Slatkine), \u00e9lu par un jury de 35 personnes parmi cinq ouvrages pr\u00e9s\u00e9lectionn\u00e9s par le Comit\u00e9 du Festival du L\u00c0C et porteurs de th\u00e8mes touchant particuli\u00e8rement notre soci\u00e9t\u00e9 (la solidarit\u00e9, les r\u00e9fugi\u00e9s, le burn out, l\u2019\u00e9cologie, l\u2019identit\u00e9 et le choix de vie).<\/p>\n<p><br><\/p>\n<p>\"Ressuscit\u00e9\" est le r\u00e9cit romanc\u00e9 d\u2019une histoire vraie, du drame d\u2019une famille qui se retrouve soudain amput\u00e9e de l\u2019un des siens, aux portes de l\u2019Europe. Sur la route migratoire qu\u2019ils se sont r\u00e9sign\u00e9s \u00e0 prendre pour sauver leurs enfants des mariages forc\u00e9s et des voleurs d\u2019organes, Sultan et Choukrieh \u00e9garent leur fils Mahdi, neuf ans. De sa jeunesse afghane \u00e0 son installation en tant que requ\u00e9rante d\u2019asile en Allemagne, la m\u00e8re de l\u2019enfant raconte un p\u00e9riple d\u00e9chirant et pourtant tristement commun.<\/p>\n<p><\/p>\n<p>Marion Emonot est une journaliste franco-suisse bas\u00e9e \u00e0 Gen\u00e8ve. En 2019, elle signe son premier roman, \"376 jours de prison pour rien\" (\u00c9ditions Slatkine), inspir\u00e9 lui aussi d\u2019une histoire vraie.<\/p>\n<p><br><\/p>\n<p>Marion Emonot et Nicolas Gonet, CEO de la banque Gonet & Cie SA, participeront \u00e0 la mise \u00e0 l\u2019honneur publique des prix litt\u00e9raires qui aura lieu samedi 2 octobre d\u00e8s 15h00 dans le cadre du Festival du L\u00c0C.<\/p>\n<hr>\n<p><strong><em>Le Prix litt\u00e9raire Gonet<\/em><\/strong><\/p>\n<p><br><\/p>\n<p><em><a href=\"https:\/\/www.gonet.ch\/fr\/gonet\/sponsoring\/festival-du-lac\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Partenaire du Festival du L\u00c0C<\/span><\/a> d\u00e8s cette ann\u00e9e, la banque Gonet & Cie SA a souhait\u00e9 \u00e9largir son engagement en cr\u00e9ant un Prix litt\u00e9raire Gonet r\u00e9compensant un ouvrage francophone original, de tout genre litt\u00e9raire et en lien avec les enjeux soci\u00e9taux de notre temps.<\/em><\/p>\n<p><br><\/p>\n<p><em>Contribuant au rayonnement culturel du Festival, ce prix est d\u00e9cern\u00e9 dans un esprit ind\u00e9pendant, sensible \u00e0 la fois au caract\u00e8re divertissant de l\u2019ouvrage prim\u00e9 et \u00e0 son ouverture \u00e0 une sensibilisation originale sur le monde moderne.<\/em><\/p>\n<hr>\n<p><a href=\"https:\/\/www.gonet.ch\/en\/gonet\/sponsoring\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more about our involvements<\/span><\/a><\/p>","slug":"the-first-gonet-literary-prize-awarded-to-marion-emonot-for-ressuscite","slugs":{"fr":"le-premier-prix-litteraire-gonet-attribue-a-marion-emonot-pour-ressuscite","de":"der-erste-literaturpreis-gonet-geht-an-marion-emonot-fur-ressuscite","es":"the-first-gonet-literary-prize-awarded-to-marion-emonot-for-ressuscite","pt":"the-first-gonet-literary-prize-awarded-to-marion-emonot-for-ressuscite"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/10\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-10-1-16-9-25-383-vIlqZzxBON9MRfUzCO9K.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-10-1-16-8-57-171-hvv9mNTQd5kmCjgbsSyI.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":181,"title":"PARTNERSHIP WITH THE NEW TH\u00c9\u00c2TRE DE CAROUGE.","content":"","slug":"partnership-with-the-new-theatre-de-carouge","slugs":{"fr":"la-banque-sengage-comme-partenaire-principal-du-nouveau-theatre-de-carouge","de":"partnerschaft-mit-dem-neuen-theatre-de-carouge","es":"partnership-with-the-new-theatre-de-carouge","pt":"partnership-with-the-new-theatre-de-carouge"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"03\/11\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"https:\/\/www.gonet.ch\/en\/gonet\/sponsoring\/theatre-de-carouge"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"title":"New Th\u00e9\u00e2tre de Carouge","alt":"Fa\u00e7ade of the new Th\u00e9\u00e2tre de Carouge","url":"\/uploads\/2021-11-3-12-47-34-370-qa3iFLrQ6eSblOihzLWH.jpg","caption":"Marie Marcon","link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":183,"title":"POINT DE MIRE: RESILIENCE AND CAUTION IN THE SWISS MARKET","content":"<p style=\"text-align: right;\"><em>(In French only)<\/em><\/p>\n<p><em>March\u00e9 suisse<\/em><br><\/p>\n<h2><strong>R\u00e9silience et prudence<\/strong><\/h2>\n<p><em>par Erik Fruytier - CIO<\/em><\/p>\n<p><br><\/p>\n<p>Apr\u00e8s le plongeon de 10% du PIB mondial l\u2019ann\u00e9e derni\u00e8re, l\u2019\u00e9conomie mondiale a connu une reprise rapide gr\u00e2ce au soutien des banques centrales et des gouvernements. La r\u00e9ouverture des \u00e9conomies a \u00e9t\u00e9 rendue possible par l\u2019ambitieuse campagne de vaccination. Les \u00e9conomies occidentales ont surtout mis\u00e9 sur les vaccins pour lever les restrictions sanitaires.<\/p>\n<p><br><\/p>\n<p>Le march\u00e9 boursier suisse et la plupart des march\u00e9s internationaux ont rebondi de mani\u00e8re significative depuis leur point bas de mars 2020. Toutefois, apr\u00e8s dix-huit mois de facteurs \u00e9conomiques et boursiers favorables, les investisseurs commencent \u00e0 s\u2019inqui\u00e9ter des cons\u00e9quences des mesures de relance extraordinaires et des conditions mon\u00e9taires accommodantes. Le sujet le plus discut\u00e9 a \u00e9t\u00e9 le rebond de l\u2019inflation. Ce n\u2019est pas une surprise en soi, car les banquiers centraux ont largement discut\u00e9 de la n\u00e9cessit\u00e9 et du d\u00e9sir de voir l\u2019inflation augmenter jusqu\u2019\u00e0 environ 2%. Ce qui n\u2019a pas \u00e9t\u00e9 anticip\u00e9, ce sont les goulets d\u2019\u00e9tranglement dans l\u2019approvisionnement en biens et services et les tensions dans la cha\u00eene logistique mondiale. Les contraintes d\u2019approvisionnement ont r\u00e9sult\u00e9 de la propagation d\u00e9synchronis\u00e9e des variantes successives du Covid-19, entra\u00eenant une inad\u00e9quation des restrictions sanitaires entre les pays producteurs et les pays consommateurs. Les entreprises ont rapidement r\u00e9duit leurs commandes en 2020, ce qui a entra\u00een\u00e9 une baisse des stocks mondiaux pendant plusieurs trimestres. Le succ\u00e8s de la campagne de vaccination dans les \u00e9conomies occidentales a entra\u00een\u00e9 une reprise \u00e9conomique synchronis\u00e9e. La demande a bondi gr\u00e2ce aux mesures de relance en cours et \u00e0 l\u2019\u00e9pargne accumul\u00e9e au niveau des particuliers et des entreprises.<\/p>\n<p>L\u2019acc\u00e9l\u00e9ration de plusieurs tendances telles que le commerce \u00e9lectronique, la digitalisation et le bureau \u00e0 domicile ont \u00e9galement modifi\u00e9 les habitudes de consommation.<\/p>\n<p><br><\/p>\n<p>La cha\u00eene d\u2019approvisionnement mondiale a eu du mal \u00e0 r\u00e9agir car elle est assez rigide et d\u00e9pend de la libre circulation des personnes, des navires et des avions \u00e0 travers le monde, qui est toujours soumise \u00e0 de s\u00e9v\u00e8res restrictions. Les entreprises connaissent une forte demande pour leurs produits, mais elles sont incapables de les fabriquer et de les transporter vers leurs clients pour r\u00e9pondre \u00e0 la demande. Cette demande exc\u00e9dentaire a fait grimper le prix des marchandises, des produits de base, des salaires et des co\u00fbts \u00e9nerg\u00e9tiques.<\/p>\n<p><br><\/p>\n<p>En termes de stocks, bien que les r\u00e9serves aient \u00e9t\u00e9 initialement tr\u00e8s \u00e9lev\u00e9es dans plusieurs secteurs, certains produits sont maintenant en p\u00e9nurie (semi-conducteurs, voitures, polym\u00e8res, gaz naturel en Europe, etc., pour ne citer que quelques exemples). La rigidit\u00e9 de l\u2019offre de produits, due \u00e0 sa concentration en Asie, est donc devenue un d\u00e9fi \u00e9tant donn\u00e9 que les capacit\u00e9s de livraison fonctionnent d\u00e9j\u00e0 \u00e0 plein r\u00e9gime. Ce ph\u00e9nom\u00e8ne se refl\u00e8te dans l\u2019\u00e9volution des indices de prix ainsi que dans les b\u00e9n\u00e9fices de plusieurs entreprises du secteur du transport.<\/p>\n<p><br><\/p>\n<p>Le Baltic Dry Index, par exemple, qui mesure le prix du transport maritime de vrac sec sur 26 routes diff\u00e9rentes, a plus que tripl\u00e9 depuis le d\u00e9but de l\u2019ann\u00e9e.<\/p>\n<p><br><\/p>\n<figure><img src=\"\/uploads\/cqcod.1d2ffb953ae88a317112f06e59c43c47.jpg\" data-image=\"6e0de50b22a42410071efaede2c6395e\" width=\"100%\"><\/figure>\n<p><span style=\"font-size: 12px;\">Graphique: Baltic Dry Index<\/span>\n<br><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><\/p>\n<p><br><br><\/p>\n<p>Les sp\u00e9cialistes du transport, comme Kuehne+Nagel, ont vu leurs b\u00e9n\u00e9fices exploser. Le co\u00fbt de l\u2019exp\u00e9dition d\u2019un conteneur de 12 m\u00e8tres de l\u2019Asie vers les \u00c9tats-Unis a \u00e9t\u00e9 multipli\u00e9 par 10 si un importateur paie une prime dans l\u2019espoir d\u2019\u00eatre livr\u00e9 \u00e0 temps.<\/p>\n<p><br><\/p>\n<p>Hormis le fret maritime, l\u2019inflation est apparue tout au long de la cha\u00eene d\u2019approvisionnement, de l\u2019usine chinoise \u00e0 l\u2019entrep\u00f4t de l\u2019acheteur. Dans le domaine des transports, elle s\u2019est d\u2019abord manifest\u00e9e au cours de l\u2019\u00e9t\u00e9 2020, lorsqu\u2019une grande partie de la capacit\u00e9 a\u00e9rienne a \u00e9t\u00e9 immobilis\u00e9e au sol.<\/p>\n<p>Maintenant, cette question s\u2019\u00e9tend \u00e9galement au transport routier et ferroviaire, o\u00f9 l\u2019inflation se mat\u00e9rialise \u00e9galement dans les salaires des personnes concern\u00e9es.<\/p>\n<p><br><\/p>\n<p>La question cl\u00e9 \u00e0 laquelle sont confront\u00e9s les investisseurs aujourd\u2019hui dans le monde entier, et sur le march\u00e9 suisse, est de savoir comment faire face au probl\u00e8me de la logistique et \u00e0 l\u2019inflation des prix. La r\u00e9ponse r\u00e9side dans le mod\u00e8le commercial de chaque entreprise et dans sa relation avec ses fournisseurs et ses clients. Cet aspect est central dans l\u2019analyse des cinq forces d\u00e9velopp\u00e9e par Michael Porter, professeur \u00e0 Harvard, en 1979. Les relations avec les fournisseurs et les clients d\u00e9terminent le pouvoir de n\u00e9gociation et le pouvoir de fixation des prix de l\u2019entreprise et donc son avantage concurrentiel. Un fort pouvoir de n\u00e9gociation garantira l\u2019acc\u00e8s aux composants et aux services, tandis qu\u2019un fort pouvoir de fixation des prix permettra \u00e0 l\u2019entreprise de r\u00e9percuter les co\u00fbts plus \u00e9lev\u00e9s sur ses clients.<\/p>\n<p><br><\/p>\n<p>C\u2019est ici que la plupart des soci\u00e9t\u00e9s cot\u00e9es en Suisse devraient avoir un avantage. En r\u00e8gle g\u00e9n\u00e9rale, si une entreprise vend des biens et des services \u00e0 forte valeur ajout\u00e9e, les clients paieront des prix plus \u00e9lev\u00e9s pour obtenir ces produits et services. La structure particuli\u00e8re du march\u00e9 boursier suisse, o\u00f9 Nestl\u00e9, Novartis et Roche repr\u00e9sentent plus de 50% de la capitalisation boursi\u00e8re du SMI, montre d\u00e9j\u00e0 clairement que la bourse suisse est orient\u00e9e vers les entreprises qui ont des marges \u00e9lev\u00e9es et vendent des produits de marque et brevet\u00e9s.<\/p>\n<p>Outre les trois mastodontes, nous trouvons plusieurs industriels bien connus tels que Sika, Geberit et ABB qui ont de fortes positions sur le march\u00e9 et sont g\u00e9n\u00e9ralement en mesure de r\u00e9percuter l\u2019inflation des prix des intrants. Givaudan est \u00e9galement dans une position assez unique car ses produits ne repr\u00e9sentent qu\u2019une fraction du co\u00fbt du produit final; cependant, ils ajoutent l\u2019ingr\u00e9dient cl\u00e9 du go\u00fbt et de l\u2019odeur. Les entreprises suisses de luxe ont un fort pouvoir de fixation des prix en raison de leur raret\u00e9 et de leur image de marque.<\/p>\n<p>La question de la logistique n\u2019affecte pas directement le secteur financier, mais celui-ci est sensible \u00e0 l\u2019environnement des taux d\u2019int\u00e9r\u00eat, \u00e0 lui de tirer parti de la volatilit\u00e9 qui en r\u00e9sulte.<\/p>\n<p><br><\/p>\n<p>En dehors des grandes entreprises incluses dans l\u2019indice SMI, les petites et moyennes entreprises suisses du secteur industriel sont plus expos\u00e9es \u00e0 la logistique mondiale et aux goulets d\u2019\u00e9tranglement de la production; toutefois, en g\u00e9n\u00e9ral, ces entreprises sont des leaders mondiaux sur des march\u00e9s de niche. L\u2019augmentation des co\u00fbts de production li\u00e9e au franc suisse les a oblig\u00e9es \u00e0 r\u00e9orienter leurs mod\u00e8les d\u2019affaires vers les produits \u00e0 forte valeur ajout\u00e9e.<\/p>\n<p><br><\/p>\n<p>Le march\u00e9 boursier suisse devrait donc \u00eatre plus r\u00e9silient. Cependant, les investisseurs doivent se pr\u00e9parer \u00e0 un flux de nouvelles n\u00e9gatives sur ces sujets au cours des deux prochains trimestres avant que l\u2019environnement \u00e9conomique ne se normalise.<\/p>\n<p><br><\/p>\n<p style=\"text-align: right;\">Point de mire #82 (novembre 21)<\/p>","slug":"point-de-mire-resilience-and-caution-in-the-swiss-market","slugs":{"fr":"point-de-mire-resilience-et-prudence-sur-le-marche-suisse","de":"point-de-mire-resilienz-und-vorsicht-auf-dem-schweizer-markt","es":"point-de-mire-resilience-and-caution-in-the-swiss-market","pt":"point-de-mire-resilience-and-caution-in-the-swiss-market"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Swiss market: resilience and caution, by Erik Fruytier, CIO of Bank Gonet & Cie SA"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"15\/11\/2021"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-3-19-8-34-237-LRGc4wRvQi92Dr3kKFQY.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Swiss market: Erik Fruytier, Investment Director of Banque Gonet & Cie SA, highlights the intact potential of the Swiss market for investors despite external challenges in the new Point de Mire #82 (November 2021)"},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":184,"title":"SPH\u00c8RE: INTERVIEW WITH MARYLINE STIEGLER","content":"<h3>\u00abAVEC LES GFI, NOUS ADOPTONS LA M\u00caME APPROCHE SUR MESURE QU\u2019AVEC NOS CLIENTS PRIV\u00c9S\u00bb<\/h3>\n<p style=\"text-align: right;\">Par <strong>Elsa Floret<\/strong> <em>(in French only)<\/em><\/p>\n<hr>\n<p><br><\/p>\n<p><strong>\u00c0 huit mois de la mise en conformit\u00e9 avec la FINMA, les g\u00e9rants ind\u00e9pendants semblent s\u2019activer. C\u2019est ce qu\u2019observe Maryline Stiegler, qui suit au plus pr\u00e8s ce mouvement et ses multiples \u00e9volutions. Elle se montre donc confiante dans leur volont\u00e9 d\u2019entreprendre et leur capacit\u00e9 \u00e0 se transformer, voire \u00e0 se r\u00e9inventer.<\/strong><\/p>\n<p><br><\/p>\n<p><strong>La mise en conformit\u00e9 avec les nouveaux standards impos\u00e9s par la LSFin et LEFin est le grand dossier du moment pour les GFI. \u00c0 un an de l\u2019\u00e9ch\u00e9ance, quelles sont vos impressions?<\/strong><br><\/p>\n<p><strong>Maryline Stiegler:<\/strong> Nous sommes en r\u00e9alit\u00e9 \u00e0 huit mois de l\u2019\u00e9ch\u00e9ance, et la date qui compte r\u00e9ellement est celle du 30 juin prochain. Lors de l\u2019\u00e9v\u00e8nement Solutions GFI, organis\u00e9 par Sph\u00e8re en septembre, nous \u00e9voquions les 18 mois jusqu\u2019\u00e0 l\u2019\u00e9ch\u00e9ance du 31 d\u00e9cembre 2022. Il s\u2019est en fait r\u00e9duit de moiti\u00e9. Les organismes de surveillance ont fix\u00e9 la date du 30 juin 2022 pour la remise des dossiers sur la plateforme de saisie et de demande. Nous ressentons beaucoup plus d\u2019interactions. Les GFI s\u2019activent plus, la prise de conscience est l\u00e0, ils se prennent en en main et se lancent dans ces d\u00e9marches. Nombreux sont ceux qui ont m\u00fbri leur projet et affin\u00e9 leur business model. Certains vont s\u2019adapter. D\u2019autres feront le choix de rejoindre une plateforme. Les rapprochements qui font du sens vont s\u2019acc\u00e9l\u00e9rer. Il s\u2019agit avant tout de pr\u00e9server l\u2019identit\u00e9 du GFI, caract\u00e9ris\u00e9e par une forte personnalit\u00e9 entrepreneuriale. L\u2019\u00e9quilibre n\u2019est pas si simple \u00e0 trouver. Face \u00e0 un d\u00e9lai si court, notre r\u00f4le est de rester \u00e0 leur disposition, plus que jamais, et de les accompagner comme ils le souhaitent.<\/p>\n<p><br><\/p>\n<p><strong>Apr\u00e8s la r\u00e9flexion, place \u00e0 l\u2019action?<\/strong><br><\/p>\n<p>Absolument! Avant, beaucoup y pensaient mais n\u2019\u00e9taient pas forc\u00e9ment dans l\u2019action. Aujourd\u2019hui, cela devient concret, sous l\u2019effet d\u2019une pression insistante des autorit\u00e9s r\u00e8glementaires qui d\u00e9livrent un message assez fort. Les g\u00e9rants ont la capacit\u00e9 de le faire. Il faut se donner les moyens de chercher des mod\u00e8les diff\u00e9rents. Il faut leur faire confiance, ce sont des entrepreneurs. C\u2019est m\u00eame le propre de la d\u00e9finition du g\u00e9rant ind\u00e9pendant. C\u2019est son \u00e9tat d\u2019esprit. Les temps peuvent \u00eatre durs aujourd\u2019hui, mais demain ils auront une vraie reconnaissance. Ils auront su d\u00e9montrer les bases d\u2019une organisation solide et d\u2019une gestion efficace du risque. C\u2019est une grande opportunit\u00e9 pour eux de redynamiser d\u2019ici un an, une activit\u00e9 qui a \u00e9t\u00e9 objectivement ralentie \u00e0 cause de la crise sanitaire. Je suis convaincue qu\u2019<em>in fine<\/em> tout cela aura des effets positifs.<\/p>\n<p><br><\/p>\n<p><strong>La relation de la banque Gonet avec les GFI est historique. Comment \u00e9volue votre approche?<\/strong><br><\/p>\n<p>Avec les g\u00e9rants ind\u00e9pendants, notre philosophie s\u2019inscrit dans un esprit de partenariat sur le long terme. Comme un family office, nous les accompagnons au-del\u00e0 de notre r\u00f4le de banque d\u00e9positaire, dans une approche sur mesure, comme nous le faisons avec nos clients priv\u00e9s. \u00c0 l\u2019oppos\u00e9 d\u2019une d\u00e9marche plus institutionnelle que l\u2019on retrouverait dans les grandes banques, nous sommes disponibles en tout temps pour cette client\u00e8le tr\u00e8s professionnelle. Nous couvrons un large spectre en termes de taille, ce qui nous permet de pouvoir \u00e9tablir des comparaisons et des \u00e9changes de bonnes pratiques. \u00c0 travers ces nombreuses interactions nous m\u00fbrissons ensemble.<\/p>\n<p><br><\/p>\n<p><strong>Quelles sont les solutions que Gonet apporte aux GFI?<\/strong><br><\/p>\n<p>Avec notre vision \u00e0 360 degr\u00e9s, nous sommes en permanence \u00e0 la recherche de meilleures comp\u00e9tences en interne et en externe. Nous identifions des activit\u00e9s porteuses pour les GFI et les accompagnons. La pr\u00e9voyance est un bon exemple de service \u00e0 valeur ajout\u00e9e qu\u2019un GFI peut utiliser comme levier de croissance. Elle constitue un bon moyen de capter une client\u00e8le sensible \u00e0 ce sujet d\u2019actualit\u00e9. Un autre exemple: Gonet Conseils Finances, soci\u00e9t\u00e9 du groupe, vient d\u2019int\u00e9grer des comp\u00e9tences cibl\u00e9es, notamment en mati\u00e8re fiscale, sur la mobilit\u00e9 internationale, un vaste sujet qui recouvre des situations patrimoniales tr\u00e8s diverses et parfois tr\u00e8s complexes.<\/p>\n<p><br><\/p>\n<p><strong>Proc\u00e9dez-vous \u00e0 l\u2019onboarding r\u00e9gulier de GFI?<\/strong><br><\/p>\n<p>Nous continuons \u00e0 accueillir r\u00e9guli\u00e8rement des GFI qui souhaitent privil\u00e9gier un service de proximit\u00e9 plut\u00f4t qu\u2019une approche de type industriel.<\/p>\n<hr>\n<p><a href=\"https:\/\/sphere.swiss\/avec-les-gfi-nous-adoptons-la-meme-approche-sur-mesure-quavec-nos-clients-prives\/\" class=\"animatedLink\" target=\"_blank\">SPH\u00c8RE - Solutions EAM<\/a><\/p>","slug":"sphere-interview-with-maryline-stiegler","slugs":{"fr":"sphere-interview-de-maryline-stiegler","de":"sphere-interview-mit-maryline-stiegler","es":"sphere-interview-with-maryline-stiegler","pt":"sphere-interview-with-maryline-stiegler"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"News - Interview with Maryline Stiegler - SPHERE"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"18\/11\/2021"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Eight months away from compliance with FINMA, external asset managers appear to be taking action. Maryline Stiegler, who has been following this trend and its many developments closely, has observed this."},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-4-12-10-6-249-iERpZKmaM3I17UQ2UrLc.jpg","alt":null,"title":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":187,"title":"CIO LETTER ISSUE 8 - DECEMBER 2021","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>Alpha, Beta, Gamma, Delta and Omicron, these Greek letters  so familiar to finance are still  very present in the  financial markets  but  are  now fully   associated with the health crisis we have been experiencing for many months. In a very particular economic context, will  inflation be  temporary  or does  it  constitute  a threat that will  require  central  banks to adapt their accommodative policies? This \"economic equation\" has been posed for all financial players for some time now, but the exogenous factors linked to the development of the health crisis and the appearance of the fifth wave that we are currently experiencing, leads us to remain attentive to the level of our investment policy, in particular in relation to the records reached by stock market indices. In this period of transition to the new year, we are nevertheless optimistic about the resilience of the financial markets and maintain the status quo in our asset allocation.<br><br><\/p>\n<p>Happy holidays and, above all, take care!<br><br><\/p>\n<p><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-8\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-8-december-2021","slugs":{"fr":"cio-letter-n-8-decembre-2021","de":"cio-letter-issue-8-december-2021","es":"cio-letter-issue-8-december-2021","pt":"cio-letter-issue-8-december-2021"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"21\/12\/2021"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 8 - December 2021"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":188,"title":"Editorial","content":"<p>At the beginning of the 4<sup>th<\/sup> quarter, new parameters appeared in the monitoring of the economic environment evolution, complicating the expectations of investors in financial markets. Between scenarios that predict future economic stagflation and those that predict a gradual improvement in the global economy, investors must now be patient. <br>The expectations that the US Federal Reserve will raise interest rates in 2022 seem realistic, but volatility in the financial markets is still likely to be present. The recent events related to the \u201cSAGA\u201d of the Chinese company Evergrande are a reminder of this. We are confident in our investment policy while remaining flexible to make certain adjustments, such as our decision in mid-July to remove our exposure to the Chinese market.<br>\n<br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-24-48-419-Yyt78D6d7139ixkuQDVF.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":194,"title":"Editorial","content":"<p>This early summer is marked by major concerns about the risk of a global recession following the recent release of inflation statistics across the Atlantic combined with a tightening of monetary policy by the US Federal Reserve. But it was recently the Swiss National Bank (SNB) that surprised the market when it published its Monetary policy assessment of 16 June 2022. The SNB's announcement of a tightening of its monetary policy by raising its key rate to -0.25% made a big impression and illustrates the current concern of central bankers.<br><br>\nAccording to the SNB, \"Global economic growth has slowed markedly recently\" owing to a surge in inflation weighing on demand, concerns related to the war in Ukraine and the pandemic situation in China. In this context, the stock markets have continued to evolve in an unfavourable manner with not only a significant decline in the equity market but especially in the bond market. Just like the beginning of the summer period has been marked by an extraordinary heatwave, the summer will be \"hot\" for the financial markets \u2013 caution is required in this regard. <br><br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-194","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-46-38-191-2IaoXWNOG2LofCUaCgNL.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":200,"title":"Editorial","content":"<p>The beginning of the summer has been marked this year by the strength of the world's stock markets, which matched the positive expectations that the financial markets had already integrated into their prices throughout the first half of the year. The economic recovery is well underway and has accelerated in all areas.<br>However, the threat of inflation is beginning to loom over investors as we enter the second half of the year. The impact of inflation on the global economy and stock markets will be a major concern for growth oriented investors. The second half of the year is likely to be marked by periods of high volatility in the stock markets. We are therefore closely monitoring the development of central bank policies and the level of interest rates. In this context, we have slightly adapted our investment policy, while remaining confident in our strategic asset allocation.<br>\n<br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-200","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":206,"title":"Editorial","content":"<p>The first edition of our CIO Letter was published a year ago in the context of a period of lockdown that led to a major destabilisation of the world economy and a sharp fall of the stock exchanges. One year later, the Easter celebrations are taking place in a climate that is still marked by the maintenance of sanitary measures, but with the prospect of a concrete end to the crisis taking shape in the medium term. With the Covid-19 vaccination process underway worldwide and the central banks' accommodating policies, the financial markets are already anticipating significant economic rebounds in the various regions of the world and more particularly in the United States. We hope that this optimism will materialize in the coming months and have adapted our Investment Policy accordingly.<br><br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-206","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-24-48-419-Yyt78D6d7139ixkuQDVF.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":217,"title":"Editorial","content":"<p>Both the end of this extraordinary year and the start of the new year 2021 are eagerly awaited by everyone in a still very uncertain economic climate. Between the recent tightening of health standards in Europe in the run-up to the end-of-year holidays, the very random transition of the presidency in the United States over the next few weeks, Brexit and the hopeful announcements concerning the Covid-19 vaccine, the world economies will have to continue to evolve in an economic environment marked by political uncertainties linked to the health crisis, which will remain, in 2021, the primary concern of both private and institutional investors. In this very delicate situation, our investment policy remains resolutely optimistic, allowing us to address investment themes that are particularly well suited to the current economic cycle.<br>\n<br>We hope that the festive season will allow you and your loved ones to spend some special moments with your family and friends so that you can look forward to 2021 with serenity.<br>\n<br>Have a good holiday and take care!<\/p>","slug":"editorial","slugs":{"fr":"edito-217","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":221,"title":"INTEGRATION OF BANQUE DEGROOF PETERCAM (SUISSE) SA WITHIN GONET & CIE SA","content":"<table width=\"100%\"><tbody><tr><td style=\"padding-right: 25px;\"><figure style=\"float: left; width: 100%; max-width: 166px; margin: 0px 10px 0px 0px;\"><img style=\"width: 100%;\" src=\"\/uploads\/GdHTi.aef0b3a602f9c9ff9398ddd2120ee82f.png\" data-image=\"64081bd595108b4f011605d275a70570\" alt=\"Gonet Banquiers 1845 - Logo\"><\/figure><\/td><td style=\"padding-left: 25px;\"><figure style=\"float: right; width: 100%; max-width: 224px; margin: 0px 0px 0px 10px;\"><img style=\"width: 100%;\" src=\"\/uploads\/KZZNk.f43d1bd7f88da2d9185306e179db82f0.png\" data-image=\"85ddd0e91e62cca0b1aa9b57fa3512fe\" alt=\"Banque Degroof Petercam (Suisse) SA - Logo\"><\/figure><\/td><\/tr><\/tbody><\/table>\n<hr>\n<h2><strong>PRESS RELEASE<\/strong><\/h2>\n<p><br><strong>Gonet&nbsp;&&nbsp;Cie SA, a Geneva private bank, and Banque Degroof Petercam SA, a Belgian bank, have signed a sale agreement covering all the shares in Banque Degroof Petercam (Suisse). Subject to regulatory approval, Gonet&nbsp;&&nbsp;Cie SA will acquire Banque Degroof Petercam (Suisse) SA and merge it into its own organisation. The parties welcome this opportunity to embark on the next chapter in their growth story.<\/strong><\/p>\n<p><br>Under the terms of the agreement, Banque Degroof Petercam (Suisse) SA will be merged with and into Gonet&nbsp;&&nbsp;Cie SA following the acquisition of all the equity from the sole shareholder, Banque Degroof Petercam SA. The parties are not disclosing further details of the transaction.\nFrom the standpoint of Gonet&nbsp;&&nbsp;Cie SA, this latest transaction echoes its successful merger in 2018 with Mourgue d\u2019Algue & Cie, another private bank, and is fully in keeping with its growth strategy of developing its wealth management portfolio and steadily expanding the range of products and services on offer.<\/p>\n<p><br>For Banque Degroof Petercam (Suisse) SA, this joining of forces represents a prime opportunity to continue servicing its clients to a high standard and thereby to lay a foundation for stable, long-lasting relationships.<\/p>\n<p><br>The capital of the combined entity will significantly exceed regulatory requirements, and assets under management will amount to over CHF&nbsp;5.5&nbsp;billion. It will continue refining its Swiss private banking philosophy and realising its ambitions amid the current wave of consolidation in the wealth management industry.<\/p>\n<p><br><em>\u201cThis merger with Banque Degroof Petercam (Suisse) SA, a private bank with a long history in Geneva, marks the next milestone in our selective growth story and presses our claim to rank among those actively shaping Geneva as a financial centre,\u201d<\/em> says Nicolas Gonet, CEO of Gonet&nbsp;&&nbsp;Cie SA.<\/p>\n<p><br><em>\u201cWe\u2019re delighted to be teaming up with Gonet&nbsp;&&nbsp;Cie SA, a distinguished Geneva-based private bank whose strong Swiss ethos dovetails perfectly with the level of service that we have offered for more than 50 years,\u201d<\/em> says Philippe Monti, CEO of Banque Degroof Petercam (Suisse) SA. <em>\u201cWe share the same family-led values and entrepreneurial spirit that currently resonate strongly in the rapidly evolving private banking sector.\u201d<\/em><\/p>\n<p><br><em>\u201cAfter actively serving the Swiss market for over 50 years, the time has come to combine our Swiss private banking activities with a renowned institution,\u201d<\/em> says Hugo Lasat, CEO of the Degroof Petercam Group. <em>\u201cThe link-up will provide fresh impetus for this business, with all the support it deserves, and result in a wider range of products and services while also protecting our proximity with clients and the bespoke service to which they are entitled.\u201d<\/em><\/p>\n<p><br>The merger between Gonet&nbsp;&&nbsp;Cie SA and Banque Degroof Petercam (Suisse) SA, which is due to follow the transaction, will apply retroactively as of 1 January 2022, subject to regulatory approval.<\/p>\n<p><br>The Degroof Petercam Group will continue providing institutional services in Switzerland through Degroof Petercam Asset Management SA (DPAM).<\/p>","slug":"integration-of-banque-degroof-petercam-suisse-sa-within-gonet-cie-sa","slugs":{"fr":"integration-de-banque-degroof-petercam-suisse-sa-au-sein-de-gonet-cie-sa","de":"integration-der-banque-degroof-petercam-suisse-sa-in-die-gonet-cie-sa","es":"integration-of-banque-degroof-petercam-suisse-sa-within-gonet-cie-sa","pt":"integration-of-banque-degroof-petercam-suisse-sa-within-gonet-cie-sa"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Integration of Banque Degroof Petercam (Suisse) SA within Gonet & Cie SA"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"25\/01\/2022"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"title":"Gonet & Cie SA - Headquarters building in Geneva","alt":"Headquarters building of Bank Gonet & Cie SA in Geneva","url":"\/uploads\/2021-4-27-18-3-40-414-15gvVvnWmsNGk7z9XtoB.jpg","caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><!--StartFragment-->Gonet & Cie SA, a Geneva private bank, and Banque Degroof Petercam SA, a Belgian bank, have signed a sale agreement covering all the shares in Banque Degroof Petercam (Suisse). Subject to regulatory approval, Gonet & Cie SA will acquire Banque Degroof Petercam (Suisse) SA and merge it into its own organisation. The parties welcome this opportunity to embark on the next chapter in their growth story.<!--EndFragment--><\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-1-25-9-45-36-699-u4QraMKnsUFVYdtwnvzv.pdf","caption":null,"link":null,"newFile":"2022-1-25-9-45-36-699-u4QraMKnsUFVYdtwnvzv.pdf"}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":227,"title":"THE 2022 EDITION OF THE GONET GENEVA OPEN IS LAUNCHED!","content":"<p><span style=\"font-size: 14px;\">At a press conference today at the Palais Eynard, seat of the Geneva City Government, Marie Barbey-Chappuis,&nbsp;in charge of the Department of Security and Sports, Thierry Grin, Tournament Director and Nicolas Gonet, CEO of Gonet.<\/span><\/p>\n<hr>\n<h2>RUUD AND SHAPOVALOV: THE RETURN OF THE FINALISTS<\/h2>\n<p><br>The 2022 edition of the Gonet Geneva Open is launched. At the Palais Eynard, the tournament director Thierry Grin unveiled the main features of this seventh edition. It will include the two finalists of last year, Casper Ruud and Denis Shapovalov.<\/p>\n<p><br>The announcement of the presence of the Norwegian, title holder, and the Canadian was not the only good news of the day. The Gonet Geneva Open also announced the renewal of its agreement with the City of Geneva until 2025, and the arrival of a new sponsor, the Groupe Vaudoise. The support of the City of Geneva and the Groupe Vaudoise demonstrates that the tournament has become an established event and continues to grow.<\/p>\n<p><br>Finally, the Gonet Geneva Open has chosen the Fondation Pacifique as its partner of choice for this 2022 edition. It contributes to a better understanding of the human impact on the oceans thanks to expeditions on two sailing boats, the Fleur de Passion and the Mauritius.<\/p>\n<p><br>Thierry Grin was keen to point out that, as every year, other top players will be part of the event. The goodwill of promoters Ion Tiriac and Rainer Sch\u00fcttler and the proximity of the French Open have allowed the Gonet Geneva Open to host players such as Roger Federer, Alexander Zverev and Grigor Dimitrov in the past.<\/p>\n<p><br>Two-time winner of the tournament in 2016 and 2017, Stan Wawrinka will of course be welcome to return to Geneva. A wild card will be reserved for him if he changes his mind about not competing during the week of the tournament.<\/p>\n<p><br>Marc Rosset, Sports Director of the Gonet Geneva Open, has also confirmed that the traditional pre-qualifying tournament will be held in Biel. Organized by Swiss Tennis, it will determine which Swiss player will receive a wild card into the qualifying draw.<\/p>","slug":"the-2022-edition-of-the-gonet-geneva-open-is-launched","slugs":{"fr":"ledition-2022-du-gonet-geneva-open-est-lancee","de":"the-2022-edition-of-the-gonet-geneva-open-is-launched","es":"the-2022-edition-of-the-gonet-geneva-open-is-launched","pt":"the-2022-edition-of-the-gonet-geneva-open-is-launched"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The 2022 edition of the Gonet Geneva Open is launched!"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"date":{"id":1,"name":"date","label":"Date","value":"15\/03\/2022"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-3-15-17-51-12-134-wXBVn9653xk7W6JH46fC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":"Gonet Geneva Open: Press release (15\/03\/2022)","alt":"Gonet Geneva Open: Press release (15\/03\/2022)","url":"\/uploads\/2022-3-15-17-12-39-218-7nqc1uE557y8N1JUInVn.pdf","caption":null,"link":null}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":228,"title":"Editorial","content":"<p>With the arrival of the warm weather, spring is traditionally associated with optimism and a desire to move forward. However, the war in Ukraine and its geopolitical and economic repercussions are a brutal reminder of war in Europe, which we had almost forgotten. In this spring of 2022, we see that the world has simply switched from a health crisis to a humanitarian crisis without any sort of transition. Soaring commodity prices, inflation and the risk of recession are now the only issues and priorities for investors, who have thus quickly left their concerns about the health crisis behind. In this period of high insecurity and instability for the world, the stock markets have nevertheless shown a surprising resilience, which is a good sign for the financial markets from a long-term perspective. In the short term and in the context of our Investment policy, we will remain cautious before reallocating our recently accumulated cash. One swallow does not make a spring, as the saying goes.<br><br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-228","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-46-38-191-2IaoXWNOG2LofCUaCgNL.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":234,"title":"CIO LETTER ISSUE 9 - APRIL 2022","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>With the arrival of the warm weather, spring is traditionally associated with optimism and a desire to move forward. However, the war in Ukraine and its geopolitical and economic repercussions are a brutal reminder of war in Europe, which we had almost forgotten. In this spring of 2022, we see that the world has simply switched from a health crisis to a humanitarian crisis without any sort of transition. Soaring commodity prices, inflation and the risk of recession are now the only issues and priorities for investors, who have thus quickly left their concerns about the health crisis behind. In this period of high insecurity and instability for the world, the stock markets have nevertheless shown a surprising resilience, which is a good sign for the financial markets from a long-term perspective. In the short term and in the context of our Investment policy, we will remain cautious before reallocating our recently accumulated cash. One swallow does not make a spring, as the saying goes.<\/p>\n<p><br>Enjoy the read!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-9\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-9-april-2022","slugs":{"fr":"cio-letter-n-9-avril-2022","de":"cio-letter-issue-9-april-2022","es":"cio-letter-issue-9-april-2022","pt":"cio-letter-issue-9-april-2022"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 9 - April 2022"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"28\/03\/2022"},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":235,"title":"MERGER BETWEEN GONET & CIE SA AND BANQUE DEGROOF PETERCAM (SUISSE) SA APPROVED BY FINMA","content":"<table width=\"100%\"><tbody><tr><td style=\"padding-right: 25px;\"><figure style=\"float: left; width: 100%; max-width: 166px; margin: 0px 10px 0px 0px;\"><img style=\"width: 100%;\" src=\"\/uploads\/GdHTi.aef0b3a602f9c9ff9398ddd2120ee82f.png\" data-image=\"64081bd595108b4f011605d275a70570\" alt=\"Gonet Banquiers 1845 - Logo\"><\/figure><\/td><td style=\"padding-left: 25px;\"><figure style=\"float: right; width: 100%; max-width: 224px; margin: 0px 0px 0px 10px;\"><img style=\"width: 100%;\" src=\"\/uploads\/KZZNk.f43d1bd7f88da2d9185306e179db82f0.png\" data-image=\"85ddd0e91e62cca0b1aa9b57fa3512fe\" alt=\"Banque Degroof Petercam (Suisse) SA - Logo\"><\/figure><\/td><\/tr><\/tbody><\/table>\n<hr>\n<p>We are pleased to inform that the Swiss Financial Market Supervisory Authority (FINMA) has approved our plan to acquire and merge with Bank Degroof Petercam (Switzerland) SA as announced on 25 January. The merger of the two institutions will therefore be effective with retroactive effect from 1 January this year.<\/p>\n<p><br>We are thus delighted to be embarking on a new phase of development which will give concrete expression to our growth dynamic and our desire to be a proactive player in the Geneva financial centre.<\/p>\n<p><br><a href=\"https:\/\/www.gonet.ch\/en\/gonet\/news\/integration-of-banque-degroof-petercam-suisse-sa-within-gonet-cie-sa\" class=\"animatedLink\">Read the Press release (25 January 2022)<\/a><\/p>\n<p><\/p>","slug":"merger-between-gonet-cie-sa-and-banque-degroof-petercam-suisse-sa-approved-by-finma","slugs":{"fr":"la-finma-approuve-la-fusion-entre-gonet-cie-sa-et-banque-degroof-petercam-suisse-sa","de":"finma-genehmigt-die-fusion-zwischen-gonet-cie-sa-und-banque-degroof-petercam-suisse-sa","es":"merger-between-gonet-cie-sa-and-banque-degroof-petercam-suisse-sa-approved-by-finma","pt":"merger-between-gonet-cie-sa-and-banque-degroof-petercam-suisse-sa-approved-by-finma"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"14\/04\/2022"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Integration of Banque Degroof Petercam (Suisse) SA within Gonet & Cie SA"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"title":"Gonet & Cie SA - Headquarters building in Geneva","alt":"Headquarters building of Bank Gonet & Cie SA in Geneva","url":"\/uploads\/2021-4-27-18-3-40-414-15gvVvnWmsNGk7z9XtoB.jpg","caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><!--StartFragment-->Gonet & Cie SA, a Geneva private bank, and Banque Degroof Petercam SA, a Belgian bank, have signed a sale agreement covering all the shares in Banque Degroof Petercam (Suisse). Subject to regulatory approval, Gonet & Cie SA will acquire Banque Degroof Petercam (Suisse) SA and merge it into its own organisation. The parties welcome this opportunity to embark on the next chapter in their growth story.<!--EndFragment--><\/p>"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-1-25-9-45-36-699-u4QraMKnsUFVYdtwnvzv.pdf","caption":null,"link":null,"newFile":"2022-1-25-9-45-36-699-u4QraMKnsUFVYdtwnvzv.pdf"}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":236,"title":"DANIIL MEDVEDEV AT THE GONET GENEVA OPEN","content":"<p>The first of the three wild cards for the Gonet Geneva Open has been awarded to Daniil Medvedev. The world No. 2 will make his return to Geneva after undergoing surgery last month to treat a hernia. The Gonet Geneva Open will take place from May 14 to 21 on the courts of the TC Gen\u00e8ve at the Parc des Eaux-Vives.<br><br><\/p>\n<p>A finalist this year at the Australian Open against Rafael Nadal in a match that will make history, the Russian became the 27th world No. 1 in history on February 22. Daniil Medvedev is 26 years old and has 13 titles to his credit. He has been a Grand Slam winner since his success last year at the US Open. Prior to his triumph in New York, he won the 2020 Masters in London.<br><br><\/p>\n<p>With Daniil Medvedev, defending champion Casper Ruud (ATP 7) and 2021 finalist Denis Shapovalov (ATP 16), the Gonet Geneva Open will feature three of the most iconic players of the next generation. Dominic Thiem, another US Open winner, will also be present at the Parc des Eaux-Vives. In addition, the organizers hope to attract two other top players in the coming days.<\/p>","slug":"daniil-medvedev-at-the-gonet-geneva-open","slugs":{"fr":"daniil-medvedev-au-gonet-geneva-open","de":"daniil-medvedev-at-the-gonet-geneva-open","es":"daniil-medvedev-at-the-gonet-geneva-open","pt":"daniil-medvedev-at-the-gonet-geneva-open"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"06\/05\/2022"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Daniil Medvedev at the Gonet Geneva Open"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-5-6-11-39-26-968-i41Tp06ZePZIBDWm29WX.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-5-6-12-10-31-840-2O2LbGVUems0fihDw7i0.pdf","caption":null,"link":null,"newFile":"2022-5-6-12-10-31-840-2O2LbGVUems0fihDw7i0.pdf"}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":237,"title":"STAN WAWRINKA WILL BE THERE","content":"<p>The field for the 2022 edition of the Gonet Geneva Open, which will begin on May 14, is getting even bigger. The second wild-card has been awarded to Stan Wawrinka.<br><br><\/p>\n<p>Winner in 2016 and 2017 at the Parc des Eaux-Vives, Wawrinka will be the third Grand Slam winner at this year's Gonet Geneva Open, along with world No. 2 Daniil Medvedev and Austrian Dominic Thiem. The two finalists of the 2021 edition, the Norwegian Casper Ruud (ATP 7), defending champion, and the Canadian Denis Shapovalov (ATP 16) will also be present.<br><br><\/p>\n<p>In Geneva, he will find a setting and an atmosphere that he greatly appreciates and where he has won two of the sixteen titles in his magnificent career. A career that includes winning three Grand Slam tournaments - Australian Open 2014, French Open 2015 and US Open 2016 - and a Davis Cup victory in 2014.<\/p>","slug":"stan-wawrinka-will-be-there","slugs":{"fr":"stan-wawrinka-sera-de-la-partie","de":"stan-wawrinka-will-be-there","es":"stan-wawrinka-will-be-there","pt":"stan-wawrinka-will-be-there"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Stan Wawrinka will be there"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"date":{"id":1,"name":"date","label":"Date","value":"09\/05\/2022"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"The field for the 2022 edition of the Gonet Geneva Open is getting even bigger. The second wild-card has been awarded to Stan Wawrinka."},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-5-9-14-38-58-184-BEngIgPXQT0FYTK3XIpg.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-5-9-17-33-10-310-lRgq3Pm4Qm1Z8vgGP209.pdf","caption":null,"link":null,"newFile":"2022-5-9-17-33-10-310-lRgq3Pm4Qm1Z8vgGP209.pdf"}]},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":240,"title":"Editorial","content":"<p>Alpha, Beta, Gamma, Delta and Omicron, these Greek letters so familiar to finance are still very present in the financial markets but are now fully associated with the health crisis we have been experiencing for many months. In a very particular economic context, will inflation be temporary or does it constitute a threat that will require central banks to adapt their accommodative policies? This \"economic equation\" has been posed for all financial players for some time now, but the exogenous factors linked to the development of the health crisis and the appearance of the fifth wave that we are currently experiencing, leads us to remain attentive to the level of our investment policy, in particular in relation to the records reached by stock market indices. In this period of transition to the new year, we are nevertheless optimistic about the resilience of the financial markets and maintain the status quo in our asset allocation. <br><br>Happy holidays and, above all, take care!<\/p>","slug":"editorial","slugs":{"fr":"edito","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-46-38-191-2IaoXWNOG2LofCUaCgNL.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":246,"title":"CIO LETTER ISSUE 10 - JULY 2022","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>This early summer is marked by major concerns about the risk of a global recession following the recent release of inflation statistics across the Atlantic combined with a tightening of monetary policy by the US Federal Reserve. But it was recently the Swiss National Bank (SNB) that surprised the market when it published its Monetary policy assessment of 16 June 2022. The SNB's announcement of a tightening of its monetary policy by raising its key rate to -0.25% made a big impression and illustrates the current concern of central bankers. According to the SNB, \"Global economic growth has slowed markedly recently\" owing to a surge in inflation weighing on demand, concerns related to the war in Ukraine and the pandemic situation in China. In this context, the stock markets have continued to evolve in an unfavourable manner with not only a significant decline in the equity market but especially in the bond market. Just like the beginning of the summer period has been marked by an extraordinary heatwave, the summer will be \"hot\" for the financial markets \u2013 caution is required in this regard.<\/p>\n<p><br>Enjoy the read!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-10\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-10-july-2022","slugs":{"fr":"cio-letter-n-10-juillet-2022","de":"cio-letter-issue-10-july-2022","es":"cio-letter-issue-10-july-2022","pt":"cio-letter-issue-10-july-2022"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 10 - July 2022"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"27\/06\/2022"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":"1"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<!--StartFragment-->This early summer is marked by major concerns about the risk of a global recession following the recent release of inflation statistics across the Atlantic combined with a tightening of monetary policy by the US Federal Reserve. But it was recently the Swiss National Bank (SNB) that surprised the market when it published its Monetary policy assessment of 16 June 2022. The SNB's announcement of a tightening of its monetary policy by raising its key rate to -0.25% made a big impression and illustrates the current concern of central bankers. According to the SNB, \"Global economic growth has slowed markedly recently\" owing to a surge in inflation weighing on demand, concerns related to the war in Ukraine and the pandemic situation in China. In this context, the stock markets have continued to evolve in an unfavourable manner with not only a significant decline in the equity market but especially in the bond market. Just like the beginning of the summer period has been marked by an extraordinary heatwave, the summer will be \"hot\" for the financial markets \u2013 caution is required in this regard.<!--EndFragment-->"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":247,"title":"Editorial","content":"<p>A new era is upon us, with central banks enacting unprecedented interest rate hikes in an attempt to curb global inflation. Not only is the time of free money well behind us, but the rate hikes have sparked high short-term volatility on the financial markets.<br><br>Given these factors, combined with the uncertainty surrounding the current geopolitical crisis, private and institutional investors will have to be patient over the next few months while they reconsider their asset allocation. We are maintaining a conservative investment policy in order to navigate calmly through the current storm.<br><br>Enjoy the read!<\/p>","slug":"editorial","slugs":{"fr":"edito-247","de":"editorial","es":"editorial","pt":"editorial"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Alexandre Michellod, CAIA"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Member of the Executive Committee, Head of Wealth & Investment Solutions Department"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-46-15-809-zSCt7x6dvJYCbBBGQFAx.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-46-38-191-2IaoXWNOG2LofCUaCgNL.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":252,"title":"CIO LETTER ISSUE 11 - SEPTEMBER 2022","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>A new era is upon us, with central banks enacting unprecedented interest rate hikes in an attempt to curb global inflation. Not only is the time of free money well behind us, but the rate hikes have sparked high short-term volatility on the financial markets.<br><br>Given these factors, combined with the uncertainty surrounding the current geopolitical crisis, private and institutional investors will have to be patient over the next few months while they reconsider their asset allocation. We are maintaining a conservative investment policy in order to navigate calmly through the current storm.<br><br>Enjoy the read!<\/p>\n<p><br><br><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/publications\/cio-letter-issue-11\/investment-policy\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-11-september-2022","slugs":{"fr":"cio-letter-n-11-septembre-2022","de":"cio-letter-issue-11-september-2022","es":"cio-letter-issue-11-september-2022","pt":"cio-letter-issue-11-september-2022"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"date":{"id":1,"name":"date","label":"Date","value":"27\/09\/2022"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Bank Gonet - CIO Letter Issue 11 - September 2022"},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"\/en\/private-clients\/investments\/publications\/"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>A new era is upon us, with central banks enacting unprecedented interest rate hikes in an attempt to curb global inflation. Not only is the time of free money well behind us, but the rate hikes have sparked high short-term volatility on the financial markets.<br><br>Given these factors, combined with the uncertainty surrounding the current geopolitical crisis, private and institutional investors will have to be patient over the next few months while they reconsider their asset allocation. We are maintaining a conservative investment policy in order to navigate calmly through the current storm.<br><\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":253,"title":"THE 2022 GONET LITERARY PRIZE AWARDED TO ALBINA DU BOISROUVRAY","content":"<p style=\"text-align: right;\"><em>(in French only)<\/em><\/p>\n<p><br><\/p>\n<!--StartFragment--><p>Le Prix litt\u00e9raire Gonet 2022 a \u00e9t\u00e9 d\u00e9voil\u00e9 ce jour lors de la c\u00e9r\u00e9monie d\u2019inauguration du Festival litt\u00e9raire \u00e0 Collonge <a href=\"https:\/\/www.festival-du-lac.com\/\"><span style=\"color: rgb(217, 0, 13);\">Festival litt\u00e9raire \u00e0 Collonge (L\u00c0C)<\/span><\/a>, qui se tient ce week-end des 1<sup>er<\/sup> et 2 octobre \u00e0 Collonge-Bellerive (Ferme de Saint-Maurice), en pr\u00e9sence notamment de Thierry Apoth\u00e9loz, Conseiller d\u2019\u00c9tat charg\u00e9 du D\u00e9partement de la coh\u00e9sion sociale, des autorit\u00e9s administratives et communales et des Pr\u00e9sidents de cette \u00e9dition, Ga\u00eblle Josse et Pierre Assouline, membre de l\u2019Acad\u00e9mie Goncourt.<br><br><\/p>\n<p>Il a \u00e9t\u00e9 d\u00e9cern\u00e9 \u00e0 Albina du Boisrouvray pour son autobiographie \u00abLe courage de vivre\u00bb \u00e9dit\u00e9e en mars dernier (Flammarion), et \u00e9lu par un jury de 40 personnes parmi six ouvrages pr\u00e9s\u00e9lectionn\u00e9s par le Comit\u00e9 du Festival du L\u00c0C et porteurs de th\u00e8mes soci\u00e9taux (\u00e9cologie, handicap, \u00e9volution de la cellule familiale, engagement humanitaire, vie connect\u00e9e\u2026).<br><br><\/p>\n<p>Sous-titr\u00e9 \u00abSe rebeller, perdre l\u2019essentiel, tout donner\u00bb, l\u2019ouvrage \u00abLe courage de vivre\u00bb retrace l\u2019itin\u00e9raire hors du commun d\u2019Albina du Boisrouvray, une femme libre et engag\u00e9e ayant su transformer les \u00e9preuves de la vie en richesse in\u00e9galable. Excellant dans les diff\u00e9rents m\u00e9tiers qu\u2019elle exer\u00e7a, notamment celui de productrice de cin\u00e9ma, Albina fut confront\u00e9e \u00e0 une terrible \u00e9preuve, la perte en 1986 de son fils unique Fran\u00e7ois-Xavier Bagnoud dans un accident d\u2019h\u00e9licopt\u00e8re. Pour tenter de redonner du sens \u00e0 sa vie, elle s\u2019engagea dans l\u2019humanitaire et cr\u00e9a une fondation dont la mission principale est de lutter contre l\u2019extr\u00eame pauvret\u00e9. Depuis la cr\u00e9ation de la fondation FXB en 1989, plus de 18 millions de personnes ont b\u00e9n\u00e9fici\u00e9 de ses programmes.<br><br><\/p>\n<p>Albina du Boisrouvray participera \u00e0 la mise \u00e0 l\u2019honneur publique des prix litt\u00e9raires qui aura lieu samedi 1<sup>er<\/sup> octobre d\u00e8s 13h00 dans le cadre du Festival du L\u00c0C.<\/p>\n<hr>\n<p><strong><em>Le Prix litt\u00e9raire Gonet<\/em><\/strong><\/p>\n<p><\/p>\n<p><em><a href=\"https:\/\/www.gonet.ch\/fr\/gonet\/sponsoring\/festival-du-lac\"><span style=\"color: rgb(217, 0, 13);\">Partenaire du Festival du L\u00c0C<\/span><\/a> d\u00e8s sa cr\u00e9ation en 2021, la banque Gonet & Cie SA a souhait\u00e9 \u00e9largir son engagement en cr\u00e9ant un Prix litt\u00e9raire Gonet r\u00e9compensant un ouvrage francophone original, de tout genre litt\u00e9raire et en lien avec les enjeux soci\u00e9taux de notre temps.<\/em><br><br><\/p>\n<p><em>Contribuant au rayonnement culturel du Festival, ce prix est d\u00e9cern\u00e9 dans un esprit ind\u00e9pendant, sensible \u00e0 la fois au caract\u00e8re divertissant de l\u2019ouvrage prim\u00e9 et \u00e0 son ouverture \u00e0 une sensibilisation originale sur le monde moderne.<\/em><em><\/em><\/p>\n<hr>\n<p><a href=\"https:\/\/www.gonet.ch\/en\/gonet\/sponsoring\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more about our involvements<\/span><\/a><\/p>","slug":"the-2022-gonet-literary-prize-awarded-to-albina-du-boisrouvray","slugs":{"fr":"le-prix-litteraire-gonet-2022-attribue-a-albina-du-boisrouvray","de":"der-2022-literaturpreis-gonet-geht-an-albina-du-boisrouvray","es":"the-2022-gonet-literary-prize-awarded-to-albina-du-boisrouvray","pt":"the-2022-gonet-literary-prize-awarded-to-albina-du-boisrouvray"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":[{"url":"\/uploads\/2022-9-30-14-0-9-977-MiI08CrE0UAdW9mvuiIc.jpg","alt":null,"title":null,"caption":null,"link":null}]},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"The 2022 Gonet Literary Prize awared to Albina du Boisrouvray"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"date":{"id":1,"name":"date","label":"Date","value":"30\/09\/2022"},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-9-30-13-59-8-507-niX8VXdsQtl2dZnRl7B9.jpg","caption":"\u00a9 Karine Bauzin","link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2022-9-30-12-59-14-751-lLR3fR32nBtb554dD2pX.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":255,"title":"SWISS PRIVATE BANKS ARAB BANK SWITZERLAND AND GONET & CIE SA SIGN A STRATEGIC BUSINESS PARTNERSHIP AGREEMENT","content":"<h2><strong>Swiss Private Banks Arab Bank (Switzerland) Ltd. and Gonet&nbsp;&&nbsp;Cie SA sign a strategic business partnership agreement combining their products and services in the interest of their clients<\/strong><\/h2>\n<p><br><\/p>\n<p><strong>\u25cf\tEach bank stays independent, keeping its name and banking license<\/strong><\/p>\n<p><strong>\u25cf\tThe clients of both banks will be able to benefit from a particularly wide range of products and services<\/strong><\/p>\n<p><strong>\u25cf\tUltimately, a new holding company will own both entities, pending approval by the local Swiss regulator<\/strong><\/p>\n<p><br>Gonet&nbsp;&&nbsp;Cie SA and Arab Bank (Switzerland) Ltd. are excited to announce a strategic business partnership agreement. The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion.<\/p>\n<p><br>Thanks to this partnership, Gonet\u2019s clients will have access to the alternative product offering of Arab Bank Switzerland, including commodity trading finance services, real estate funds, private equity and digital assets. This partnership is also a unique opportunity for Arab Bank Switzerland to strengthen its wealth management offering and its position in Switzerland. The offering of the group will be particularly wide and innovative in the Private Banking industry.<\/p>\n<p><br>Arab Bank (Switzerland) Ltd. will take a majority stake in the family holding which owns Gonet&nbsp;&&nbsp;Cie SA, an entity of the Gonet Group headquartered in Switzerland and owning Gonet Bank&nbsp;&&nbsp;Trust (Bahamas) Ltd. Each bank will stay independent, keeping its name and banking license. Ultimately, a new holding company will own both entities, Arab Bank (Switzerland) Ltd. and the family holding, pending approval by the local Swiss regulator.<\/p>\n<p><br>Nicolas Gonet will join the Board of Directors of Gonet&nbsp;&&nbsp;Cie SA, becoming President of the Board of Directors in 2024. Jean-Ren\u00e9 Lepezel, currently on the Executive Committee of the Bank, will become CEO, effective on the 1st of January 2023. Jean-Ren\u00e9 Lepezel has more than 30 years of experience in private banking in Geneva. He joined Gonet&nbsp;&&nbsp;Cie SA in 2010 and has been in charge of the Wealth Management Department since 2017.<\/p>\n<p><br><strong>Serge Robin, CEO of Arab Bank (Switzerland) Ltd.<\/strong>, explains: <em>\"Gonet&nbsp;&&nbsp;Cie SA is an ideal partner to strengthen our presence in Switzerland, given its Swiss DNA and its brand awareness locally. This partnership is a unique opportunity to reach ambitious growth targets in a Swiss Private Banking market which is changing rapidly. Our two banks will keep growing and, together, will constitute a unique banking group with a particularly wide offering.\"<\/em><\/p>\n<p><br><strong>Nicolas Gonet, Owner and CEO of Gonet&nbsp;&&nbsp;Cie SA<\/strong>, comments: <em>\"I strongly believe that partnering with Arab Bank Switzerland will significantly benefit Gonet&nbsp;&&nbsp;Cie SA and its clients. Created 60 years ago in Switzerland, Arab Bank Switzerland has a strong local presence, ambitious objectives and a complementary offering to ours, which will prove particularly beneficial for both our clients and our employees in the long run. I would like to thank Jean-Ren\u00e9 Lepezel for becoming the next CEO of Gonet&nbsp;&&nbsp;Cie SA, and the existing management team.\"<\/em><\/p>\n<p><br><strong>Jean-Pierre Roth, Vice-President of the Board of Directors of Arab Bank (Switzerland) Ltd.<\/strong>, confirms: <em>\"This partnership will strengthen our presence in Switzerland where we have been based for 60 years, a country where the private banking industry is particularly strong.\"<\/em><\/p>\n<p><br><strong>Jean-Ren\u00e9 Lepezel, Executive Committee Member of Gonet&nbsp;&&nbsp;Cie SA in charge of Wealth Management<\/strong>, added: <em>\"We are excited to bring our forces together with a partner in order to keep growing at a fast pace while keeping our identity. We will keep working with the same entrepreneurial spirit and the same passion, in order to provide the best service possible to our clients.\"<\/em><\/p>\n<p><br>Gonet is a Swiss Private bank family owned and based in Geneva for over 175 years, serving both private and institutional clients in Switzerland and internationally. The bank has been growing steadily over the past few years, notably via the acquisition of the Bank Mourgue d\u2019Algue in 2018 followed by the acquisition of the Swiss brand of the Belgium bank Degroof Petercam earlier this year. Gonet has also recently developed a complete offering including wealth management solutions and retirement products.<\/p>\n<p><br>Created in Switzerland in 1962, Arab Bank Switzerland offers traditional wealth management services for high net worth individuals and ambitious entrepreneurs. The bank has an innovative product offering, answering growing demand from its clients. A renowned actor in the commodity trade finance space, Arab Bank Switzerland also has a competitive FX platform, private equity services and real estate funds. A pioneer in digital assets, the bank has offered cryptocurrency trading and custody services since 2019. It also became one of the first regulated banks to offer NFT custody this Autumn, when it announced the launch of an NFT Collection and introduced the Arab Bank Switzerland NFT Art Prize, the first of its kind globally.<\/p>\n<p><br>In terms of governance, this strategic partnership will involve the following changes in the Board of Directors of the two banks:<\/p>\n<p><br>\u25cf\tNicolas Gonet, currently CEO of Gonet&nbsp;&&nbsp;Cie SA, will be nominated to the Board of Directors of both banks, including as President of the Board of Gonet&nbsp;&&nbsp;Cie SA starting at the beginning of 2024, replacing Edgar Brandt.<\/p>\n<p><br>\u25cf\tJean-Pierre Roth, Vice-President of the Board of Directors of Arab Bank (Switzerland) Ltd, and former President of the Swiss National Bank (SNB), will also be nominated to the Board of Directors of Gonet&nbsp;&&nbsp;Cie SA as Vice-President.<\/p>\n<p><br>\u25cf\tSerge Robin, CEO of Arab Bank (Switzerland) Ltd., will be nominated to the Board of Directors of Gonet&nbsp;&&nbsp;Cie SA.<\/p>\n<p><br>All of these operations are subject to the approval of the local regulator.<\/p>\n<hr>\n<p><strong>ABOUT ARAB BANK SWITZERLAND<\/strong><\/p>\n<p><br>Arab Bank (Switzerland) Ltd. was created in Switzerland in 1962, aiming to create a bridge between the Middle Eastern and the Western worlds. The bank has become a trusted partner for high net worth individuals, including business leaders and family entrepreneurs in the MENA region for the past 60 years. Arab Bank Switzerland is the independent, sister company of Arab Bank Plc, one of the biggest banks in the Middle East.<\/p>\n<p><br>For more information, please visit: <a href=\"https:\/\/www.arabbank.ch\" class=\"animatedLink\" target=\"_blank\">www.arabbank.ch<\/a><\/p>","slug":"swiss-private-banks-arab-bank-switzerland-and-gonet-cie-sa-sign-a-strategic-business-partnership-agreement","slugs":{"fr":"arab-bank-switzerland-et-gonet-cie-sa-signent-un-partenariat-strategique","de":"arab-bank-switzerland-und-gonet-cie-sa-unterzeichnen-strategische-partnerschaft","es":"swiss-private-banks-arab-bank-switzerland-and-gonet-cie-sa-sign-a-strategic-business-partnership-agreement","pt":"swiss-private-banks-arab-bank-switzerland-and-gonet-cie-sa-sign-a-strategic-business-partnership-agreement"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Swiss Private Banks Arab Bank Switzerland and Gonet & Cie SA sign a strategic business partnership agreement"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"date":{"id":1,"name":"date","label":"Date","value":"10\/11\/2022"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><br><\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"Gonet & Cie SA and Arab Bank (Switzerland) Ltd. are excited to announce a strategic business partnership agreement. The new banking group will be a major actor in the Swiss wealth management industry, with assets under management in excess of CHF 10 billion."},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-11-10-8-6-14-126-jGeEOzoSBkMfixHkFgj9.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2022-11-15-10-39-38-790-8ebcAcB8fVdVTCvreghC.pdf","caption":null,"link":null,"newFile":"2022-11-15-10-39-38-790-8ebcAcB8fVdVTCvreghC.pdf"}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":257,"title":"Investment policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>We\u2019re approaching the end of a year that has tested investors\u2019nerves, as the majority of asset classes have produced negative results in 2022. The past year was marked by central banks\u2019 actions to control inflation. The latest US statistics indicate that a peak was indeed reached in late 2022. As a result, investors expect the Fed to slow the pace of rate hikes. In Europe, inflation will probably peak in early 2023. The ECB and SNB should maintain their more restrictive stances, since they started raising rates later and have not yet reached a level they consider restrictive enough. We expect inflation numbers to continue to slow as the base effect of energy prices will significantly influence the numbers. The big debate in 2023 will focus on the effects of these rate hikes: will the US and European economies go into recession and, if so, how deep? Our core scenario is that the recession will be limited because companies still have strong balance sheets and consumers still have excess savings accumulated during the Covid crisis. The labour market is still strong even though we know that\u2019s more a reflection of the economic situation in the past. The US housing sector will likely be a bellwether, as the slowdown in new construction due to rising mortgage rates will result in rapid job losses in the construction sector. Investors are currently betting that the Fed will not be able to complete its planned round of rate hikes, as economic numbers will deteriorate before then. No doubt the markets will remain volatile in early 2023.<br><br>\nIn this context, we question whether the earnings forecasts for 2023 are credible. At this point, the market has not priced in lower earnings and margins for 2023. Companies have taken advantage of their ability to raise prices to offset inflation and reduced volumes. If the central bank-induced slowdown is very limited, current earnings forecasts may be realistic. However, the risk is to the downside until we have a clearer picture of economic performance in early 2023.<br><br>\nThe Chinese government has surprised investors with changes in its health policy. Whether this is the result of scientific review, economic analysis or public pressure will never be known. The Chinese economy has suffered significantly from the zero-Covid policy, and the changes announced by the authorities will lead to a recovery. That recovery will not be linear because the Chinese people will face an increase in Covid cases and will probably restrict their activities. However, experience in Europe and the US shows that once the measures are relaxed, the economy will recover. From an investment perspective, China will offer investors an alternative to the world\u2019s developed economies, all of which will slow down in early 2023. A rebound by the Chinese economy will add inflationary pressure, but the world will be better able to absorb it than if the policy change had occurred in 2022.<br><br>\nThe situation in Ukraine remains difficult, but there are indications that a ceasefire is increasingly likely. It\u2019s very difficult to project, but if there\u2019s a ceasefire, investors would expect positive effects on consumer confidence in Europe and lower commodity prices. Given the current level of fighting, it seems difficult to imagine that the two sides could start negotiating \u2013 but at least the chance of that happening seems to be increasing.<br><br>\nComing back to the financial markets, we know that investors try, with varying success, to anticipate the future, which means they\u2019ll attempt to quickly position themselves for the economic rebound that will follow the slowdown in early 2023. The US economy is generally more flexible, so it\u2019s likely to rebound more quickly. The European economy is more vulnerable to dislocations in the energy market. Depending on developments in Ukraine, this may work in Europe\u2019s favour or against it.<br><br>\nThe last question to be answered concerns inflation over the medium term. It\u2019s very likely that inflation will fall quite rapidly in the near future for the reasons explained above, but at this point it\u2019s difficult to know whether inflation will return to the central banks\u2019 well-known 2% target. Fundamental changes in energy markets, the energy transition and wage increases expected in 2023 may well make it difficult to get inflation back to that level before 2024 at the earliest. It\u2019ll be a matter of staying very vigilant, especially if the Fed is tempted to cut rates too quickly.<br><br>\n2022 was complicated for investors, and 2023 will probably be better but not easier. The bond market has become interesting again and has been attracting investors for a few months. A stable bond market should provide a good basis for allocations. The equity markets will rebound once investors can judge the magnitude of the economic slowdown. From then onward, we\u2019ll see a repositioning towards recovery themes driven by expectations of rate cuts. All this seems quite logical \u2013 we just have to put the pieces in the right order.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-257","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Investment policy - Erik Fruytier - CIO"},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":271,"title":"Investment policy","content":"<p>Investors enjoyed a record January as markets rallied from a very difficult 2022. The prevailing narrative was that inflation had peaked in the fourth quarter and therefore investors could begin to anticipate progressively lower inflation numbers. The main question was whether central banks would be able to properly adjust their monetary policy to orchestrate a \u201csoft landing\u201d for the economy. Early economic data for 2023 revealed positive surprises in Europe, while inflation data in the US began to ease as expected. As a result, the Fed changed the pace of rate hikes from 50 to 25 basis points. Gradually, the soft landing scenario became more consensual. This impression was confirmed by the still robust labor market figures, especially in the US, but also in Europe. Overall, this outcome would be considered positive. However, investors soon began to worry that rate hikes were not having the desired effect or were insufficient to slow the economy to a pace that would bring inflation back to desired levels. Since investors most often try to extrapolate existing trends, it did not take long for a new narrative to dominate market thinking: \u201cno landing\u201d. This scenario would require a return to 50 basis point hikes from the Fed and a continuation of the bullish attitude from the ECB. Bond market volatility rose sharply, with large swings in two-year yields to reflect anticipated policy rates, while long rates had risen sharply to reflect higher growth and core inflation.<\/p>\n<p><br>Against this backdrop of rapidly changing economic expectations, it is worth noting that the corporate earnings season has been better than expected. As earnings growth has turned negative and margins appear to have peaked in this cycle, investors had feared worse forecasts from managers. The manufacturing sector is beginning to slow, while the service sector continues to enjoy strong consumer demand. Surprisingly, despite all the talk of a coming recession, there are few signs that consumers intend to cut back on spending. Experts believe that as long as unemployment is low, people remain largely positive and willing to consume. <\/p>\n<p><br>As the market settled into the \u201csoft landing\u201d or \u201cno landing\u201d scenario, a new element emerged. Most investors expected the interest rate hikes to slow the economy due to lower business investment and weaker consumption; however, few expected it to cause a crisis of confidence in the banking sector. The surprise came in the form of a sudden loss of confidence in Silicon Valley Bank (SVB), a Californian regional bank. The bank was hurt by the mismanagement of its assets and liabilities. The sharp rise in interest rates caused the value of its investments to fall. The bank was forced to sell some of its investments at a loss to keep up with clients withdrawals. When clients began to fear that they would no longer be able to access their deposits, they accelerated their withdrawals and the vicious cycle began. The US authorities had to step in and guarantee all deposits to stop the panic. <\/p>\n<p><br>The consequences of the emerging crisis of confidence have spread throughout the financial sector. Swiss authorities have had to use their powers to arrange a rescue of Credit Suisse through a merger with UBS, while US authorities are seeking solutions for a series of regional banks. The crisis of confidence in parts of the financial sector will have important consequences for the actions of central bankers. The latter will have to continue to raise rates to fight inflation while proposing specific solutions to restore confidence in the banking sector. The market is now, once again, beginning to assess an economic slowdown as a consequence of the confidence crisis. <\/p>\n<p><br>If we take a step back, we continue to see a gradual economic slowdown, but also an overall resilient economy and lower inflation numbers. Interest rates have been aggressively raised and will eventually slow the economy. We have remained diversified by underweighting equities and equal weighting fixed income. Unlike 2022, bonds and equities are less correlated this year, providing greater stability to balanced portfolios. We will remain cautious as we watch the current crisis of confidence unfold. We will need to properly understand the economic and financial implications. Fortunately, the financial authorities have learned the lessons of the great financial crisis of 2008. Overall, banks are in a much stronger position and authorities have the tools and legal framework to take immediate action. <\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-271","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":21,"title":"BLAISE GOETSCHIN","content":"<p>Blaise Olivier Goetschin started his career as an Auditor at PriceWaterhouseCoopers in 1982, before working for Credit Suisse (1985-1995) in Zurich, New York and Geneva, where he was notably responsible for the Swiss Corporate Finance division. He then took over as Head of the Financial department of the canton of Vaud (1995-1998), before heading the Swiss banking subsidiary for the American asset manager Fiduciary Trust (1998-2000). Afterwards, he was appointed CEO of the Banque cantonale de Gen\u00e8ve (BCGE,) from October 2000 to March 2024. Mr. Goetschin holds a bachelor's degree from HEC Lausanne. <\/p>","slug":"blaise-goetschin","slugs":{"fr":"blaise-goetschin","de":"blaise-goetschin","es":"blaise-goetschin","pt":"blaise-goetschin"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":"VICE-CHAIRMAN"},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-4-3-9-30-50-533-CRII9JKJYIvRZ54v7XH8.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"directors"},{"id":25,"title":"THIERRY PONT","content":"<p>Holder of a law degree from the University of Lausanne, Thierry Pont spent the first fifteen years of his career in audit: with Credit Suisse within internal audit, French-speaking Switzerland (1990-1998), then with PricewaterhouseCoopers as Senior Manager (1998-2004). From 2004 to 2009, he was CFO and member of the Executive Board of Banque Vontobel Gen\u00e8ve SA, joining Gonet in 2009. He is now Deputy CEO, in charge of the Finances and Risk Management. Thierry Pont is also a certified accountant.<\/p>","slug":"thierry-pont","slugs":{"fr":"thierry-pont","de":"thierry-pont","es":"thierry-pont","pt":"thierry-pont"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":"DEPUTY CEO"},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-10-19-10-11-45-998-DtftNnfVTTTytK2UdhfC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"committee"},{"id":284,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">WAITING FOR RECESSION<\/span><\/strong><\/h3>\n<p>Leading economists have been warning of an imminent recession for 12 months. GDP growth has slowed down, in certain cases like Germany it has fallen to 0%, however most countries are still experiencing positive GDP growth. Economists base their forecasts on many indicators, one of the most frequently used is the US yield curve. When short-term rates are higher than long-term rates (usually the 2-year yield versus the 10-year yield), it indicates a high probability of a recession. This leading indicator signalled an increasing possibility of recession already 12 months ago. Recessions can be mild or severe with very different implications for investors. Every recession is different however, financial investors generally observe several specific measures to evaluate the severity of the slowdown and its consequences. In the current cycle most of the focus has been on the rapidly rising inflation and the response of the US Federal Reserve (Fed). Historians will explain in the future whether the inflation surge has been caused by the long period of low interest rates, the response to Covid or the war in Ukraine to mention a few among the many narratives used to provide an explanation.<br><br>\nHowever, it is more interesting to focus on the future rather than looking backwards. For investors, to adopt the right asset allocation, it is important to a have a view whether the economy will undergo a severe recession or a soft landing. At this stage, we believe the balance of elements favour a soft landing. One of the most important indicators supporting this view is the labour market. A rapidly increasing unemployment rate would be a worrying sign.<br><br><\/p>\n<h4><strong>ROBUST JOB MARKETS<\/strong><\/h4>\n<p>Currently the labour markets in developed countries are rather robust. Hiring intentions are still high, feedback from corporates indicate that it is difficult to find qualified employees in manufacturing sectors while service sectors are struggling to hire just anyone. Several elements help explain this tightness of the labour market, stricter immigration laws in the US, Covid, and re-shoring. President Trump imposed stricter immigration laws that reduced the number of jobseekers in the US; President Biden has maintained most of those restrictions. Brexit has had a similar effect on the UK labour market. The Covid pandemic has not only had a direct effect on workers in terms of deaths and illness, it has also changed working habits and people\u2019s attitude towards the balance between work and leisure. The war in Ukraine, and geopolitical tensions between the US and China have pushed many corporates to reconsider their foreign activities. Most leading corporates have exited the Russian market and repatriated the activities to more politically aligned countries. We are seeing a similar pattern developing in relation to China as corporates worry about the implications of tensions surrounding Taiwan. The trend of re-shoring production to developed countries is supported by government initiatives such as the US Inflation Reduction Act. All in all these three factors, to name just a few, have added to the tightness of the labour market in Western economies. Historical statistics seem to indicate that a robust labour market favours a soft landing. The most important factor to watch will be the rate at which the unemployment rate will increase.<br><br>\nAs we said earlier, every cycle is different, but there are many common denominators, of which the Fed's interest rate policy and inflation are central elements. The good news is that we are close to peak policy rates and inflation has been falling since several quarters. The Fed has indicated that, based on today\u2019s facts, they see peak rates at the end of 2023. Inflation figures are coming down quite rapidly in the US, especially headline inflation. Core inflation (ex food and energy) is still sticky, mainly due to salary inflation. While the fall in the inflation is positive, we still have limited visibility whether inflation figures will hit the magical 2% figure any time soon; however, financial markets are more sensitive to the direction of travel rather than the arrival point. There is still significant debate about the lag effect of the rate hikes of the last 12 months. Investors will have to continue to scrutinise GDP growth and core inflation statistics to form an opinion.<br><br>\nHistorically investors seek to reposition themselves on equity markets shortly after the peak in policy rates. There are many studies available to help select the right asset class, sector or even stocks based on historical moves.<br><br><\/p>\n<h4><strong>TOWARDS A SOFT LANDING<\/strong><\/h4>\n<p>Do not get carried away, investors still need to decide (and be right) whether we will face a soft landing or a severe recession. Nonetheless, we believe that the probability of a soft landing is better than a severe recession mainly based on the resilience of the labour market. Based on that view, we see equity markets becoming gradually more interesting. We still need to wait for the final rate hike, likely in H2 2023. Of course, earnings and valuations matter, earnings growth has been more robust than expected. Many large companies have played the inflation cycle rather well, they have increased prices and have generally been able to protect if not, increase their margins. Valuations are reasonable in Europe but slightly high in the US. US valuations, and recent stock market performance, have been distorted by seven famous large corporations in the S&P. Broader equity market performance in the US has been rather sluggish.<br><br>\nInvestors will expect a GDP inflection point 12 to 24 months after the Fed starts cutting its rates. Investors will look to position themselves ahead of the GDP inflection point. Historical studies tend to show that cyclicals and small caps will outperform in this scenario at the expense of defensive sectors.<br>\n<br><\/p>\n<h4><strong>PATIENCE IS STILL REQUIRED<\/strong><\/h4>\n<p>To conclude, we believe we should start looking beyond the current inflation and Fed tightening cycle. Patience is still required however; we will gradually increase our equity weighting if our soft landing scenario gains traction. Meanwhile we maintain a fully invested fixed income allocation, as we believe the yields on offer for investment grade bonds are attractive on a medium-term view.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-284","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":39,"title":"CIO LETTER JULY 2021 - ISSUE 6","content":"<p>CIO LETTER - ISSUE 6<br>JULY 2021<\/p>","slug":"cio-letter-july-2021-issue-6","slugs":{"fr":"cio-letter-juillet-2021-n-6","de":"cio-letter-july-2021-n-6","es":"cio-letter-july-2021-issue-6","pt":"cio-letter-july-2021-issue-6"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-6-29-8-44-56-569-o7dLf4i4wfrvmQf1R3ey.pdf","caption":null,"link":null,"newFile":"2021-6-29-8-44-56-569-o7dLf4i4wfrvmQf1R3ey.pdf"}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"name":{"id":193,"name":"name","label":"Name","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":""},"image":{"id":195,"name":"image","label":"Image","value":null}},"collection_type":"publications"},{"id":297,"title":"Processing purposes","content":"<p>We process your Personal Data for a specific purpose and only those Personal Data necessary for the following purposes:<\/p>\n<p><strong>Onboarding<\/strong><\/p>\n<ul><li>To verify your identity and that of Related Persons;<\/li><li>To carry out legal checks and other regulatory compliance checks (to comply with anti-money laundering and anti-terrorist financing regulations). As a result, the Bank may use information technologies to identify the level of risk associated with a Data Subject or a Related Person or a specific activity (use of WorldCheck or LexisNexis banking databases). This may mean that we send the personal data of a Data Subject or a Related Person to a company in the group to which the Bank belongs, or to a Swiss external service provider, in order to benefit from specific compliance knowledge.<\/li><\/ul>\n<p><strong>Compliance (in order to adhere to anti-money laundering and anti-terrorist financing regulations and tax laws)<\/strong><\/p>\n<ul><li>To carry out statutory and regulatory compliance checks, in particular, as part of the on-boarding process, and periodic compliance controls, including in order to adhere to anti-money laundering and anti-terrorist financing regulations, fraud prevention regulations and the screening of sanctioned countries to prevent financial crime. As a result, we may use information technologies to identify the level of risk associated with a Data Subject or a Related Person or a specific activity (use of WorldCheck or LexisNexis banking databases). This may mean that we send the personal data of a Data Subject or a Related Person to a company in the group to which the Bank belongs, or to a Swiss external service provider, in order to benefit from specific compliance knowledge;<\/li><li>To comply with our regulatory and compliance obligations, including with respect to the recording and monitoring of communications, disclosures to tax authorities, relevant supervisory authorities and other regulatory, judicial and governmental bodies or in connection with procedures and investigations or crime prevention;<\/li><li>To respond to any procedure, request for mutual criminal or administrative assistance, criminal or administrative investigation (including requests prior to a formal investigation) from a public or judicial authority;<\/li><li>To receive and process complaints;<\/li><li>To receive and process internal complaints, queries or reports from employees or third parties submitted to Human Resources (\u201c<strong>HR<\/strong>\u201d);<\/li><li>To carry out the background checks necessary for the recruitment of employees, including verification of any existing or potential conflict of interest or any other factor likely to restrict or prevent the recruitment of an applicant within the Bank, and also to prevent and detect offences, including fraud or criminal activity, misuse of our products or services as well as to safeguard the security of our IT systems, architecture and networks.<\/li><\/ul>\n<p><strong>Managing the business relationship<\/strong><\/p>\n<ul><li>To manage our contractual relationship with you, including communicating with you about the products and services we provide to you and dealing with customer service issues and complaints. As a result, your personal data may be sent to a company in the group to which Gonet belongs in order to provide financial products and services;<\/li><li>To assess whether and how we can offer you products and services and suggest events that may be of interest to you.<\/li><\/ul>\n<p><strong>Risk management<\/strong><\/p>\n<ul><li>For active management of risks which must be identified, restricted and controlled. These include, for example, managing compliance and risks relating to credit, payment default, liquidity processes and image and audit, as well as operational and legal risks; <\/li><li>For risk management on the basis of consolidated supervision at the level of the group to which the Bank belongs;<\/li><li>To conduct regular audits and\/or reviews concerning you or Related Persons.<\/li><\/ul>\n<p><strong>Human resources management<\/strong><\/p>\n<ul><li>For the recruitment and management of applications, and in particular to determine the suitability of an applicant\u2019s qualifications. This may mean that we send the personal data of a Data Subject to a company in the group to which the Bank belongs, or to an external specialised company, in order to benefit from specific human resources knowledge;<\/li><\/ul>\n<ul><li>To manage our HR records and update the employee database, employment contracts or rights of access to the premises and systems used by the Bank, including when this includes biometric data;<\/li><li>For the assessment of the integrity of applicants and employees (e.g., by requesting and checking extracts from prosecution records or criminal records), managing conflicts of interest or obtaining information relating to own investments;<\/li><li>To set up internal or external training, which may take place face-to-face, virtually, via chat or using any other method;<\/li><li>For other purposes that are necessary for the conclusion and performance of employment contracts.<\/li><\/ul>\n<p><strong>Marketing and communication<\/strong><\/p>\n<ul><li>To organise internal or external events, whether in person or in virtual form, and for any activity promoting products, services or brands related to the Bank;<\/li><li>To provide personalised information about services and products, for example, in the form of newsletters, or about the websites managed by the Bank.<\/li><\/ul>\n<p><strong>Managing external service providers<\/strong><\/p>\n<ul><li>To manage our contractual relations with our external service providers, such as logistics, mail and parcel delivery, messaging, printing and archiving service providers, and to coordinate and evaluate the services provided to the Bank;<\/li><li>To ensure the payment and posting of invoices from external service providers or to monitor the performance of the services rendered to the Bank;<\/li><li>To organise calls for tenders; to carry out tasks for the preparation or performance of existing contracts;<\/li><li>To manage our IT resources, including infrastructure management and business continuity, and also to update rights of access to the premises and systems used by Bank.<\/li><\/ul>\n<p><strong>Other purposes<\/strong><\/p>\n<ul><li>To comply with statutory obligations related to accounting and to ensure compliance with legislation on markets in terms of financial instruments, subcontracting, business abroad and qualifying holdings;<\/li><li>To record conversations or images (e.g., video surveillance) to ensure the safety of people, assets, property and buildings, as well as critical IT infrastructures and systems and also to ensure training and communication needs.<\/li><\/ul>\n<p><\/p>\n<p><strong>Change of purpose<\/strong><\/p>\n<p>We only use your Personal Data for the purposes for which we collected them, unless we reasonably consider that we need to use them for another reason and that this is compatible with the original purpose.<br><br>If we need to use your personal data for purposes that are unrelated to the original purpose, we will inform you and provide you with the legal basis for doing so.<br><br>Information concerning a change of purpose in this regard may be provided through an amendment to this Notice. We therefore strongly encourage you to consult this Notice on a regular basis.<br><br>We may process your personal data without your knowledge or consent, in accordance with the above rules, where we are required or permitted by law to do so.<\/p>","slug":"processing-purposes","slugs":{"fr":"finalites-du-traitement","de":"verarbeitungszwecke","es":"finalidades-del-tratamiento","pt":"finalidades-do-tratamento"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":301,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">SYNCHRONISATION OF MONETARY POLICIES AND COUNTING THE COSTS<\/span><\/strong><\/h3>\n<p>The last 18 months investors have been counting the rate hikes by Central Banks of the main developed economies. The US Federal Reserve (Fed) has hiked its rates 11 time since March 2022, the ECB has hiked 10 times since July 2022 while the Bank of England has hiked already 14 times since December 2021. These actions have taken interest rates to levels not seen since the start of the 21st century. Based on the guidance of these central bankers we might be close peak rates in this monetary cycle.<br><br><\/p>\n<h4><strong>MORE VISIBILITY<\/strong><\/h4>\n<p>What does it mean for investors? There is good news and bad news. The good news is that borrowers and investors will have more visibility which should allow for better planning and better forecasting. The bad news is that the high interest rates will accelerate the economic slowdown. On the one hand this will likely tame inflation however, it will also put pressure on corporate and retail spending. The dominant view is that the economy will undergo a soft landing however it is too early to know how long it will take to see the full effects of current rates.<br><br><\/p>\n<h4><strong>CAUTION ON EQUITIES<\/strong><\/h4>\n<p>Consensus forecast expects current rates to stay on a plateau for the next six months before being cut by Central banks. The cuts will occur if inflation has fallen enough or if the economy becomes too weak. It is important to note that the Fed has a dual mandate to pursue the economic goals of maximum employment and price stability. Financial markets generally anticipate events six to nine months ahead so we can no doubt expect increased volatility over the coming months as economic statistics will start to reflect the extent of the slowdown and determine the Fed\u2019s next move. Central bankers are keeping their options open and won\u2019t hesitate to increase rates again to avoid high inflation to become entrenched.<br><br>\nCorporate earnings have been resilient as most companies have been able to maintain their higher margins. Listed companies have been very proactive in raising their prices. Volumes have been disappointing as consumers have been forced to reduce their consumption to compensate for higher prices. Consumers defied expectations as they have extensively used their excess savings accumulated during the Covid crisis. Unfortunately, the excess savings have mostly run out just as the economy is verging on recession. The Fed keeps a close eye on consumer spending. We think companies will have to start stimulating volumes to avoid negative operational leverage so we are cautious on earnings in the short term which explains why we maintain our underweight position on equities. On the positive side, when the economy slows, core inflation usually falls and rates are no longer hiked by Central banks. In that scenario we can expect long term bond yields to come down which will help sustain equity valuations. It will be important to keep an eye on real interest rates (yields adjusted for inflation). European equity markets look attractively priced on that criteria while US markets look more expensive however, the large technology component in US markets provides more exciting long term earnings growth potential. The US equity market is particularly sensitive to the Artificial Intelligence theme. At this stage the expectations are quite high, time will tell if they will materialize into real earnings.<br><br><\/p>\n<p> <\/p>\n<h4><strong>SELECTIVITY ON BONDS<\/strong><\/h4>\n<p>Bond market investors have been waiting impatiently for the end of the rate hike cycle. Most bonds have bounced back in 2023 however the road to covering 2022 underperformance is still long. Bond market investors expected the rate cycle to peak earlier however, most have remained patient and have continued to accumulate positions. We are overweight quality sovereign and corporate bonds as we believe it is a good moment to lock in attractive yields. Yes, short term deposit rates are higher than medium and long-term bond yields however these deposits have reinvestment risk. The attractive bond yields on offer today will shrink rapidly when the market will reprice bonds to reflect lower rates and less inflation risk. We believe the economy will be resilient enough to avoid significant credit risk in quality bonds. US bond markets offer more opportunities as rates are higher however, adjusted for inflation even the Swiss market is providing some selective interesting opportunities for local investors. European bonds are quite attractive for Euro based investors.<br><br>\nThe realignment of the monetary policies of Europe, the UK and the US will probably reduce the volatility of their currencies as the interest rate differentials will remain quite stable. The volatility might come from differing growth expectations. Precious metals might benefit once the interest rates start being cut, however, that is probably six months away at the earliest. Industrial commodities should come under some pressure from slowing economic growth. China remains an unknown in this equation. The economic rebound post Covid has not really happened despite a flurry of policy announcements to stimulate the economy. The Chinese economy is still struggling with its real estate sector and low consumer and corporate confidence.<br><br>\nEnergy prices have decoupled from economic growth in the short term. Oil prices have been driven higher by production cuts from OPEC+ members, notably Saudi Arabia. Gaz prices in Europe on the other hand have fallen sharply on a year on year basis due to different supply and demand dynamics in relation to the war in Ukraine.<br><br>\nOverall, we are cautiously optimistic on the ability of Central bankers to orchestrate a soft landing in the US and Europe. We maintain a slight underweight position in equities while overweighting bonds.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-301","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":317,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">(CAUTIOUS) OPTIMISM DESPITE UNCERTAINTIES<\/span><\/strong><\/h3>\n<p>As we pass into 2024 we enter the final stages of the current inflationary cycle that started in the aftermath of the Covid crisis. In the early phase central bankers and investors believed inflation would be temporary however, with the benefit of hindsight, we know that the disruption to supply, the change of consumer behavior and the war in Ukraine, have led to a much longer period of high inflation.<br><br><\/p>\n<h4><strong>LOWER RATES IN SIGHT<\/strong><\/h4>\n<p>Inflation peaked out around 10% in the latter part of 2022 in both the US and Europe. If we look back at the cycle, we observe that inflation bottomed mid-2020, it passed the 2% threshold in Q1 2021 in the US and in Q3 2021 in the Eurozone. Central banks started hiking rates one year later in Q1 and Q3 2022 respectively, nearly two years after the inflation cycle commenced and only one quarter before inflation reached its peak. This brief reminder highlights the current challenge for central banks to determine when they should start lowering rates. Economic activity has already weakened significantly in Europe, the economy is hovering around 0% GDP growth while in the US the economy has started to slow down in Q4 2023. Financial markets are expecting rate cuts from Q2 2024 based on the current disinflation trend and the signs of slowing economic growth in the US. We believe central bankers will be cautious before declaring the end of the current inflation cycle. Unfortunately, by doing so they risk creating unnecessary pressure on the economy however, at this stage, they seem more preoccupied with inflation than economic growth. Central bankers are trying to manage financial conditions by issuing alternatively hawkish and dovish statements.<br><br><\/p>\n<h4><strong>NO SUDDEN RECESSION<\/strong><\/h4>\n<p>So looking forward to 2024 what do we expect? We believe economic activity will slow down as higher interest rates are filtering through the economy by lowering the purchasing power of consumers and pressurising corporate investment plans. Governments will also feel the strain of higher interest rate expenses which will limit their ability to provide fiscal stimulus. We do not expect a sharp recession as central banks will have the ability to cut interest rates if the economy slows too much. However, the key risk would be if inflation went back up as it would limit the ability of central banks to cut rates. Higher inflation could result from higher energy prices. The latter could be linked to geopolitical unrest in the Middle East and Ukraine or related to excessive production cuts by OPEC+. Inflation could also return if the labor market tightened again and created renewed salary pressures which would feed through to higher consumer prices unless companies absorbed these costs with their margins. Renewed stress in the supply chain could also be a source of inflation. On balance we believe the disinflation trend will continue although at a slower pace.<br><br>\nCorporate profit growth has fallen to near zero in 2023 however it should start to recover in the latter part of 2024. The current moves in equity markets are driven by the anticipation of lower interest rates which has driven valuation multiples higher. This is quite normal as equity markets usually try to anticipate events 3 to 6 months ahead. Investors will need to accept higher volatility in the early part of 2024 as market anticipations of future rate cuts will likely be the main driver of the performance of equities and bonds. It is generally accepted that once central banks make their first rate cut it is a sign that the monetary cycle has turned and rates will return to levels reflecting the long-term growth potential of the underlying economy.<br><br>\nCentral bankers are maintaining their hawkish message to reinforce their inflation fighting message however, from here on the most likely scenario is that rates will be cut gradually over the next 12 to 24 months which is usually bullish for bonds and equities. Our central scenario remains that the US will experience a soft landing and that European growth will not deteriorate further.<br><br><\/p>\n<h4><strong>A BUSY YEAR IN GEOPOLITICS<\/strong><\/h4>\n<p>Economists and investors are not very good at predicting the outcomes of geopolitical events and elections thus they result in periods of higher volatility. We enter 2024 with significant uncertainty surrounding the Middle Eastern crisis and still no resolution to the war in Ukraine. The presidential election in Taiwan in January will be the first event to watch, investors will look for signs of further tension between China and the US. <br><br>Corporations will continue to reorganise their logistics and productions chains to minimize their risks. Unfortunately, global trade and logistic chains are becoming less efficient and production costs are rising as a result. <br><br>The main political event of 2024 will be the November US presidential election. At this stage the race is too close to call which means that the likelihood of Donald Trump returning is real. The element of surprise will be lower than in 2016 however, markets will have to price in higher uncertainty in terms of US international policy both diplomatic and economic.<br><br><\/p>\n<h4><strong>AI, HERE IT IS!&nbsp;<\/strong><\/h4>\n<p>Last but not least, the emergence of Artificial Intelligence (AI) will have profound effects on many aspects of our lives. AI is already speeding up scientific and medical research. At the consumer level it will be a positive as new services will emerge. At the corporate level it will provide many opportunities to improve productivity.<br><br>\nEmployees will feel challenged by the new technology however, it should help them spend more time on more satisfying and higher value-added tasks. A responsible use of AI will serve the greater good if done while respecting a framework of rules set by all stakeholders.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-317","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":331,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">POSITIONING FOR FUTURE INTERST RATE CUTS<\/span><\/strong><\/h3>\n<p>Investors have recently been witnessing a combination of falling inflation, resilient economic growth and low unemployment. Meanwhile leading central banks have been able to realign market expectations in terms of the timing and the number of interest rate cuts for 2024. Few people would have believed that equity markets could have achieved their current run while adjusting interest rate expectations by nearly 75 basis points in the US over the course of three months. The bond market suffered from the upward adjustment of the yield curve, both in the US and in Europe. However, investment grade bonds remain attractive, as coupons are generous and bond holders can look forward to capital gains which will be driven by rate cuts which will likely start from June, both in Europe and in the US. <br><br><\/p>\n<h4><strong>THE SNB IN ACTION<\/strong><\/h4>\n<p>The Swiss National Bank (SNB) has been the first to cut its rates. Most observers expected the SNB to move in tandem with the ECB however, the SNB made a rational decision based on the fact that inflation has been below 2% since several months. The Swiss economy avoided high inflation levels as the central bank let the Swiss Franc appreciate last year in order to lower the cost of imports. The Swiss stock market had suffered from the strong Franc last year and will thus likely benefit this year from the falling Swiss Franc. The main beneficiaries will be domestic Swiss equity investors. SNB President Thomas Jordan will step down at the end of September 2024. SNB policy should not be affected by this change. The Bank of Japan has finally ended its negative interest rate policy however it is in no rush to increase rates significantly.<br><br>\nThe disinflation trend is still largely ongoing in the US and Europe however, the trend has slowed down significantly over last two months. The prices of goods are no longer falling and energy prices have stabilised. Wage inflation remains too high however, the latest indicators in Europe show that negotiated wages are increasing less and in the US the relation between available jobs and the number of job seekers is improving which should lead to lower wage pressure.<br><br>\nEuropean economic data is showing some encouraging signs that the worst of the slowdown is behind us. The German economy has been particularly sluggish due to the energy crisis and a very weak real estate market. It will take some time for the economic rebound to accelerate fortunately, the services sector has remained resilient as record low unemployment has kept Germans spending. Most observers, including us, had expected the US economy to suffer more from the high interest rates. It seems that consumers have continued to spend their excess savings to compensate for higher prices and higher interest costs. Corporates have also weathered the storm quite well so far. We still believe the US economy will decelerate in the coming months nonetheless, we don\u2019t expect a recession. The Chinese economy has stabilised on the back of a series of policy announcements however, none of them have been perceived as large enough to turn around low consumer and corporate confidence. At least the economy seems to have worked its way out of a period of deflation. The equity market has yet to react to the stabilization of the economy. <br><br>\nIt interesting to observe that investors were initially worried about inflation related fears then worried about an interest rate driven recession and now they are hoping for a goldilocks scenario of stable and improving economic growth driven by falling interest rates and higher Artificial Intelligence (AI) driven productivity. <br><br><\/p>\n<h4><strong>THE INEVITABLE AI<\/strong><\/h4>\n<p>The biggest positive surprise has been the resilience of corporate earnings, especially in the US. US companies usually do a better job than European companies in managing investor expectations. The US stock market is also much more sensitive to the AI theme as technology companies have a much greater weighting in US equity indices. At this stage it is mainly NVIDIA that is benefitting from the huge investments in IA. As a result, it has become the bellwether for the theme. Many companies are investing heavily however, they have yet to demonstrate how they are going to monetize their investments through their products and solutions. The AI theme has contributed to extending the US stock market valuation premium over the European equity market. The AI theme will have to start delivering earnings growth soon in order for the valuation premium to remain intact. At this stage it is not advised to bet against the benefits of AI as the impact could be significant in terms of efficiency gains for a broad range of industries. Those productivity gains can eventually drive positive earnings surprises at the companies which have invested early. Large corporations have the budgets to make a broad range of investments. Smaller companies will need to be sure to focus on the right technology. We believe smaller companies will be among the main beneficiaries when interest rate cuts will drive an economic rebound. Investors will need to be careful when selecting those smaller companies in order to avoid those whose businesses could suffer from AI. Labour-intensive business models in the services sector are especially at risk. Companies have suffered from labour shortages the last few years and thus, will likely look for solutions which will make them less exposed to these supply issues which have pushed their costs up significantly and restricted their output the last few years.<br><br><\/p>\n<h4><strong>TOWARDS THE KNOWN UNKNOWN<\/strong><\/h4>\n<p>So what to expect going forward? It would be too easy if financial assets were only driven by measurable facts, unfortunately, difficult to quantify, external factors will influence investor sentiment over the coming months. The situation remains tense in the Middle East and the war in Ukraine has become a stalemate. The main known unknown, to quote the former US Secretary of Defense Donald Rumsfeld, will be the US elections in November. A Trump victory will not be as big a surprise as the first time however, his recent statements on NATO, Ukraine, immigration and import duties, to name but a few, will create significant investor uncertainty. The market is probably not ready to price those uncertainties yet however, we cannot underestimate them enough. We continue to like bonds despite spreads which have tightened, as they offer an interesting risk reward in a context of slowing inflation and highly likely interest rate cuts. Equity investors can still reap good rewards nonetheless, they will need to be more selective than at the start of the year. Small capitalizations and cyclicals could well make a comeback once the economy starts to accelerate on the back of the upcoming rate cuts.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-331","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":347,"title":"Video 11","content":"","slug":"video-11","slugs":{"fr":"video-11","de":"video-11","es":"video-11","pt":"video-11"},"tags":[],"model_type":"page","fields":{"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-5-29-13-27-40-877-UAvV7cD2rONsNq3d28eU.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""},"date":{"id":19,"name":"date","label":"Date","value":"29\/05\/2024"},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoxkaf\/1jhvl2uqdhl3g\/1jhvl2uqoxkak.mp4"}},"collection_type":"videos"},{"id":96,"title":"GUILLHELMUS, THE FIRST OF THE LINE","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">In the final years of the fourteenth century, the citadel of Rue, situated on the border of the Pays de Vaud and Fribourg, then a province of the Habsburg empire, was ruled by the counts of Savoy. Following the conquest of Vaud by Pierre II of Savoy, the Savoyards installed <em>ch\u00e2telains<\/em>, or provincial administrators, throughout the new lands to oversee their management. They built a basic administrative system, staffed by clerks and bailiffs.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">In 1394, Guillhelmus Gonelli was clerk of Rue Castle. Respected for his competence, he was appointed notary a year later. He seems to have put this promotion to good use, as in 1396 he was named <em>domicellus<\/em>, the officer responsible for the everyday administration of the castle. Nicodus and Franciscus, his descendants, took over the same position.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Thus came the first representatives of the family recorded under the French name, <em>Gonet<\/em> in historical sources, at the time of the Protestant Reformation.<\/span><\/p>","slug":"guillhelmus-the-first-of-the-line","slugs":{"fr":"guillhelmus-premier-du-nom","de":"guillhelmus-der-erste-des-namens","es":"guillhelmus-el-primero-en-llevar-el-apellido","pt":"guillhelmus-o-primeiro-do-nome"},"tags":[],"model_type":"page","fields":{"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-10-5-43-ksJnAIAiX20XetI0kwit.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"date":{"id":142,"name":"date","label":"Date","value":"01\/06\/1350"},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":354,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">BETWEEN POLITICAL UNCERTAINTIES AND MACROECONOMIC CLARITY<\/span><\/strong><\/h3>\n<p>Investors will witness two stories develop this summer, on the one side the macroeconomic cycle will pursue its course while on the other side the political uncertainty will increase. Investors have a relatively good understanding of the macroeconomic elements driving the current economic cycle, mainly the central bank\u2019s interest rate policy and the implications in terms of growth and inflation. On the other hand, the political events and their implications are more difficult to analyse. The European elections were well flagged and the overall outcome was not a surprise. However, few people expected the French president would call snap elections. By doing so he created uncertainty surrounding French assets which has partially spread to other European assets. The Swiss assets have acted as a safe haven during the first weeks after the dissolution of parliament. <br><br><\/p>\n<h4><strong>FRENCH VOLATILITY<\/strong><\/h4>\n<p>French voters are confronted with a choice between two extremes. Obviously, each country is free to elect whoever they want to run their government, however it is worth reminding that each investor is also free to choose in which country they want to invest. At the time of writing these lines little is known about how the two leading groups are planning to finance their generous election promises. The situation is made worse by the fact that both sides have limited government experience. As a result, the most logic decision for investors is to take a step back and wait for a degree of clarity to return. In the meantime, French assets will have to include an additional risk premium. The summer months are usually more volatile as market volumes are lower, we thus expect increased volatility while investors observe and analyse the implications of the French elections. <br><br><\/p>\n<h4><strong>US ELECTIONS<\/strong><\/h4>\n<p>The \u201cbig one\u201d appearing over the horizon is the US presidential election. The elections will take place early November however, the campaign has already started and will intensify over the summer. Investors will have to evaluate the implications of a second Biden presidency or the return of Donald Trump. At this stage it is difficult to evaluate precisely as both sides make wild promises to get elected. Contrary to the French situation, the US elections will cause less uncertainty as both candidates are known and have exercised power. Unless they change radically, we have a track record of their failings and achievements. Investors will be more concerned by their impact on the economy in terms of consumption, fiscal policy, subsidies which ultimately drive growth, inflation and the interest rate policy. At a first glance any policy that slows immigration risks putting upward pressure on salary costs as supply will be reduced. Introducing higher taxes on foreign imports also tends to push inflation up as import prices rise. Higher salary costs and higher import prices will hurt consumer purchasing power until local production and employees can become competitive. The Biden administration has heavily subsidised local industries through various investment plans. Overall, it has succeeded in attracting significant local and foreign investments. On the flipside the US budget deficit has continued to run at a high, and unsustainable, level. The big question, which none of the contenders are answering yet, is how will they reduce the budget deficit and ultimately the overall debt level. <br><br><\/p>\n<h4><strong>BRITISH WARNING<\/strong><\/h4>\n<p>For the moment bond market investors are observing the situation. However, as we saw in the UK with the brief premiership of Liz Truss, events can accelerate very quickly. The Liz Truss episode should also act as a warning for the new French government. The sustainability of government debt has been a recurring subject globally and especially in developed economies. At this stage the issue has remained under control as central banks have the tools to intervene and to reassure during times of stress. The main implication will be that interest rates will likely stay higher for longer in countries with significant budget deficits and high debt levels. Fiscal incentives could be a means for governments to redirect private savings to public debt. Sooner rather than later the question will need to be addressed.<br><br><\/p>\n<h4><strong>THE DIRECTION OF TRAVEL IS SET DESPITE EVERYTHING<\/strong><\/h4>\n<p>While the political uncertainty is increasing the macroeconomic situation is becoming clearer. Inflation rates continue to come down, albeit at a slower rate, central banks are starting to cut interest rates while growth levels are holding up reasonably well. The main central banks have signaled that they are \u201cdata dependent\u201d thus investors know where to look to get a guide on the pace at which interest rates will be cut. The SNB and the ECB have started the process while the Fed has pushed out its first cut to the end of the year. What matters most to investors is the \u201cdirection of travel\u201d, we believe that the direction of inflation and interest rates is down. The pace of change will be dictated by the regular flow of economic data. The worst case would be a recession, we still don\u2019t believe that it is a likely scenario. We see US growth slowing at a gradual pace while Europe has started to reaccelerate gently. <\/p>\n<p>The above scenario still favors an overweight position in bonds and a broadly equal weighting in equities. Investors should reduce their cash as it is preferable to lock in higher yields in the bond market. Within the equity markets we see interesting opportunities in small and mid-sized European companies as they will benefit from lower interest rates and an accelerating economy. The US equity market is still mainly driven by the technology sector and especially the AI related opportunities. Valuations in this segment are punchy but as long as those companies deliver the earnings growth the former can be sustained. Emerging markets have significantly lagged behind developed markets as the Chinese economy has struggled post Covid. In general, emerging markets underperform when US interest rates are high and the US Dollar is strong. We believe that we are getting closer to lower US interest rates and a weaker dollar, and that emerging markets could therefore regain investor interest in the coming months.<\/p>\n<p>To sum up, we believe political uncertainty will increase however the macroeconomic drivers are evolving in a rather predictable way. We see US growth slowing at a gradual pace and European growth improving, as a result we believe central banks will continue normalising their interest rate policies. <\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-354","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":363,"title":"Montreux Nestl\u00e9 Open","content":"<p>The Bank is one of the main sponsors of the Montreux Nestl\u00e9 Open women's tennis tournament, to be held from 1 to 8 September. The tournament, originally called the \u201cElle Spirit Open\u201d, has been upgraded this year to the WTA125 category, making it the biggest women's tennis tournament in Switzerland.<\/p>\n<figure style=\"margin: auto; text-align: center;\"><a href=\"https:\/\/montreuxnestleopen.ch\/\" target=\"_blank\"><img src=\"\/uploads\/Hxyuh.a51ae3e9a0cfc92e56ea572bb472639b.png\" data-image=\"b69351d275822adacfdd6fde9462c6ac\" width=\"1182\" height=\"842\" style=\"width: 500px; max-width: 100%; height: 100%;\"><\/a><br><br><\/figure>\n<p>Every year, the Montreux Nestl\u00e9 Open welcomes the nuggets of the international circuit who will become the champions of tomorrow. On several occasions, the tournament has produced great champions who have gone on to win Grand Slam tournaments and become world No. 1, such as Iga Swiatek, the current world No. 1, who won in 2018 and 2020. <\/p>\n<p>Held in one of the country's most beautiful clubs, the tournament offers free matches in a unique atmosphere on the shores of Lake Geneva.<\/p>","slug":"montreux-nestle-open","slugs":{"fr":"montreux-nestle-open","de":"montreux-nestle-open","es":"montreux-nestle-open","pt":"montreux-nestle-open"},"tags":[],"model_type":"page","fields":{"gallery":{"id":167,"name":"gallery","label":"gallery","value":null},"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2024-8-22-17-16-31-529-pXGfRs9EVqZCS5oz3lkM.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":""},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-6-9-18-36-234-PpuMuOdjZzF849RqxSFc.jpg","alt":null,"title":null,"caption":null,"link":null}]},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"sponsors"},{"id":366,"title":"Investment policy","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">THE FED IN THE DRIVER\u2019S SEAT<\/span><\/strong><\/h3>\n<p>Investors have been focused for the last 3 years on the rise and fall of inflation in developed markets. Given that the previous bout of high inflation took place in the 70\u2019s and early 80\u2019s it was a new experience for many investors. Although it is too early to declare victory, most central banks are confident enough to have started cutting interest rates. The Federal Reserve was the last one to start cutting and when they did they did it with a bang by reducing rates 50 basis points. The Federal Reserve is starting from a higher level so they have more room for manoeuvre.<br><br><\/p>\n<h4><strong>FROM INFLATION TO GROWTH<\/strong><\/h4>\n<p>The US economy has remained very resilient despite interest rates above 5% since May 2023. This resilience has given the Federal Reserve more time to get inflation under control and on track to its 2% target. A majority of investors and economists predict a soft landing for the US economy. A soft landing would mean that the Federal Reserve has slowed the economy sufficiently to cool inflation while keeping GDP growth rate in positive territory. The latest economic data validates the soft landing scenario. It is important to remember that the Federal Reserve Act mandates the Federal Reserve to \u201cpromote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates\u201d. At the occasion of the September 18th rate cut, Chairman Jerome Powell, clearly indicated that the focus of the Federal Reserve has now shifted to supporting the employment market. The Federal Reserve members expect unemployment to rise slightly as there is a certain lag effect when interest rates are cut. For investors, the focus has clearly shifted from inflation to growth. It is reassuring to know that the Federal Reserve is now doing what it can to achieve the same goals. As a result it has become quite consensual to be positioned for a soft landing as the opposite would imply \u201cfighting the Fed\u201d, which in Wall Street history is rarely a profitable idea. Being positioned on the side of the majority is not necessary a bad thing however one must remain vigilant to spot patterns in the economic data which would threaten the main scenario. Fortunately, there are many indicators investors can track to make up their own ideas. We believe US assets are quite generously valued however, a bad set of economic statistics can result in short sharp corrections, as we witnessed in early August and September. Those pullbacks can be put to good use.<br><br><\/p>\n<h4><strong>US ELECTIONS: A BLURRED ECONOMIC AGENDA<\/strong><\/h4>\n<p>Besides watching the Federal Reserve and trying to anticipate its next move, investors will soon be occupied by the upcoming presidential elections. The race has been extraordinary so far, we have had a change of Democrat candidate and two assassination attempts on the Republican candidate. Since the arrival of Kamala Harris, the race has gotten much closer. Unfortunately, it is not easy to clearly understand the policies of both candidates as the headlines are dominated by disparaging comments and completely irrelevant topics. By looking through the noise we can broadly observe that candidate Trump proposes lower taxes, less regulation, higher tariffs on imports and less immigration. Candidate Harris proposes higher taxes, more regulation, and price controls on food and healthcare.\n<br><br>The American people are free to elect who they want; we need to assess what the implications are for investors. Stock market history indicates that financial markets are generally under pressure in the month ahead of elections and then rebound as the uncertainty is lifted. The closer the race, the stronger the rebound post-election. History also shows that, on average, markets initially react better following a Republican victory however, one month later that difference has nearly disappeared. We obviously also have to take into account how the balance of power evolves in the Congress elections which take place simultaneously. Investors will no doubt spend most of their time discussing and analyzing the campaign however the facts seem to indicate that it is difficult to create value by betting on one candidate rather than another as the odds are so evenly split. The best course of action is probably to keep focused on the economy and use any politically induced volatility to capitalize on investment opportunities generated by an eventual market pullback. The one topic that we worry about this stage is the US budget deficit. The programs of both candidates will increase the US debt load. Neither candidate has spoken about reducing the budget deficit. Historically the US has benefited from foreign entities buying Dollar debt as it was the dominant world trading currency. As a result of the tensions with Russia China and in the Middle East, many \u201cnon-aligned\u201d countries have started to reduce their use of the Dollar. Donald Trump has taken note as he has threatened to impose tariffs on those countries. As always it is unclear how that would work but it is noteworthy that the Republican candidate is discussing the issue. We look forward to hearing more about the plans of both candidates in relation to the excessive budget deficit.<br><br><\/p>\n<h4><strong>CHINA AND EUROPA WAITING FOR THE BEST<\/strong><\/h4>\n<p>What about the other economies? The US economy remains the most important driver of the global economy especially now that the Chinese economy is in a long consolidation process while it recovers from the real estate crisis. There was some hope early in the Spring that the worst would be behind however, the latest statistics indicate that it will still take several more quarters for the real estate market to stabilise. Meanwhile, the Chinese government has mainly focused on supporting its export industry. Domestic consumption is still weak and consumer morale is low as the real estate crisis has generated a significant negative wealth effect. The European economy is quite exposed to China as it is one of the main trading partners. The European economy started to recover in Q4 2023 however the rebound slowed in Q2 2024. The political situation in France and Germany has added to the uncertainty. Overall, the European economy is still recovering but at a much slower pace than expected. The European Central Bank has also started to cut its interest rates as, finally, wage growth related inflation has started to slow. The European equity market is attractively priced however it needs better economic data to start a more durable rebound. The Swiss economy is behaving similarly to the European economy as its export markets are rather weak. We believe the Swiss National Bank can cut its interest rates further as inflation is well below 2% and GDP growth is subdued.<br><br><\/p>\n<h4><strong>POSITIVE FORESIGHT<\/strong><\/h4>\n<p>So overall we are rather positive on the current environment as the US economy appears to be headed for a soft landing. Markets are correctly pricing the current situation so we would need a market pullback to be able to seize more upside. The upcoming US presidential election will no doubt generate volatility so we will look to capitalise if it provides interesting opportunities to add to equities. The bond markets are correctly pricing the upcoming rate cuts so we believe bonds are mainly interesting for the yields they offer rather than the capital gains. It remains a good idea to switch cash into bonds as cash remuneration will fall sharply as the central banks will cut rates on a regular basis. We continue to like gold as it should benefit from lower interest rates and it still acts as a safe haven when geopolitical uncertainties increase.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-366","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":372,"title":"Investment policy","content":"<p>The year has been dominated by three main investment topics, inflation, central bank rate policy and the US elections. The outcome of the US elections has both added clarity and uncertainty for 2025. The good news is that the election result is clear and undisputed, the bad news is that president-elect Donald Trump is rather unpredictable. His election program is quite clear however, the way, and the speed at which he will, or can, implement it will be a source of uncertainty in the coming months. At this stage, investors have enthusiastically priced in the positive aspects of his program, mainly, deregulation, tax cuts and the relative growth advantage of the US economy versus its main trading partners. The US dollar and US equity markets have sharply outperformed most other markets since the election. The outperformance is justified on a short term basis as the US already benefits from a relative growth advantage and will likely benefit further in the short term from tax cuts and economic protectionism.<br><br><\/p>\n\n<h4><strong>THE OUTLOOK FOR THE US ECONOMY IS FAIRLY POSITIVE<\/strong><\/h4>\n<p>The medium term is slightly more uncertain as two parts of Trump\u2019s program, import tariffs, and especially the plan to \u201cdeport\u201d millions of immigrants, are likely to stoke inflation and possibly reduce economic growth. Tariffs can be implemented on a very short notice however; it will take significantly longer to adjust domestic supply to compensate for lower imports. If simultaneously authorities seek to expel 8 to 10 million undocumented foreigners, most of them occupying economic activities in sectors such as agriculture, leisure and construction, there is a high risk that wage costs will rise much faster than expected and reignite an inflationary trend. At this stage we believe this will be the greatest risk. The Federal Reserve (Fed) will have no choice but to stop cutting rates and even increase them again. During the election campaign Trump had threatened the Fed\u2019s independence however, lately he has calmed his rhetoric on the subject.<br><\/p>\n\n<p>Given these risks, investors will need to find the right timing to start pricing in the realities of Trump\u2019s program. The medium to long term perspective for the US economy is rather positive as lower taxes, deregulation, reindustrialisation and innovation increase the long-term potential growth rate of the US economy in absolute and relative terms versus the main other economic blocs such as Europe and China. It has become increasingly clear that the US equity market deserves a structural valuation premium. The big question for investors is how high this premium should be. Equity markets have given some indication, the US equity market represents today 70% of the widely followed MSCI World index versus 30% in the 1980s.<br><br><\/p>\n\n<h4><strong>AWAITING A POSITIVE TRIGGER IN EUROPE<\/strong><\/h4>\n<p>As capital flows quite freely around the globe we need to consider today\u2019s alternatives to the US equity market. Europe currently appears to be in a weak spot, growth has hovered around 1% for several years and its two main economies, Germany and France are facing political uncertainty which will linger at least until the spring of 2025. The war in Ukraine has pushed up energy prices in Europe and has hit consumer and corporate confidence. On the positive side we note low unemployment and high saving rates. Politicians in Brussels are finally taking notice that something needs to change. Former ECB president Mario Draghi and former Italian prime minister Enrico Letta have presented studies and recommendations on how to reboot European growth. At this stage European equity markets are attractively valued but investors need a trigger to redeploy capital. One trigger could be some form of resolution to the Ukraine war. Donald Trump is clearly putting pressure on all parties concerned to move forward. It is too early to know how and if the situation will change however, it will most likely act as a positive trigger for consumer, corporate and investor sentiment in Europe.<br><br><\/p>\n\n<h4><strong>CHINA IN AMBUSH<\/strong><\/h4>\n<p>On the other side of the world, Chinese authorities are working hard to restimulate the economy. Faced with a likely US-China trade war, they need to urgently boost the domestic market to compensate for the potential loss of some exports. Authorities have taken a significant number of measures, in other times investors would have reacted positively however, at this stage they are solely focused on US markets. We believe that Chinese authorities have taken the measure of the situation so with some patience, Chinese equity markets will likely regain investor interest in 2025. Europe will keep a close eye on the US-China trade tensions as Chinese exports could well end up in European markets. However, on the other side if the Chinese domestic market reaccelerates European exports could benefit.<br><br><\/p>\n\n<h4><strong>A MORE BALANCED PERFORMANCE IN 2025?<\/strong><\/h4>\n<p>Overall, 2024 has been a rather good year for investors despite a tense geopolitical environment and below trend growth in Europe and China. Obviously, this performance has been mainly driven by US equities and the stronger US dollar. We believe 2025 will likely see a more balanced performance as valuation, and investor sentiment differentials between US equities and the rest of the world seem extreme. We look forward to the first months of 2025.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-372","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":124,"title":"WHAT DO WE USE COOKIES FOR?","content":"<!--StartFragment--><p>In general, cookies are used to optimise your navigation of a website. Subject to your modifiable choice, we use cookies on our site at any time to enable more efficient navigation for users. Cookies allow you to choose your login preferences (e.g. language) or to login to certain services (e.g. e-banking).<\/p>\n<p>The cookies we issue also enable us to establish statistics and volumes of visits and use of the various elements and pages of our site, thus enabling us to improve the interest and ergonomics of our services and to adapt the presentation of our website to the display preferences of your terminal (e.g. display resolution, operating system used) when you visit our website.<\/p>\n<!--EndFragment-->","slug":"what-do-we-use-cookies-for","slugs":{"fr":"pourquoi-utilisons-nous-des-cookies","de":"what-do-we-use-cookies-for","es":"por-que-utilizamos-cookies","pt":"porque-e-que-utilizamos-cookies"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":383,"title":"Investment policy","content":"<h4><strong>TRUMP: A SIGNIFICANT FACTOR OF UNCERTAINTY <\/strong><\/h4>\n<p>The first few months of Trump Presidency 2.0 have been hectic for investors as they have faced an unprecedented rate of economic and geopolitical announcements in the first few weeks. Donald Trump has used his presidential powers to issue executive orders on a near daily basis. Although most announcements are in line with the campaign promises, they have created a sense of uncertainty as investors have to evaluate which announcements will become policy and which are used as a bargaining tool. The most notable implication has been that the uncertainty is hurting US equity markets more than those of the rest of the world so far this year. We have witnessed a significant rebalancing from US equity markets to Europe and China. A significant part of the repositioning by investors have been driven by the unwinding of their large overweight positions in US equities. However, it has become clear that the view of US exceptionalism had become too extreme as we noted in our last quarterly letter. <br><br><\/p>\n<h4><strong>EUROPA'S COMEBACK <\/strong><\/h4>\n<p>It is usually difficult for investors to calculate the economic value of geopolitical events and decisions however, the evolution of the US stance versus its economic and military allies is becoming significant and have led to major policy changes in Europe. Europe has been pushed to review its defence policies as US military support has clearly become less reliable. As a result, Germany has voted a huge investment program to boost its military capability and upgrade its domestic infrastructure. Other European countries will have to make similar choices in the coming months. As a consequence, we are witnessing a renewed economic stimulus in Europe while the US administration is actively cutting federal spending. From an economic perspective this leads to higher GDP growth expectations in Europe and lower expectations in the US. This relative growth differential has played a significant role in the reallocation of funds from the US to Europe. <br><br><\/p>\n<h4><strong>SUPERACTIVE CHINA <\/strong><\/h4>\n<p>Meanwhile, China has faced aggressive US policies to limit their access to high end technology. In the short term the US has succeeded in slowing China\u2019s progress however, in the long term these policies will likely backfire as China is investing heavily to develop their own technology. In certain areas such as electric cars, China has leapfrogged European and US companies. China has also become the global leader in renewable energy technology. The big shock to US investors came earlier this year when Chinese artificial intelligence (AI) company DeepSeek announced a rival AI solution which had (apparently) been developed at a lower cost and at a faster rate. This event has led investors to reevaluate the premium they attached to US companies active in the sector. By all means AI will continue to be a very important transformative technology however, the US leadership in this field has been challenged. In the last weeks many Chinese companies have announced and released competing AI solutions. The immediate consequences have been lower valuations for US technology stocks as reflected by the underperformance of the Nasdaq this year. <br><br><\/p>\n<h4><strong>INFLATION IS THE MAIN CONCERN <\/strong><\/h4>\n<p>Trade tariffs have been the main topic since the inauguration of Trump. Besides the volatility created by the numerous announcements, we are witnessing a loss of confidence at the corporate and consumer level in the US. Corporates don\u2019t know if, and when, they need to reorganise their logistics and production chains while consumers are fearing higher inflation will hurt their purchasing power as a result. Ironically, high inflation, blamed on President Biden, was one of the main reasons Trump won the election. The latest surveys indicate that US consumer expectations for future inflation are now at their highest level in 30 years. <br><\/p>\n<p>At this stage, the main trading partners of the US are waiting for early April announcements on the reciprocal tariffs policy. We can expect a certain degree of volatility in the early weeks following the announcements. Most economists agree that higher tariffs among trading partners are negative for overall economic growth and value creation. Investors hope that beyond the short-term noise, cool heads will prevail and some sort of compromise can be found to address the US position without unduly hurting global trade flows. However, from a longer-term perspective we will likely see trade flows evolve. China will seek to benefit from the US \u201cretreat\u201d to reinforce trade relations with historical US allies such as Europe, Japan and South Korea. <br><\/p>\n<p>The US Federal Reserve (Fed) has had to integrate the policy announcements of the new administration. Tariffs will likely only lead to one-off effects on inflation nonetheless, an aggressive immigration policy will sustain core inflation through pressures in the labour market. So far this year, the Fed has chosen to hold its rates while evaluating the data. Recent communication indicates that the Fed expects slightly higher inflation and lower growth. The ECB has cut rates twice this year but has now signalled a more neutral stance. Meanwhile the SNB has continued cutting rates as inflation in Switzerland has fallen below target.<br><br><\/p>\n<h4><strong>QUO VADIS? <\/strong><\/h4>\n<p>We believe a significant part of the asset allocation rebalancing has taken place as reflected by the double-digit outperformance of Europe and China versus US markets this year. Going forward, we need to see more clarity on the tariff negotiation between the US and its main trading partners. Once this uncertainty is partially lifted investors can focus on economic growth and corporate earnings perspectives. Europe is likely to benefit from the significant investment plans while US markets could recover some of their underperformance. However, increased selectivity is needed as some sectors are still aggressively valued. The big unknown for global growth is whether Chinese authorities will succeed in stimulating their domestic economy. If they do succeed, it will greatly help absorbing their excess industrial production which is currently being exported around the world. Gold has played its role in these times of uncertainty; investors will closely watch developments in Ukraine and the Middle East to evaluate its potential for the rest of the year.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-383","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":177,"title":"OPENING OF OUR COLOGNY \/ RIVE GAUCHE AGENCY","content":"","slug":"opening-of-our-cologny-rive-gauche-agency","slugs":{"fr":"ouverture-de-notre-agence-cologny-rive-gauche","de":"eroffnung-unsere-cologny-rive-gauche-agentur","es":"opening-of-our-cologny-rive-gauche-agency","pt":"opening-of-our-cologny-rive-gauche-agency"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/10\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"https:\/\/www.gonet.ch\/en\/cologny"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-10-1-11-15-42-763-UhcxCUk5qWB1Ws2E3fKQ.jpg","alt":null,"title":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":189,"title":"Investment Policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>The current strong economic recovery is driven by three powerful drivers: dovish central banks, generous government support and high levels of savings at the individual and corporate levels. The easing of the sanitary crisis worldwide has unleashed a desire of individuals to spend their savings while corporates are eager to invest to meet that demand. It is interesting to note that the sanitary situation is not uniform. As a result, in some countries restrictions are being lifted, driving consumer demand, while simultaneously restrictions are being reinstated in certain producer countries, notably in Asia. This imbalance has led to huge pressure on the global supply chain, resulting in higher prices and lower volumes. In parallel, we have also witnessed a difficulty for employers to rehire staff in the services sector. Many employees have chosen to change jobs following the trauma of the extended closures in sectors such as travel and leisure. As a result, employers are willing to offer significant higher salaries to attract workers. It is thus no surprise that the investment community is nervously watching monthly inflation figures. Central bankers meanwhile are maintaining a dovish tone, arguing that inflation is temporary. Nonetheless, the fast improving economic situation has given the opportunity to the US Federal Reserve to signal that it will likely start to reduce its quantitative easing program later this year. The European Central Bank has been less vocal but has also slightly reduced its support. <br><br>\nThis is where it gets complicated for investors: economic growth is strong but no longer accelerating, government support has remained generous but the exceptional stimulus programs are coming to an end and central bank policy is dovish but shifting slightly to a more hawkish tone. As a result, the remaining driver that is still accelerating is consumer spending, as excess savings accumulated over the last 18 months are still high. Therefore, it comes as no surprise that some economists are starting to talk about stagflation: rising inflation in a stagnating economy. We do not subscribe to that view at this stage, the economy might be decelerating, but growth rates are still high and inflation figures are showing signs of stabilizing. We could even see the economy reaccelerate if more countries move away from a \u201czero Covid\u201d policy to a health policy that tolerates the disease in combination with a high level of immunization via vaccines or healing. <br><br>\nThe recent Delta wave has spread gradually across the planet resulting in an unevenly spread economic recovery. The ever-increasing levels of vaccinations and a more tolerant health policy should see a lesser impact of future Covid variants, thus leading to a more synchronized recovery. The latter would be very positive as demand for goods and services would then be met by sufficient supply, thus easing price pressures and improving volumes. Logically, it comes as no surprise that governments are increasingly assertive in imposing the use of \u201csanitary passes\u201d, as it incites more people to be vaccinated. In several countries, health authorities are evaluating the option to recommend a third dose. While it will increase the protection of citizens in Western nations, it deprives people in emerging countries from their first dose, thus delaying global immunity and increasing the risk of the appearance of new variants. The upcoming winter season in the northern hemisphere will be a key test for the current health policies. <br><br>\nThe strong economic recovery will improve the finances of those governments who have spent heavily to support the economy during the crisis; however, it is becoming clear that fiscal rates will need to rise to compensate for the excess spending. Several countries, notably the United Kingdom, have announced tax increases. US politicians are debating a new budget that will see many taxes rise to pay for social benefits. German elections in September will also have a significant influence on future spending and tax policies in Europe. As the topic of fiscal policy is highly political, we have to expect a certain degree of uncertainty that will cause bouts of volatility in markets. <br><br>\nDuring the summer we have taken profits on developed equity markets that have performed strongly since the beginning of the year, however, we remain positive, as the economic recovery is not yet complete.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-26-37-388-72ByIShECb7lVdn4czy0.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":195,"title":"Investment policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>In 2021, investors learned to live with Covid and its consequences while at the same time rediscovering inflation and interest rate risks. The powerful response from monetary and fiscal authorities to the virus produced an enormous stimulus that has led to a demand shock. Despite the resurgence of several waves of infections, global economies have found ways to adapt and thus mitigate the economic drag of lockdowns and other health-related restrictions. As a result, economies have been growing at an above-average rate, leading to inflation statistics that have been higher than expected.<br><br>\nThe main uncertainties facing investors in 2022 are the persistence of inflation and monetary policy decisions by central banks. The latter can decide to act strongly to slow demand by hiking interest rates or they can show patience and hope that corporate investments (Capex) will increase supply enough to reduce producer price inflation. Taking into account the base effects, we can anticipate that inflation statistics will peak in the first quarter of 2022, taking some pressure off central banks. Inflation is more acute in the goods sector compared to the services sector, thus, if the latest Covid wave does not lead to severe lockdowns, we can anticipate that consumer spending will continue to shift from goods to services. The latter move would provide some relief to the logistics chain, which has struggled to deal with the demand shock. The jury is out on whether the supply chain could have coped with this demand shock even without the consequences of the pandemic. There has been a clear lack of investments by corporates in recent years. <br><br>\nThe corporate sector has struggled to adapt its production during this particular cycle that started in 2020. When the crisis emerged most companies cut their orders and their investments immediately and, as a result, struggled to produce and ship sufficient volumes when demand returned. However, as they have been quite disciplined on pricing, earnings have exceeded expectations nearly every quarter since economies reopened. If monetary authorities provide sufficient visibility on their policies, corporates will use their healthy balance sheets to invest in expanding production capacities and increasing efficiencies.<br><br>\nFor 2022, we expect consumer demand to remain strong, as the excess savings accumulated by consumers during the crisis have not been spent yet. In addition, we also note that fiscal policies remain quite expansive, unlike what happened after the great financial crisis of 2008\u20139. Very few governments are contemplating austerity policies today, as they did not produce the expected results and proved to be very unpopular. <br><\/p>\n<p>Investors will also have to keep an eye on several geopolitical issues that could influence risk appetite, notably Ukraine and Taiwan. The United States of America is at odds with Russia and China on these issues. The developments are impossible to predict or to quantify, so we have to expect market volatility to increase if tensions do escalate.<br><br>\nAnother element to watch closely will be the Chinese economy, as global economic growth is very dependent on China. 2021 has been a difficult year for the Chinese economy; the \u201czero Covid\u201d policy has led to reduced economic activity as local lockdowns weighed on consumer spending. Furthermore, rising energy prices have hurt certain industries. The very important property sector has suffered from financial troubles at Evergrande. There are signs that the Chinese government is seeking to stimulate the economy through a more accommodative monetary policy. <br><br>\nOn balance, we believe that 2022 will provide interesting investment opportunities, as consumer demand remains strong, corporate profitability is high and overall economic growth rates should remain above trend. Financial markets have started to anticipate the interest rate hike cycle in the US; in Europe this is unlikely to happen before 2023. The key factor to watch will be the evolution of inflation statistics during the first quarter of 2022. There is a debate as to whether the latest wave of Covid infections linked to the Omicron variant (or the next variant) will be deflationary or inflationary. Mobility restrictions weigh on economic activity, thus reducing energy demand, which in turn is deflationary. However, lockdowns also put more strain on production and the logistics chain, thus resulting in lower supply to meet demand, which leads to higher prices. We believe, however, that reported inflation rates will decelerate in the latter part of 2022. <br><br>\nThe year 2021 has been very profitable for investors, thanks in large part to great equity market performance. The positive drivers behind this performance are still in place and should accompany us into 2022.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-195","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":201,"title":"Investment Policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>The current investment environment resembles the current season: temperatures are rising, days are longer, the sun is shining and the coming months look bright. The more cautious investors will note that, from late June, the days will be getting shorter heading towards autumn. The parallel with the weather is quite relevant, as from a macroeconomic perspective we are currently experiencing very good conditions. The global economy is accelerating as more and more nations are lifting sanitary restrictions, which have restrained mobility and people\u2019s ability to spend their accumulated savings. The central investment scenario remains driven by the ability of governments to control the pandemic while reopening their national economies. Unfortunately, the pace of reopening is still uneven as the vaccination programs are progressing at very different speeds around the world. Developed nations have suffered more from the Covid-19 crisis, as a result they have been more aggressive in rolling out their vaccination programs. The uneven distribution of vaccines around the world remains a drag on the pace at which international travel and cross border activity can resume. Fortunately, we are seeing a greater effort by developed nations to start sharing their vaccine supply around the world.<br>\n<br>The sharp acceleration of GDP growth has created an imbalance between demand and supply, as a result there are many bottlenecks appearing in the global supply chain. We have all heard about the shortage of semiconductors and the lack of available cargo space to ship goods around the world. However, since several months the corporate sector is signaling difficulties in recruiting employees, especially in the services sectors such as the travel and leisure. Several factors explain the shortage: the Covid crisis has highlighted the relative lack of job security in certain sectors, pushing many employees to look for jobs in more stable industries. Some people choose to stay at home to look after their children as long as schools have not fully reopened, while others see no incentive to give up on the financial aides they receive. As a result, many corporations have to offer higher salaries to attract workers. Overall, this is positive from an economic perspective, however, investors are anxiously watching the jump in inflation statistics. Central bankers continue to reassure the financial markets that the phenomenon is transitory and mainly the result of a base effect. Nonetheless, the speed of the recovery, the loose monetary policies and the generous budgetary stimulus are increasingly seen as a threat to long-term price stability. The investment community is starting to anticipate an earlier than expected start of the tapering of the Federal Reserve\u2019s expansive monetary policy. From a macroeconomic perspective it is rather positive that the economy can grow without extra support from central banks, however, financial markets perceive it as a sign that the rate of growth of the economy is normalizing. This signals that we are closer to the middle of the cycle (like in our weather pattern analogy, days are getting shorter from the end of June as we head into autumn).<br>\n<br>At this point it is too early to change our strategy as the current conditions are still very positive for the economy, corporate earnings and financial markets. Nonetheless, we will watch carefully whether inflation remains in the expected range and whether corporations can continue to recruit and grow their business to meet the strong demand from consumers. Corporations with strong business models are enjoying some of the best trading conditions since many years. Leading companies are generally able to pass on higher costs through higher prices. Furthermore, the pandemic has boosted online sales for many businesses, which has enabled them to reach new customers, and especially in a more cost effective manner.<br>\n<br>We have selectively adjusted our asset allocation to remain exposed to these trends while reducing the sensitivity to higher inflation in the fixed income portfolio. We are expecting higher volatility in the coming months nevertheless, we believe the underlying trends remains powerful and justify remaining invested in growth assets.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-201","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":207,"title":"Investment Policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>One year ago, many governments took the unusual step to close most of their economies by ordering their citizens to stay at home. As we are writing these words, many people might wonder whether we have made any progress at all, as several European countries have issued new lockdown orders just before Easter. Unfortunately, a third wave is taking shape driven by the new variants of Covid-19. Given the limited number of people who have been vaccinated in Europe and pressure on hospitals, governments have no choice but to impose new restrictions at this stage.<br>\n<br>From a stock market perspective we are at a very different point, leading financial markets have recovered their losses and a majority are close to new highs. The explanation is quite rational; indeed, governments have provided enormous support while central banks have supplied quasi-unlimited liquidity. Furthermore, as the markets are by nature forward looking, they are discounting the reopening of most developed economies from this summer onwards. The economic rebound will driven by the accumulated consumer savings and the continuing support from government subsidies. <\/p>\n<p>The catalyst for this optimism has been the discovery and commercialization of several vaccines. The production ramp up has not been smooth, however, few people dreamed that several very efficient vaccines would have been available in less than 12 months. Investors are closely watching the national vaccine rollouts. Europe has been struggling to keep its vaccination plan on track due to supply issues and some lack of coordination. Ironically, the two countries that have been widely criticized for their sanitary crisis management, the USA and the UK, are today well ahead in terms of vaccination. As a result, these countries will be able to reopen earlier and will experience a strong economic rebound.<br>\n<br>In the case of the US, the economic rebound will be spurred on by the exceptional size of its latest stimulus plan, $1.9tn or 9% of US GDP. A large share of the plan is aimed at boosting consumer spending. Given the forward-looking nature of stock markets, we are actually seeing this growth starting to be discounted in the inflation anticipations and in the long-term bond yields. Both have been at the center of investor focus this year. Leading central bankers are doing their best to reassure investors that both metrics are evolving as expected, however, the recent acceleration of US yields and inflation expectations are leading to some volatility and significant rotation between asset classes and within equity markets. Long duration assets such as government bonds and growth stocks have been underperforming while cyclical companies and financials, exposed to economic recovery, have rebounded sharply. Given the expected acceleration of global growth, we agree that both yields and inflation should increase, however we do not think central banks will lose control. The return of inflation is rather positive for governments as it will depreciate the enormous amounts of debt they have accumulated to support the economy during the pandemic. Investors will tolerate inflation as long as it does not increase too fast and remains within the target zone set out by central banks.<br>\n<br>To mitigate the effect of rising inflation, we will need to see progress on three main factors: labor force participation must increase, supply side needs to accelerate investments to meet the sharp acceleration in demand and productivity gains must continue. Headline inflation figures will rise sharply in the second quarter as the oil price has rebounded sharply compared to 12 months ago, however this effect will be temporary. Structural inflation in developed markets is normally driven by increasing salaries that drive purchasing power. At this stage, we believe this risk is rather limited.<br>\n<br>We have adapted our asset allocation over the last three months to be positioned for the economic rebound and to protect against a rise in inflation expectations. We have& shortened the duration of our fixed income allocation and we have increased our exposition to equities that benefit from cyclical rebounds. Nonetheless, given the unpredictable developments of the pandemic, we have kept a significant exposure to quality assets. <\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-207","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-26-37-388-72ByIShECb7lVdn4czy0.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":216,"title":"Investment Policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>Many people will be happy to see the back-end of 2020. It has been a difficult year, as we have had to sacrifice our personal freedom in order to help fight the sanitary crisis. Many businesses have been affected by the lockdowns and millions of households have suffered from the loss of loved ones and have been weakened by the fall in their income. However, had it not have been for the enormous support provided by governments and central banks, the situation would have been much worse. As is often the case, the stock markets are already looking to the future and they like what they see. Most asset classes are back to the levels they were at the start of 2019, and several are already discounting a brighter future.<br><br>Indeed, 2021 will likely be the year of hope and growth. The vaccines will be widely available and should help to ease the burden on the medical infrastructure. However, we believe the rollout of the vaccine and the desired \u201cherd immunity\u201d will take longer than expected. We should expect to continue to observe social distancing and wearing a mask will likely remain the norm in 2021. From an investment perspective, we believe it is not a bad scenario that the normalization will be gradual. As stock markets are always trying to discount the next event we rather appreciate that the recovery will take 12 -18 months, as it will provide visibility, a highly valued commodity for stock market investors.<br><br>The starting point for the recovery is quite solid. Thanks to very large government support programs, most households have not suffered a negative wealth effect and their savings ratio has increased significantly. We believe that the consumer will drive the recovery. We have two recent examples to validate this assumption. In China the economy has nearly normalized, and in our Western economies we have observed during the first easing of the lockdown in May that consumers rushed to spend their incremental savings.<br><br>Unfortunately these savings are not evenly spread. Lower income households have suffered more during the crisis, thus we believe that governments will need to put stimulus plans in place that will help the most affected people to repair their financial situation and get back on their feet.<br><br>Governments will continue to support industries that have been hit hardest, notably the service industry such as restaurants, travel and leisure. Government aid should prevent a sudden rise of bankruptcies that would hit consumer sentiment. Instead, we believe these bankruptcies will spread over a longer period.<br><br>Governments and central banks around the world will need to continue supporting the economies until they are back on their feet and can move forward without support. We believe interest rates will remain low for the foreseeable future as the risk of inflation appears low and governments need the support of central banks in order to finance the massive budget deficits, caused by the crisis. As always, there will be winners and losers. The Asian economies have handled the sanitary crisis better than Western economies. We expect them to recover fast and resume their above average economic growth rate. Among the Western economies, we believe that the countries with the most solid balance sheets, such as the Nordic countries, Germany, Switzerland and countries with flexible labor markets, such as the US, the UK and the Netherlands, will recover faster and be stronger post crisis.<br><br>In order to compensate for these differences, the European Union can count on the European Recovery fund that will provide much needed support to Southern European economies. In the US, there is a need for a new stimulus plan to provide support to the lowest income earners who have suffered disproportionally during the crisis. The size of this plan will depend on US politics; at this stage we don\u2019t know yet the make-up of the US Senate. If the Republicans retain the Senate we have to prepare for lengthy negotiations and a small plan as the political situation in the US is still very tense and polarized.<br><br>Talking about polarization, the Europeans and the British have yet to find a compromise. Although an announcement is likely any day, there are many unanswered questions about the ability and the will of both parties to implement it smoothly. Overall, it is difficult to see the economic benefits of this divorce.<br><br>The probable election of Joe Biden will probably ease tensions in geopolitical and trade relations. US policy towards China will remain tough as they are both fighting for economic dominance however, we can expect a more diplomatic approach from the new US President to deal with their differences. The Europeans should be greater beneficiaries as Joe Biden has publicly said that he does not seek trade wars with allies.<br><br>On balance, we believe that the outlook for 2021 provides many reasons to be optimistic about the future. As always, it will not be a smooth ride but the hope of a normalization of our lives will make it a worthwhile journey.<br><\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-216","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":229,"title":"Investment policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>The financial markets are caught up in the turmoil and it is very difficult to ignore the humanitarian crisis when thinking about investments. <br><br>\nThe war in Ukraine is the main driver of investor sentiment at the current time. However, the consequences of the geopolitical crisis will be numerous and to date the scenarios are multiple. The crisis has accentuated inflationary risks and has once again destabilised supply chains, which were gradually recovering from the pandemic. Soaring energy and agricultural commodity prices are beginning to weigh on the spirit and purchasing power of Western households. Every day that the Ukrainian crisis continues, the risk of stagflation or even recession increases. European governments have begun to implement support measures through consumer subsidies and plans to invest more in energy security. The German government has gone a step further by announcing massive investments to strengthen its army. The belated recognition of Europe's dependence on Russian energy will eventually accelerate the transition to renewables and to energy sources available within our borders. It is regrettable that we had to wait for a geopolitical crisis at Europe's doorstep to accelerate the transition to renewable energies despite all the alarming reports that have been published on global warming. <br><br>\nGovernments are willing and able to provide support to their economies. However, central banks have less room to manoeuvre compared to 2020. Indeed, the sharp rise in inflation is forcing them to raise interest rates to prevent an inflationary spiral from taking hold. The Federal Reserve is expected to raise rates six to eight times starting in March. The European Central Bank is expected to follow suit at the end of the year. Yet the monetary authorities' task will be difficult because there is a significant risk, particularly in Europe, that the economic slowdown will accelerate because of the Ukrainian crisis. A drop in oil prices during the conflict would reflect this risk of slowdown.<br>\n<br>At this stage, it is extremely difficult for investors to favour one scenario over another, but it is certain that the \u201cnormalisation\u201d phase that economists were expecting will not occur as expected. Indeed, the indirect consequences of Western sanctions against Russia will take time to materialise in the financial system and in trade. Despite the relatively small size of the Russian and Ukrainian economies, they occupy important positions in certain sectors such as energy and food commodities. Western companies will need time to reorganise their supply and logistics chains. <br><br>\nGrowth expectations for corporate profits will have to be adjusted for the above-mentioned factors. At this point, we can still be prepared for earnings growth, but investors should expect a more modest improvement than the scenarios at the beginning of the year.<br><br>\nAs far as the pandemic is concerned, we can be happy that most of the restrictive measures in the world have ended, with the notable exception of China. Officially China maintains its zero-Covid policy. However, it has lost control of the epidemiological situation in Hong Kong. Numerous cases of Omicron have also been reported on the Chinese mainland, which has forced the Chinese authorities to lock down some major cities. Experience in other countries shows that it is almost impossible to stop the Omicron variant. Unfortunately, the vaccination rate in China is not very high and studies suggest that the Chinese vaccine is not very effective. If the government persists with its zero-Covid policy, we can expect a period of several weeks or more during which there will be some sort of lockdown. This will have severe consequences for Chinese production and global logistics. On the other hand, there is a remote possibility that the government will decide that it is time to start living with the virus by gradually relaxing the restrictive measures. At this stage it is difficult to make assumptions, but the implications for medium-term investment strategies could be major.<br><br>\nDespite these challenges, we see that the economic recovery in Western economies is still quite strong. Consumers and businesses still have good reserves of savings and profits. If the Ukrainian crisis does not last too long, we can hope that this strength will be enough to avoid a sharp economic slowdown.<br><br>\nIn these volatile phases, it is important to trust quality investments, to take a medium-term view, and to avoid frequent changes in allocation. At the beginning of February, we lowered our exposure to equities to reduce the impact of volatility on the portfolios. We are waiting for the situation to clear up before deploying the liquidity we have built up. The market downturn will provide better entry points for investors with a medium - to long-term view.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-229","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":241,"title":"Investment policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>Investors are facing a maturing economic cycle. This cycle is being influenced by the implications of the war in Ukraine and the consequences of the zero-Covid policy in China. These two exogenous factors put pressure on economic variables such as commodity prices, supply constraints, inflation, and interest rates. The evolution of these variables directly affects the purchasing power of households and the investment intentions of companies. The main concern for investors is whether central banks will manage a \u201csoft landing\u201d of the economy, or whether central bank actions will eventually cause a recession.<br><br>Inflation figures have been the focus of attention in the financial markets for several months, with investors believing that the peak would be reached in the US. Unfortunately, this peak has not yet materialised. In fact, the opposite has happened, as the May figures showed a further acceleration in the US. It is therefore too early to tell if the US Federal Reserve policy is restrictive enough to bring inflation expectations back towards 2%. Every time there is a negative surprise on inflation figures, investors raise their interest rate expectations, which in turn pushes bonds and equities lower. It feels like the inflection point is near, but fewer and fewer investors are willing to risk anticipating it.<br><br>The balance is delicate for central banks, however, it should be noted that the urgency to regain control over inflation seems to be more important than avoiding a recession. Central bankers are obliged to talk the talk in order to avoid disorderly movements in the markets. We have seen that the Federal Reserve seems to be more concerned with the smooth functioning of the bond markets than with the level of the equity market. The famous \"Fed put\" (equity market investors were counting on the Fed's benevolence to support the equity markets) no longer seems to be in play.<br><br>The ECB also moved to a more hawkish stance and should start to raise its key rates from July onwards to reach positive rates by the end of the year. The SNB surprised the market and observers by raising rates by 50 bps in June. Europeans are facing rising inflation caused by increasing energy and food prices. In the USA it is mainly wages that are driving inflation up.<br><br>What about consumers? We find that after two years of the pandemic, consumers have a strong propensity to want to spend their savings to enjoy leisure activities that were not available during the pandemic. Demand has shifted from goods to services. This shift has put pressure&nbsp;on the services sector as the number of employees fell sharply during the pandemic. Today companies are finding it extremely difficult to recruit staff. In the US, the number of available jobs is twice as high as the number of people looking for work. This situation is causing companies to raise salaries significantly to attract applicants. The situation is less extreme in Europe, but wage pressures are also beginning to materialise. It should be noted that the US Federal Reserve is keeping a close eye on the&nbsp;unemployment rate, so as long as the labour market is robust they will be able to tighten their monetary policy.<br><br>This brings us to household purchasing power. The latter is severely eroded by the rise in inflation. For the time being, consumers are using the savings they have accumulated over the past two years. We also note that the demand for consumer credit is increasing in order to maintain consumption despite inflation. Today, the financial situation of households is rather solid, so this does not pose a problem, but it is clear that this consumption is at risk if consumers start to fear for their jobs. Therefore, we will have to closely follow the labour market.<br><br>Companies have, for the time being, fared well. Indeed, most large companies have managed to pass on price increases to reflect rising commodity prices and higher wages. They have benefited from the strong demand for goods and services. Unfortunately, not all demand can be satisfied as bottlenecks still exist in the supply chain for consumer goods and there are staff shortages in the services sector. There are signs of improvement in some manufacturing sectors. Order books are still full, so sales in the next few quarters will expand further.<br><br>The next few months may still be bumpy, but the situation should become clearer. Financial markets are still future oriented, so the first signs of slowing inflation will give hope and push investors to capitalise on the attractive valuations we are already seeing in the different asset classes.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-241","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":248,"title":"Investment policy","content":"<h4><strong>FOREWORD<\/strong><\/h4>\n<p>Investors have had little respite in 2022. After rallying in June and July, the markets are again suffering from inflation- and recession-related uncertainties. The fight against inflation remains the primary objective of central banks, even at the risk of triggering a recession. Americans and Europeans face different sources of inflation: in the US it\u2019s mainly the result of excess demand, while in Europe it\u2019s the result of the energy crunch. The rate hikes by the US Federal Reserve (Fed) are beginning to tighten financial conditions and dampen demand. In Europe, however, the mission of the European Central Bank (ECB) is more complex: rate hikes have little impact on energy prices, which are being driven up by the war in Ukraine. The ECB's actions risk pushing the European economy into recession because consumer demand is much less robust than in the US. To mitigate the effects of rising energy costs on household purchasing power and business competitiveness, European authorities have announced numerous aid plans by individual countries and by the bloc as a whole. These subsidies amount to tens or even hundreds of billions of euros. Several countries have already announced plans amounting to 1% to 3% of GDP. These funds are in addition to those set aside for the pandemic. The European Commission (EC) will propose a mechanism to restructure the electricity market. That market sets electricity prices on the basis of the marginal cost of production, which is strongly influenced by the soaring price of gas as a result of Russia\u2019s supply squeeze and European governments\u2019 desire to fill their tanks before the winter. The EC also recommends that member countries reduce energy consumption by 15% this winter. These measures will be financed in various ways. The EC wants to tax the excess profits of energy companies, but governments are free to choose other means of financing. The Swiss government is pursuing a different path: it\u2019s supporting electricity producers but hasn\u2019t announced any help for consumers or companies that will have to bear the price increases. <br><br>\nIn this complicated economic context, it\u2019s important to note the robustness of the job market on both sides of the Atlantic. The unemployment rate is at historically low levels. In the US, job openings far exceed the number of job seekers. Europe faces the same problem but to a lesser extent, with service companies struggling to recruit. The irony of the current situation is that central banks are looking to slow economic growth in order to bring down inflation, while governments are helping consumers and businesses to mitigate the effects of the economic slowdown. It\u2019s no wonder that financial markets are very volatile, with investors revising their scenarios every time new economic data are published. It\u2019s not rare to see the stock market bounce on signs of an economic slowdown, because this could indicate that rate hikes are starting to affect demand, which would push central banks to ease pressure. The best-case scenario for investors would be a soft landing, i.e. a slowdown in inflation with a moderate slowdown in the economy. A hard landing would involve a sharp recession with inflation remaining above desired levels.<br>\n<br>In this challenging economic environment, there are several external factors affecting our scenarios. The Chinese authorities may persist with the zero-Covid policy, which continues to weigh heavily on domestic and global economic output. However, the Chinese slowdown is reducing inflationary pressures by pushing off demand. The Chinese government is expanding its targeted aid and subsidies, which for the time being aren\u2019t having much effect on the economic recovery. <br><br>\nFrom a geopolitical point of view, several uncertainties remain. The situation in Ukraine hasn\u2019t fundamentally changed despite the Ukrainian army's counter-offensives. For the moment, there is no indication that a diplomatic solution can be found in the short term. The situation in Taiwan continues to be tense, as the Americans and the Chinese continue to provoke each other. And more and more companies are adjusting their supply chains, as the war in Ukraine has demonstrated the risk of being exposed to countries subject to potential sanctions.<br><br>\nIn this challenging environment, we continue to favour a defensive positioning with an underweight stance on both stocks and bonds. Investment-grade bonds will soon become attractive again, as higher coupons provide a good return. However, we need to wait for clearer indications on where benchmark rates will go. Recent analyses suggest that the Fed could stop raising rates in the second quarter of 2023, which would be a good signal for bond investors. How the stock markets fare will depend on the severity of the economic slowdown. Currently, corporate earnings seem to suggest a coming slowdown but not a deep recession, so we will have to remain patient despite the attractive levels at which many high-quality companies are trading. For an investor with a medium to long-time horizon, there are good opportunities to be seized.<\/p>","slug":"investment-policy","slugs":{"fr":"politique-de-placement-248","de":"investment-policy","es":"investment-policy","pt":"investment-policy"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Erik Fruytier"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"CIO"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-53-2-488-zOj7df81XH5LOmEDxuxz.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-47-49-627-EusXIPkKRqCxsRNCk68B.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":258,"title":"Outlook and scenarios","content":"<h4><strong>BONDS - CURRENT YIELDS ARE ATTRACTIVE<\/strong><\/h4>\n<p>In 2022, global bonds were widely sold off owing to very high realised inflation which led to the most aggressive tightening cycle ever. The massive front-loading may have been a mistake, and we think that central banks will likely be forced to cut rates in 2023.<br><br>\nThis year, the global economy was \u201cresilient\u201d. We don\u2019t really like that word because the hikes have not totally worked their way through the economy. The term may be more appropriate in 2023. Unfortunately, history tells us that the odds are not in favour of a soft-landing, while many analysts \u2013 likely reassured by the labour market \u2013 expect only a mild recession. However, firms do all they can to prevent layoffs, making the unemployment rate one of the most lagging indicators. In reality, a strong labour market is good news for current consumption but tells us nothing about the future. The labour market is always tight before a recession starts. This time, corporates are facing a labour shortage, which could limit the rise in unemployment.<br><br>\nIt also seems that the 2020\/21 fiscal policies and the pent-up demand owing to Covid-19 were still working their way through the economy in 2022. Real spending increased despite lower real income, as consumers used about 50% of their excess savings. Manufacturing activity has also been resilient due to high backlogs, yet PMIs still fell below 50. Unfortunately, both of these tailwinds should disappear in 2023. Based on current trends, we believe the excess savings will be eliminated by mid-2023, while backlogs are rapidly declining.<br><br>\nThat being said, it\u2019s impossible to time a recession, as each cycle has a different dynamic. The Fed has been very aggressive, but consumers have solid balance sheets while many corporates refinanced their liabilities at very low rates in 2020\/21. This could delay the recession to late 2023 or, if we\u2019re very lucky, prevent a hard landing. However, investing is about probability, and until the data really improve, we\u2019ll continue to go with the odds, which point to a hard landing.<br><br>\nWe believe the Fed was forced to press the panic button because inflation became a political issue. Politically, it\u2019s easier to crash the economy and kill inflation than to take the risk of allowing inflation to remain high. Moreover, many believe the Fed is not in restrictive territory yet, and Wall Street likes to say that we need to hike to the level of inflation. Could things really be that simple in such a complex post-Covid world? Can we move from a 10-year low rates world to a 5% world in just nine months? Shouldn\u2019t the government have worked with the Fed to fight inflation the way it did in 2020\/21 to create inflation? Should we really be obsessed by the 1970s and ignore the past 50 years? Finally, in 2022, wouldn\u2019t it have been more courageous to hike gradually and wait? A lot of questions, which make us cautious on 2023 and positive fixed-income from those levels.<br><br><\/p>\n<h4><strong>EQUITIES \u2013 HISTORY TELLS US IT\u2019S TOO EARLY<\/strong><\/h4>\n<p>Historically, stocks always bottom out after the start of a recession. On average, equities decline by 10% between their peak and the start of the recession, and then by 15% to their trough. The S&P 500 is down 18% from its peak, but the Fed has been very aggressive, making it hard to draw conclusions.<br><br>\nIn terms of valuations, equities don\u2019t look cheap, as multiples are in line with their historical average. The market is compensating equity investors with only 200 bps for the risk they\u2019re taking relative to bonds. That seems low given the macro backdrop. Valuations are not a timing indicator, but the starting point still matters.<br><br>\nMoreover, monetary policies continue to be restrictive. Historically, it\u2019s better to wait for policies to become expansionary before buying equities. Equities do not to pick up before monetary policy change \u2013 they wait for the changes to materialise.<br><br>\nMacro data have not really started to improve. The stock market is a discounting mechanism, but the market still needs to see a decline in EPS before looking through to the next regime. The lag effect of monetary tightening is coming, and EPS remain close to their peak. However, things can also change quickly in the other direction. If inflation rolls off quickly and the data don\u2019t deteriorate, the market could trade a soft landing in the coming months, which would support equities.<br><br>\nFinally, positioning and sentiment seem low, which is positive. However, this is not enough for us to turn structurally bullish on equities. We need either valuations, monetary policy or macro data as a tailwind. We\u2019re not there yet, but it does not mean that we should make new lows . We may just re-test the low or remain within a range. We don\u2019t try to catch a bottom, but we prefer to have the wind at our back.<br><br>\nIn term of sectors, we continue to be cautious. Healthcare is our preferred defensive sector given strong fundamentals and still-average valuations. We also like semiconductors as we move through peak levels of inventory and pessimism. Financials and energy may continue to outperform, especially in Europe. Valuations are still low, interest rates have more room to rise in Europe than in the US, and the energy crisis could worsen in 2023.<br><br>\nThe re-opening of China could benefit discretionary stocks in Europe. However, excess savings are declining rapidly in the US, which will put pressure on spending in that country next year. Following the strong rebound in Q4, we think industrial stocks may be hit by a downturn in manufacturing activity as backlogs ease. However, we like industrials on a long-term basis to play the reshoring supply chain theme. Finally, we\u2019re neutral on technology stocks, perhaps wrongly so. Valuations still have room to fall even if rates stabilise, while the market may look for new leaders for the next decade.<br><br>\nAnd last but not least, we would like to emphasise that stock selection will probably be very important again in 2023, as indices could remain range-bound in an environment with opposing forces.<\/p>","slug":"outlook-and-scenarios","slugs":{"fr":"perspectives-et-scenarios","de":"outlook-and-scenarios","es":"outlook-and-scenarios","pt":"outlook-and-scenarios"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Outlook and scenarios - Reuven Benichou - Head of Equities and Fixed Income"},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities and Fixed Income"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":270,"title":"Crisis of duration or crisis of confidence?","content":"<h4><strong>HIGHER RATES HAS BECOME A HEADWIND FOR BANKS <\/strong><\/h4>\n<p>We said in our December CIO letter that the front loading could be a big mistake from the central banks. We never know what will break, but the history shows it always happens. While the economy is a tanker moving slowly, the financial system can quickly derailed.  In less than two weeks, the 16th biggest US bank (SVB) and one of the most important European banks (Credit Suisse, CS) collapsed. It seems that the UK pension crisis in September 2022 was a red flag. <br><br><\/p>\n<p>We believe that the dramatic course of events is emblematic of the risk of rising rates too quickly. To be clear, it is not the Fed\u2019s fault if SVB poorly managed its interest rates and CS had very different issues. However, a decade of easy money since 2008 has made many people too complacent, and when one domino fails, it can quickly spill over to other actors. For instance, we think that CS would still exist today if it were not for the SVB collapse. Unfortunately, when people panic and lose confidence in the banking system, strong liquidity and capital ratios become secondary. Deposits outflows from CS topped CHF 10bn a day during March. <br><br><\/p>\n<p>Although, we do not know yet the consequences of this course of events, we can imagine the potential impacts on the monetary and banking system. <br><br><\/p>\n<h4><strong>THE FED WILL TURN MORE DOVISH<\/strong><\/h4>\n<p>Uncertainty about the banking system has become too high for the Fed to ignore. The FOMC March meeting confirmed this, Jerome Powell was much more dovish than during his testimonial two weeks earlier. Unfortunately, this crisis comes at a time when inflation is too high, which makes a trade-off a difficult task. Nevertheless, in case the situation improves faster than expected, the Fed will always have the option to raise rates again. We doubt it, however, as the Fed is probably close to the end of its hiking cycle.<br><br><\/p>\n<p>That being said, the current crisis is already a form of monetary tightening. The trust into regional banks in the US has quickly evaporated as people have put money into bigger banks. However, a bank needs deposits to operate, and if we continue to see a flow of capital going around the banking system, banks will probably lending less. Actually, credit conditions have already been tightening for a year. Moreover, the Fed and the regulators are probably about to embark on a regulatory tightening for midsize banks in the US, which should lead to further risk aversion from banks. Unfortunately, all these events come at a very challenging time for the global economy. <br><br><\/p>\n<p><strong>net % of US banks&nbsp;tightening kending standards<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/jWYLB.073bb448c6b9ed4da689a090fd3e9364.jpg\" data-image=\"034f99aa069c3ebfb7a8085644690c82\" style=\"width: 1172px; max-width: 370px; height: 240px;\" width=\"1172\" height=\"762\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>THE BANKING SYSTEM<\/strong><\/h4>\n<p>In theory, big banks are much stronger than during the GFC, so we should not see a remake of 2008. It is now well documented, that some middle-sized banks in the US have a high level of insured deposits, which increases the probability of realized loss on the bond portfolio. However, the strength of the whole banking system ultimately depends on trust. No one knows how they will react in the coming weeks. All we can say so far is that the Fed and the Swiss authorities have done all what they can to stop the downward spiral. <br><br><\/p>\n<p>Ironically, low interest rates were bad for banks\u2019profitablity in 2010-2020, but elevated interest rates has now become a drag for the sector.  It raises some questions on the rational to invest in banks stocks, as the \u201csweet spot\u201d seems to be very brief.<br><br><\/p>\n<p> <\/p>\n<p>The SVB collapse was ultimately triggered by the USD1.8bn loss realized on its bond portoflio (higher rates), to raise cash following a run on deposits. As technology companies burnt through cash and found it harder to raise new funding amid a strong monetary tightening, they pulled money from deposits at SVB. If the SVB had hedged its interest rates exposure, the loss would have been much smaller. Alternatively, if the tech companies did not run on deposits, the bonds would have been reimbursed at par. Contrary to the GFC, the assets quality on banks\u2019 balance sheet is strong. The issue is a poor risk management from some regional banks and complacency around interest rates. <br><br><\/p>\n<p>Unfortunately, the SVB collapse and CS takeover will hit profits for large US and European banks. The most obvious impact will be on the Net Interest Income (NII) via three channels: <br>\u2013 lower interest rates;\n<br>\u2013 higher deposit costs, and;\n<br>\u2013 weaker loan growth. <br><br><\/p>\n<p>The money market now prices Fed fund rates to peak near 4.8% in Q2 2023. Historically, turbulence in the banking system quickly impacts growth because of the crucial role of banks in the economy. In other words, rates tend to fall. Moreover, higher-cost deposits are probably inevitable. Regional banks will increase deposit rates, as the bidding war for savers will intensify. Large US banks have more pricing power, as recent deposits inflows show. However, they may have more pressure to adjust their pricing from abnormal low levels. Large US banks are paying between 0.01% and 0.15% on their saving accounts while US money markets yield more than 4%. Actually, in Europe we have already seen deposits outflows in some countries, which should exert upward pressure on deposits costs. Finally, as we developed above, loan growth will slow down for both US and in European banks. <br><br><\/p>\n<h4><strong>CONCLUSION<\/strong><\/h4>\n<p>The current crisis is a duration crisis not a credit crisis. Bank\u2019s asset quality and liquidity ratios are strong. The losses we see today are not impaired assets, but mark-to-market on long duration assets. Ironically, the recent fall in yields has already reduced these losses. However, the duration crisis has quickly turned into a crisis of trust for mismanaged banks. The authorities have done everything in their power, and we hope that people\u2019s faith will rapidly recover. Unfortunately, the odds of a recession has gone up, as this crisis will lead to tighten lending standards in an already slowing global economy. <br><br><\/p>","slug":"crisis-of-duration-or-crisis-of-confidence","slugs":{"fr":"crise-du-duration-ou-crise-de-confiance","de":"crisis-of-duration-or-crisis-of-confidence","es":"crisis-of-duration-or-crisis-of-confidence","pt":"crisis-of-duration-or-crisis-of-confidence"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities and Fixed Income"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":285,"title":"Equities: where do we stand?","content":"<p>2023 is a challenging year for equity investors. Structurally, it is not easy to be bullish on stocks given the elevated valuations and restrictive monetary policies. However, tactically, as we mentioned in our December 2022 CIO Letter, positioning and inflation dynamics have led to a rebound of the markets over the last 9 months.<br><br><\/p>\n<h4><strong>EXTREME SENTIMENT AT THE END OF 2022<\/strong><\/h4>\n<p>Many indicators signaled extremely low sentiment and positioning at the end of 2022. Historically, these extreme indicators have been good contrarian signals. Most economists (70%) expected a recession, and Fortune magazine featured a \u201cPlaybook for a recession\u201d on its cover. When all economic agents anticipate and prepare for a recession, it rarely happens as expected.<br><br>\nInvestors were also extremely pessimistic at the beginning of 2023, as is often the case after a sharp market decline. For instance, the AAII survey of individual American investors hit an all-time low (excluding the 2008 financial crisis). Positioning also aligned with the sentiment. The week of December 21, 2022, witnessed the largest capital outflow from US equity mutual funds and ETFs since March 2020. Meanwhile, speculators\u2019 positions in Nasdaq futures were predominantly short.<br><br>\nActually since 1950, when the S&P 500 declined by more than 20% over 12 months, it ended up rising in 80% of cases over the following 12 months, with an average performance of 20%. This is much better than the average performance of the S&P 500 (+9% in 70% of cases).<br><br><\/p>\n<p><strong>AAII bull\/bear survey 1m average<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/t9WSL.5a03f6849d76cf07a664f086923a044e.jpg\" data-image=\"4ce955b528c8fe382e38399befdc416c\" style=\"width: 1233px; max-width: 370px; height: 200px;\" width=\"1233\" height=\"665\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>ENCOURAGING INFLATION\/ECONOMY<\/strong><\/h4>\n<p>Economic resilience and falling inflation (year-on-year) have also supported the market. We believe there are four reasons for this resilience.<\/p>\n<p><strong>1) <\/strong>Unique consumption dynamics: the slowdown in goods was offset by the post-Covid-19 boom in services. Rising hotel prices and positive comments from airline CEOs reflect this trend;<\/p>\n<p><strong>2) <\/strong>Supply chain disruptions: many companies overordered to safeguard against future supply issues, but production could not keep up. The improvement in supply and the absence of order cancellations have enabled industrial activity to catch up in recent quarters. This improvement could also mean a relative resilience in the housing sector: the number of houses under construction was at record levels just a few months ago;<\/p>\n<p><strong>3) <\/strong>Public investment plans: the Chips Act and the Inflation Reduction Act led to a 25% growth in non-residential construction over the past 12 months, more than offsetting the 10% decline in the residential sector. It seems that we are witnessing an \u201cindustrial renaissance\u201d in the United States. Meanwhile, the PMI has been in contraction territory since November 2022. This economic cycle is definitely complex;<\/p>\n<p><strong>4) <\/strong>Unprecedented wage dynamics: This helped sustain consumption despite rising prices. The shortage of workers, especially among older demographics, also supported wage increases. Despite a 10% decline in activity over the past 12 months, employment in the residential construction sector has risen by 1%.<br><br><\/p>\n<p><strong>US manufacturing construction spending YoY<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/AxZxW.a596de35e5f202c1127d641a4301c63b.jpg\" data-image=\"aabf4649aa917bf9af868fa408a773d9\" style=\"width: 1022px; max-width: 370px; height: 152px;\" width=\"1022\" height=\"419\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>WHAT ABOUT THE STOCK MARKET IN H2 23?<\/strong><\/h4>\n<p>The average performance of S&P 500 stocks in 2023 is +4%, far below the index\u2019s +14%. However, the narrow breadth is not a reason to be negative on stocks; on the contrary. Historically, when the index outperforms the average stock by more than 5% over 3 months, the average stock catches up and rises by 29% over the following 12 months. Other indicators support this view.<br><br>\nWe also believe that inflation and monetary policies will have much less impact on the stock market than last year. Inflation in the US is slowing down, and the Fed\u2019s tightening cycle is probably over. Even if we assume that inflation remains \u201csticky\u201d at 4-5%, the Fed will not raise rates more than once or twice. The current Fed rate is at 5.25% and has rarely exceeded inflation by more than 200 basis points in the past 25 years. One or two rate hikes will not derail the stock market; it is the pace of the hikes that matters more than the final level. The S&P 500 reached its lowest point on October 13, 2022, the day of the 8.3% inflation report (now at 4%) and just before the Fed\u2019s slowdown in rate hikes (from 75 bps to 50 bps). Actually, we believe that the trajectory of the stock market will depend on the resilience of the economy\/ profits over the next 12 months. This correlation is not always obvious. In 2022, the US economy grew by +2% (real terms), but that did not prevent the markets from declining by 20%.<br><br>\nSo should we be worried about the weakness of the leading indicators? It is a difficult question due to the complexity of this post-Covid-19 economic cycle. Is it a cycle or a series of shocks?<br><br>\nHistorically, recessions begin between 4 to 17 months after the last rate hike, leaving room for many different scenarios. During the 2008 financial crisis, the Fed stopped raising rates in June 2006, but that did not prevent the S&P 500 from rising by +27% in the following 12 months, while the recession only began 17 months later. It would appear that we have overestimated the economy\u2019s dependence on interest rates, at least in the short to medium-term. The transition of advanced economies from goods to services is probably a structural reason. We see other reasons that have delayed the impact of rising rates: the good financial health of consumers, a strong inflow of bank deposits to finance credit, strong fiscal policies and investment plans, and a shortage of labour. All this probably delayed the economic slowdown.<br><br>\nIn conclusion, we believe that the stock market could temporarily be in a \u201csweet spot\u201d with the end of rate hikes by the Fed and an economy that is still resilient and gradually slowing down. However, the risk is that sentiment becomes too bullish at the very moment when the economy eventually enters a recession. But we may be talking more about 2024 than 2023.<\/p>","slug":"equities-where-do-we-stand","slugs":{"fr":"actions-ou-en-sommes-nous","de":"equities-where-do-we-stand","es":"equities-where-do-we-stand","pt":"equities-where-do-we-stand"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities and Fixed Income"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":296,"title":"Sharing Personal Data and Processing","content":"<p>We may share your Personal Data with third parties, including third party service providers and other companies within the group to which the Bank belongs.<br><br>We require third parties to ensure the security of your data and process them in accordance with applicable law.<\/p>\n<p><strong>Third parties<\/strong><\/p>\n<ul><li>Companies in the group to which the Bank belongs;<\/li><li>Recipients of payments, beneficiaries, intermediaries, correspondent banks and custodians, certain listed companies and their service providers (e.g., SRD II), clearing agency and clearing and settlement system;<\/li><li>Other financial institutions;<\/li><li>Lawyers, auditors.<\/li><\/ul>\n<p><strong>Service providers<\/strong><\/p>\n<ul><li>Suppliers of computer hardware, software and outsourcing, mail service providers as well as compliance and mortgage analysis service providers that are contractually bound to confidentiality.<\/li><\/ul>\n<p><strong>Public authorities or regulators<\/strong><\/p>\n<ul><li>Public authorities, regulators, stock exchanges or clearing companies, government bodies, courts or tribunals or parties to a lawsuit where we are required to disclose information under applicable law or regulation, at the request of public authorities or regulators or to protect our legitimate interests.<\/li><\/ul>","slug":"sharing-personal-data-and-processing","slugs":{"fr":"partage-des-donnees-personnelles-et-traitement","de":"gemeinsame-nutzung-personenberzogener-daten-und-verarbeitung","es":"puesta-en-comun-de-datos-personales-y-tratamiento","pt":"partilha-de-dados-pessoais-e-tratamento"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":302,"title":"AI shows signs of longevity","content":"<p>Artificial intelligence (AI) continues to be a predominant topic in 2023. Today, various elements point to a lasting trend rather than a mere passing hype. Nvidia's recent quarterly results, which remain the barometer of the appetite for AI, showed once again that demand for the processors and architectures needed to develop large linguistic models and generative AI is really strong.<br><br>\n<\/p>\n<p>Moreover, Arm's recent mega-IPO, for which demand exceeded ten times the number of shares available for allotment, also reflects a certain kind of conviction from investors regarding the longevity of the narrative around AI that has buoyed the S&P 500 since the start of the year. Against this backdrop, there is a lasting decorrelation between S&P 500 valuation levels, which remain underpinned by tech companies, and real rates. This phenomenon can be explained by the \"AI effect\". According to CIC Market Solutions, investors are already anticipating significant earnings growth over the next few years thanks to applications based on the new technology.<br><br><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/GR4AI.947e9b11632ff41da6b7b1a6a5e39d1c.jpg\" data-image=\"aff2e431c7a8f486a345007ec83b05e4\" style=\"width: 513px; max-width: 370px; height: 221px;\" width=\"513\" height=\"306\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(23, 34, 54);\">\u2014<\/span><\/strong> S&P 500 12m fwd P\/E <strong><span style=\"color: rgb(99, 147, 209);\">\u2014<\/span><\/strong> US 10y real yeal (RHS, inverted)<br>Source: FactSet, Bloomberg, Goldman Sachs Research<\/span><br><br><\/p>\n<h4><strong>MONETIZING AI<\/strong><\/h4>\n<p>But what exactly is this AI narrative that has seduced investors? It seems that, until recently, the mere mention of the magic word was enough to drive up the price of a stock. Relatively obscure companies with the term \"AI\" in their designations, such as BigBear.ai Holdings Inc. or C3.ai, have seen their shares rebound spectacularly, albeit temporarily.  Overall, the average number of \"AI\" mentions in reports and press conferences has risen exponentially over the past year. Many companies talk inspiringly about how AI would one day transform their business models. However, this is not enough for an effective revaluation of their stocks. Investors increasingly want to know when, how, and to what extent AI may enhance their economic activity. In other words, the market wants quantifiable evidence of earnings growth potential. In this context, Nvidia's share price has soared since the start of the year, not only because investors have understood that the entire generative AI value chain currently relies on its cutting-edge technological components but also because Nvidia has been setting clear figures around its AI monetization. Indeed, the visibility of its business activity now extends into 2024. As a result, although the share price has tripled, its valuation (12-month forward P\/E ratio) is now below the level as at the start of the year.<br><br>\nBut if monetization seems to be in the bag for Nvidia, as well as for a small handful of companies active in the sale of semiconductors, what about those who intend to sell AI-backed products and services? Among the early winners, there are companies such as Google, Microsoft or Amazon, which provide cloud infrastructures - built using Nvidia components in particular - for processing vast quantities of data as part of the development of applications based on generative AI. Sales of this product range continue to grow strongly. Still in the technology sector, we find companies like Meta using AI to optimize content diffusion within its advertising business. This results in a higher conversion rate, which directly reflects in revenues. Other notable beneficiaries include companies that sell computer software and use generative AI to make new features. It is at this stage of the AI value chain that monetization becomes less obvious. While some companies, such as Microsoft, have decided to increase the subscription price of their products including AI-based extensions, others, such as Adobe or Salesforce, are slow to introduce premiums. The reason for this is that the latter are finding it difficult to gauge the value placed on these new features by consumers. As a result, it is hard to put a price on them. Hence, there is no immediate upturn in revenues in this segment. Nevertheless, these new functions should help attract new customers and retain existing ones, which should contribute to gradual revenue growth.<br><br>\nMonetization becomes more complicated as we move away from the technology industry and consider companies that would exploit AI to increase the efficiency of their operations. Yet the potential remains non-negligible, given the outlook formulated during the latest quarterly earnings season. Take healthcare, where examples of AI applications are numerous: pattern detection, new drug discovery, assisted surgery, to name but a few. Sale of consumer goods and catering are two other fields in which AI can be applied. Alternatively, as Caterpillar points out, AI should help optimize equipment utilization in the construction sector.  Moreover, automation is a significant area of development that affects most sectors, especially those exposed to heavy administrative burdens, such as finance.<br><br>\nIn this context, AI would not only enable productivity gains through the improvement of existing processes but also reduce labour-related costs, ultimately translating into improved margins and profit growth.  However, implementing AI will take time; many companies are currently in the investment stage. Consequently, the real impact on economic activity will not be measurable for several years, as suggested by a recent survey of CEOs of Fortune Global 500 companies.<br><br><\/p>\n<h4><strong>WHAT IS PRICED IN?<\/strong><\/h4>\n<p>Stocks directly exposed to the development of AI, or whose business models can quickly adopt the new technology and justify more immediate earnings growth, have seen their prices rise significantly since the start of the year. In a recent report, Goldman Sachs identified a basket of a dozen technology stocks, most of which have already been mentioned, that has outperformed the S&P 500 Equal Weight Index by 62 percentage points (pp). These are the \u201cNear-term AI beneficiaries\u201d shown in the following chart.<br><br><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/MEwIZ.a58f43684b085a4abeb5a831b5adb823.jpg\" data-image=\"3c67591308d3dd88bc2f60873f3614ce\" style=\"width: 514px; max-width: 370px; height: 235px;\" width=\"514\" height=\"327\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(23, 34, 54);\">\u2014<\/span><\/strong> Near-term AI beneficiaries <strong><span style=\"color: rgb(99, 147, 209);\">\u2014<\/span><\/strong> Long-term AI beneficiaries<br>Source: FactSet, Bloomberg, Goldman Sachs Research<\/span><br><br><\/p>\n<p>The chart also illustrates a cross-sector basket of around 50 stocks selected from the Russell 1000 Index, with the greatest potential for long-term earnings growth resulting from productivity improvements through the implementation of AI. As such, we can see that these stocks have outperformed the S&P 500 Equalized Index by only 6pp since AI emerged as one of the major investment themes in 2023. This suggests that the potential of AI is not yet priced into these stocks. Furthermore, according to Goldman Sachs, the impact of AI adoption on earnings per share (EPS) growth is not statistically significant in explaining current company valuations. In this sense, the potential revaluation of these stocks will depend on companies' ability to use AI effectively to justify earnings growth.<br><br>\nObviously, as the market is forward-looking, positioning on these stocks will take place before the impact of AI crystallizes. The challenge for investors wishing to maximize their return on investment will be to bet on the right horse before the consensus of analysts gets to it. But this exercise inevitably involves risk, as objective judgment can easily be skewed by the current enthusiasm surrounding the AI theme, which can push the valuation of companies exposed to technological innovation to a level that exceeds possible growth. It's precisely this kind of phenomenon that leads to market bubbles - a scenario that Goldman Sachs's experts have ruled out for the time being.<br><br>\nOn the other hand, risk can also come from underestimating the impact of AI on a company\u2019s economic activity. This can lead not only to missing out on potential gains but also to exposing oneself to considerable losses. In fact, a third category of companies that have not yet been mentioned is that which could be impacted by a technological disruption caused by newcomers with innovative business models that are more scalable than those of existing competitors.<br><br>\nIn conclusion, the current backdrop requires investors to stick to their disciplines and focus on a company's competitive position, management, and the elements underpinning its current valuation. It is also essential to fully understand a company's business model before making any capital allocation, and not forgetting diversification, which remains the watchword.<\/p>","slug":"ai-shows-signs-of-longevity","slugs":{"fr":"lia-montre-des-signes-de-longevite","de":"ai-shows-signs-of-longevity","es":"ai-shows-signs-of-longevity","pt":"ai-shows-signs-of-longevity"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Tim Safarov"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Equity Analyst"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-28-12-24-23-949-7vEWrZN7NbHLY3BvXcMq.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":309,"title":"Festival du L\u00c0C","content":"<p>The Bank is sponsoring the 2021 Festival du Livre \u00e0 Collonge (L\u00c0C). This festival represents an initiative of a literary society to share its passion for literature with a wider audience. Its first two editions brought together more than 80 Francophone authors.<\/p>\n<p>This sponsorship adds to the Bank\u2019s commitment to literature, as demonstrated in 2018 and 2019 as a partner of the \u201cLe livre sur les quais\u201d event in Morges.<\/p>\n<p>The next edition of the Festival du L\u00c0C will take place on 14 and 15 June 2025, and under the chairmanship of Pierre Assouline, will welcome enthusiastic authors to a green setting in the vineyards, facing the lake and the Jura mountains. Conferences, literary meetings, readings, book signings and other events will be on offer to visitors and literature lovers alike.<br><br><\/p>\n<p><strong><span style=\"color: rgb(80, 80, 80);\">USEFUL INFO<\/span><\/strong><br>From Saturday 14 June to Sunday 15 June 2025 - 10am to 6pm<br>Free admission - snack bar on site - play area supervised by parents<br><br><\/p>\n<p><strong><span style=\"color: rgb(80, 80, 80);\">ADDRESS<\/span><\/strong><br>Ferme de Saint-Maurice, Chemin de la Dame 67, 1222, V\u00e9senaz, Switzerland<br><br><\/p>\n<p><strong><span style=\"color: rgb(80, 80, 80);\">ACCESS<\/span><\/strong><br>Public car park<br>\nIf possible, use soft mobility - Bus lines G and 38 - Bus stop: La Dame<br><br><\/p>\n<table style=\"width: 100%\">\n    <colgroup>\n       <col span=\"1\" style=\"width: 70%;\">\n       <col span=\"1\" style=\"width: 15%;\">\n       <col span=\"1\" style=\"width: 15%;\">\n    <\/colgroup>\n<tbody><tr><td align=\"left\" valign=\"center\"><figure><a href=\"https:\/\/www.festival-du-lac.com\/\" target=\"_blank\">\n<img src=\"\/uploads\/uW5gZ.35feb17fe00d9c19e4bc6903effbbdb9.png\" data-image=\"148d9e55c3dcf4deacaa1ca0e1bf32c3\" width=\"120\" height=\"92\"><\/a><\/figure><\/td><td align=\"center\" valign=\"center\"><figure><a href=\"https:\/\/www.facebook.com\/festival.lac\/\" target=\"_blank\">\n<img src=\"\/uploads\/2DLht.abb8a4f8f28eada09c8a56f6ab59a619.png\" data-image=\"b054c91516cb33b05758f65d65241978\" width=\"35\" height=\"35\"><\/a><\/figure><\/td>\n<td align=\"center\" valign=\"center\"><figure><a href=\"https:\/\/www.instagram.com\/festival.du.lac\/?hl=fr\" target=\"_blank\">\n<img src=\"\/uploads\/h7LTH.a359b5bd489ceeed935c89aae6b13aa2.png\" data-image=\"dcae228f80a3c1529c8bcd5dcf0cdabe\" width=\"35\" height=\"35\"><\/a><\/figure><\/td><\/tr>\n<tr><td><p><br><br><\/p><\/td><\/tr>\n<\/tbody><\/table>","slug":"festival-du-lac","slugs":{"fr":"festival-du-lac","de":"festival-du-lac","es":"festival-du-lac","pt":"festival-du-lac"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":"The Gonet & Cie SA Bank is sponsoring the 2021 Festival du Livre \u00e0 Collonge (L\u00c0C)."},"gallery":{"id":167,"name":"gallery","label":"gallery","value":null},"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2021-7-14-10-58-9-875-wjVC25AI3oRYvkhFFBht.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":"The Bank is sponsoring the 2021 Festival du Livre \u00e0 Collonge (L\u00c0C). As a sponsor, Gonet & Cie SA awards the Gonet Literary Prize to recognise an original French-language work, from any literary genre, addressing societal issues of our time. This prize aims to contribute to the cultural influence of the Festival du L\u00c0C and is awarded in the spirit of independence, mindful of the entertaining nature of the prize-winning work and its original action to raise awareness of the modern world."},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-7-14-10-55-15-30-2gye3BUqAfOvHipBixM2.jpeg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-7-13-17-16-40-201-B3dZEXRyKi7IOeICJBqf.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"sponsors"},{"id":311,"title":"BENJAMIN DUBAN","content":"<p>Following two Masters 2 (Finance and Marketing) obtained in Paris in 2006, Benjamin Duban began his career with Geneva-based financial companies, joining Gonet & Cie in 2012 as a Client Relationship Manager covering several European markets and as a Member of the Management. At the beginning of 2023 he was appointed Deputy Head Private Banking, which he took over in October 2023, as well as overseeing the EAM Department.<\/p>","slug":"benjamin-duban","slugs":{"fr":"benjamin-duban","de":"benjamin-duban","es":"benjamin-duban","pt":"benjamin-duban"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-10-19-10-14-35-751-LX5JsZLbgGB2qiFU1H36.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"committee"},{"id":318,"title":"Investing in luxury","content":"<p>The luxury sector has been in the news a lot lately. While the big brands can still count on their predominantly affluent clientele who remain keen on high-end products, it is noticeable that aspirational buyers are putting the brakes on spending due to the rising cost of living and borrowing. These are buyers who aspire to be part of a higher social class, but who lack the purchasing power to afford luxury products without making concessions. Stimulated by the rise of accessible luxury, through the expansion of entry-level products, this growing, aspirational clientele has been the driving force behind the sector's growth in recent years.<br><br><\/p>\n<h4><strong>SALES NORMALISATION LAGGED BY GEOGRAPHICAL REGION<\/strong><\/h4>\n<p>After soaring growth of around twenty percent a year since 2021, driven by a post-confinement buying frenzy, we are now witnessing a phase of normalisation in the sector's sales - a trend that has been largely reflected in companies' latest quarterly results. This normalisation is materialising globally, although there is a certain lag between geographic regions. According to a recent study by BNP Paribas Exane, China will benefit from more resilient demand for the most sought-after luxury brands, which should translate into double-digit organic growth (10-13%) in 2024. <br><br>For the rest of the world, on the other hand, analysts estimate a \u201cdigestion\u201d period lasting between four and six quarters. This period would be illustrated by a steady slowdown in sales growth to an inflection point of 3-4% at the end of the first half of 2024, followed by an acceleration to 8%, corresponding to the average annual growth rate observed between 2010 and 2019, in the second half of 2024. Beyond that, analysts expect the sector's new normal growth rate to be at least equal to its historical average.<br><br>\nAlthough the normalisation of growth has made the sector's valuations more attractive in anticipation of a downward earnings revision, the market will wait for the first signs of stabilisation before repositioning itself concretely. This gives investors a little time to establish an appropriate strategy to take advantage of the sector's recovery.<br><br><\/p>\n<p><strong>MSCI World Textiles Apparel & Luxury Goods Index<\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/PuL6n.e1cfd9d555c03c83ef6e10505cb6c36f.png\" data-image=\"19fbd7f9831505447a4a8ed1cec3148a\" width=\"640\" height=\"380\" style=\"width: 640px; max-width: 100%; height: 100%;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>COMPANIES<\/strong><\/h4>\n<p>One of Warren Buffet's basic principles is that you should never invest in a business you don't understand. With this in mind, it is essential to first define the characteristics of companies operating in the luxury sector. They generally offer goods or services for which price variations have no significant impact on quantity demanded, due to their positioning as status symbols or exclusivity.<br><br>\nThese business models are often characterised by high margins due to the low bargaining power of buyers and suppliers, low debt levels, large cash reserves enabling one-off acquisitions and a significant proportion of expenditure allocated to marketing, advertising and brand image maintenance, which often represents a hurdle that is difficult for new market entrants to overcome. Companies such as LVMH or Herm\u00e8s, which derive a large part of their profits from fashion and leather goods, control their distribution networks through retail sales, so they have a firm grip on pricing. In this sense, these companies also control the availability of their products through limitations on the number of items sold, in order to keep demand above supply. Major luxury brands generally have little exposure to the fashion effect, as their products are perceived as iconic heritage with timeless collections.\n<br><br>From a financial point of view, luxury stocks can be relatively resilient during economic crises thanks to their affluent consumer base, whose spending is less influenced by income fluctuations than by overall wealth.\nFurthermore, the diversification of global markets enables luxury brands to mitigate regional economic weaknesses. Historically, the sector has recovered quickly from recessions, as was the case following the subprime crisis in 2009 and the Covid 19 pandemic in 2020.<br><br><\/p>\n<h4><strong>STRUCTURAL TRENDS<\/strong><\/h4>\n<p>Looking at the luxury sector as a whole, generational transition will undoubtedly be one of the most powerful growth drivers of this decade. Millennials, born between 1981 and 1996, and Generation Z, born between 1997 and 2012, accounted for almost all market growth in 2022. These generations tend to have more impulsive buying behaviors. Spending by Generation Z and the even younger Generation Alpha, born from 2013 onwards, is expected to grow three times faster than other generations through to 2030, accounting for a third of the market. This also reflects an earlier attitude to luxury, with younger generations starting to buy luxury goods from the age of 15.<br><br>\nUnlike Generation X, corresponding to people born between 1965 and 1980, whose demand is more stimulated by classic luxury goods such as handbags, watches and designer ready-to-wear clothing, younger generations prefer sneakers and limited-edition collaborations in luxury \u201cstreetwear\u201d (e.g. Nike x Louis Vuitton). While Generation X has a penchant for collecting wines and spirits, reflecting a more pronounced taste for traditional luxury and prestige, more recent generations are tech-savvy and are drawn to high-end gadgets that offer both functionality and status, such as the latest smartphones, smartwatches and premium audio equipment. Similarly, while Generation X often invests in high-end furniture and decor, prioritising quality and durability over trends, their successors prefer experiences to material goods, and are more attracted to luxury travel that offers a sense of adventure and cultural immersion. Against this backdrop, luxury services such as high-end travel, fine dining and wellness breaks are set to expand rapidly over the next few years, as people increasingly seek enriching experiences to live life to the full, in line with the \u201cYOLO\u201d (You Only Live Once) culture that suggests the creation of unique, unforgettable memories. In this sense, luxury is more than ever in the eye of the beholder.<br><br>\nEconomic growth in emerging markets, particularly in Asia, is also expected to increase the number of potential consumers of luxury goods. China is expected to account for around 40% of global luxury purchases by 2030. India also stands out for its considerable potential. With a growing middle class and increasing purchasing power, this region could see its luxury market triple by then. Urbanisation and the expansion of retail infrastructures in emerging cities offer opportunities for boutiques and exclusive events.<br><br>\nAt the same time, luxury brands are actively adapting to these new markets, focusing on the ongoing integration of digital technology into the retailing of their luxury products. Personalised online shopping experiences and the use of \u201cbig data\u201d for targeted marketing are crucial to meeting local cultural preferences and improving penetration rates. As a result, it is estimated that more than a third of sales in the luxury goods sector will be made via the internet by 2030.<br><br>\nFurthermore, augmented virtual reality is positioning itself as an essential digital channel for the luxury sector, offering an immersive experience for trying on items, thus reducing the need to physically visit stores. The adoption of augmented virtual reality is still in its infancy. However, this technology offers unprecedented possibilities for boosting client engagement and showcasing branded products, transcending the limits of traditional shopping experiences.<br><br><\/p>\n<h4><strong>THE LUXURY HORIZON<\/strong><\/h4>\n<p>In conclusion, fundamental and technical analysis enable a first selection of potential companies for investment. However, it is important to ensure that these businesses are among tomorrow's winners. To do this, it is necessary to take into account the structural trends that will drive the luxury sector over the next few years, to ensure that the firms under consideration are strategically aligned. It is also important to recognise that the universe of luxury stocks extends far beyond clothing and accessories segments. While these companies make up a significant proportion of luxury stock indices and ETFs, they represent only one facet of this diversified sector. As such, it often makes sense to consider an investment portfolio offering more balanced exposure and opportunities in different market niches. However, investors who really want to generate alpha will need to broaden the horizon of their luxury portfolio. In this sense, the challenge will be to identify companies that are not listed in the universe of luxury stocks, but which offer goods or services that are indirectly purchased by the luxury clientele.<\/p>","slug":"investing-in-luxury","slugs":{"fr":"investir-dans-le-luxe","de":"investing-in-luxury","es":"investing-in-luxury","pt":"investing-in-luxury"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Tim Safarov"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Equity Analyst"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-28-12-24-23-949-7vEWrZN7NbHLY3BvXcMq.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":332,"title":"Europeans small and mid caps: the start of the remontada?","content":"<p>For many years, European small and mid caps (ESMCs) have been neglected by investors, underperforming large caps. This trend was particularly marked in 2022 and 2023, against a backdrop of geopolitical tensions and rising interest rates. Even since the beginning of 2024, ESMCs have only gained 2%, while the Euro Stoxx 50 has risen by 6% (source: Bloomberg). The valuation discount to large caps is around 25%, whereas these stocks have historically traded at a premium due to superior earnings growth. While the largest European market capitalisation exceeds EUR 500 bn, we have defined our universe of ESMCs in a range of EUR 2.5-25 bn market capitalisation on a free float basis. <br><br><\/p>\n<h4><strong>WHY SUCH DISAFFECTION? <\/strong><\/h4>\n<p>A number of factors may explain equity investors' disaffection with ESMCs: the strong growth in passive management clearly favours large companies (luxury goods, tech, large industrial stocks), as ETFs are simpler to set up and more easily adaptable to more liquid stocks. In addition, the fall in interest rates between 2009 and 2022 has reversed the historical financial logic of private equity: instead of investing in unlisted companies at a discount and then taking them public, these players have been paying a pre\u00admium for unlisted small and medium-sized companies at valuation levels higher than those of listed companies. <br><br>\nSince 2022, ESMCs, most of which have variable-rate debt, have also suffered more from rising interest rates than large cap companies. As they are more exposed to Europe, ESMCs are highly dependent on the continent's economic activity, as measured by the PMI indexes, which are still below the 50 inflection point. Another factor is that these companies are less able to present ESG reports in due form, or be subject to ESG ratings, which may turn some investors away from this asset class. <br><br>\nThese developments have led to outflows for small and medium-sized European companies. After the boom period of 2014-2017, there have only been four quarters of positive inflows into ESMCs since 2018, leading to a decline in valuation multiples: 10 years ago, the PE of ESMCs was 15% higher than that of large caps. Today, the situation is reversed, with a discount of around 25%. <br><br><\/p>\n<p><strong>European Small & Mid Caps net inflows<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/ZKF9V.91989487178becbf9c8979711d53b5ab.jpg\" data-image=\"8b1c65ea51be5055766119d4e8494e77\" style=\"width: 1309px; max-width: 370px; height: 210px;\" width=\"1309\" height=\"808\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Lipper & Exane, as at 31 October 2023<\/span><br><br><\/p>\n<h4><strong>2024: A GOOD ENTRY POINT FOR INVESTING IN THIS SEGMENT? <\/strong><\/h4>\n<p>In our view, most of the conditions are in place for ESMCs to outperform large caps once again. The valua\u00adtion criterion has already been met: this segment of the stock market enjoys both an attractive valuation, below its historical average (close to a 20-year low), and a substantial discount to large cap listed companies. A downward trend in interest rates is clearly on the horizon and is part of our scenario for the start of a rebound in the European economy in 2024, which should benefit cyclicals and small and mid caps. In addition, lower interest rates could also boost takeover bids, which are more frequent for small and mid caps and a source of additional performance. Finally, investing in listed small and mid caps appears more attractive than through private equity funds, in terms of valuation, liquidity and fees. <br><br>\nOne catalyst has yet to materialise: good visibility on the recovery of economic growth in Europe. We will be keeping a close eye on the European PMI indices. A sharp rise in both PMI indices (services and industry) above 50 would be one of the catalysts for a resump\u00adtion of ESMCs outperformance. That said, the outper\u00adformance move could start before all the lights have turned green, as soon as the markets begin to antici\u00adpate an improvement in the economic situation. As a result, positive inflows will return to ESMCs funds and ETFs, and valuation multiples will automatically recover. <br><br>\nESG investors' reluctance to expose themselves to ESMCs is likely to diminish, as these companies make progress in this area and show greater transparency, despite the initial cost involved. As a result, more and more ESMCs are subject to ESG ratings and now include ESG reports in their annual reports. From a medium- to long-term perspective, the integration of ESG criteria should lead to a better perception of ESMCs by inves\u00adtors. Furthermore, the European CSRD (Corporate Sustainability Reporting Directive) comes into force on 1 January 2024 for companies with sales in excess of EUR 40 million and more than 500 employees. These companies will be required to provide non-finan\u00adcial reporting on environmental, social and governance issues. <br><br><\/p>\n<h4><strong>EXPOSURE TO NICHE LEADERS AND TO TOMORROW'S LARGE CAPS <\/strong><\/h4>\n<p>Investing in ESMCs gives investors exposure to higher-growth companies that, unlike many large caps, have not yet reached maturity. Europe abounds in companies that are leaders in their niche, some of which will become tomorrow's large caps. <br><br>\nAll sectors are represented in the ESMCs universe, providing a clear opportunity for diversification. Industry and real estate are more strongly represented than in the large-cap universe. An upturn in economic activity in Europe will initially be more favorable to cyclical industrial companies, and lower interest rates to real estate companies. In the longer term, it seems wise to focus on companies that are leaders in their market niches, enjoying good organic growth. Among these companies, some ESMCs will remain small or medium-sized companies because the niche in which they operate will remain a niche, while others will become large companies as their market becomes global or because they hold a technology that revolu\u00adtionises a market or sector. Furthermore, companies exposed to secular trends (AI digitization, energy transition, electrification, ageing, etc.), which are often very present in large-cap ETFs, are not absent from the ESMCs\u2019 universe. <br><br>\nIt is also a good idea to focus on companies with high profitability and solid financial positions, since small-cap companies are much more volatile than large-cap companies in times of slowdown and geopolitical tensions, due to their lower liquidity. <br><br>\nAt this stage, it is too early to say which companies will benefit or suffer from AI within the ESMCs. However, a company like Teleperformance (customer rela\u00adtionship management services) has recently fallen sharply on the stock market, due to the negative impact of the advent of AI on its growth. Indeed, some of the company's customers have already replaced Teleperformance's services with chatbots-robots. Knowing that there will be winners and losers, an AI filter is needed, especially for service companies, as industry should be a priori less impacted at first. <br><br>\nIn conclusion, we believe that the time has come to take a closer look at this segment of the stock market. Indeed, through the large pool of ESMCs, investors have the opportunity, beyond the diversification aspect, to be exposed to leading companies in their market niche, to future large caps, to secular growth trends, to takeover opportunities, without neglecting the ESG aspect. <\/p>","slug":"europeans-small-and-mid-caps-the-start-of-the-remontada","slugs":{"fr":"les-petites-et-moyennes-capitalisations-europeennes-le-debut-de-la-remontada","de":"europeans-small-and-mid-caps-the-start-of-the-remontada","es":"europeans-small-and-mid-caps-the-start-of-the-remontada","pt":"europeans-small-and-mid-caps-the-start-of-the-remontada"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Hubert de Marliave"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-25-14-42-27-846-MiiVxNO6PDNPR8fk64W2.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":344,"title":"Video 10","content":"","slug":"video-10","slugs":{"fr":"video-10","de":"video-10","es":"video-10","pt":"video-10"},"tags":[],"model_type":"page","fields":{"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoo1b7\/1jhvl2uqdhl3g\/1jhvl2uqoo1bc.mp4"},"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-5-14-13-4-6-135-Atk5wNh4TUBhWFXWb27S.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"date":{"id":19,"name":"date","label":"Date","value":"14\/05\/2024"},"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""}},"collection_type":"videos"},{"id":352,"title":"The evolution of investment in generative AI","content":"<h4><strong>NVIDIA<\/strong><\/h4>\n<p>Nvidia's latest results have confirmed that the investment cycle in artificial intelligence (AI) is in full swing, showing no signs of fatigue. On the contrary, the trend is accelerating, reminding us that we are only at the beginning of a major technological revolution. Nvidia remains the undisputed leader in the development of generative AI capabilities, a position that allows the company to wield exceptional pricing power and maintain the industry's highest margins. Despite the recent correction, Nvidia's stock price has seen a meteoric rise of around 700% since 2023, with nearly 130% of that increase occurring just this year. Thus, Nvidia shareholders increasingly face a dilemma: sell and take easy profits or hold on for a bit longer. And why not do a bit of both? It is true that on one hand, the fundamentals are solid, which means valuation multiples remain at acceptable levels. On the other hand, the risk-reward ratio is becoming less attractive as market expectations grow higher and comparison bases become more challenging. Therefore, any slight bad news could disproportionately impact the stock price. However, as often happens, the \u201cfear of missing out\u201d (FOMO) syndrome seems to dominate for the moment. Regardless, up until recently, many agreed that at this stage, there was little chance the stock price could double again. But that does not mean there is no more upside potential. This is especially true since Nvidia has recently decided to split its shares, a well-known manoeuvre designed to lower the stock price and make it more accessible to retail investors. Other giants in the tech industry have done this before. Historically, this has often helped sustain momentum. <br><br><\/p>\n<h4><strong>A STEP AHEAD<\/strong><\/h4>\n<p>Nevertheless, investors are becoming more cautious about the risks Nvidia could face in the future. Indeed, the company will inevitably encounter increasing competition from Intel, AMD, and Arm, not to mention its own major clients such as Microsoft, Google, and Amazon, who are intent on manufacturing their own chips to reduce costs. But will they be able to keep up with the nearly annual pace of innovation now set by Nvidia? In this context, another source of concern arises from potential \u201cair pockets\u201d that could appear in future revenues, as some clients may choose to wait for the release of the latest generation of chips before making purchases. However, as long as the demand for AI servers remains above supply, as is currently the case, this risk should be limited. <\/p>\n<p>It is certain that Nvidia\u2019s glory will not last forever. However, recent developments suggest that the company's competitive advantage should not be underestimated. The development of AI chips has become a systemic issue involving both infrastructure and software. This means that the task is not just about designing a single chip, but also assembling a rack that includes thousands of different components, ensuring that all hardware is properly integrated. It is also crucial to optimise the software that communicates with all these chips. Nvidia has successfully met these challenges. The company offers integrated solutions in the form of a platform that ensures all components work seamlessly together to enable the development and upgrading of AI within a company. No other competitor has managed to achieve a comparable level of service at this stage. <br><br><\/p>\n<h4><strong>A CONCENTRATED MARKET<\/strong><\/h4>\n<p>Nvidia is good, but diversification is better. Consequently, investors are often asking which other stocks will benefit from the rise of generative AI. To address this question, it may be useful to revisit the theoretical framework of Goldman Sachs, which conceptualises AI investment flows in several phases. According to this framework, the first phase of investment began in 2023 with Nvidia. The second phase highlights the expansion of investments into other companies involved in the infrastructure required for AI operations. This includes, among others, manufacturers of semiconductors and equipment, data centre operators, and cloud and cybersecurity service providers. More broadly, it also pertains to companies that enable the production, distribution, or optimisation of electricity used by the development of large language models (LLM). The third phase of investment would encompass companies with business models that generate revenue through incorporating AI directly into their product offerings. This notably includes software vendors as well as providers of internet-based services. The final phase would involve all companies using AI technology to improve their productivity. It is estimated that the most significant efficiency gains would occur in labour-intensive sectors where jobs are most vulnerable to automation. However, this last phase is not expected for about a decade, which currently implies a lack of visibility regarding the companies that might be involved. <\/p>\n<p>The chart below suggests that we are still largely in the second phase, with the semiconductor sector having benefited the most from investments so far. Generally, aside from the major cloud providers, optimism for the other mentioned stock categories has remained moderate. <br><br><\/p>\n<p><strong>Semiconductors remain favoured<\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/kbleJ.4470fc0968ba06dd6455eabd4ac93204.png\" data-image=\"0e85285f2904a1a24c89c2ff882f6734\" width=\"605\" height=\"372\" style=\"width: 600px; max-width: 100%; height: 100%;\"><\/figure>\n<p> <\/p>\n<p> <\/p>\n<p><span style=\"font-size: 12px;\">Normalised cumulative daily returns - source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>A VIRTUOUS CIRCLE<\/strong><\/h4>\n<p>The development of AI depends on computing power and the number of use cases. Historically, technological innovation in hardware has led to an exponential increase in computing power, but this trend has been slowing as we approach physical limits. Nonetheless, advancements in chip architecture continue to enable significant performance gains, which allow for more sophisticated algorithms. Consequently, as AI models improve, the number of use cases also increases. Currently, we are witnessing the rise of edge AI. This technology enables computations to be performed near data collection sites, rather than in a centralised cloud facility or an offsite data centre. This reduces latency, enhances data privacy, and decreases bandwidth consumption. It also allows devices to be more autonomous and resilient. More concretely, edge AI often involves deploying AI models trained in the cloud onto local devices for inference, although training can also be done locally depending on the capabilities of the devices and specific needs. In this context, the increasing development and integration of generative AI into new computers, phones, and cars indicate that we are on the brink of a new hardware refresh cycle. This cycle will be driven by the growing demand for more powerful and intelligent devices, thereby increasing the demand for advanced semiconductors needed to support these technologies. Therefore, it is a virtuous circle that should benefit the stocks of the technology sector as a whole, as indicated by the following chart. <br><br><\/p>\n<p><strong>The generative AI market is poised to explode<\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/pW4yU.a6d2fa754efe1c245b4b4640dd0f60ce.png\" data-image=\"4fd0752c335844de4d36dfb4b1efab94\" width=\"603\" height=\"382\" style=\"width: 600px; max-width: 100%; height: 100%;\"><\/figure>\n<p> <\/p>\n<p> <\/p>\n<p><span style=\"font-size: 12px;\">Generative AI revenue forecast \u2013 sources: Bloomberg, Genuine Impact<\/span><br><br><\/p>\n<p>In conclusion, it is important to understand that the theoretical framework mentioned earlier implies a propagation of capital across various phases rather than a redirection of flows. Consequently, semiconductors still offer a promising investment case. However, it is clear that the opportunity lies in other sub-segments that harbour growth potential not yet fully recognised by financial actors. Beyond infrastructure, the challenge for investors will be to capture the shift in value creation towards next-generation software applications that will be deployed on a large scale. Nevertheless, this development may require some patience. <\/p>","slug":"the-evolution-of-investment-in-generative-ai","slugs":{"fr":"levolution-des-investissements-en-ia-generative","de":"the-evolution-of-investment-in-generative-ai","es":"the-evolution-of-investment-in-generative-ai","pt":"the-evolution-of-investment-in-generative-ai"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Tim Safarov"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Equity Analyst"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-28-12-24-23-949-7vEWrZN7NbHLY3BvXcMq.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":97,"title":"LOUIS GONET, FOUNDER","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Thanks to his trading activities \u2013 buying and selling dry goods like tobacco and fabric, transporting wood from the forests of Vaud and stone from Meillerie in Savoy, near Saint-Gingolph \u2013 Louis quickly built up a solid commercial network all around the lake. Increasingly, his clients turned to him for information, ideas and, before long, capital.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">In 1842, at the age of 21, Louis Gonet opened a Bank in Nyon. Focusing at first on foreign exchange and loans, he built up a successful business model in an area that for several decades had been experiencing a tremendous vitality.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">A branch was opened in Rolle in 1884. In 1897 the Banque Gonet purchased a small building on Place Bel-Air, in the centre of Nyon, to support its tremendous growth.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Both a banker and a shipowner, Louis never gave up investing in the field of lake transport, and in 1854 he launched an innovative project for a \"steam barge\" designed to transport goods, under the name \"L'Industriel\". He was also strongly involved in developing the railway industry.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">In 1907, the staunch pillar of the Nyon business community throughout the 19th century took his last bow at the age of eighty-six.<\/span><\/p>\n<p><\/p>","slug":"louis-gonet-founder","slugs":{"fr":"louis-gonet-fondateur","de":"louis-gonet-grunder","es":"louis-gonet-el-fundador","pt":"louis-gonet-o-fundador"},"tags":[],"model_type":"page","fields":{"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1842"},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-9-28-726-3mE0LlnhHlSveEGhagHn.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":367,"title":"What sector exposures should we take before the US elections?","content":"<p>With each new US presidential election, the question of what equity exposure to adopt prior to the election comes up again. With polls showing the two candidates virtually neck and neck at this stage, investors have little incentive to gain exposure before the election to the sectors \u2013 stocks favoured by either the Democratic candidate or the Republican candidate.<br><br>\nSince 1928, the S&P 500 has never fallen in the year of a presidential election (+21% as of 23 September 2024). With the year already well underway, we will focus on post-election stock market performance, the influence or otherwise of a president on the S&P 500\u2019s performance, and the sectors posting the best gains depending on the winning party.<br><br><\/p>\n<h4><strong>MOST PRESIDENTIAL TERMS SEE THE US STOCK MARKET RISE<\/strong><\/h4>\n<p>Regardless of the party of the president occupying the White House, the S&P 500 generally rises in the twelve months following the election, except in 2001, when the dotcom bubble burst. The same can be said for the four-year duration of a presidential term: the S&P 500 has almost always risen (8 times out of 10) during presidential terms, except during the term of Hoover (1929-1933), Nixon-Ford and both terms of George W. Bush.<br><br><\/p>\n<p><strong>S&P 500 Price Change by Presidential Term<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/ehd1R.a0dc831f48dfce05c191ff41a57dfe47.jpg\" data-image=\"5ca60c9f44bf31233763c5d4518ad04a\" style=\"width: 1235px; max-width: 370px; height: 230px;\" width=\"1235\" height=\"768\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(255, 1, 1);\">\u25a0<\/span><\/strong> Democratic President(s)&nbsp;<strong><span style=\"color: rgb(12, 30, 255);\">\u25a0<\/span><\/strong> Republican President(s)<\/span><\/p>\n<p><span style=\"font-size: 12px;\">Source: YCharts<\/span><br><br><\/p>\n<p>While equities tend to rise regardless of the political affiliation of the president after the election, indices have historically risen more under Democratic presidencies. Since 1953, out of eighteen presidential terms, the S&P 500 has posted positive returns fifteen times (between +16% and +79%). Only three terms (all Republicans) have seen the S&P 500 fall (by between -13% and -31%).<\/p>\n<p>This includes the two terms of George W. Bush (2001-2009), for which it seems reasonable to explain the S&P 500\u2019s decline, first and foremost, by the bursting of the internet bubble (2000-2003) during his first term, and secondly, by the financial crisis (2007-2009) during his second term. This financial crisis, triggered by the subprime crisis, was partly due to Democratic President Clinton\u2019s decision to repeal the Glass Steagall Act in 1999, allowing US commercial and investment banks to combine their balance sheets for the first time since 1933. One of the consequences of this was increased risk-taking by the banks, culminating in the subprime crisis eight years later (2007), during George Bush\u2019s second term.<\/p>\n<p>Beyond the victory of one side in the US presidential elections, it would seem that one aspect that impacts the performance of stock market indices during a term in office relates to whether or not the president\u2019s party controls Congress. Since 1993, the S&P 500\u2019s best performances have come during terms when the Democratic Party in the White House controlled only one of the two chambers (Senate or House of Representatives).<\/p>\n<p>Another recurring question is: to what extent can a president influence the performance of US stock market indices? Although this impact seems indirect and marginal, there is some leeway for a President when it comes to taxation and stimulating the economy. For example, the significant reduction in the corporate tax rate initiated by Donald Trump in 2017 and the plan to encourage investment in renewable energies through the IRA (Inflation Reduction Act), launched by Biden in 2022, have clearly had a positive impact on the profits of many companies. This is not, of course, the main explanation for the S&P\u2019s very sharp rise. That is due above all to the outstanding performance of the Magnificent 7, the key players in the digitalisation of the economy.<\/p>\n<p>Indeed, the main factors determining equity market performance are the macro-economy, technological breakthroughs (internet, digitalisation, AI) and geopolitical factors. These factors have a greater impact on the profits made by listed companies and therefore on their share prices than political programmes, which are often designed more to attract voters than to be implemented.<br><br><\/p>\n<h4><strong>WHICH SECTORS OUTPERFORM FOLLOWING THE US PRESIDENTIAL ELECTION?<\/strong><\/h4>\n<p>In the short term, in the three months following the election results between 1976 and 2021, the sectors that most often benefited from the victory of one of the two parties were financials, energy and telecoms in the case of a Democratic victory, and manufacturing and materials in the case of a Republican victory. Insofar as these sectors do not correspond exactly to the sectors generally favoured by either party, these performances are probably more related to the factors that usually determine market trends.<\/p>\n<p>In the twelve months following the election results, historical data since 1993 shows that the sectors that perform best on average under a Democratic presidency are technology, consumer discretionary and energy, while under a Republican presidency materials, real estate and energy perform best. <\/p>\n<p>The worst-performing sectors under a Democratic presidency are real estate, utilities and consumer staples, while under a Republican presidency they are communications services, utilities and consumer staples.<br><br><\/p>\n<p><strong>Average sector performance 1 year after start of mandate 1993-2020 (%)<\/strong>\n<\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/OrqP1.e0d1427c6ec0a92ce32e72570981f0cb.jpg\" data-image=\"40cd8e0dfa74281a896302864f909f59\" style=\"width: 1184px; max-width: 370px; height: 264px;\" width=\"1184\" height=\"844\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(23, 143, 0);\">\u25a0<\/span><\/strong> Average perf. all mandates (%) <strong><span style=\"color: rgb(248, 66, 17);\">\u25a0<\/span><\/strong> Republican mandates perf. (%) <strong><span style=\"color: rgb(14, 92, 170);\">\u25a0<\/span><\/strong> Democrat mandates perf. (%)<\/span><\/p>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<h4><strong>WHICH SECTORS SHOULD OUTPERFORM AFTER THE ELECTION?<\/strong><\/h4>\n<p>Certain situations are more marked, and a Kamala Harris victory would clearly favour electric vehicle manufacturers, battery suppliers and utilities producing clean energy.<\/p>\n<p>On the other hand, Donald Trump's victory could favour financials in the short term, as the Republicans are likely to relax regulation of financial institutions. Oil stocks could also benefit from this result, bearing in mind that these stocks are more closely correlated with oil prices and the geopolitical situation in the Middle East than with the US presidential election.<\/p>\n<p>Indeed, the market often takes campaign promises at face value, only to be disappointed by what actually happens in the twelve months following the election. Donald Trump's pro-fossil fuel election rhetoric will not allow him, if he wins, to undo the IRA (Inflation Reduction Act), whose main aim is to stimulate investment in clean energy.<br><br><\/p>\n<h4><strong>DON\u2019T GAMBLE, FAVOUR DIVERSIFICATION<\/strong><\/h4>\n<p>Beyond the pre- and post-election fluctuations, it seems reasonable for investors to remain exposed to the equity markets while favouring diversification. Few sectors will be clearly favoured by the victory of either candidate, and their respective performance will depend more on the evolution of results, the macro-economy and geopolitics than on the political colour of the new president.<\/p>\n<p>In the United States, the main macroeconomic factors at the moment are the start of a 50bp cut in short-term interest rates, which could continue over the coming months. In theory, this should boost property, consumer discretionary, technology, construction, infrastructure and utilities.<\/p>","slug":"what-sector-exposures-should-we-take-before-the-us-elections","slugs":{"fr":"quelles-expositions-sectorielles-jouer-avant-les-elections-americaines","de":"what-sector-exposures-should-we-take-before-the-us-elections","es":"what-sector-exposures-should-we-take-before-the-us-elections","pt":"what-sector-exposures-should-we-take-before-the-us-elections"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Hubert de Marliave"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-25-14-42-27-846-MiiVxNO6PDNPR8fk64W2.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":373,"title":"Industrial relocation in the United States","content":"<h4><strong>AN OPPORTUNITY THAT COULD BE WORTH TRILLIONS OF DOLLARS<\/strong><\/h4>\n<p>Global manufacturing is undergoing a profound transformation, with the United States at the center of this change. After decades of offshoring and reliance on international supply chains, the pendulum is swinging back toward domestic production. This shift \u2013 commonly referred to as \u201cReshoring\u201d or \u201cOnshoring\u201d \u2013 is not a temporary trend but a strategic realignment of production capacity on a global scale.<br><br>\n\nThe US is now at the dawn of a reindustrialisation era, representing a multi-decade investment opportunity that Morgan Stanley analysts estimate to be worth $10 trillion. This shift has the potential to restore organic growth in the American industrial economy, which has seen years of stagnation. The relocation of production to the United States is driven by a set of factors that make domestic production both viable and profitable. The COVID-19 pandemic exposed the vulnerabilities of extended supply chains and the risks of overdependence on foreign production. At the same time, the widespread adoption of advanced technologies such as automation, artificial intelligence, and advanced robotics has diminished the cost advantage of low-wage countries. With a strong tech sector and a thriving innovation ecosystem, the US is particularly well-positioned to capitalise on these advantages and revitalise its industrial base.<br><br><\/p>\n<h4><strong>THE IMPACT OF THE PRESIDENTIAL ELECTIONS<\/strong><\/h4>\n<p>China has been exerting significant pressure on US policy for some time, a point on which both Democrats and Republicans seem to agree. The first administration of Donald Trump oversaw the swift implementation of numerous trade barriers. Over the course of just a few months in 2018, Trump imposed tariffs on solar panels, washing machines, steel, and aluminum, along with a separate tariff specifically targeting Chinese imports.<br><br>\n\nWhen Joe Biden took office, he went even further in addressing sensitive technologies. Biden maintained the tariffs introduced by Trump and used China\u2019s influence as a catalyst to pass major legislation. This included the Infrastructure Investment and Jobs Act (IIJA) in 2021, followed by the CHIPS and Science Act in 2022 \u2013 both explicitly designed to strengthen US competitiveness with China in areas such as infrastructure, scientific development, and semiconductor manufacturing. Biden also passed the Inflation Reduction Act (IRA), which contains multiple provisions to promote the purchase of American-made products and encourage the reshoring of supply chains. With Trump returning to the White House, we could see a shift in priorities that may notably impact the provisions of the Inflation Reduction Act (IRA). In an extreme scenario, Congress could even propose a full repeal of the act. Short of a full rollback, it is reasonable to expect some cuts to subsidies for solar and wind energy, which currently account for about one-third of the total funding under the IRA. Similarly, tax incentives for electric vehicles (EVs) could also be scaled back. Meanwhile, the new administration is already considering a relaxation of carbon dioxide emissions requirements for new cars and light trucks, as part of its broader plan to dismantle Biden-era policies. Furthermore, it is likely that Trump will continue to politicize EVs, portraying them as a benefit to China\u2019s economy. As part of this narrative, he may seek to replace IRA-related credits with alternative incentives, such as a \u201cMade in America\u201d car purchase program, aimed at supporting domestic manufacturing.<br><br>\n\nOn the other hand, manufacturing incentives are expected to remain intact. According to the E2 Group, approximately 90% of the capital released so far under the IRA and the CHIPS Act has been invested in Republican constituencies, creating jobs and fostering economic growth \u2013 benefits that Republicans would be reluctant to forfeit. This dynamic complicates the political landscape surrounding these laws. However, it is easier for a president to suspend expenditures that have not yet been committed. In this regard, Trump has pledged to redirect unallocated funds toward other projects, such as roads, bridges, and dams. This explains why Biden is currently rushing to spend the remaining balance by allocating grants for the projects originally planned under the IRA and CHIPS Act. That said, Trump is, above all, a deregulator at heart. As a result, while the green transition may take a back seat, the US industrial sector could actually benefit from a loosening of safety standards and environmental regulations, which many American businesses have long considered overly restrictive.<br><br>\n\nMoreover, Republicans often advocate for energy efficiency over the use of renewable energy, with their priorities generally driven by economic pragmatism. As a result, the provisions of the IRA that directly support innovations such as automation, energy-efficient machinery, and advanced materials are likely to remain intact, as they align with goals related to cost reduction and competitiveness. Similarly, the development of energy storage equipment and the enhancement of electric transmission infrastructure should be less exposed to budget cuts, as they offer clear benefits to American businesses.<br><br>\n\nBroadly speaking, Republicans are unlikely to deviate significantly from their core strategy of economic protectionism. However, it is important to acknowledge that some of the policy initiatives could have a negative impact on the industrial activity. As we already know, Trump is considering a significant increase in tariffs, aimed in part at boosting domestic production and bringing industrial jobs back to the US. However, some companies \u2013 particularly in the automotive sector \u2013 may face higher production costs, which could weigh on their profitability. In practice, it is likely that part of these tariff costs will be passed on to consumers through higher prices.<br><br>\n\nOn the labor market front, the new president has pledged to restrict immigration, particularly for low-skilled workers. In addition, he has announced plans for a large-scale deportation of migrants who arrived after 2020 \u2013 a goal that will likely face significant legal and logistical challenges. Nevertheless, this tightening of immigration policy would reduce the pool of available workers in sectors such as agriculture, food processing, and construction, potentially driving wage inflation. In this sense, contrary to popular belief, this foreign labor force would not be easily replaced by American workers. That said, some argue that Trump may not necessarily follow through on everything he has announced. The president often uses bold initial statements as a negotiation tactic to achieve his goals through compromise.<br><br>\n\nRegardless, the United States remains in a position of strength, as its economy is largely self-sufficient, with most economic activity taking place within the country rather than through trade with other nations. In fact, if we consider the total value of traded goods \u2013 imports and exports combined \u2013 foreign trade accounts for 30% of the European GDP, 33% of China\u2019s GDP, but only 19% of the US GDP. As a result, it is more likely that we will see foreign production facilities relocate to the United States, rather than material international tariff retaliation.<br><br>\n\nIn conclusion, one thing is certain: for Trump, \u201cmaking America great again\u201d is just as essential as it was for Biden. However, this is only one part of the narrative. A common driving force is also rooted in China and the bipartisan consensus that the United States must act to counter the country\u2019s growing industrial and military power. As long as this consensus endures, one can expect the movement toward industrial reshoring in the US to continue, with a significant portion of the initiatives introduced under Biden being preserved in one form or another. Political uncertainties are likely to diminish once Trump\u2019s cabinet appointments are finalised, allowing free enterprise \u2013 backed by domestic stability and a shared sense of defense \u2013 to become the prevailing norm.<br><br><\/p>\n<h4><strong>WHAT ABOUT THE \u201cTRUMP TRADE\u201d?<\/strong><\/h4>\n<p>Every new presidential term begins with speculation about the winners and losers in the markets. In reality, the impact of political direction on markets tends to be short-lived. As a result, many of the anticipated bets following Trump\u2019s victory could ultimately prove disappointing.<br><br>\n\nIn 2016, Trump\u2019s presidency was expected to drive stronger economic growth, reduce administrative hurdles, lower taxes, and increase infrastructure spending. These measures were anticipated to benefit yields, the US dollar, banks, energy, industrials, materials, and small-cap stocks, while negatively impacting emerging market (EM) equities. However, things did not unfold exactly as expected.<br><br>\n\nWhile the industrials and materials sectors did perform well, the biggest winner turned out to be the technology sector, driven by the surge in remote work triggered by the COVID-19 pandemic. The pandemic also played a key role in the outperformance of the consumer discretionary sector, which was fueled by government fiscal stimulus that boosted household spending. Of course, no one in 2016 could have predicted that a pandemic would strike three years later. But that is precisely the issue: market speculation based on political goals is often overtaken by \u201cknown unknowns\u201d and \u201cunknown unknowns\u201d. The energy sector, which was expected to be a strong performer, ended up being the weakest link. This underperformance was not solely due to the pandemic that struck toward the end of Trump\u2019s term; the sector had already ranked among the worst performers in his first year in office. Small and mid-cap stocks outperformed large caps in Trump\u2019s first year in 2016, but the latter ultimately delivered stronger returns over his full term. The US dollar initially rallied at the start of his presidency, but it quickly gave up all its gains and ended the four-year period with a net decline. As for emerging market (EM) equities, far from weakening as expected, they nearly matched the performance of US small-cap stocks.<br><br>\n\nWhen Biden was elected in 2020, it was naively expected that the energy sector would suffer due to the shift toward renewable energy, ESG criteria, and the gradual phase-out of hydraulic fracturing. However, the lifting of lockdowns and the global economic recovery drove oil prices higher, a trend that was further exacerbated by the war in Ukraine. As a result, the energy sector became the biggest winner under the Biden administration. The healthcare sector, which was expected to perform well, instead ended up among the worst performers. Utilities, which were supposed to benefit from the renewed focus on renewable energy, were undermined by rising interest rates. Once again, the technology sector took the lead, driven by the rise of artificial intelligence.<br><br>\n\nThe problem with politics is that it generates an extremely high noise-to-signal ratio: a lot is said, but very little is delivered in line with expectations. Announcements are often not followed by actions at the anticipated scale \u2013 or sometimes not at all. As a result, using politics as an investment guide is a fast track to failure. This holds true at all times but is especially relevant with a president as unpredictable as Trump. A disciplined approach focused on fundamentals \u2013 such as liquidity conditions, market valuations, and macroeconomic trends \u2013 provides a more stable and effective framework for making investment decisions.<br><br>\n\nNonetheless, it appears that American companies are becoming increasingly optimistic about their prospects. This sentiment has been reflected in the results of several regional manufacturing surveys published after Trump\u2019s victory. Notably, the New York Fed\u2019s Empire State Manufacturing Index recorded its strongest increase in November since June 2020, when the economy was emerging from the initial impacts of the pandemic. It may take some time for this corporate optimism to translate into tangible results, especially as the Federal Reserve seems poised to adopt a more gradual approach to lowering interest rates in the coming months. The latest ISM survey results indicate that, although manufacturing activity remains weak, signs of a rebound in orders and positive feedback from certain sub-sectors point to stabilisation in the industrial sector, with potential for expansion as early as next year.<br><br><\/p>\n<p><strong>S&P 500 \u2013 Sector performance \u2013 Total return<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/GdqZN.5cec1804fa5564818eaef01e6e6861e8.jpg\" data-image=\"d72821a625f436787ff245cfe9a04e1f\" style=\"width: 995px; max-width: 370px; height: 154px;\" width=\"995\" height=\"414\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(77, 132, 199);\">\u25a0 <\/span><\/strong>Trump: 2016-2020 <strong><span style=\"color: rgb(224, 92, 17);\">\u25a0 <\/span><\/strong>Biden: 2020-2024<\/span><br>\n<span style=\"font-size: 12px;\">Source: Bloomberg<\/span><\/p>","slug":"industrial-relocation-in-the-united-states","slugs":{"fr":"la-relocalisation-industrielle-aux-etats-unis","de":"industrial-relocation-in-the-united-states","es":"industrial-relocation-in-the-united-states","pt":"industrial-relocation-in-the-united-states"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Tim Safarov"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Equity Analyst"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-28-12-24-23-949-7vEWrZN7NbHLY3BvXcMq.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":125,"title":"WHAT COOKIES DO WE USE?","content":"<!--StartFragment--><p><strong>Technical cookies<\/strong><br>Technical cookies are vital to the successful functioning of the website. These cookies enable you to browse our website and take advantage of its features. Therefore, these settings cannot be changed.<\/p>\n<p><strong>Analytical cookies<\/strong><br>These cookies enable the gathering of information on how visitors use a website (e.g. number of visits, most visited pages, most consulted content). They enable us to find out how our website is used and how it performs, to gather statistics and to monitor traffic volumes in order to improve the interest and ergonomics of our services.<\/p>\n<p>These cookies are for internal use only.<\/p>\n<p><strong>Shared cookies<\/strong><br>Our site contains sharing links to external social media sites enabling you to share content from our site with others. When you agree to the use of cookies in general, a third party cookie, relating to the social network in question, may be installed. Sharing buttons allow the content viewed to be linked to your user account if you are simultaneously logged into the social network.<\/p>\n<p>Third parties such as Google may also install cookies when you access videos hosted on a third party platform such as YouTube, Facebook, Instagram, etc.<\/p>\n<p>Please note that third party websites have their own privacy policies and you should be aware of them.<\/p>\n<!--EndFragment-->","slug":"what-cookies-do-we-use","slugs":{"fr":"quels-sont-les-cookies-utilises","de":"what-cookies-do-we-use","es":"que-cookies-se-utilizan","pt":"que-cookies-sao-utilizados"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":384,"title":"Thematic investment: Seizing future opportunities","content":"<h4><strong>LONG-TERM, GROWTH ORIENTED, MULTI-SECTOR, MULTI-GEOGRAPHIES  <\/strong><\/h4>\n<p>There is no single definition of thematic investing. Having this, spotting secular trends deeply changing the value chain of the global economy, shifting profit pools and generating investment opportunities, seems a good definition. These secular trends essentially result from demographic, technological, geopolitical and environmental changes, enabling to go beyond traditional sector-based\/regional investment allocation.<br><\/p>\n<p>The hallmark of thematic investing is its focus on growth, across several sectors and geographical areas. Thematic investing stands out from traditional segmentation like regions, or sectors, focusing instead on global megatrends often outpacing the world economy. This excludes, for example, strategies focused on a country or a sector at large (Communications, Consumer Staples, etc.) and adding an ESG screen to a non-thematic fund (e.g. a sector fund) would not make it thematic.<br><\/p>\n<p>With thematic investments, investors aim at achieving superior long-term performance. Theme growth is fairly independent of business cycles and usually exceeds world economy growth on a timeframe above 5 years. <br><\/p>\n<p>Combined AUM (Assets under management) in global thematic ETFs and thematic funds domiciled in Europe, stand at \u20ac535 billion vs. around \u20ac100 billion in 2015 (Sources: WisdomTree). The bulk of these ETFs and funds are invested in equities. <br><\/p>\n<p>We show below a table of thematic classification based on the four structural evolutions taking place over time, shaping investment related themes and sub themes. These are technological shifts, demographic and social shifts, geopolitical transformations, and environmental pressures.<br><br><\/p>\n<p><strong>Thematic classification<\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/TVEMt.1b360dc6d1e366c0d79c8f6525ec0317.png\" data-image=\"31b548a84e470cac2e715553eafb8386\" style=\"width: 1136px; max-width: 100%; height: 494px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: WisdomTree<\/span><br><br><\/p>\n<h4><strong>A FORWARD-LOOKING INVESTMENT STRATEGY<\/strong><\/h4>\n<p>Unlike conventional investment strategies tied to economic indicators, thematic investing thrives independently, driven by secular trends. For instance, the rise of internet users has significantly outperformed global economic growth over the past 25 years (+18% p.a. \/ +4%). Nowadays, themes such as artificial intelligence (AI), ageing, clean energy, digitalisation, and automation present substantial growth opportunities, with estimated growth rates ranging from 5% to 40% per annum over the next 5 years. At the same time, whereas a secular trend will single out companies benefiting from it, it is also a way to spot companies which will suffer from it, creating de facto \u201cnegative\u201d themes. For instance, AI expansion is expected to impact negatively customer services and call centres, as well as some segments of media and advertising. There exist specific short ETFs (for instance \u201cAI losers\u201d) allowing to bet against companies supposed to suffer from AI expansion.<br><\/p>\n<p>Thematic investing enables to go beyond industry boundaries, reducing reliance on specific sectors and increasing exposure to transformative trends. Take AI, it impacts technology, healthcare, and energy simultaneously, offering diversified investment potential. Likewise changing business models enabled by technology, such as subscription-based services (e.g. Spotify, SaaS companies) have reshaped consumers\u2019 and companies\u2019 behaviour. <br><br><\/p>\n<h4><strong>A STRATEGIC PORTFOLIO TOOL AND A COMPLIMENTARY APPROACH <\/strong><\/h4>\n<p>Thematic investing provides a valuable tool for portfolio construction. For some investors, thematic portfolios offer a clearer and more compelling investment narrative compared to traditional sector or geography-based allocations. Thematic investment enables to build a portfolio, but also analyse an existing portfolio and reorientate its wished thematic exposure. <br><\/p>\n<p>The thematic approach implies being exposed to several sectors. For instance, the electrification theme will include companies from the following sectors: Utilities, Energy Management, Cable manufacturer, EV manufacturer, Battery producer, Heat Pump, Solar-Wind Power and Green hydrogen. ETFs or equity funds focusing on specific financial metrics, for instance dividend growth, may also be part of a thematic investment strategy.<br><\/p>\n<p>Large companies are more likely to be exposed to several themes enabling diversification. Typically, large US tech companies are exposed to technological shifts. For instance, Microsoft within technology is exposed to digitalisation, AI, cloud computing, cybersecurity as well as video games. Another example is Schneider, the French company exposed to AI, electrification and automation.<br><br><\/p>\n<h4><strong>KEY RISKS TO CONSIDER <\/strong><\/h4>\n<p>While thematic investing presents attractive opportunities, it is not without risks. The market timing risk is significant, as overhyped themes can lead to investment bubbles. For example, when investors\u2019 enthusiasm outpaces real growth, themes may be overbought. Making the distinction between a momentum theme and a long-term theme is also key. With the benefit of hindsight, the \u201cTrump play\u201d favouring some themes (onshoring, deregulation) did work a few months after the US presidential elections, but rapidly came out of favour, following tariff decisions, negatively impacting the US economy.<br><\/p>\n<p>Regulatory and political risks also pose challenges: renewable energy stocks, for instance, suffered setbacks following political shifts, such as the election of Donald Trump. Indeed, this resulted in significant outflows from \u201cgreen\u201d ETF funds after the US elections. At the same time, geopolitical shift\u2019s themes experienced simultaneously strong inflows led by the rise of tensions. <br><\/p>\n<p>Some themes may also face concentration risks, where a lack of diversified investment opportunities within the theme could lead to vulnerability (lack of liquidity), meaning that the \u201cinvestability\u201d of a specific theme must be monitored.<br><\/p>\n<p>While most themes do warrant long-term structural growth, they do not necessarily warrant profitability and value creation in the short-term. As innovation and regulations evolve, thematic investment strategies have to adapt. Some themes show unattractive financial performance, as the underlying companies are in the initial investment phase with profitability expected to take place when economies of scale are achieved.<br><\/p>\n<p>The performance volatility of thematic funds is another issue. Thematic investments also see a strong rotation in performance, raising the issue of diversification. According to WisdomTree, year on year performance of the different investment themes is very volatile and may also widely differ from key equity benchmarks. An allocation built from diversified thematic may be a way to offset the lack of diversification that may arise from thematic investing.<br><br><\/p>\n<h4><strong>SPOTTING EMERGING TRENDS IS PROBABLY THE KEY TO OUTPERFORMANCE<\/strong><\/h4>\n<p>Thematic investing is here to stay. This is clearly a long-term approach, not necessarily warranting a steady outperformance as careful consideration of risks\u2014valuation bubbles, regulatory changes, and concentration\u2014remains crucial. <br><\/p>\n<p>\n<\/p>\n<p>Spotting emerging themes reflecting shifts in demography, lifestyle, technology breakthrough and new use, geopolitics and environment is probably key to outperformance. Indeed, when a theme starts to be adopted widely, it does not take much time for the underlying stocks to outperform as the new theme ETF and Fund have to buy these stocks.  <br><\/p>\n<p>By the way, AI is clearly a powerful tool for identifying new investment themes, leveraging its ability to process and analyse vast amounts of data to uncover emerging trends and match them with companies well-positioned to capitalise on shifting demand.<br><br><\/p>\n<p><strong>Thematic Investing: SWOT analysis<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/9RtOh.12e3b6de52a41ffe41f597dd2d6cb245.jpg\" data-image=\"910aea6fbf8a14ea2fdafc1666a065e8\" style=\"width: 987px; max-width: 370px; height: 352px;\" width=\"987\" height=\"939\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Gonet & Cie SA<\/span><br><br><\/p>","slug":"thematic-investment-seizing-future-opportunities","slugs":{"fr":"investissement-thematique-saisir-les-opportunites-du-futur","de":"thematic-investment-seizing-future-opportunities","es":"thematic-investment-seizing-future-opportunities","pt":"thematic-investment-seizing-future-opportunities"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Hubert de Marliave"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2024-3-25-14-42-27-846-MiiVxNO6PDNPR8fk64W2.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":161,"title":"CIO LETTER APRIL 2021 - ISSUE 5","content":"<p>CIO LETTER - ISSUE 5<br>APRIL 2021<\/p>","slug":"cio-letter-april-2021-issue-5","slugs":{"fr":"cio-letter-avril-2021-n-5","de":"cio-letter-april-2021-n-5","es":"cio-letter-april-2021-issue-5","pt":"cio-letter-april-2021-issue-5"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-14-35-843-rL063VTlIVNKauDq18cY.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"name":{"id":193,"name":"name","label":"Name","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":""},"image":{"id":195,"name":"image","label":"Image","value":null}},"collection_type":"publications"},{"id":190,"title":"The supply shortage","content":"<p>In the aftermath of the 10% plunge in global GDP last year, the global economy has staged a remarkable rapid recovery. The US economy grew almost as much in the first six months of the year as some forecasters expected for the entire year. The quick recovery highlights the resilient human nature, and the effectiveness of policy supports which have mitigated the shock on the private sector. However, as impressive as the first steps have been, the recovery remains incomplete. Global GDP is more than 2% below its pre-pandemic path while the recent downshift in momentum may raise questions. <br><br>Global manufacturing PMI fell from 55.4 to a six-month low of 54.1, indicating a modest cooling at a still-solid rate of improvement. Growth decelerated in major markets including the US and euro area and slipped into contraction in Asia. Although the Delta variant has led to some concerns, the economic slowdown is mostly linked to the supply chain issues. Indeed, as companies have been pointing out for months, we are facing an unprecedented supply shortage. Delivery times and transportation costs remain near record highs while businesses complain they cannot find enough workers to meet demand. There are 1.2 available jobs per unemployed person in the US, while new orders to companies are growing much faster than production. However, most CEOs expect these disruptions to last longer. <br><br>This imbalance between the strong demand and the weaker supply has resulted in higher prices. US core inflation rose 4.3% over the last 3 months, the highest level since 1990. Despite the slight easing in August, we continue to see higher prices in many areas. The \u201ctrimmed mean\u201d inflation, which excludes the most volatile components, has reached 3%, the highest since 2008. The transitory idea that looks appealing is getting more and more challenged, as we feared in our previous CIO Letter.<br><\/p>\n<p><strong>\u201cTrimmed\u201d US Inflation<\/strong><\/p>\n<figure style=\"max-width: 383px;\"><img src=\"\/uploads\/qKjC6.d8535d6132bf25a42cf7d35d21b35319.png\" data-image=\"585f5f738272b3b6f3a956cd12b36d8c\" width=\"383\" height=\"209\" style=\"width: 383px; max-width: 383px; height: 209px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Gonet & Cie SA, Bloomberg <\/span><br><br><\/p>\n<p>Going forward the key factors that would determine whether the rise in price is permanent are inflation expectations and wage pressures. The bond market still expects the inflation to be transitory. However, US consumers\u2019 inflation expectation over the next 3 years increased to a median of 4%, the highest since 2013. At the same time, the labor shortage is forcing companies to battle with rising wage pressures. The Atlanta Fed\u2019s Wage Growth tracker is showing wages rising at a 3.9% pace, while growth for the 25% lowest-earnings workers is running at 4.8%.<br><br><\/p>\n<h4><strong>HOW THE FED SHOULD REACT? <\/strong><\/h4>\n<p>This unique environment puts the Fed in a difficult position \u2013 having to taper due to high inflation levels, or not doing so due to the slowing economic recovery. As we said in our previous CIO Letter, we do not think the US economy needs $120 billions of QE per month anymore. The monetary policy cannot solve the current supply issues. Actually, the QE could create excesses and imbalance, for instance, in the already hot housing market. Many Fed members recently expressed concerns. The recent speech from J. Powell at Jackson Hole focused on the post-QE area, almost assuming the tapering was a \u201cdone deal\u201d.<br><br>\nThe other reason to reduce asset purchases is to buy \u201cinsurance\u201d. Monetary policy takes between 12-18 months to influence the real economy. Therefore, the Fed has to act early, although the current economic situation is very difficult to forecast. For the moment, the Fed remains officially in the \u201cinflation transitory\u201d camp but they recently acknowledged that the peak in CPI was higher than expected. Moreover, despite the recent slowdown in the economic recovery, the demand remains strong. What will happen if the inflation is finally stuck around 3%, well above the Fed\u2019s target? The huge amount of liquidity could create massive imbalances, causing much higher damages than being \u201ctoo early\u201d.<br><br><\/p>\n<h4><strong>WHAT ABOUT THE DOLLAR?<\/strong><\/h4>\n<p>We think the current environment is positive for the dollar. The peaking of global growth could mark the end of the USD cyclical decline that started in April 2020. The dollar remains a counter-cyclical currency, which tends to underperform when global growth is strong and inversely. Moreover, even if global growth is rebounding, the Fed\u2019s path towards normalisation should still support the USD. Actually, there is a chance that the Fed moves quicker than expected and finishes QE by mid-2022. In this scenario, it remains uncertain how much the USD would rally, as other central banks have also started moving. Although the market has not embraced the dollar yet, we stand ready.<\/p>","slug":"the-supply-shortage","slugs":{"fr":"la-penurie-de-loffre","de":"the-supply-shortage","es":"the-supply-shortage","pt":"the-supply-shortage"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-28-13-550-WlnKG23qBG3raPb2CG7m.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":196,"title":"On the road to standardisation","content":"<p>Since the publication of the Q321 CIO letter, the macro backdrop hasn\u2019t really changed. Actually, economic data were ahead of expectations over the last three months and continue to point to strong growth. As we move into 2022, the consensus expects the US economy to grow by 3.8%, versus 5.5% in 2021. From 2010 to 2020, US GDP grew at a 2.2% annual rate. In 2022, we should still be well above trend. <br><br>The consensus underestimated how strong the US economy would be in 2021. At the end of 2020, economists forecasted the US economy to grow by 3.9%. Reopening the economy and massive fiscal stimulus boosted private consumption. The lift has been so great that the economy struggled to meet demand, producing one of the hottest years for inflation in decades. The consensus expected inflation to ease to around 2% in 2021; it surged to 5%. <br><br>Going into 2022, we continue to see a positive macro story in the US. The labour market has recovered at a blistering pace of about 550,000 jobs gains per month in 2021. The unemployment rate fell to 4.2% in November, from 6.7% at the end of 2020. However, the labour force participation rate remains 1.2% below the pre-covid level. <br><br>Wage growth was 4.3% yoy in November, the highest since 2007. Hiring struggles and elevated turnover led corporates to raise wages and offer bonuses. Higher wages should be positive for consumption and would further fuel employment. <br><br>Real demand has been very strong. Nominal GDP is 0.8% above the pre-covid trend despite five million fewer workers. Real GDP grew 4.9% in Q321, versus 12.9% in Q2 , and is expected to have re-accelerated to 8% in Q4. Real personal spending and retail sales increased by 6.8% yoy and 9% yoy over the last three months, well above trend. Some would say this is a sharp deceleration from Q2. Indeed, we are reverting to the mean, which is understandable. <br><br>Household and corporate balance sheets are in very strong shape. US consumers have significantly deleveraged since the GFC (great financial crisis) and have recently accumulated a record amount of excess savings. US corporates refinanced a lot of debt over the last 18 months to take advantage of low rates. They also improved their profit margins to record highs. <br><br>The unusual combination of both strong real demand and limited supply pushed US core inflation above 4% yoy, the highest since 1990. The boost to inflation was initially concentrated in goods, but it has recently spread to services as well. Inflation in the goods sector should ease in 2022. However, as consumer spending rebalances towards services, demand for labour in services may rise beyond already elevated levels. The other factor to follow is home prices, up 20% yoy while owners\u2019 rent is only up 2.9% in the CPI basket. It is the highest component of the basket (23%), and could easily rise by 5\u20136% yoy in 2022. <br><br>The macro environment is slightly different in Europe. Economic growth is strong, but nominal GDP is still below trend, wage growth is at 3% and core inflation has risen less than that of the US. Actually, what sets the US apart is massive fiscal stimulus-inflated demand. In the EU, although the fiscal policy response was unprecedented, it was much smaller than in the US. <br><br>The picture is even more different in China. Growth momentum softened through 2021 owing to policy choice, with monetary and fiscal policy normalisation, sector policy tightening (real estate) and new regulations in sectors such as internet. Moreover, China\u2019s \u201czero-Covid\u201d policy has also constrained private consumption and industrial production. <br><br>In this context, as we previously said, the Fed needs to act. It initially announced $15 billion per month in tapering , but recently put faster tapering on the table. Indeed, J. Powell finally stopped using the word \u201ctransitory\u201d to describe inflation. That took a long time, but the Fed finally acknowledged it mischaracterized the inflation surge. We agree that it doesn't have the tools to fix supply chains or increase labour force participation. However, the risk would be to de-anchor inflation expectations, resulting in persistently higher inflation and damaging the Fed\u2019s credibility. It is a risk management approach. <br><br>The rates market has priced in three hikes in 2022, which may be too aggressive. However, investors are betting that Fed rates will peak at the end of 2023 at 1.50%, compared to 2.50% in the previous cycle. Bond-market pessimism on future economic growth may be true, but is currently hard to square with the positive macro environment and strength in equities and credit.<\/p>","slug":"on-the-road-to-standardisation","slugs":{"fr":"en-route-vers-la-normalisation","de":"on-the-road-to-standardisation","es":"on-the-road-to-standardisation","pt":"on-the-road-to-standardisation"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":202,"title":"Has the Fed turned?","content":"<p>As we said in the previous <em>CIO Letter<\/em>, Q2 would be very important to judge the Fed\u2019s reaction to higher inflation numbers. Indeed, back in March, the Fed emphasized that the threshold to act was much higher than in the past. However, the US recovery was accelerating faster than expected, the vaccination was ahead of plan and inflation pressures were emerging.<br>\n<br>The first FOMC meeting, on April 28th, following the publication of our previous <em>CIO Letter<\/em> was very dovish. Despite the strong US recovery and the vaccination rollout, Chair Jerome Powell repeated that the FOMC committee was not \u201cthinking about thinking about tapering\u201d.<br>\n<br>Following this meeting, we got two disappointing job reports. However, it was probably due to the excessive unemployment benefits and other Covid related constraints, which discouraged people from getting back to work. Indeed, other indicators such as job openings or the difficulty to hire workers pointed to a stronger recovery.<br><br><\/p>\n<h4><strong>TEMPORARY INFLATION?<\/strong><\/h4>\n<p>At the same time, US core inflation surprised positively in April and May. The biggest part of the overshoot came from Covid-19 related parts of the economy while the non-Covid part was still behaving somewhat better. However, it is still very difficult to know when the current CPI surge will peak: does \u201ctemporary\u201d mean 3 months or 12 months? On the other hand, some Fed regional surveys are pointing to higher wage inflation amid a massive labor shortage and strong demand. While a temporary inflation overshoot remains our base case, the risk of higher inflation in the next 12 months increased again during Q2.<br>\n<br>Despite the stronger inflation prints, US yields fell from a peak of 1.77% in March to 1.50% in June. The Fed probably convinced the market that the inflation overshoot would be temporary. Nevertheless, investors have built significant short US Treasury positions since November 2020, and the recent pullback in yields may be only technical.<br>\n<br>The second FOMC meeting in Q2 took place on June 16th. Before the meeting, some FOMC members voiced their interest in taking the first step toward paring back the easy money policy. At the same time, large amounts of short USD positions had built up ahead of the meeting, which told us that the market expected a dovish outcome. However, this time, the Fed was surprisingly hawkish. The 2023 median \u201c dot plot \u201d went up to two hikes from zero while seven members now expect a rate hike in 2022, up from four in the March projections. Powell still characterized higher inflation as transitory, but acknowledged this time that the risk of higher inflation may last longer as demand rebounds faster than supply. On tapering, Powell noted that this meeting was one where they were \u201ctalking about talking about tapering\u201d.<br><br><\/p>\n<h4><strong>A BALANCING ACT<\/strong><\/h4>\n<p>Despite the change in rhetoric from the Fed, it would be premature at this stage to draw any firm conclusions on the Fed\u2019s reaction capacity. Some analysts are already claiming that we can forget the new average-inflation target framework of the Fed. We do not think so. Indeed, it is important to remind ourselves, that Powell is a very pragmatic governor who delivers straightforward messages based on what he sees in the economy. No matter how everyone feels about the recovery, the economy is not at emergency levels anymore. Therefore, it makes little sense for the Fed policy to be set at March 2020 levels, Powell perfectly understands that. On the other hand, the last 10 years showed us that generating inflation remains a difficult task. Therefore, the benefits of being patient outweigh the risk of being behind the curve, which justifies the average-inflation targeting framework.<br>\n<br>Moreover, Powell does not want to repeat the communication error Bernanke made in 2013 during the taper tantrum. Powell made clear, their policy would be outcome-based, improving the transparency of their policy. Today the effective unemployment rate is probably around 6.5%, the US economy is growing at a 10% annualized rate, inflation pressures are building up and the bond market is functioning well. Although it is premature to hike rates, it is definitely the time to start \u201ctalking about talking about tapering\u201d.<br>\n<br>Nevertheless, the sharp change in expectations does not yet take financial conditions to any dangerous place. Entering the June FOMC meeting, financial conditions were extremely loose. For the first time on record, junk bonds were yielding less than inflation. After the hawkish meeting, the 10-year yield is still well below its peak reached in March. Indeed, the bond market already had one tantrum in Q1 this year, and Powell may have taken the opportunity during the June meeting to shift expectations when people were ready, even if they did not expect it. As a result, we might have a small correction in equities, but with the 10-year yield around 1.60%, we do not think there is a reason to panic ahead of the summer.<\/p>","slug":"has-the-fed-turned","slugs":{"fr":"la-fed-a-t-elle-change-de-cap","de":"has-the-fed-turned","es":"has-the-fed-turned","pt":"has-the-fed-turned"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":208,"title":"New financial orthodoxy","content":"<p>The Covid-19 crisis acted as a catalyst that allowed policy-makers to throw away their previous framework and focus on a new orthodoxy. From 2010 to 2020, the monetary policy was offsetting the fiscal policy. Today, both work together while rising deficits or a higher risk of inflation overshoot do not justify a pre-emptively policy tightening anymore.<br>\n<br>The US government should provide discretionary stimulus of at least 11% of GDP in 2021, three times the estimated output gap, a record for an OECD country. An extra $2-3tn package, focusing on infrastructure and climate change, could be voted later this year, while Biden has pledged not to rise taxes on families earning less than $400k a year. This is in stark contrast to 2008, when most experts called for spending cuts and deleveraging which ultimately strengthened balance sheets but led to a secular stagnation cycle and rising inequality. As America becomes more polarized, a priority for the US government is also to narrow income disparity. Today, the top 10 percent account for 50% of the national income, a record since 1920. The $1.9tn package, including generous benefits for low-income Americans, contrasts with the Trump tax cut bill that mostly benefitted corporations and richer Americans.<br>\n<br>The fiscal stimulus in Europe in 2021 will fall behind the US, but will remain historically high. The European Commission recently proposed to keep the bloc\u2019s fiscal rules suspended for another year, while Germany officially announced the suspension of the debt limit in 2022. However, the IMF estimates the fiscal deficit at 5.9% of GDP in 2021, half that of the US, despite a much larger output gap and a slower vaccination campaign. There is a growing debate that Europe may not be acting fast and big enough. While the US is expected to catch up with its pre-pandemic path of growth later this year, it will likely take several years in Europe. The fiscal policies have also geopolitical implications. China is a big winner of the Covid-19 crisis, but the massive US fiscal stimulus may delay US\u2019s relative decline. However, Europe\u2019s lower fiscal package may accelerate its economic marginalization.<br><br><\/p>\n<h4><strong>THE DISCONNECT BETWEEN THE FED AND THE MARKET<\/strong><\/h4>\n<p>The Fed expects unemployment to fall to 3.5% in 2023, but does not forecast to hike until 2024. Meanwhile the market brought forward the timing of the first hike to early 2023 and added 2 hikes by the end of that year. Why is there such a disconnection between the Fed and the markets? In late 2013, when the Fed tapered, the unemployment rate was 6.9%, while the core PCE Index was 1.6%. Two years later, when the Fed hiked, the unemployment rate was 5.0%, the output gap was negative and the core PCE Index was 1.2%. The Fed used to act pre-emptively.<br>\n<br>Janet Yellen recently said the US economy could reach full employment in 2022. Inflation will rise well above 2% in the next few months, while the closing output gap next year will put further pressure on inflation. Therefore, it is understandable for the market to discount the first hike in early 2023 assuming the Fed starts a tapering in early 2022.<\/p>\n<p><br><strong>US Fiscal Deficit & Output gap<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/eKKzy.c3836acf068a9b227834e0adda226ac2.jpg\" data-image=\"e98c0c3596a53ebf29318968415a2b16\" width=\"566\" height=\"330\" style=\"width: 566px; max-width: 370px; height: 216px;\"><\/figure>\n<p><span style=\"font-size: 12px;\"><span style=\"color: rgb(84, 141, 212);\"><strong>\u2014<\/strong><\/span> US fiscal deficit in % of GDP<br><span style=\"color: rgb(152, 152, 152);\"><strong>\u2014<\/strong><\/span> US estimated output gap in % of potential GDP<br><\/span><br><\/p>\n<p>However, the key question is whether the Fed\u2019s reaction function has changed.<br>\n<br>Firstly, under the Fed\u2019s new inflation framework, there is no clear inflation target. The Fed will tolerate a period of above 2%, but we do not know the amplitude and the duration of the overshoot. It leaves the bar to act higher.<br>Secondly, the Fed clearly told us they have shifted towards an outcome-based guidance. It is not about inflation expectations anymore but the current data. Historically, the Fed had to pre-emptively act due to the lagging effect of the monetary policy. Today, the benefits to wait for more clarity \u2013 no one knows how quickly the unemployment will improve \u2013 outweigh the risk of being behind the curve. <br>Thirdly, the Fed is now looking more closely at measures such as minorities\u2019 unemployment or wage growth for low earners. Reducing inequality is part of the broader full employment definition amid a widening social gap since the global financial crisis and rising populism.<br>\n<br>Overall, it creates more uncertainty for investors. Over the last few years, the Fed was always behind the curve and adjusted the dot plot to the market based on the economic data. Today, the threshold to act seems much higher but the lack of pushback after the move in yields is also telling. The next few months will be important to judge the Fed\u2019s reaction function on the back of higher inflation prints.<\/p>","slug":"new-financial-orthodoxy","slugs":{"fr":"fin-dorthodoxie-budgetaire","de":"new-financial-orthodoxy","es":"new-financial-orthodoxy","pt":"new-financial-orthodoxy"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-28-13-550-WlnKG23qBG3raPb2CG7m.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":215,"title":"Monitary and Fiscal Policies","content":"<p>2020 has been a year like no other in memory. The Covid-19 crisis has caused the fastest bear market in history followed by the quickest rebound, supported by extraordinary monetary and fiscal actions. Central banks contributed to the dramatic easing in financial conditions while governments preserved jobs and production capacity.<br><br><\/p>\n<h4><strong>MONITARY POLICY OUTLOOK<\/strong><\/h4>\n<p>More than $10tn in central bank liquidity has supported the fastest-ever recovery in equity and credit markets. While the monetary impulse will fade in 2021, central banks will continue to maintain loose financial conditions. The Fed\u2019s priority will be to support the economic recovery. The next 3-6 months will be challenging as the virus continues to spread in the US. The Fed will probably conti nue to expand its balance sheet at the current pace, until the vaccine becomes widely distributed. However, the Fed is not enthusiastic about significantly expanding its balance sheet further. At this stage, it is too early for the Fed to reduce the pace of its purchases, but tapering discussions may emerge in 2021 depending on how the recovery unfolds. In late 2013, the Fed began to taper purchases while the unemployment reached 7%.<br><br>On the interest rate side, the new average inflation targeting has raised the bar for lift-off compared to previous cycles. There is still a considerable slack in the economy, and inflation should remain contained in the medium term. Fed members expect inflation to be below 2% until 2023 and rates to remain unchanged until 2024. However, a stronger global recovery could lead to a first hike in Q4 2023, which is the current market expectation. Finally, the election of former Fed chair Janet Yellen as the next Treasury Secretary will create an ideal framework for the Fed and the Treasury to work hand in hand in 2021 to support the economic recovery.<br><br>The ECB faces bigger challenges than the Fed: a weak inflation outlook, a double-dip recession and tighter financial conditions. Asset purchase programmes will continue through 2021 while the ECB will keep availability of TLTROs to ensure the continued transmission of looser monetary policy. If the Eurozone recovery gains momentum and the vaccine becomes massively distributed in 2H 2021, the ECB may reduce its PEPP purchases, but they will probably increase the flexibility of the APP. The ECB strategy review that will be completed in 2021 will likely include a commitment to let inflation overshoot. However, it will be a very difficult task for the ECB as the record low core-inflation may keep expectations at low levels, even in a reflationary environment. Therefore, the ECB should keep its policy rate at -0.50% for a number of years, with the risk still skewed to the downside. Last, but not least, the ECB will closely watch the pace of EUR appreciation, although there is not so much they can do.<br><br>At last, the SNB will stay in a reactive mode. FX interventions this year amount to 17% of GDP and are likely to remain the go-to measure in 2021 given its lack of alternative tools. A policy rate cut is still viewed as last resort given the limited impact on CHF outflows in a global low yield environment, while more local QE is limited by the small size of the Swiss bond market. Moreover, the US Treasury under the new management will probably be less likely to consider SNB's FX interventions as currency manipulation.<br><br><\/p>\n<h4><strong>FISCAL POLICY OUTLOOK<\/strong><\/h4>\n<p>The unprecedented fiscal policy response has short-circuited the negative feedback loop between income loss, reduced spending and bankruptcies. The fiscal impulse has been three times bigger than 2008\/09. Although, the net effect on global growth will turn negative in 2021, fiscal policy will remain a key source of support for the economy, as much of the monetary policy ammunition has been used up. Although the vaccine breakthrough is a game changer, it will probably be not a quick fix.<br><br>In the US, many provisions of the CARES act have expired. The estimate of the next fiscal package varies between $0.5 trillion and $2.5 trillion, depending on the make-up of the Senate. It will be much lower than 2020 as the US economy has been recovering since Q2. However, payrolls have so far only retraced 55% of the decline and the economic momentum recently slowed amid a resurgence of Covid-19 cases. Therefore, targeted fiscal measures will remain critical.<br><br>In the Euro area, the fiscal drag should be less pronounced next year. The draft of the 2021 budget shows a moderate tightening of 0.2% of GDP of the aggregate cyclically adjusted primary balance, driven by lower temporary income-support measures. Finally, the general escape clause will remain in place all of 2021 as EU countries aim to avoid the premature tightening that occurred after the 2008\/2012 crisis.<br><br><\/p>\n<h4><strong>CONCLUSION<\/strong><\/h4>\n<p>The pandemic has led to a major business cycle reset this year that will allow for a growth rebound in 2021. The policymakers \u201cput\u201d should remain in place in the first year of the economic restart. Central banks will maintain yields at low levels to prevent an unwelcomed tightening of financial conditions, while liquidity conditions will deteriorate from exceptionally high levels. On the fiscal front, there is still no appetite for austerity despite record debt ratios, as many have learned the lesson from the Global Financial Crisis. Governments will continue to support businesses and workforce, until the vaccin distribution opens the door for the restart.<\/p>","slug":"monitary-and-fiscal-policies","slugs":{"fr":"perspectives-des-politiques-budgetaires-et-monetaires","de":"monitary-and-fiscal-policies","es":"monitary-and-fiscal-policies","pt":"monitary-and-fiscal-policies"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":230,"title":"The Fed is playing catch-up","content":"<p>The Great Moderation from 1980 to 2020 was a welcome period of low inflation and stable growth after the Great Inflation of the 1970s. Reasons involve the rise of globalisation, sound monetary policies and some luck. Unfortunately, the pandemic brought one of the largest inflationary shocks, signalling the end of this golden era for central banks. <br><br><\/p>\n<h4><strong>END OF THE \u201cLUCKY STAR\u201d<\/strong><\/h4>\n<p>The lesson learned from the Great Financial Crisis was to go bigger and bolder on both the monetary and fiscal fronts. When the Covid crisis hit, policymakers acted accordingly. The fiscal stimulus exceeded the income loss. The Federal Reserve dramatically expanded its balance sheet (B\/S) to finance the deficit. The positive demand shock, often overlooked, pushed US nominal GDP 3% above its preCovid trend in 18 months but also brought inflation to a 40 year high. The luck part of the Great Moderation disappeared. Two years after the Covid-19 crisis, a war between Russia and Ukraine broke out, exacerbating inflationary pressure at the worst possible time.<br>\n<br>\nIn fact, the Fed lost control of inflation before the war started. Throughout 2021, it mischaracterised inflation as \u201ctransitory\u201d, ignoring the numerous warnings expressed by corporates. The reasons for this mistake remain unclear, but it likely involves recency bias, overconfidence in their models and a miscalculated political choice.<br>\n<br>\nWe went into the pandemic with an established consensus framework based on low aggregate demand and stable inflation. When Covid-19 hit, policymakers applied the same framework. They dumped enormous amounts of resources in the economy to stimulate demand. The labour market rebounded very quickly, but the Fed was too slow to adjust its models. Once you have spent 10 years developing a model, it can be extremely difficult to break from that framework.<br>\n<br>\nTo make matters worse, the Fed continued its liquidity injections until March 2022 even though inflation was running at 7%. Asset purchases were initially put in place in March 2020 to ensure smooth market functioning. However, after the second quarter of 2020 markets were already functioning correctly. In 2021 the Fed probably flooded the system with unnecessary liquidity while the unemployment rate already reached 4%.<br><br>\n<\/p>\n<h4><strong>QUANTITATIVE TIGHTENING<\/strong><\/h4>\n<p>The Fed tightens policy by hiking overnight rates and reducing its B\/S. The transmission into the real economy comes from two important channels: the higher cost of capital, and the negative wealth effect.<br>\n<br>\nMarkets price short-term interest rates based on the expected path of overnight rates. The Fed has recently signalled to the market to expect seven hikes in 2022 and four hikes in 2023, bringing the policy rate in 2024 to around 2.8%. Short-term market interest rates have significantly risen since the start of the year to reflect this policy rate path.<br>\n<br>\nHowever, long-term interest rates are the key driver of spending and investment, and do not always move in sync with short-term rates. Putting aside fundamentals, long-term yields are affected by basic supply and demand dynamics. The Fed uses its B\/S to influence longer-dated interest rates. Quantitative easing puts downward pressure on yield by boosting demand for US Treasuries. In 2020\/21, demand from the Fed ($3t) partially offset the supply from the Treasury ($4.7t). Quantitative tightening will end this source of demand for US Treasuries from the Fed, while the Treasury Department projects $2t in issuance in 2022. All other things being equal, this should put upward pressure on long-term yields and reduce the value of Treasuries. <br>\n<br>\nThe high level of debt magnifies the impact of the monetary tightening. Although higher rates will only affect the debt that needs to be rolled over, it will reduce the wealth of all lenders that hold Treasuries in their portfolios. Real money investors will have to rebalance their allocation and sell equities, while hedge funds that pledged Treasuries as collateral may be forced to reduce their leveraged positions. At the same time, the Fed will also get out of the MBS market, exerting upward pressure on mortgage rates, which could ultimately drive home prices lower. At a time of record household exposure to financial assets, the negative wealth effect could be the most important transmission channel of the monetary tightening.<br><br>\n<\/p>\n<h4><strong>CONCLUSION<\/strong><\/h4>\n<p>The key question is whether the coming rise in borrowing costs and the negative wealth effect will be enough to slow demand and contain rising inflation. If not, the Fed will have to accelerate its monetary tightening at the risk of significantly slowing growth. Fasten your seatbelts!<\/p>","slug":"the-fed-is-playing-catch-up","slugs":{"fr":"la-fed-arrive-tres-tard","de":"the-fed-is-playing-catch-up","es":"the-fed-is-playing-catch-up","pt":"the-fed-is-playing-catch-up"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":242,"title":"The SNB marks a milestone","content":"<h4><strong>THE OLD DEMONS OF 2015<\/strong><\/h4>\n<p>After the EUR\/CHF unpeg in 2015, the SNB shocked the world again. One of the most dovish central banks decided to raise its interest rates by 50 bps, getting ahead of the ECB. This surprise symbolises the long-awaited return to a more \u201cnormal world\u201d after 14 years of massive global liquidity injections. The instantaneous decline in US futures after the SNB announcement emphasises the global significance of the decision. Actually, the sacred \u201cforward guidance\u201d seems over as central banks have realised the world has changed. Indeed, the chaotic short-term rate hikes over the last few weeks shows that rate \u201cguidance\u201d has become less credible. On the other hand, the SNB and the other central banks finally convinced us that they will fight inflation at all costs. As one analyst recently said, central banks have \u201ctraded guidance credibility for inflation-fighting credibility\u201d. Employment and economic growth matters are for the moment rightly put aside. But until when?<br><br><\/p>\n<h4><strong>NOT TO BE BEHIND THE CURVE<\/strong><\/h4>\n<p>Inflation in Switzerland is running at 2.9% YoY, which is low compared to its European neighbours. There are several reasons for this: a strong CHF, elevated but stable middle-class income, limited reliance on oil and gas, a moderate fiscal response in 2020\/21 and finally psychological inertia towards inflation.<br><br>In this context, the 50 bps hike seems even more surprising. Not quite tough. Given the lag in the transmission of its effects to the real economy, monetary policy has to be forward looking. Therefore, the SNB is doing what every central bank should be doing. Unfortunately, unlike the SNB, many have recently been well behind the curve. While the Fed was still buying bonds until March 2022, the SNB went a different way. In the 12 months prior to March 2022, the SNB let the CHF strengthen by 9% against the EUR, which eased inflationary pressure. It is easier to ease monetary policy if inflation finally comes down than to catch a speeding train.<br><br><\/p>\n<h4><strong>WHAT ABOUT THE SNB BALANCE SHEET AND THE CHF?<\/strong><\/h4>\n<p>Two reasons explain the crucial role of the CHF for the SNB: Switzerland is an open economy highly dependent on its exports, and the local bond market is too small to conduct \u201cQE\u201d like the ECB does.<br><br>Since 2008, the SNB has bought a lot of EUR and USD to prevent the CHF from appreciating further. As a result, its balance sheet has increased from around CHF 80bn in 2008 to more than CHF 1tn in 2021 (120% of GDP). The SNB invests 70% of its FX holdings in government bonds and roughly 25% in equities. Actually, reserve management is fundamental for two reasons: it allows the SNB to intervene and sell foreign currencies if it needs to strengthen the CHF, and it provides financial support to the Confederation\/ cantons and dividends to shareholders. Indeed, unlike the ECB, which is a supranational institution, the SNB is 49%-owned by private shareholders.<br><br>What is the SNB's thinking with regard to the CHF? The currency has a direct impact on growth through exports and on inflation through imports. For instance, 90% of Swiss companies\u2019 revenues are foreign-exposed. Moreover, the franc is a safe haven for investors, therefore the SNB must ensure it doesn\u2019t diverge from its fundamentals in times of stress. Otherwise, it could seriously undermine the monetary policy objective.<br><br>How to assess whether the CHF is over- or undervalued? According to the SNB, the CHF should remain aligned with the inflation differential between Switzerland and its trading partners. Otherwise, exports will become either too expensive or not expensive enough for Switzerland's partners.<br><br>In 2022, the inflation differential between Switzerland and its trading partners increased 3%. In other words, the attractiveness of Swiss exports improved. However, the CHF did not appreciate to balance out this phenomenon. Actually, it depreciated by 1.5%! As a result, Switzerland\u2019s export competitiveness increased by roughly 4\/5% in 2022. As central banks are trying to slow down demand to curb inflation, it is a risky development. Would the 50 bps hike compensate for this gain in export competitiveness?<br><br>Thomas Jordan\u2019s press conference following the SNB\u2019s decision to raise rates by 50 bps suggests that the CHF was indeed not strong enough. Actually, the talk surrounding the franc has changed markedly. The franc is no longer considered \u201chighly valued\u201d, the wording which had been used since September 2017. The SNB is even ready to sell foreign currency if the CHF loses ground. It seems we have definitely entered a new era.<\/p>","slug":"the-snb-marks-a-milestone","slugs":{"fr":"la-surprise-de-la-bns","de":"the-snb-marks-a-milestone","es":"the-snb-marks-a-milestone","pt":"the-snb-marks-a-milestone"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":249,"title":"Are Central Banks too aggressive?","content":"<p>The massive stimulus in response to the pandemic was the right decision to prevent an economic depression. However, policymakers never put the foot on the brake. As a result, the global economy is now facing one of the most aggressive episodes of across-the-board monetary and fiscal policy tightening.<br><br>The US Federal Reserve (Fed) doesn\u2019t deserve all the blame. Its slow response to inflation was a mistake, without a doubt. At the time, the Fed felt that reacting late was better than reacting too early, due to the massive uncertainty created by the pandemic. In reality, the word \u201ctransitory\u201d wasn\u2019t totally wrong: a recent study shows that half of the current level of inflation is due to supply issues. Nevertheless, we all underestimated how weak our supply channels were and how long it would take for them to return to normal. However, even if the Fed had raised interest rates six months earlier, inflation would still be too high today. The imbalance between demand and supply wasn\u2019t caused only by central banks, but also by governments.<\/p>\n<p><strong>Historical and expected evolution of the Fed Rate for the end of the year<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/PUdK9.d9ebe16e9a2cbc992d6974e563f6c615.jpg\" data-image=\"8c762f67ebc5c614572d8bd4ead11cc5\" width=\"1172\" height=\"762\" style=\"width: 1172px; max-width: 370px; height: 240px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Gonet&nbsp;&&nbsp;Cie&nbsp;SA<\/span><br><\/p>\n<p>So as much as we criticize the Fed, we should also blame the governments. They made the right decision in April 2020 when they bailed out the private sector. However, at the end of 2020, it was clear the economy was recovering much faster than expected. For instance, US home prices were already 10% above pre-Covid levels while global PMIs were in strong expansionary territory. Therefore, the massive round of stimulus in 2021 should have been smaller and only targeted the weaker sectors of the economy. The governments could, of course, have put in place policies to reduce demand in very hot sectors. Unfortunately, the Biden administration preferred to send checks to all Americans and keep paying unemployment bonuses. That was a mistake.<br><br>In 2022, supply side issues were aggravated by the war in Ukraine. The spike in energy and food prices exacerbated inflationary pressures, creating even more pressure on central banks to act. Unfortunately, monetary policy tightening won\u2019t open the pipelines between Russia and Europe, nor will it remove the strain on France\u2019s nuclear power plants. Higher interest rates will also discourage the massive investments required to build up our supply chains.<br><br>Today, inflation is definitely a political issue. After mischaracterising inflation, central banks are under pressure to act very aggressively and preserve what\u2019s left of their credibility. However, these factors shouldn\u2019t be their only considerations. Central banks seem to be in panic mode, only responding to the data they see, instead of being driven by forward-looking indicators. The slow response in 2021 was inflationary, and the slow reaction time now could end up being deflationary.<br><br>Central banks never actually managed a soft landing in his-tory while inflation was above 4%. The only rate-hike cycle that didn\u2019t bring about a recession was in 1994\u201395, but inflation was running at 3%. We don\u2019t know the future, but the odds are against us.<br><br>In 2022, many leading indicators have deteriorated. The economic slowdown was initially driven by lower fiscal stimulus and higher energy prices. However, since then, demand weakness has broadened and the tightening financial conditions are taking their toll. Mortgages rates in the US have doubled, while Canadian homes prices are 10% off their peak. Recently, FedEx, a bellwether of the global economy, released a profit warning. That being said, labour markets and consumer balance sheets remain resilient. However, changes in monetary policy take time to have an effect, and things could deteriorate much more quickly than we expect.<br><br>For now, real inflation remains very high. In August, US inflation was 8.3% and broad-based. Services inflation, which tends to be stickier than goods inflation, accelerated to 6.1%, driven by rents and healthcare services. That being said, other indicators point to lower inflation in the future: commodities prices have fallen sharply, the US dollar continues to strengthen and supply constraints have improved. This should reduce goods inflation in the coming months.<br><br>Furthermore, the aggressive monetary tightening will exacerbate the cur-rent slowdown. Corporates will have to reduce costs, while consumers will cut spending. Actually, FedEx has announced that it\u2019s \u201caggressively cutting costs\u201d, and \u201cevaluating measures to enhance productivity\u201d. If other companies follow through, this should decrease unit labour costs and, ultimately, inflation. For these reasons, we believe the probability of inflation declining in the coming months has dramatically increased. If that\u2019s true, front-loading hikes \u2013 the current mantra from all central banks \u2013 could be a mistake.&nbsp;Many people wrongly thought that governments and central banks didn\u2019t have a choice in 2021. Today, they believe that central banks have no choice but to aggressively hike rates. Let\u2019s hope this tightening won\u2019t result in a hard landing, but we have our doubts.<br><br>And last but not least, Europe is also facing the largest energy crisis in its history. Again, it seems that we are paying the price of previous policy mistakes. First, Europe\u2019s \u201cgreen agenda\u201d exacerbated the energy crisis. Governments rejected nuclear power and tried to transition as quickly as possible from fossil fuel, yet without a proper clean energy plan. Secondly, Europe should never have become so dependent on Russian oil and gas. Although it allowed Germany to become one of the strongest economies in the world with a massive trade surplus, it weakened Europe geopolitically. Unfortunately, there is no immediate way forward, as it will take years to build resource independence. However, governments acted quickly to cap the price increase. This very positive development should ease energy inflation. At the same time, the ECB is also aggressively front-loading hiking rates, but we aren\u2019t convinced they are using the right tool to curb inflation.<br><br><\/p>\n<h4><strong>INVESTMENT GRADE LOOKS ATTRACTIVE<\/strong><\/h4>\n<p>In this context, bond yields may be in the process of peaking. Historically, yields peak 2 to 3 months before the Fed\u2019s last hike, which is priced in for April 2023.<br><br>In fixed income, fundamentals for investment-grade companies in Q2 showed a slowdown in both revenues and profit growth but continued balance-sheet discipline and lower leverage. Interest coverage improved to 14X from 10.1X in 2019, driven by resilient earnings and record issuance activity in 2020-21 at very low yields. Going forward, credit fundamentals should deteriorate as earnings growth will slow down and refinancing needs will increase \u2013 and be subject to higher rates. As a result, credit spreads could continue to widen, especially if interest-rate volatility remains elevated.<br><br>Therefore, we favour high-quality bonds, which offer an attractive risk-reward balance based on the cur-rent macro environment.<\/p>","slug":"are-central-banks-too-aggressive","slugs":{"fr":"les-banques-centrales-sont-elles-devenues-trop-agressives","de":"are-central-banks-too-aggressive","es":"are-central-banks-too-aggressive","pt":"are-central-banks-too-aggressive"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Reuven Benichou"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities and Fixed Income"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-54-40-960-Up6FZI4UFi2DgRbMxPfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-48-50-556-KVld8UbTewMnuamcLjYU.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":259,"title":"Towards a more sustainable economy","content":"<h4><strong>DON\u2019T BE AFRAID OF THE TRANSITION TO A MORE SUSTAINABLE ECONOMY<\/strong><\/h4>\n<p>Last year in December, we urged you to make good resolutions for 2022. We were far from imagining the succession of events that subsequently shook the world. The outbreak of the war in Ukraine reminded us of our dependence on fossil fuels. The climate-related events of the year \u2013 fires, floods and hurricanes \u2013 reminded us to what extent climate disruption was already a palpable reality and not a fiction for 2030. However, the crisis pushed us to deal with the most pressing issues and to make short-term political decisions, in particular to reduce our energy dependence.<br><br><\/p>\n<h4><strong>TAKING A STEP BACK TO SEE THE BIG PICTURE<\/strong><\/h4>\n<p>2022 will undoubtedly be a year to forget, in terms of both investment and the crises that shook the world. These moments of crisis are generally good times to ask questions. We need to reinvent our economic model to make it more sustainable and socially fair. Our dependencies and, incidentally, our wallets are pushing us to find renewable energy sources and thus to accelerate the energy transition.<br><br><\/p>\n<p>Even though in the last few years efforts have been focused on the environment side of ESG, social and governance aspects are coming back to the fore. The transition will have to be done, but not at the expense of human rights. The rise of protests as far away as China shows the extent to which the social aspect is becoming more important, especially at a time when inflation is soaring and end-of-month deadlines are taking precedence over end-of-world ones (according to an expression commonly used by politicians in France in recent months).<br><br><\/p>\n<p>In order to direct efforts effectively, a common framework must be defined and incentives offered. It\u2019s also essential to innovate in order to effectively direct investments where they\u2019ll have the most impact. Finally, it\u2019s better to select business models that have the right skills and attitude toward governance issues. This must go beyond questions of value judgements with our European country lens, and this is where common standards make sense.<br><br><\/p>\n<p>COP27 brought a lot of hope regarding progress on the objectives defined in the Paris Agreement and on the issue of loss and damage \u2013 which is the domain of financial compensation for the impact of developed countries on developing countries. The COP15 for biodiversity will end on 19 December, after this letter has been written. Despite the alarming reports published by the WWF about the massive disappearance of many species, great efforts remain to be done, especially in Switzerland, which lags behind in Europe in terms of protecting species at risk.<br><br><\/p>\n<h4><strong>AND WHAT ABOUT INVESTMENTS?<\/strong><\/h4>\n<p>We have to face it: this wasn\u2019t a good year in terms of performance. But climate-conscious investors know why they don\u2019t want to invest in fossil fuels if these investments aren\u2019t accompanied by a commitment strategy that pushes the industry to position itself for the energy transition. Nevertheless, over a three-year period, investing in an MSCI SRI index still provides a better return than a traditional index.<br><br><\/p>\n<p><strong>Performance over 3 years of the MSCI World SRI index<br>vs. the unfiltered MSCI World (%)<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/aQT92.34e0297a62a80d2112ca3511a9736242.jpg\" data-image=\"785a17655e88dbc23c583c29e80ca793\" width=\"494\" height=\"248\" style=\"width: 494px; max-width: 370px; height: 186px;\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(155, 187, 89);\">\u2014<\/span><\/strong> MSCI World SRI Net Return EUR Index<br>\n<strong><span style=\"color: rgb(217, 0, 13);\">\u2014<\/span><\/strong> MSCI World Net Total Return EUR Index<br>Source: Bloomberg<\/span><br><br><\/p>\n<p>Furthermore, ESG investing has had a year under the media spotlight from its detractors, who find that it either does too much or not enough \u2013 but those media don\u2019t offer an alternative solution. All of this is accompanied by a sometimes obvious misunderstanding of the terms and strategies used by sustainable finance. For example, ESG is often confused with impact. ESG is about risk management to enhance portfolio performance. Impact, as its name suggests, aims to have a measurable effect on the world without necessarily focusing on financial performance.<br><br>\nDon\u2019t misunderstand us. We\u2019re not trying to tell you that we possess some kind of truth. But every step, even imperfect, counts. We can\u2019t wait for the framework to be perfect to act. Is there any dishonesty? Yes. Greenwashing exists. Will the world of finance transition quickly enough? Probably not \u2013 but let\u2019s hope so, because the lines have been moving quickly in recent years. A redefinition of fiduciary duty would surely be a necessary first step.<br><br><\/p>\n<h4><strong>STAY ING THE COURSE DES PITE THE STORM<\/strong><\/h4>\n<p>We could repeat word for word the conclusion we wrote last year. It\u2019s astonishing to imagine that we can still cling to the \u201cold\u201d economic model. The world has changed, and challenging ourselves to reinvent by becoming stronger and more virtuous should not sound like an insurmountable effort. Choosing companies that care about managing their impact, treating employees and stakeholders well, and adopting transparent governance structures seem to us to be the basic, essential prerequisite before any investment. We\u2019ve seen this recently with a company specialising in retirement homes and a world leader in call centres. Not taking these factors into account can hurt very much, very quickly and for a very long time. Common sense must prevail. Choosing companies that have the best ESG practices in addition to the best financial fundamentals, or those that are positioned on forward-looking themes, will generate solid and sustainable returns. Let\u2019s leave the broader debates to the relevant professionals: the scientists who inform us about data and metrics, and the regulators who can impose laws to direct capital appropriately.<br><br>\nFinally, it\u2019s worth noting that flows into responsible investment products have not completely melted away opportunistically. Some of the themes that fall under the umbrella of these funds deserve attention. The energy transition and net-zero remain more topical than ever in a period when the world must intensify its efforts to achieve climate objectives. The transition and the reduction of energy dependency must be driven by infrastructure spending. Other themes that are gaining momentum are those concerning our food system, which needs to be reinvented. Can we continue to consume as we do now? Finally, the protection of biodiversity is also becoming an increasingly important issue.<br><br>\nTo conclude, let\u2019s take a quote from Winston Churchill: \u201cIf you don\u2019t take change by the hand, it will take you by the throat.\u201d<br><br><\/p>\n<p><strong>Global assets invested in sustainable funds<br>(in billions of dollars)<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/puKuv.ca859a424d9f9412ef019d9aee3e0260.jpg\" data-image=\"911faae217525e68a318dbcb9eb5741a\" width=\"490\" height=\"255\" style=\"width: 490px; max-width: 370px; height: 193px;\"><\/figure>\n<p><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(79, 129, 189);\">\u25a0<\/span><\/strong> Europe <strong><span style=\"color: rgb(79, 97, 40);\">\u25a0<\/span><\/strong> US <strong><span style=\"color: rgb(255, 255, 0);\">\u25a0<\/span><\/strong> Rest of the world<br>Source: Morningstar Direct, Manager Research, September 22<\/span><br><\/p>","slug":"towards-a-more-sustainable-economy","slugs":{"fr":"vers-une-economie-plus-durable","de":"towards-a-more-sustainable-economy","es":"towards-a-more-sustainable-economy","pt":"towards-a-more-sustainable-economy"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Towards a more sustainable economy - Linda Lehmann - Senior Investment Specialist"},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":269,"title":"When the Woke culture enters the debate on ESG investment","content":"<h4><strong>IS ESG INVESTMENT WOKE?<\/strong><\/h4>\n<p>During the last few weeks, the US media are on alert. President Joe Biden is facing the first veto of his mandate and it is about ESG investment. The fiduciary duty, which we regularly mention in this pages, is at the heart of the current debate.<br><br><\/p>\n<p>The shortcut in the Republicans' speech that describes ESG investing as woke is a bit quick, especially since the term has a rather pejorative connotation in the mouths of those who use it. But what is the meaning of this buzzword that many use without understanding its deeper meaning? With African-American roots, the term woke originally referred to an activist movement that was conscious of the injustices affecting minorities. The movement has since spread to other areas, including the environment, giving the movement an extremist character. By extension, the notion of woke capitalism has gained momentum in recent years, particularly in the United States with the advent of social networks where a company's reputation can be destroyed in a few clicks under the guise of moralising arguments. Companies are thus encouraged to take a stand on all potentially controversial subjects in order to preserve their reputations.<br><br><\/p>\n<p>What does this have to do with sustainable investment? Well, ESG critics consider that taking into account environmental, social and governance elements constitutes an unacceptable interference that would be detrimental to financial performance. They even consider it a violation of fiduciary duty, the sole purpose of which would be to guarantee a financial return to investors. This is perfectly counter-intuitive and has been proven by numerous studies, including a recent one published in early March by MSCI. This study shows that the ESG factor is always a growth driver when analyzing long-term performance. The good news is that ESG investors are not speculating, but making a sustainable commitment to their investments. Moreover, the debate in the United States is a false one, since no one is forcing American pension funds to invest according to ESG criteria. It is an option, but it does not have the force of law and it is up to the investment manager to decide to integrate it if he or she deems that it makes sense in terms of risk\/return analysis.<br><br><\/p>\n<h4><strong>SETTING AND UNDERSTANDING THE TERMINOLOGY<\/strong><\/h4>\n<p>Let's look at a few definitions that help to distinguish the sustainability terminology. As we have often written, it is essential to be precise in the terminology and not to speak of ESG when we are actually talking about CSR. CSR (Corporate Social Responsibility) looks at how the environment impacts a company. It is a pure risk management approach. The defenders of dual materiality go further and suggest that the company must also manage its impacts on the environment and therefore its negative externalities. CSR makes it possible to define the contours of what is material in terms of impact outside the exclusively financial domain and to act on the levers for improvement.<br><br><\/p>\n<p>ESG (Environment, Social, Governance) is an investment issue and means applying to a company extra-financial analysis criteria on top of financial analysis in order to gauge its long-term viability and its alignment with the challenges of change facing the world. Socially Responsible Investment (SRI) systematically integrates these ESG criteria as a complement to traditional financial analysis. The integration of ESG criteria can be done according to different strategies, each one responding to different impact and financial performance objectives. Traditionally, there are seven families of strategies specific to responsible investment:<br><br><\/p>\n<p><strong>1. Negative screening or exclusion<\/strong>, which is a strategy to exclude certain companies or sectors because of controversial activities or business practices. For example, companies involved in alcohol, tobacco, weapons or gambling, sometimes referred to as \u201csin stocks\u201d.<br><br><\/p>\n<p><strong>2. Positive screening or Best in class<\/strong>, which consists of including in a portfolio companies whose ESG performance is particularly good compared to their peers and which score above a defined threshold.<br><br><\/p>\n<p><strong>3. Normative screening<\/strong>, which is a strategy that focuses on screening against minimum standards under international standards such as the Ten Principles of the United Nations Global Compact, the Universal Declaration of Human Rights, International Labour Organization standards, the UN Convention against Corruption and the OECD Guidelines for Multinational Enterprises.<br><br><\/p>\n<p><strong>4. ESG integration<\/strong>, which consists of systematically and explicitly integrating environmental, social and governance factors into financial analysis. The manager combines ESG measures with traditional financial measures to assess the value of companies.<br><br><\/p>\n<p><strong>5. Thematic investing<\/strong>, which consists of investing in themes or assets that specifically contribute to sustainable solutions \u2013 environmental and social. Examples include funds focused on access to clean water, renewable energy, diversity or biodiversity.<br><br><\/p>\n<p><strong>6. Shareholder engagement or activism<\/strong> is the use of shareholder power to influence corporate behavior, including direct engagement (such as communication between investors and companies on environmental, social and governance topics), filing shareholder proposals, and voting that is guided by comprehensive ESG guidelines. In this respect, Ethos is often cited as an example in Switzerland.<br><br><\/p>\n<p><strong>7. Impact investing<\/strong> is a strategy of investing in companies that have a positive impact on an ESG issue while earning a market return. For example, some impact investors seek to support education, affordable housing, healthcare, electric car manufacturing, sustainable agriculture, microfinance or renewable energy. These are generally longer-term investments and often located in emerging markets. <br><br><\/p>\n<p>The current debate raging in the United States clearly shows the vagueness that reigns around the terminology of sustainable finance and CSR. In the absence of common standards, extra-financial analysis will remain subject to all sorts of value judgments, particularly from its detractors who oppose their freedom to continue along the path that has shown its limits in terms of impact on the planet. <br><\/p>\n<p>But, of course, everyone is free to invest according to their own value scheme.<\/p>","slug":"when-the-woke-culture-enters-the-debate-on-esg-investment","slugs":{"fr":"quand-la-thematique-woke-sinvite-dans-le-debat-sur-la-finance-durable","de":"when-the-woke-culture-enters-the-debate-on-esg-investment","es":"when-the-woke-culture-enters-the-debate-on-esg-investment","pt":"when-the-woke-culture-enters-the-debate-on-esg-investment"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":277,"title":"SERGE ROBIN","content":"<p>Serge Robin holds two degrees in economics and quantitative analysis from the University of Geneva. After starting his career as an auditor, Serge Robin joined Lombard Odier as a research analyst on the Japanese market. He became Head of Research in 1994 and Head of Asset Management and Research in 1999. He also opened the Tokyo office, a marketing centre for private client development. He then joined UBS in 2001 as Managing Director of a team whose mission was to build the Family Business Group, later renamed Key Clients, a centre of expertise for UHNW clients worldwide. In 2005, he was appointed CEO of Merrill Lynch Bank (Suisse) SA. His mandate was to design and implement a growth strategy for institutional and private clients, with a focus on the Swiss onshore market. In 2010, he joined Gonet & Cie as Managing Partner. Since 2018, he has been CEO of Arab Bank (Switzerland) Ltd.<\/p>","slug":"serge-robin","slugs":{"fr":"serge-robin","de":"serge-robin","es":"serge-robin","pt":"serge-robin"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-5-31-13-14-50-860-FFA0sALkMtgrmiYsNxkN.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"directors"},{"id":26,"title":"FABIAN EICHM\u00dcLLER","content":"<p>Fabian Eichm\u00fcller joined the bank Gonet\u2009&\u2009Cie SA in 2018 following its merger with Mourgue d\u2019Algue\u2009&\u2009Cie, Banquiers priv\u00e9s, where he was CEO and which he joined in 2013 after working at Banque Genevoise de Gestion (2008-2009), then at HSBC Private Bank in Geneva and Zurich (2009-2013). He is COO responsible for IT, Operations and Trading. Fabian Eichm\u00fcller has a Bachelor\u2019s in International Relations, obtained in 2009 from the Faculty of Economic and Social Sciences at the University of Geneva.<\/p>","slug":"fabian-eichmuller","slugs":{"fr":"fabian-eichmuller","de":"fabian-eichmuller","es":"fabian-eichmuller","pt":"fabian-eichmuller"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-5-31-13-16-40-769-agJ8dLbKwuIArqNZyVue.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"committee"},{"id":286,"title":"Is gold investing suitable in an SRI mandate?","content":"<p>While the question of gold allocation does not even arise in the context of a traditional asset allocation, at first sight it may seem more problematic in an SRI portfolio. And yet, in recent years, numerous efforts have been made to propose alternatives to conventional mining.<br><br><\/p>\n<h4><strong>GOLD MINING: MULTIPLE CONTROVERSIES<\/strong><\/h4>\n<p>For an ESG investor, gold mining poses major environmental, social and on top of that human rights issues. The same is true even for customers in the luxury goods industry, who are increasingly concerned about the origin of the metals and precious stones used in the manufacture of the pieces they buy.<br><br>\nFrom an environmental point of view, the use of hazardous substances, notably mercury and cyanide, in gold mining leads to groundwater pollution and biodiversity loss. These substances are also hazardous to the health of those who handle them without precaution.<br><br>\nOn the social front, working conditions are harsh and dangerous, against a backdrop of violated human rights and the widespread use of child labour. Mines are often located in conflict zones and controlled by armed criminal groups who threaten and exploit local populations.<br><br>\nLast but not least, there are different types of mines, not to mention illegal ones. Gold can be mined either underground or by open-pit methods. The structure is determined by the geographical profile of the mining site. Unfortunately, underground mines are regularly the scene of human tragedies worthy of Emile Zola's novels.<br><br>\nGold is used for a wide variety of purposes, from technology and jewellery to investment and central bank reserves.<br>\n<br>\n<\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/x3Yk4.b126c4903f151e497fd67c91a9b6f394.jpg\" data-image=\"8ea953f455c7927aed7912c46e3b1f1d\" style=\"width: 1232px; max-width: 370px; height: 122px;\" width=\"1232\" height=\"406\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Metals Focus, Refinitiv GFMS, World Gold Council, 2022 data<\/span><br><br><\/p>\n<p>On the supply side, artisanal and small-sized mines are considered to account for no more than 20% of total world production (and around 90% of the sector's workforce). The remainder is produced in large-scale mines. Most of the world's production comes from China, with 332 tonnes in 2021 (9% of a total of 3,689 tonnes). Artisanal mines are more common in Latin American countries. Finally, as far as refiners are concerned, Switzerland plays a central role, as it is estimated that over 50% of the world's production is refined here. This includes major refiners such as MKS-PAMP, Metalor and Valcambi. But this is just the tip of the iceberg. Official statistics are often inconsistent, suggesting that a significant proportion of the world's gold production comes from illegally operated mines.<br><br><\/p>\n<h4><strong>GOLD AS A DIVERSIFICATION ASSET IN AN SRI MANDATE<\/strong><\/h4>\n<p>Until now, gold was not one of the asset classes represented in the SRI mandate we manage. We hadn't ruled out this type of investment, but none of the vehicles available on the market had met our selection and traceability criteria. In a traditional mandate, an investment in gold offers three advantages: attractive long-term returns, a diversification tool and a liquid asset.<br><br>\nIn the context of an SRI mandate, and particularly in such an alternative asset class, we were keen to find a vehicle that would deliver on the impact aspect. In a way, it is the fourth effect that interests us. It is possible to invest in traceable gold produced industrially in Europe, but it won't have the role of socio-economic improvement that can be attributed to gold mined in a controlled manner.<br><br>\nOn the social front, in developing countries, gold mining, when supervised, creates well-paid jobs, earns taxes and enables significant investment for the benefit of local communities. It provides access to fairer, safer and more humane working conditions (even if there is no such thing as zero risk in this field). According to statistics provided by the Swiss Better Gold association, one person working in artisanal or small-scale mines financially supports five other people in their community (living conditions, access to education, emancipation of women, etc.). At the same time, the gold extracted from certified mines is sold at a higher price, generating income that is redistributed to local projects through a social and environmental fund. This is a clear example of the work that can be done to achieve the UN's sustainable development goals.<br><br><\/p>\n<h4><strong>DUAL FINANCIAL AND IMPACT PERFORMANCES<\/strong><\/h4>\n<p>Our primary motivation was to find a vehicle that would enable us to invest in gold that was not only traceable but also \u201cuseful\u201d. Finding labelled or traceable gold is not a problem in Europe. It often comes from less labour-intensive industrial mines, and is less risky. There are also passive investment vehicles that allow you to invest in paper gold, i.e. gold that is not backed by bullion. None of these solutions seemed sufficient or satisfactory for our SRI mandate. We wanted impact.<br><br>\nMaking an impact comes at a cost, in the form of an impact premium when you invest in this type of fund. This is a form of incentive for operating mines to become certified. Switzerland has a real role to play here. It has global legitimacy in gold trading, so the introduction of Swiss standards is a guarantee of quality. Launched in 2013, the Swiss Better Gold initiative is a partnership between SECO (State Secretariat for Economic Affairs) and the Swiss Better Gold association, which aims to create conditions conducive to reducing poverty and improving the social and environmental conditions surrounding gold mining in artisanal and small-scale mines. The mines are supported in a continuous improvement process whose objective is to lead to an accreditation that enables them to sell their production to members of the association, who are mainly jewellers, financial institutions, watchmakers and refiners committed to paying the impact premium.<br><br>\nThe gold mines selected must meet strict specifications imposed by the association. The mines thus follow ESG rules and operating criteria that are considered as best practice. Finally, we should mention the still confidential nature of artisanal mining production from accredited mines. Much remains to be done. A virtuous circle could be set in motion if more jewellers become more concerned with the provenance of the gold they use. The impetus will undoubtedly come from customers.<br><br>\nFrom a financial point of view, sustainable gold has no reason to be ashamed of its performance compared to standard gold. The performance of funds that incorporate ESG criteria is equivalent to that of an ETF and tracks the spot price of gold.<br><br><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/N3SYG.7bdcf04c7fab3897f8f315c4972eb64e.jpg\" data-image=\"3a02ca3994530aa9c1c73c5c9fd2cdca\" style=\"width: 1228px; max-width: 370px; height: 244px;\" width=\"1228\" height=\"811\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg<\/span><br><br><\/p>\n<p>Compared to other asset classes, gold also ranks very highly in terms of long-term performance.<br><br><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/GnQ2C.cf05599cf43711e60a2e548593b4b9d5.jpg\" data-image=\"775c427bb3ff100bef4c3f494f4b3aaf\" style=\"width: 939px; max-width: 370px; height: 380px;\" width=\"939\" height=\"964\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Bloomberg, ICE Benchmark Administration, World Gold Council<\/span><br><br><\/p>\n<p>Finally, let's not err on the side of credulity. Mining remains a dangerous business. The media regularly report terrible accidents in terms of the human toll. Nevertheless, zero risk does not exist, especially in this type of industry. In any case, sustainable gold is better than dirty gold, which in any case has no place in an SRI Mandate. And let's be clear: of course, more needs to be done, but we also need to recognise how far we've come and encourage those who are making the step forward. On this particular journey, the path counts just as much as the destination.<\/p>","slug":"is-gold-investing-suitable-in-an-sri-mandate","slugs":{"fr":"lor-a-t-il-sa-place-dans-un-mandat-isr","de":"is-gold-investing-suitable-in-an-sri-mandate","es":"is-gold-investing-suitable-in-an-sri-mandate","pt":"is-gold-investing-suitable-in-an-sri-mandate"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":295,"title":"International transfers","content":"<p>In the context of our Business Relationship, we do not share data with third parties outside Switzerland, subject to payment recipients, beneficiaries, intermediaries, correspondent banks and custodians, clearing agency and clearing and settlement system, other financial institutions or public authorities or regulators.<br><br>Various elements of information may therefore be transmitted, sometimes via authorised intermediaries, in third countries, for example, with regard to payment platforms, the Directive for the exchange of shareholders of listed companies (SRD II), exchanges with the US authorities (FATCA, QI arrangement, etc.) or automatic exchange of information (AEOI; a list of countries that have entered into an agreement with Switzerland can be found on the administration website (<a href=\"https:\/\/www.sif.admin.ch\/sif\/fr\/home\/relations-multilaterales\/echance-renseignements-fiscaux\/echance-automatique-renseignements\/comptes-financiers.html\" class=\"animatedLink\">sif.admin.ch<\/a>).<br><br>In particular, we share data with third parties located in the countries of non-Member States, partners under the Automatic Exchange of Information (AEOI) and the United States on the basis of the Foreign Account Tax Compliance Act (FATCA) and the Qualified Intermediary (QI) arrangement.<br><br>Over the course of the employment relationship between you and us, and in line with the Processing Purposes of Personal Data set out under Article 2, we may transfer your Personal Data to recipients in North Macedonia. Such transfers are always made in accordance with Swiss data protection law, either because (i) an appropriate level of data protection is guaranteed by Standard Contractual Clauses that the Federal Data Protection and Information Commissioner has approved beforehand and that have been adapted to Swiss law, or (ii) a statutory exception applies.<\/p>","slug":"international-transfers","slugs":{"fr":"transferts-internationaux","de":"internationale-ubertragungen","es":"transferencias-internacionales","pt":"transferencias-internacionais"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":40,"title":"CIO LETTER DECEMBER 2020 - ISSUE 4","content":"<p>CIO LETTER - ISSUE 4<br>DECEMBER 2020<\/p>","slug":"cio-letter-december-2020-issue-4","slugs":{"fr":"cio-letter-decembre-2020-n-4","de":"cio-letter-dezember-2020-n-4","es":"cio-letter-december-2020-issue-4","pt":"cio-letter-december-2020-issue-4"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-14-3-846-ee7KdOvjJgi0QdfXvQPZ.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":303,"title":"Why invest in green bonds?","content":"<p>The first green bonds were issued in 2007 on the initiative of the European Investment Bank and the World Bank. Their aim was to bring together impact-conscious investors and projects that supported the fight against climate change. Since then, the market has grown exponentially, and has become considerably more structured, despite the few controversies that remain.<br><br><\/p>\n<h4><strong>DEFINITION AND MARKET TRENDS<\/strong><\/h4>\n<p>What is the definition of a green bond? There is no single definition, since there are several types of product that can claim to be green bonds. Nevertheless, a common definition would indicate that they are debt instruments designed to finance projects with an environmental or social impact. These are bonds, often high quality, issued by companies in various sectors, governments or supranationals, which undertake to direct funds towards impact projects covering environmental issues or those linked to achieving sustainable development goals.<br><br>\nA specific type of bond corresponds to each use. A common distinction is made between green bonds, social bonds, bonds that combine environmental and social objectives (sustainable bonds) and bonds that are linked to sustainable development objectives (sustainability-linked bonds).<br><br><\/p>\n<p><strong>Sustainable Bond Issuance&nbsp;per category (USD bn)<\/strong><strong><br><\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/y3Upp.7f1c1488f09beb666ff5fcf5b3d22c7b.jpg\" data-image=\"6702e6e2d8dfd1d41d905ce5155c13d5\" style=\"width: 3303px; max-width: 100%; height: 42%;\" width=\"3303\" height=\"1584\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: ICMA<\/span><br><br><\/p>\n<p>In terms of issuances, the most widely used category remains <strong>green bonds<\/strong> (56.9% of total sustainable bond issues), which generally cover projects related to the environment or, more specifically, the climate. This includes, for example, projects linked to renewable energies, improving energy efficiency, preserving biodiversity or adapting to climate change, among others. It is interesting to note that <strong>social bonds<\/strong> were particularly used in 2021 following Covid. They generally cover areas such as education and healthcare, and are particularly aimed at low-income populations. Today, they account for just over 15% of total sustainable issues. <strong>Sustainable bonds<\/strong>, which represent just under 20% of the market, aim to finance both environmental and social projects. Finally, sustainable <strong>development bonds<\/strong> represent 7.5% of total sustainable issues, and are aimed at achieving the Sustainable Development Goals (the famous 17 SDGs adopted by UN members).<br><br>\nHistorically, Europe has dominated the bond issuance market, with a 54% share of total issuance in 2023. Asia follows with a 21% share, while the USA lags far behind with a share of just 10% of the total, which has been declining in recent years. This is hardly surprising, given the heated and politicized debates in the USA on whether or not to apply ESG filters to investment processes.<br><br><\/p>\n<p><strong>Sustainable Bond Issuance&nbsp;per region (USD bn)<\/strong><strong><br><\/strong><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/8usE5.7c7f6d4e9048ad38b04d90b1ca2a97a2.jpg\" data-image=\"13e4941f40bd1e0b528a614be2e61275\" style=\"width: 3307px; max-width: 100%; height: 42%;\" width=\"3307\" height=\"1584\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: ICMA<\/span><br><br><\/p>\n<h4><strong>THE NEED TO ESTABLISH BEST PRACTICES<\/strong><\/h4>\n<p>In December 2020, the International Capital Market Association (ICMA) published a guide for green bond issuers to help them formalize the underlying strategy when issuing \u201cgreen\u201d debt. The aim is to ensure a certain level of market integrity. The guide is not intended to be binding, but merely to make recommendations and report on best practices. All this is not enough to define which investments can be qualified as sustainable. The ICMA, which presents itself as a common frame of reference, defines four key principles prior to issuing a \u201cgreen\u201d bond:<\/p>\n<ul><li>Defining the Use of funds;<\/li>\n<li>Evaluation and selection method for funded projects + external audit;<\/li>\n<li>Management of unallocated funds;<\/li>\n<li>Reporting, annual impact report (quantitative and qualitative).<\/li><\/ul>\n<p><br>Since 2021, two new recommendations have emerged in an effort to provide greater transparency and aim to specify:<\/p>\n<ul><li>Green bond issuance frameworks;<\/li>\n<li>The use of external audits at various stages of the process.<\/li><\/ul>\n<p>Since 2007, the framework governing sustainable bond issues has evolved for the better. Nevertheless, many controversies remain, not least because the framework is not binding.<br><br>\nAccording to a recent study published by BloombergNEF, renewable energies remain the preferred sector for green bonds. However, they are not the most effective in reducing carbon emissions. And therein lies the rub: to be effective, projects should not be aimed solely at reducing carbon emissions. Of course, this may seem shocking, given that we end up financing polluters to work towards becoming \"greener\", with no guarantee of the end result. According to the Bloomberg study, energy efficiency projects can reduce an average of 3,284 tons of carbon dioxide equivalent per million dollars, while the figure for waste management is 2,854 tons. Both figures are higher than those for renewable energy projects, which average 2,079 tons per million dollars. The growing competitiveness of the renewable energy sector should also be taken into account, and we should look to other, more necessary and more effective areas for financing environmental actions.<br><br><\/p>\n<h4><strong>ADDING IMPACT TO YOUR FINANCIAL PERFORMANCE<\/strong><\/h4>\n<p>Green bonds have similar financial characteristics to traditional bonds. Their financial characteristics, such as structure, risk and yield, are similar to those of conventional bonds. They are also available in a wide range of maturities and rating categories. Finally, holders of green bonds have the same recourse against the issuer.<br><br>\nGreen bonds are therefore differentiated by their impact objectives, as described at the beginning of this article. These objectives must be measurable in order to attest to the impact through the definition of Key Performance Indicators.<br><br>\nTo fully understand the financial performance of green bonds, we need to look at their specific characteristics. The green bond market is characterized by a benchmark index with a longer duration, and issuers with average ratings of around BBB. In terms of reference currencies, most \"green\" issues are denominated in euros (2\/3), whereas traditional issues are mainly denominated in dollars (45%). The bond market has traditionally been dominated by the industrial sector (over 50% of issues), followed by financials and utilities. In the green bond market, financials (60%) take the lion's share, followed by utilities (around 30%).<br><br>\nThis profile, which combines a strong sector bias with a longer duration, obviously has an impact on performance over market cycles. The table below illustrates the performance point and shows that there is no obvious disadvantage to investing in green bonds rather than traditional ones.<br><br><\/p>\n<figure><img src=\"\/uploads\/v7rST.6e593809df2425fb16fcd14fd30bba7a.jpg\" data-image=\"21df6753aef5874f8f9cc4402af87592\" style=\"width: 602px; max-width: 100%; height: 16%;\" width=\"602\" height=\"100\"><\/figure>\n<p><span style=\"font-size: 12px;\">Sources: Bloomberg, Gonet&nbsp;&&nbsp;Cie SA. Data as of September 19<\/span><br><br><\/p>\n<p>Indeed, in terms of costs, the \u201cgreen premium\u201d (also known as \u201cgreenium\u201d) effects of paying more for a green bond tend to fade as the market develops. In theory, there is no reason to receive a lower yield for a green bond. Although issuing green bonds does entail additional costs compared with conventional bonds, such as third-party certification, these costs have fallen over time.<br><br>\nIn our view, financing transition activities remains a good investment idea, including for diversifying traditional bond exposure with a view to reducing long-term climate risk exposure.<\/p>","slug":"why-invest-in-green-bonds","slugs":{"fr":"pourquoi-investir-dans-des-obligations-vertes","de":"why-invest-in-green-bonds","es":"why-invest-in-green-bonds","pt":"why-invest-in-green-bonds"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":319,"title":"A dogged niche market: investing in pets and animal wellbeing","content":"<p>The end of the year is here, and you have probably been thinking about a gift for Leo or Charlie. They are not your children or grandchildren, but your adorable four-legged companions. Renowned for their soothing presence with humans, to whom they offered a welcome remedy during the Covid pandemic, pets represent a sizeable investment market and a defensive, long-term theme.<br><br><\/p>\n<h4><strong>SECULAR CHANGES AMPLIFIED BY THE COVID PANDEMIC<\/strong><\/h4>\n<p>While in the last century pets usually slept outside, today it is unimaginable not to consider them part of the family. Sometimes considered on an equal footing with children, they are treated as friends, team-mates and in some settings as caregivers or rescuers. So it's easy to see why we can't afford to ignore a sector that is growing by more than 5% a year in the US, and by almost 10% in China, where the middle class is expanding. One study estimates that the global pet market could reach $350 billion by 2027, representing growth rates of around 6% per year. In Europe, the number of pet households has grown by 30% over the past 10 years.<br><br>\nThere is a combination of favorable factors to ensure long-term market growth. Firstly, an aging population and longer life expectancy provide fertile ground. Elderly people are quick to adopt a pet to overcome loneliness or because of the proven therapeutic virtues of contact with an animal. Secondly, the emergence of a young, more affluent middle class in Asia and Africa suggests good prospects, particularly in the more upmarket segments. Finally, as we mentioned in the introduction, we increasingly see our pets as fully-fledged members of the family, so we are less reluctant about spending. <br><br>\nIn fact, studies show that when households are asked about the first item of expenditure to be cut in the event of financial difficulties, \u201cpets\u201d is not at the top of the list (see graph hereafter). It is easy to see why. On the expenditure side, 46% of respondents to the same survey said they would pay more to give their pet a healthier, better-quality diet. Anthropomorphism at its best.<br><br><\/p>\n<p><strong>Survey of pet owners<br><\/strong><\/p>\n<p><em>\u201cIf your financial situation deteriorates (job loss, lower salary, large financial loss, etc.), in which category would you be most likely to reduce your spending?\u201d<\/em><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/3hvH6.7464df400cce866a5feb68de3736e4ac.png\" data-image=\"9dbc26e3737c890d448e7af63c64816c\" width=\"2203\" height=\"1309\" style=\"width: 640px; max-width: 100%; height: 100%;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Sources: Allianz GI\/GrassRoots Research, Gonet&nbsp;&&nbsp;Cie SA<\/span><br><br><\/p>\n<p>The outlook for animal health is also very good, since the costs and development times for new treatments are shorter than for human health. In addition, there is relatively less competition from generic drugs. As for pet owners, around 70% of those surveyed said they would be prepared to increase their veterinary expenditure if it would help their pet to live longer. In developed countries, pet life expectancy has doubled over the past 40 years. This has paved the way for a new market in specific care and nutrition for senior pets.<br><br>\nOn average, a Labrador costs its owner 1,236 euros a year. The biggest item of expenditure is food (900 euros), followed by pet taxes in countries where this exists (156 euros in Germany). Next come health costs (vet) and finally a few ancillary costs (purchase costs, accessories, dog sitter, etc.).<br><br><\/p>\n<h4><strong>WHICH SECTORS ARE BEST POSITIONED?<\/strong><\/h4>\n<p>First of all, we need to look at the sectors influenced by this theme. The sector that immediately comes to mind is food. Numerous major global agri-food groups and American giants active in skincare products have positioned themselves in this segment.<br><br>\nFood is by far the most important item. Health is also a factor. These companies may totally or partially specialise in animal health or equipment.<br><br>\nThe consumer discretionary sector is also impacted, with both specialised and non-specialised retailers, as well as more upmarket companies targeting more affluent customers. We're thinking here of the major European luxury brands, most of which offer an assortment of accessories for our 4-legged companions (dog leashes, collars, etc.).<br><br>\nFinally, let's mention insurance. Anglo-Saxon countries are more advanced in this area. Household pets generally benefit from their own insurance cover, to offset the often exorbitant veterinary costs.<br><br>\nIn most cases, the various sectors mentioned above are rather defensive and not very sensitive to the economic cycle, including the luxury sector.<br><br><\/p>\n<h4><strong>INVEST IN DIRECT LINES, ACTIVE FUNDS OR VIA AN ETF?<\/strong><\/h4>\n<p>Let's exclude ETFs from the outset. The only one we have been able to analyse does not have a sufficient track record, and its performance is not as good compared to an active fund. An active fund may be more expensive, but it generates alpha over a longer period, and allows investors to benefit from the know-how of specialists who can detect market trends.<br><br>\nDirect investment is also possible, but not recommended in these capricious market times.<br><br>\nFinally, if you are passing through San Francisco, don't forget to invite Charlie at the <em>Dogue <\/em>for a paw-tisserie worthy of Cedric Grolet, a dog-friendly caf\u00e9-restaurant that opened in October 2022. It is an investment, but it is also a world first! Closer to home, in Rome, your companion will be able to enjoy a menu specially concocted for him at <em>Fiuto<\/em>, enough to sharpen his flair!<\/p>","slug":"a-dogged-niche-market-investing-in-pets-and-animal-wellbeing","slugs":{"fr":"un-marche-de-niche-qui-a-du-chien","de":"a-dogged-niche-market-investing-in-pets-and-animal-wellbeing","es":"a-dogged-niche-market-investing-in-pets-and-animal-wellbeing","pt":"a-dogged-niche-market-investing-in-pets-and-animal-wellbeing"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":333,"title":"Swiss real estate: at a crossroads?","content":"<p>While the Swiss real estate sector seems to have rebounded on the stock market since October, many challenges lie ahead. As ESG investors, we would like to take a closer look at the specific challenges and oppor\u00adtunities facing this sector, which is responsible for 39% of the world's direct and indirect greenhouse gas emissions (source: International Energy Agency \u2013 2020). The sector will have to adapt if it does not want to be subject to increasingly restrictive, even coercive and costly regulation. There is already a premium or discount on the value of real estate that meets or does not meet the 2050 targets. <br><br><\/p>\n<h4><strong>SWITZERLAND AND ITS SUSTAINABILITY COMMITMENTS <\/strong><\/h4>\n<p>Since the Paris Agreement, the reality of climate change has forced the world to commit to reducing CO2 emissions and promoting sustainable develop\u00adment. Switzerland is no exception, and in June 2023 the Swiss people voted in favour of the Federal Law on Climate and Innovation (LCI), which sets CO2 reduc\u00adtion targets for 2050 with the aim of achieving carbon neutrality (net zero). The first milestone is set for 2030, with a 50% reduction in CO2 emissions compared to 1990 levels. <br><br>\nWith this in mind, property owners are faced with the need to carry out energy renovations or risk having compulsory measures imposed on them. <br><br>\nAlthough common laws and bases already exist at cantonal level, there is no uniformity, as each canton is sovereign in this area. In Geneva, IDC thresholds (heat consumption index) are set, and homeowners are required to carry out energy upgrades above a defined threshold (125 kWh\/m2.an). In Vaud, a draft law is currently under consultation. Owners will be required to undergo a CECB (Cantonal Energy Building Certificate) energy audit and, depending on the result, will be obliged to carry out renovations. The same type of system already exists in France with the DPE (Energy Performance Diagnostic), which prohibits landlords operating buildings rated F or G from renting them out. The law could be made stricter by prohibiting sale, but this would first require harmo\u00adnisation of DPE assessment methods, first at national level and then at European level. The French example shows that there are many obstacles to overcome on the road to reducing CO2 emissions. <br><br>\nLet's go back to Switzerland, where we have a framework and requirements that need to be renovated over the next few years to achieve zero carbon by 2050. <br><br><\/p>\n<h4><strong>A REALISTIC GOAL FACING SO MANY CHALLENGESS <\/strong><\/h4>\n<p>What are the challenges facing the real estate sector? There are many: <\/p>\n<ul><li>Despite the carbon tax introduced in 2008, 57% of buildings in Switzerland were still heated by fos\u00adsil fuels in 2022 (Heating oil and Gas. Source FSO). Renovating existing buildings is therefore an essen\u00adtial priority, and constructing more efficient ones is a matter of course.<\/li><\/ul>\n<ul><li>Of course, all this comes at a considerable cost. It is estimated that renovation can cost between 20% and 50% of the purchase price of a property. In Switzerland, only the canton of Geneva offers incentives for renovation in the form of property tax exemptions or, more recently, subsidies for owners. Incentives to renovate the building stock are therefore insufficient, despite the unde\u00adniable urgency to do so. According to the Swiss National Science Foundation, the rate of building renovation in Switzerland is around 1% per year. This rate needs to be at least double if we are to meet our 2050 targets. <\/li><\/ul>\n<ul><li>Beyond the cost of renovation, there is also the cost of insuring these substandard properties, which are less resilient to climatic risks. A study by the Swiss Re Institute predicts an increase in property insurance premiums of over 20% by 2040 as a result of more frequent and more intense climatic events. <\/li><\/ul>\n<ul><li>Renovating while keeping costs under control will require innovation, not only in terms of data collec\u00adtion to take stock of the existing situation, but also in terms of solutions to provide credible and financially efficient alternatives to fossil fuels. <\/li><\/ul>\n<ul><li>Another challenge for homeowners is mana\u00adging energy consumption. To do this, you need to be able to measure your consumption, emissions and so on. This is a difficult exercise, firstly from a technical point of view, and secondly because the data to be collected must be available, reliable and comparable. Secondly, managing energy often means reducing consumption, which for many means a loss of comfort. That is where it is important for building owners to communicate effectively with their tenants. <\/li><\/ul>\n<ul><li>Transparent communication with stakeholders requires a common framework. The Asset Management Association Switzerland (AMAS) has set a number of rules for calculating CO2 emissions, while strongly encouraging its members to adopt best practices to ensure consistent and comparable reporting. These rules came into force in 2022, with an 18-month deadline for implementation. <br><br><\/li><\/ul>\n<h4><strong>BUT ALSO OPPORTUNITIES? <\/strong><\/h4>\n<p>The real estate sector seems to be embarking on a long and arduous road to recovery. Nevertheless, we believe that there are opportunities for those who are ahead of the game in energy-efficient renovation. Renovation also means higher property prices. Conversely, properties that are not up to standard are harder to find takers for, and suffer from a discount (both for rental and sale). This is known as the \u201cGreenium\u201d phe\u00adnomenon, which offers added value to properties benefiting from the latest environmental standards. <br><br>\nWe do not have data for Switzerland, but we can easily transpose European data from an MSCI study that shows a positive impact of certifications on the valuation of office buildings in Paris (+35%) and London (+25%). <br><br>\nToday, after bitter debate, we are refocusing on a few ESG themes that have an impact on value, mainly those related to energy and carbon. By tackling the task now, it is possible to decarbonise the existing stock with reasonable investments, spread out over time. By doing so, building owners protect themsel\u00adves against climatic risks (extreme heat, flooding, etc.). By seeking out recognised environmental certifica\u00adtions, building owners generate a premium, while aging buildings suffer a discount. <\/p>","slug":"swiss-real-estate-at-a-crossroads","slugs":{"fr":"immobilier-suisse-la-fin-du-purgatoire","de":"swiss-real-estate-at-a-crossroads","es":"swiss-real-estate-at-a-crossroads","pt":"swiss-real-estate-at-a-crossroads"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":340,"title":"Video 9","content":"","slug":"video-9","slugs":{"fr":"video-9","de":"video-9","es":"video-9","pt":"video-9"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""},"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqoc0e3\/1jhvl2uqdhl3g\/1jhvl2uqoc0ea.mp4"},"date":{"id":19,"name":"date","label":"Date","value":"18\/04\/2024"},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-4-18-17-15-30-422-Vbormql4I9KudrQWvyDP.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"videos"},{"id":98,"title":"AUGUSTE GONET, TOWARDS WEALTH MANAGEMENT...","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">After his father Louis died, Auguste, already a partner, took the helm of the firm in 1907.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Auguste inherited a dynamic, flourishing business with an excellent reputation. Faced with the economic and social upheavals that shook the world as much as Switzerland at the beginning of the 20th century, he adopted a prudential approach, using the region's card and spreading the risks over the communes, companies and people who had gained his trust, particularly in the agricultural and viticultural sectors. Thus, he began a slow shift in the bank's business towards wealth management.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Auguste was active in local politics and in the Chamber of Commerce of Vaud. However, he dedicated just as much as his energy \u2013 if not more \u2013 to philanthropy, joining the fight against the influenza pandemic of 1918 and serving of the board of numerous charities.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">The second generation of Gonet bankers died young in 1924, at the age of 52, but two years earlier he had appointed one of his sons, Alfred, as a partner.<\/span><\/p>\n<p><\/p>","slug":"auguste-gonet-towards-wealth-management","slugs":{"fr":"auguste-gonet-vers-la-gestion-de-fortune","de":"auguste-gonet-schwerpunktverlagerung-auf-vermogensverwaltung","es":"auguste-gonet-hacia-la-gestion-patrimonial","pt":"auguste-gonet-rumo-a-gestao-de-fortuna"},"tags":[],"model_type":"page","fields":{"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-9-19-950-8hZRAb4BIUvANkKapeDJ.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1907"},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":355,"title":"Are responsible investment and emerging countries compatible?","content":"<p>For once, let's start this article with a personal story. My career began in Paris in the Country Risk Department of the Caisse des D\u00e9p\u00f4ts et Consignations, headed at the time by Patrick Artus. Emerging countries were at the heart of the analysis, which went beyond purely macroeconomic criteria. Little did I know that twenty-six years later, after a long initiation into finance, I would return to the sources of impact like Paolo Coelho's Alchemist who finally understands the meaning of what has never left him despite a long journey. <br><br><\/p>\n<h4><strong>EMERGING COUNTRIES: A BREEDING GROUND FOR IMPACT?<\/strong><\/h4>\n<p>At first glance, sustainable investment and emerging countries are incompatible. Our mature-country standards simply don't apply in these countries, where environmental, social and governance standards are far from stringent. ESG aspects therefore seem difficult to apply in these parts of the world. And yet! ESG analysis is at the heart of emerging zone analysis, not least because it is primarily concerned with reducing material \u201crisks\u201d.<\/p>\n<p>In an increasingly geographically fragmented and conflict-ridden world, there is a great risk of relegating sustainability to a secondary concern. And yet, it is more vital than ever to work towards sustainable, socially inclusive and \u201cfair\u201d transformation. The theme of finance for the people takes on its full meaning. Investing in emerging countries also means investing in a fairer, more stable world that supports economic growth, facilitates international trade and gives these countries, often purveyors of innovation, the means to access the capital they need for their development or transition (infrastructure, exit from polluting industries). <br><br><\/p>\n<h4><strong>THE DIFFICULTIES WE HAVE TO DEAL WITH<\/strong><\/h4>\n<p>ESG analysis applied to emerging countries is not a new discipline, yet it still suffers from the restrictions associated with the absence of a framework such as those found in our so-called developed countries. Standards of regulation, governance, interpretation and reporting are all different, and need to be analyzed without prejudice. This requires the collection and analysis of reliable, comparable data. In the absence of a framework, comparisons are difficult but not impossible. Data collection also increasingly involves the use of geospatial location tools developed by scientists. <br><br><\/p>\n<h4><strong>BIODIVERSITY: A CENTRAL ISSUE<\/strong><\/h4>\n<p>This article would be incomplete without a word on Biodiversity. Biodiversity cannot be preserved without in-depth work to support local communities in developing countries. These people are extremely dependent on ecosystem services, and are on the front line of the risks associated with species extinction and climate change. Biodiversity hotspots, i.e. those areas most threatened by human activities, are mainly located in the South. Although these hotspots account for just 2.5% of the earth's surface, they contribute 35% of the ecosystem services on which vulnerable populations depend. Protecting them is therefore essential, which poses problems of balance between the rational exploitation of natural resources and the survival of local populations. <br><br><\/p>\n<h4><strong>LAST BUT NOT LEAST: A FAVORABLE ECONOMIC CONTEXT<\/strong><\/h4>\n<p>Beyond ESG factors, the current macroeconomic context seems to favor a more optimistic view of emerging countries, by adopting a geographically and sectorally diversified position. In other words, let's avoid putting all our eggs in the basket of Asia (led by China, where demand is struggling to recover) and Technology.\nIn terms of valuation, emerging markets currently offer a discount to developed markets and lag in performance, notably due to China (graph 1). Yet growth prospects are far superior in emerging zones (+18.9% y\/y according to the Bloomberg consensus, versus +11% for the United States and -0.5% for Europe).<br><br><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/6KlXQ.526ddc78b070e3e68a56e7fe3172f72c.png\" data-image=\"50a59a19f92c92199f04c23a4963f6a0\" width=\"1240\" height=\"590\" style=\"width: 600px; max-width: 100%; height: 100%;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Graph 1: Comparative performance of MSCI World, MSCI World Equity and MSCI Emerging Markets (base 100 in January 2020) \u2013 source: Bloomberg<\/span><br><\/p>\n<p>The emerging bloc is also benefiting from a favorable environment, due to its strong correlation with the dollar. Emerging market performance is inversely correlated with US interest rates and the dollar. There are two main reasons for this phenomenon. The first is investors' search for yield. If US yields become less attractive, investors will look for performance in other regions. The bulk of many emerging economies remains tied to the dollar (debt or commodities), so a weaker dollar is good for the bloc (graph 2). A picture is worth a thousand words:<br><\/p>\n<figure style=\"max-width: 100%;\"><img src=\"\/uploads\/vMsZS.b1cbe2ed17cef7a26204c607402a0008.png\" data-image=\"edbf7a3808fc1e5f7f1eb913a47786e3\" width=\"1240\" height=\"590\" style=\"width: 600px; max-width: 100%; height: 100%;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Graph 2: MSCI Emerging Markets (left scale) vs Dollar Index (left scale) \u2013 source: Bloomberg<\/span><br><\/p>\n<p>Our scenario is for a rate cut in the US and a subsequent weakening of the dollar, which will support the performance of emerging markets. We believe that adopting a geographically and sectorally diversified positioning is a better strategy today than betting on a specific market. ESG analysis is also indisputably essential, as it enables us to minimize risks such as exposure to controversies. Finally, we must not let the difficulty of the exercise deter us. Every drop counts in the ocean of sustainability. <\/p>","slug":"are-responsible-investment-and-emerging-countries-compatible","slugs":{"fr":"investissement-responsable-et-pays-emergents-sont-ils-compatibles","de":"are-responsible-investment-and-emerging-countries-compatible","es":"are-responsible-investment-and-emerging-countries-compatible","pt":"are-responsible-investment-and-emerging-countries-compatible"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":368,"title":"Exclusion strategies: easy to implement and desirable?","content":"<p>Exclusionary practices, at the origin of sustainable finance, aimed to translate an investor\u2019s moral values into a portfolio that should not contain certain sectors or values. Today, exclusionary strategies are among the most widely used approaches to sustainable finance in Switzerland and Europe. They are also among the strategies most criticised by advocates of a stricter approach, who consider that they do not generate any tangible positive impact on the economy.<br><br><\/p>\n<h4><strong>HISTORICAL BACKGROUND, DEFINITIONS AND CRITERIA<\/strong><\/h4>\n<p>The origins of exclusionary practices can be traced back to the 17th century, under the impetus of the \u201cReligious Society of Friends\u201d, an Anglo-Saxon movement better known as the Quakers. This movement, which flourished until the 20th century, advocated against slavery, the consumption of alcohol and the sale of arms. These strategies therefore have their origins in ethical and religious movements, where investors sought to avoid financing sectors deemed morally unacceptable. This type of investment would later lead to the creation of the first ethical funds, whose stated strategy was based on the exclusion of activities associated with \u201csin stocks\u201d, such as tobacco, arms, pornography and gambling. At the time, Socially Responsible Investment (SRI) was still in its infancy, but it would continue to evolve coping with financial crises, periods of economic prosperity and global geopolitical conflicts. As time went by, the battles evolved, and so did the exclusions. In the 1970s, for example, exclusion movements were led by students who did not want to support the Apartheid regime in South Africa, and refused to allow their university to invest funds in that country. More recently, awareness of climate issues has led to the exclusion of fossil fuel companies.<br><br><\/p>\n<p>Exclusionary or negative screening strategies involve not investing in certain sectors or companies linked to controversial activities, countries or practices. A common distinction is made between ethical <strong>sector exclusions<\/strong>, based on religious or environmental principles (alcohol, tobacco, weapons, gambling, compliance with the Catholic faith or Sharia law, GMOs, fossil fuels), and <strong>normative exclusions<\/strong>, which focus on screening against minimum standards based on international norms such as the ten principles of the United Nations Global Compact, the Universal Declaration of Human Rights, International Labour Organization standards, the UN Convention against Corruption and the OECD Guidelines for Multinational Enterprises.<br><br><\/p>\n<h4><strong>THE ROLE OF EXCLUSIONARY STRATEGIES IN SWITZERLAND<\/strong><\/h4>\n<p>In Switzerland, exclusionary strategies play a key role in sustainable finance, particularly in the management of investment funds and ESG-focused financial products. The country, renowned for its leading financial sector, has adopted these strategies in response to growing demand for responsible investment. Many Swiss institutional investors, especially pension funds, use exclusion criteria to avoid investing in controversial sectors such as arms, fossil fuels or human rights violations.<br><br>\nSwitzerland is also benefiting from an increasingly supportive regulatory environment for sustainable finance, with initiatives such as Swiss Sustainable Finance (SSF) and Sustainable Finance Geneva (SFG) promoting responsible practices. However, although these strategies are widespread and dominant, they are often only the first step. Swiss investors tend to combine exclusion with other approaches, such as shareholder engagement or ESG integration, to achieve a more positive impact while seeking to maintain competitive returns (graph 1).<br><br><\/p>\n<p><strong>Top 10 combinations of SI approaches applied by asset managers (in CHF billion)<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/ReZpt.723137021c561d3ba04d8fea5981f83d.jpg\" data-image=\"87720004a939df4ec99bac1a900aabd7\" style=\"width: 1005px; max-width: 370px; height: 192px;\" width=\"1005\" height=\"522\"><\/figure>\n<p><strong><\/strong><span style=\"font-size: 12px;\"><strong><span style=\"color: rgb(255, 1, 1);\">\u25a0<\/span><\/strong> Volume (CHF billion)<\/span><\/p>\n<p><span style=\"font-size: 12px;\"><strong>Legend to above figures: abbreviations used for combinations<\/strong><br>\nBC = Best-in-class \/ CL = Climate-alignement \/ EN = ESG Engagement \/ EX = Exclusions \/ II = Impact Investing \/ IN = ESG Integration \/ NB = Norms-based Screening \/ TH = Thematic investing \/ VO = ESG Voting<\/span><\/p>\n<p><span style=\"font-size: 12px;\">Source: SSF \u2013 Swiss Sustainable Investment Market Study 2024<br><br><\/span><\/p>\n<p>This is where the limits of the strategy and its implementation difficulties need to be addressed.<br><br><\/p>\n<h4><strong>IMPLEMENTATION ISSUES AND IMPACT<\/strong><\/h4>\n<p>On paper considered easy to implement, exclusion strategies have found themselves at the heart of bitter criticism in recent years, notably because not investing is equivalent to not committing and therefore cutting oneself off from the possibility of having an impact. In this debate, we believe that investing and engaging make more sense than excluding.<br><br>\nManaging an ESG portfolio means mitigating risk. Investing in heavily polluting companies means exposing oneself to operational and reputational risk if a transition process is not initiated. This is where shareholder engagement or activism comes in. As an investor, you have a powerful tool at your disposal to influence a company\u2019s future and give it a push for improvement. Through regular meetings, shareholder proposals or voting, you set-up a long-term dialogue with companies, to assess and improve their behaviour with regard to ESG criteria. Make sure the targets set by the company are realistic and attainable. On top of that, it is s a good way to have an impact helping companies transitioning to become less polluting. A positive effect on corporate and financial performance is empirically proven, particularly when a company is targeted by collective engagement activities.<br><br>\nImplementing exclusion strategies in an investment fund or ETF is not always straightforward. On the one hand, fund managers have to define clear exclusion criteria, which can be complex, as ESG (environmental, social and governance) standards vary from one region or industry to another. Besides, certain sectors or companies to be excluded may be indirectly linked to other economic activities, making it difficult to identify precisely which investments to rule out. Who would have thought that a company like BYD, which manufactures electric vehicles, could be associated with tobacco because it markets a component used in the manufacture of electronic cigarettes?<br><br>\nFinally, ESG data are not always available or uniform, making it difficult to evaluate companies according to these criteria. In the case of sectors, changing regulations do not help decision-making either. The European taxonomy is a striking example.<br><br>\nIn the case of ETFs, which often track broad indices, the inclusion of exclusion criteria can be more restrictive, as it can limit diversification or lead to deviations from the benchmark. Finally, the administrative and management costs associated with implementing these strategies may increase, as asset selection requires constant monitoring to ensure that exclusion criteria are respected over the long term. <br><br><\/p>\n<p>Strict exclusionary approaches are therefore difficult to implement and counterproductive in terms of performance, as they reduce the scope for diversification.&nbsp;Although possible, setting thresholds is no easy task when investing in funds either, for a number of reasons:<\/p>\n<ul><li>the investor has no visibility on the assets held by the fund at all times. At best, a 6-week delay applies;<\/li>\n<li>it is all a question of interpretation. The example of BYD, considered as a company to be excluded due to its tiny production activity of a component used in the manufacture of electronic cigarettes, is a quick and ill-advised shortcut;<\/li>\n<li>the databases available to us are often incomplete, with calculation methods that are sometimes dubious and difficult to explain.<\/li><\/ul>\n<p>When it comes to funds and ETFs, it is s important to remain pragmatic, and not to commit yourself categorically if you can\u2019t keep your promises. For the more discerning investor, a direct line solution is the way to go (which, if you want to be a stickler, could also lead to a few surprises, since you should need total transparency on all the contracts of the company you are investing in). In the case of investments in line with religious faith, there are specific certification bodies that give their blessing or not to this or that product, and in some cases propose that investors pay \u201cpurification costs\u201d when it turns out that a tiny proportion of a fund (less than 5%) is invested in unauthorised activities. This involves clever calculations leading to donations that benefit charities. In our opinion, sincerely doing one\u2019s best effort for sustainable finance remains the best option.<\/p>","slug":"exclusion-strategies-easy-to-implement-and-desirable","slugs":{"fr":"les-strategies-dexclusion-facilement-implementables-et-souhaitables","de":"exclusion-strategies-easy-to-implement-and-desirable","es":"exclusion-strategies-easy-to-implement-and-desirable","pt":"exclusion-strategies-easy-to-implement-and-desirable"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":374,"title":"ESG investments: a challenge for the United States, a leadership opportunity for Europe?","content":"<p>At the time of writing, COP29 has just ended in Baku, Azerbaijan, with an agreement deemed unsatisfactory for developing countries. Ironically, this country\u2019s main source of income is oil. The re-election of Donald Trump, an outspoken climate sceptic, to the presidency of the United States has cast an icy pall over the discussions underway and confirmed the United States\u2019 imminent withdrawal from the Paris Agreement aimed at reducing global CO2 emissions. The G20 further dampened hopes by sidestepping the question of the transition to a low-carbon economy. This does not augur well for the next four years, unless...<br><br><\/p>\n<h4><strong>CHALLENGES AHEAD, BUT THE TRAIN IS ON THE RIGHT TRACK<\/strong><\/h4>\n<p>The re-election of Trump to the presidency of the United States poses considerable challenges for the sustainable finance and ESG (environmental, social and governance) investment sector, which has already taken a beating in recent years.<br><br>\n\nOne of the factors pushing up the performance of small and mid-caps in recent weeks is the hope of a more favorable environment for local businesses. Under Trump, the US could pursue deregulation in sectors with a high environmental impact, such as energy, transport and industry. This would reduce regulatory pressure on companies, allowing them to operate with fewer environmental restrictions, which could slow the adoption of ESG practices in these sectors, unfortunately to the detriment of the planet.<br><br>\n\nMoreover, Trump makes no secret of his unconditional support for fossil fuels: his first term as president favored the fossil fuel industries (oil, gas and coal) with subsidies and regulatory relaxations. His re-election is likely to reinforce this trend, which could discourage investment in renewable energies and low-carbon technologies in the USA. Companies dependent on fossil fuels could benefit from this policy, while ESG investments, which favor greener sectors, could suffer.<br><br>\n\nOn the subject of deregulation, recent statements by the future POTUS have triggered a massive rush into cryptocurrencies, particularly Bitcoin. And yet, we know that crypto mining is, in some cases, particularly energy-intensive.<br><br>\n\nIf history is any guide, it will be recalled that during Trump\u2019s previous term, US federal support for ESG initiatives saw a sharp decline. For example, the US withdrew from the Paris Climate Agreement, while many environmental regulations introduced under the Obama Administration were relaxed or even cancelled, including those aimed at reducing greenhouse gas emissions and protecting public lands. In the area of governance, Trump\u2019s policies have focused on the interests of big business, downplaying requirements for transparency and social responsibility. This approach has helped stunt the growth of ESG initiatives, which generally benefit from regulatory frameworks and subsidies to encourage sustainable investments. However, this federal disengagement has also stimulated the mobilisation of states (led by California and New York), municipalities and the private sector, which have stepped up their own efforts.<br><br>\n\nFrom a financial point of view, the blocking or delay of new climate- or sustainability-related regulations for listed companies would encourage US companies to focus more on traditional financial indicators, deemed less binding. Worse still, asset managers could be sued for breaching their fiduciary duty by promoting ESG (although it would have to be shown that ESG systematically undermines performance compared to traditional investments).<br><br>\n\nLess pressure in the US also means a lack of harmonisation in ESG standards worldwide. This could lead US companies to adopt less rigorous practices than their international counterparts, making the application of ESG standards more uneven and less effective. This could be accompanied by a decline in the attractiveness of ESG investments in the US. ESG funds could be perceived as less profitable, as the companies benefiting from subsidies or regulatory relaxations would not necessarily be those with the best ESG practices. International investors, particularly those based in Europe, where sustainable finance is encouraged, may be cautious about US assets, and may redirect their investments to markets where climate policies are better supported, reducing capital flows to US ESG funds. In the field of standards, initiatives could flourish in certain states, but their efforts would be limited by the scope of their jurisdictions. This could fragment ESG initiatives, creating regional disparities in sustainable finance standards.<br><br>\n\nConversely, increased pressure from private investors and consumers could play a central role in promoting ESG investments, even if government pressure is reduced.<br><br>\n\nFinally, let\u2019s talk about international cooperation. Trump has shown little interest in international cooperation on climate issues. His re-election marks a return to this approach, limiting US international commitments to sustainable finance and ESG, and diminishing its influence on global initiatives.<br><br>\n\nIf the US moves away from sustainable practices, multinationals and investors may seek to invest in regions with stronger ESG commitments. US companies could then be encouraged to relocate their operations or redirect their investments to areas where sustainable finance practices are encouraged, such as the European Union or parts of Asia.<br><br><\/p>\n<h4><strong>HOW CAN EUROPE MAKE THE MOST OF THE UNITED STATES\u2019 EXIT FROM THE PARIS AGREEMENTS?<\/strong><\/h4>\n<p>One of the major themes addressed in Mario Draghi\u2019s report on the competitiveness of the European Union is the need to close the innovation gap with the United States and China. Europe should see Trump\u2019s election as a major strategic opportunity to establish itself as a leader in sustainable finance and set the new global standard.<br><br>\n\nOn climate issues, in the absence of the United States, Europe could position itself as the undisputed leader in the fight against climate change, strengthening its credibility with other nations and in international forums. It could use this leadership to encourage more bilateral or multilateral climate agreements with other major emitters such as China, India and Brazil. Stronger partnerships on climate issues with countries such as Canada and Japan, and even China, would be conducive to technology transfer and climate financing for developing countries, thereby strengthening European climate diplomacy.<br><br>\n\nEurope is already ahead of the game in terms of developing norms, standards and frameworks around sustainable finance and sustainability in general (European taxonomy). Promoting them and imposing them as international standards would help attract investment to companies and funds aligned with these standards.<br><br>\n\nBy developing an ambitious vision for sustainable finance, Europe could attract international investors looking for assets with a strong ESG component. European financial markets could become preferred investment poles for sustainable funds, thanks to clear and stable regulation. This will have a beneficial effect on the industry. By increasing investment in green infrastructure (renewable energies, low-carbon transport, energy-efficient renovation of buildings), Europe could attract capital willing to finance these initiatives. This would strengthen its energy autonomy, while creating jobs and economic opportunities in green industries. The theme of energy autonomy is also mentioned in the Draghi report.<br><br>\n\nTo create a competitive advantage, European companies that respect higher ESG standards than their American competitors could differentiate themselves on the international market as more responsible players. This would enable them to attract a global clientele that is increasingly sensitive to environmental and social issues, as well as investors who prioritise ESG criteria. Furthermore, by investing in clean, sustainable technologies, these same companies would be able to stimulate green innovation and position themselves at the forefront of tomorrow\u2019s technologies (green hydrogen, batteries, advanced recycling, etc.).<br><br>\n\nAs a counterweight to the United States, which is gradually introducing tariffs initially on Canada, Mexico and China, Europe could also consider carbon pricing mechanisms vis-\u00e0-vis the United States. This could lead to the creation of interconnected carbon markets or agreements on pricing, making it possible to dissuade unsustainable practices while harmonising climate policies between partners. The good news is that this would protect European industries from environmental dumping, while encouraging other countries to strengthen their own climate policies to avoid such taxes. This would go a long way to restoring the Old Continent\u2019s competitiveness.<br><br>\n\nFinally, let\u2019s dream a little: Europe could use its leadership to play a decisive role in international organisations, notably the UN, the World Bank and the IMF, by promoting green finance policies and financing conditions aligned with the Paris Agreement.<br><br><\/p>\n<h4><strong>IN CONCLUSION<\/strong><\/h4>\n<p>The exit of the United States from the Paris Agreement would offer Europe a unique opportunity to reinforce its role as world leader in climate and sustainable finance. By attracting capital keen to finance the ecological transition, Europe would emerge as a long-term winner, and could compete with China, which is already basing its strategic development on the themes of transition and energy independence. Europe will have to be ready to assume the financial cost, but also to win the support of politicians and those who elect them \u2013 what we call the \u201cpopular cost\u201d. It is a gamble that is far from won in these times of budget restrictions and rising populism. The reality of global warming is inescapable. It will come back to haunt us when the next floods and heatwaves hit our continent.<\/p>","slug":"esg-investments-a-challenge-for-the-united-states-a-leadership-opportunity-for-europe","slugs":{"fr":"investissements-esg-un-defi-pour-les-americains-une-chance-de-leadership-pour-leurope","de":"esg-investments-a-challenge-for-the-united-states-a-leadership-opportunity-for-europe","es":"esg-investments-a-challenge-for-the-united-states-a-leadership-opportunity-for-europe","pt":"esg-investments-a-challenge-for-the-united-states-a-leadership-opportunity-for-europe"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":126,"title":"HOW TO CONFIGURE COOKIES?","content":"<p>The recording of a cookie on a terminal is in principle subject to the consent of the terminal user. Several possibilities are offered to manage cookies: the user can choose, at any time, to express and modify his or her wishes with regard to cookies through his or her browser or, for our website, using the settings tools.<br><\/p>\n<p>With regard to the cookies used on our site, you may set them individually, depending on their type.<br><\/p>\n<p>The configuration of each browser is different, the help menu of your browser will let you know how to manage your cookie preferences.<br><\/p>\n<p>By accepting to save cookies on your terminal, the cookies integrated into the pages and content that you have consulted may be stored temporarily, depending on your personal configuration, in a dedicated space on your terminal. By refusing to save cookies on your terminal, or by deleting those saved on your terminal, you will no longer be able to benefit from certain features of our website.<br><\/p>\n<p>The User accepts the risk that by accessing the website and its services, third parties may deduce that a relationship may exist with Gonet&nbsp;&&nbsp;Cie SA.<br><\/p>\n<p>More information on cookies and how to manage their use by configuring your browser settings is available at <a href=\"https:\/\/www.allaboutcookies.org\/\" class=\"animatedLink\" target=\"_blank\">www.allaboutcookies.org<\/a>.<\/p>","slug":"how-to-configure-cookies","slugs":{"fr":"comment-configurer-les-cookies","de":"how-to-configure-cookies","es":"como-configurar-las-cookies","pt":"como-configurar-os-cookies"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":385,"title":"Circular economy: rethinking resources, redefining investment strategies","content":"<p>As part of our expanded coverage of more thematic aspects, we have turned our attention to the concept of the circular economy. With the depletion of natural resources, the explosion of waste, and climate challenges, our traditional economic model is clearly reaching its limits. The circular economy emerges as an essential alternative, rethinking the way we produce, consume, and recycle. More than just a trend, it is becoming a necessity for businesses, governments, and citizens alike. What are the challenges and benefits of this transition? How are different sectors adapting to this revolution? This article analyses market perspectives and existing policies to understand why the circular economy is establishing itself as the model of the future.<br><br><\/p>\n<h4><strong>DEFINITION OF THE CIRCULAR ECONOMY<\/strong><\/h4>\n<p>The circular economy is a model designed to extend the life cycle of products by promoting sharing, reuse, repair, and recycling. Its main goal is to minimise waste and limit the extraction of new raw materials. Unlike the linear model, which is based on relentless consumption and planned obsolescence, the circular economy seeks to maximise the value of resources by keeping them in the economic cycle for as long as possible.<br><br><\/p>\n<h4><strong>ENVIRONMENTAL AND ECONOMIC CHALLENGES<\/strong><\/h4>\n<p>Adopting this model presents numerous advantages, particularly in terms of environmental protection. The conservation of resources helps reduce raw material extraction and preserve biodiversity. Reducing CO\u2082 emissions is also a major challenge, as circular practices contribute to combating climate change and meeting the goals set by the Paris Agreement. Additionally, designing sustainable products plays a key role, as 80% of a product\u2019s environmental impact is determined at the design stage. Lastly, better packaging management could significantly reduce waste, considering that in Europe, each person generates an average of 180 kg of packaging waste per year.<br><\/p>\n<p>The circular economy also offers significant economic benefits. With global population growth, the demand for raw materials continues to rise, increasing pressure on natural resources and heightening dependence on imports, especially in Europe. In 2023, the European Union reported a trade deficit of \u20ac29 billion in raw materials. By promoting recycling and reuse, risks associated with price volatility and supply chain disruptions can be mitigated. Moreover, this model stimulates innovation and business competitiveness \u2014 key concerns for people like Mario Draghi \u2014 while creating job opportunities. It is estimated that the circular economy could generate 700,000 new jobs in the EU by 2030. Consumers also benefit from this transition, gaining access to more durable and ultimately more cost-effective products.<br><br><\/p>\n<h4><strong>IMPLEMENTATION AND STRATEGIES<\/strong><\/h4>\n<p>To implement the circular economy, action is needed on multiple levels. The design and production phase must incorporate eco-design principles, promoting durability, repairability, and the use of recycled materials. New business models are emerging, favouring usage-based economies over ownership, such as rental services and take-back programs for end-of-life products. Consumer behaviour also plays a central role, with increasing awareness of the importance of reuse and sharing. Finally, governments are introducing stricter regulations to encourage this transition, including extended producer responsibility schemes and mandatory recycling targets.<br><\/p>\n<p>Investment in the circular economy is experiencing sustained growth. In 2023, several billion dollars were invested in initiatives promoting circularity, supported by both public and private funding. The European Union and China are leading the way with ambitious policies such as the Green Deal and China\u2019s five-year plan. Businesses also play a key role, investing heavily in the development of recyclable materials and the reduction of industrial waste.<br><br><\/p>\n<h4><strong>KEY SECTORS AND GLOBAL POLICIES<\/strong><\/h4>\n<p>Several industries are particularly affected by this transition. In the plastics and packaging industry, regulations are pushing for the use of biodegradable plastics and the reduction of plastic waste. In the electronics and battery sector, \u201cright to repair\u201d laws are becoming more common, while battery recycling is now mandatory to recover critical materials like lithium and cobalt. The fashion and textile industry are embracing new practices such as clothing rental and resale, responding to growing awareness of fast fashion\u2019s devastating environmental impact. Meanwhile, the automotive and construction sectors are increasingly incorporating recycled materials, driven by incentive policies in Europe and China.<br><\/p>\n<p>Global policies vary by region. Europe stands out with advanced regulatory measures, particularly the Circular Economy Action Plan, which sets strict waste reduction and recycled material reintegration targets. China has integrated this transition into its five-year plan and has imposed restrictions on plastic waste imports. In the United States, progress has been slower, though pioneering states like California and New York have adopted ambitious recycling and circular economy laws. However, efforts in this area are unlikely to intensify significantly in the next two to four years.<br><\/p>\n<p>Ironically, the industrial reshoring promoted by Donald Trump is actually boosting the circular economy by simplifying supply chains and reducing waste and emissions. The integration of AI and automation is optimising resource management, despite high costs in Europe and the US This transition, supported by government incentives, fosters innovation and investment in sustainable, localised models. By combining efficiency, profitability, and sustainability, reshoring is becoming a key driver of the shift toward circular production.<br><\/p>\n<p>Large corporations are increasingly committing to the circular economy. A growing number of companies are adopting strategies to reduce their environmental footprint, whether by using recycled materials, establishing circular supply chains, or pursuing \u201czero waste\u201d production goals. This shift is driven not only by regulatory pressures but also by evolving consumer and investor expectations.<br><br><\/p>\n<h4><strong>INVESTMENT OPPORTUNITIES<\/strong><\/h4>\n<p>The circular economy is receiving increasing support from financial institutions, with dedicated funding programs to support innovative projects. The European Union, through its Joint Initiative on Circular Economy, mobilised \u20ac11.6 billion between 2019 and 2023. The European Investment Bank (EIB) contributed nearly \u20ac3.83 billion to co-finance 132 projects across various sectors. These funds support recycling initiatives, eco-design, and optimised resource management, helping industries reduce their carbon footprint while creating sustainable jobs.\nAt the same time, green bonds are expanding rapidly to finance environmentally friendly activities. In 2019, the Italian bank Intesa Sanpaolo launched a \u20ac5 billion green bond to support companies committed to the circular economy. These bonds fund projects such as waste management, bioplastics development, and improved industrial processes to reduce natural resource consumption. They are attracting a growing number of institutional investors, convinced of the economic and environmental potential of these initiatives. With favourable interest rates and rising demand, this market is expected to continue expanding in the coming years.<br><\/p>\n<p>Finally, specialised investment funds are multiplying to support companies integrating circular models into their strategies. Major players such as Waste Management in the US, Xylem in water management, Schneider Electric in energy efficiency, and Saint-Gobain and Holcim in the construction sector benefit from these funds to accelerate their transition. In 2024, the rise of bioplastics and waste reduction solutions confirms investors' growing interest in this sector. With promising prospects and strong political commitments, the circular economy is emerging as a major strategic focus for sustainable investments.<br><br><\/p>\n<h4><strong>CONCLUSION<\/strong><\/h4>\n<p>The future of the circular economy looks promising, though some challenges remain. Key opportunities include the rise of new markets related to reuse and recycling, as well as increasingly favourable regulatory incentives. Consumer preference for sustainable products also represents a major driver. However, obstacles persist, such as the lack of recycling infrastructure in some regions, the still-high cost of recycled materials compared to virgin resources, and the absence of a globally harmonised policy framework for the circular economy.<\/p>","slug":"circular-economy-rethinking-resources-redefining-investment-strategies","slugs":{"fr":"economie-circulaire-une-thematique-qui-revolutionne-notre-maniere-de-produire-et-consommer","de":"circular-economy-rethinking-resources-redefining-investment-strategies","es":"circular-economy-rethinking-resources-redefining-investment-strategies","pt":"circular-economy-rethinking-resources-redefining-investment-strategies"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-6-27-11-44-27-95-dNmgG7ZLhKexJ2TW7Vv7.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":166,"title":"Gonet Literary Prize","content":"<figure style=\"margin: auto; text-align: center;\"><img src=\"\/uploads\/cL4Ut.dc24b53de02bafd67f2a72268c5e9ac2.jpg\" data-image=\"37a4ab04f0d2b541872ad0cf2c932428\" width=\"115\" height=\"120\" alt=\"Logo du Prix litt\u00e9raire Gonet\"><br><br><\/figure>\n<p>As a sponsor, Gonet & Cie SA awards the <strong>Gonet Literary Prize<\/strong> to recognise an original French-language work, from any literary genre, addressing societal issues of our time. This prize aims to contribute to the cultural influence of the Festival du L\u00c0C and is awarded in the spirit of independence, mindful of the entertaining nature of the prize-winning work and its original action to raise awareness of the modern world.<\/p>\n<p>The Gonet Literary Prize jury, consisting of around fourty jurors, will crown the winner from a selection of works once summer has ended. Most of them are members of the Cercle des Lectrices Bienveillantes literary society. Others include a few representatives of Gonet Bank and as well as colleagues of the Organising Committee.<\/p>\n<hr>\n<p><strong>EDITION 2024<\/strong><\/p>\n<p>The five books selected for the 2024 edition all deal with central themes of our time and our society (racism, assisted dying, presumption of innocence, ultra-transparency, cataclysms). <br><\/p>\n<p>The selection includes two Swiss publishing houses (Sixi\u00e8me(s), Une autre voix) and three French (JC Latt\u00e8s, Gallimard and La manufacture des livres), with all five authors being French (Nathalie Bianco, Carole Fives, Val\u00e9rie Gans, Lilia Hassaine and Laurent Petitmangin). <\/p>\n<p><strong>The Gonet Literary Prize 2024 was awarded to Nathalie Bianco for her book \u201cLe petit lynx\u201d.<\/strong><\/p>\n<hr>\n<p><strong>EDITION 2023<\/strong><\/p>\n<p>The five books selected for the 2023 edition all deal with central themes of our time and our society (feminicide, migration, ecological transition, relationship with animals, precariousness and TV reality shows). <br><\/p>\n<p>The selection includes two Swiss publishing houses (Slatkine, Zo\u00e9) and three French (Julliard, Finitude et Stock), three&nbsp;Swiss authors (M\u00e9lanie Croubalian, Blaise Hofmann and Joseph Incardona) and the other two French (Philippe Besson, C\u00e9dric Sapin-Defour). <\/p>\n<p><strong>The Gonet Literary Prize 2023 was awarded to Joseph Incardona for his book \u201cLes corps solides\u201d.<\/strong><\/p>\n<hr>\n<p><strong>EDITION 2022<\/strong><\/p>\n<p>The six books selected for the 2022 edition all deal with central themes of our time and our society (ecology, humanitarian commitment, family, media, technology, disability). Their authors will all be present at the Ferme de Saint-Maurice, in Collonge-Bellerive, to exchange with readers and other literature lovers.<\/p>\n<p>The selection includes three Swiss publishing houses&nbsp;(Slatkine, 5 sens, Encre fra\u00eeche) and three French (Plon, Flammarion and Grasset), four Swiss authors (Kyra Dupont, Charlotte Frossard, Adrien Gygax and Evelyne Rivat) and the other two French (Fr\u00e9d\u00e9ric Beigbeder, Albina de Boisrouvray). <\/p>\n<p><strong>The Gonet Literary Prize 2022 was awarded to Albina du Boisrouvray for her autobiography \u201cLe courage de vivre\u201d.<\/strong><\/p>\n<hr>\n<p><strong>EDITION 2021<\/strong><\/p>\n<p>The five selected books were released in bookstores in 2021. Three publishing houses are Swiss (Slatkine, Notabilia, and Bsn Press), and two are French (Albin Michel and Aux forges du Vulcain). Two authors are Swiss (M\u00e9lanie Chappuis and Marion Emonot), and the other three are French (Ga\u00eblle Josse, Alexandra Koszelyk, and Gavin\u2019s Ruiz).<\/p>\n<p>The subjects of the five books are all different, addressing themes that have a particular effect on our society (solidarity, refugees, burn-out, ecology, identity, and life choices). <\/p>\n<p><strong>The Gonet Literary Prize 2021 was awarded to Marion Emonot for her book \u201cRessuscit\u00e9\u201d.<\/strong><\/p>\n<p><br><\/p>","slug":"gonet-literary-prize","slugs":{"fr":"prix-litteraire-gonet","de":"literaturpreis-gonet","es":"premio-literario-gonet","pt":"premio-literario-gonet"},"tags":[],"model_type":"page","fields":{"gallery":{"id":167,"name":"gallery","label":"gallery","value":null},"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2023-10-17-15-4-10-242-ZSGhu4kIu9A9FucRXbLl.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":"The Bank Gonet & Cie SA awards the Gonet Literary Prize to recognise an original French-language work, from any literary genre, addressing societal issues of our time."},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-7-14-10-55-15-30-2gye3BUqAfOvHipBixM2.jpeg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-7-13-17-16-40-201-B3dZEXRyKi7IOeICJBqf.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":"This prize aims to contribute to the cultural influence of the Festival du L\u00c0C and is awarded in the spirit of independence, mindful of the entertaining nature of the prize-winning work and its original action to raise awareness of the modern world."}},"collection_type":"sponsors"},{"id":175,"title":"CIO LETTER ISSUE 7 - OCTOBER 2021","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>At the beginning of the 4<sup>th<\/sup> quarter, new parameters appeared in the monitoring of the economic environment evolution, complicating the expectations of investors in financial markets. Between scenarios that predict future economic stagflation and those that predict a gradual improvement in the global economy, investors must now be patient. The expectations that the US Federal Reserve will raise interest rates in 2022 seem realistic, but volatility in the financial markets is still likely to be present. The recent events related to the \"SAGA\" of the Chinese company Evergrande are a reminder of this.<\/p>\n<p><br><\/p>\n<p>We are confident in our Investment Policy while remaining flexible to make certain adjustments, such as our decision in mid-July to remove our exposure to the Chinese market.<\/p>\n<p><br><\/p>\n<p>Enjoy the read!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\/\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-7-october-2021","slugs":{"fr":"cio-letter-n-7-octobre-2021","de":"cio-letter-issue-7-october-2021","es":"cio-letter-issue-7-october-2021","pt":"cio-letter-issue-7-october-2021"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Gonet - CIO Letter Issue 7 - October 2021"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"29\/09\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":191,"title":"Supply chain disruption","content":"<p>The demand triggered by the acceleration of several trends such as e-commerce, electrification and home office has led to an overload of production and transport capacities around the world. Today, demand for physical goods is already exceeding pre-pandemic levels, while consumer savings rates remain abnormally high. In terms of inventory, although reserves were initially very high in several sectors following the extraordinary orders made when the Covid-19 was only a problem in the \u201cWorld's Factory\u201d, some products are now moving towards shortage (semis, cars, Chinese cathodes, polymers, natural gas in Europe, to name just a few examples). The rigidity of supply, due to its concentration in Asia, has therefore become a challenge that seems insurmountable in the short-term, given that delivery capacities are already operating at full power.<br>\n<br>This phenomenon is reflected in the evolution of price indices as well as the profits of several companies in the transport sector. The Baltic Dry Index for example, measuring the price for dry bulk shipping on 26 different routes, has more than tripled since the start of the year. Transport specialists like Maersk or K\u00fchne+Nagel have seen their profits soar. Two years ago, a 12-meter container cost less than USD 2\u2019000 to transport goods from Asia to the United States. Today, that same container can be worth up to USD 25\u2019000 if an importer pays a premium in the hope to get it delivered on time. Aside from ocean freight, inflation has appeared throughout the whole supply chain, from the Chinese factory to the buyer's warehouse. It first showed up through air transport, which has shorter cycles and therefore reacted more quickly to the magnitude of the demand.<br>\n<br>Now this matter is spreading to road and rail transport as well, where inflation is also materializing in wages. For instance, in the US, wages for truckers have increased by more than 8% since the pandemic, after only 4% over the previous two years. At the same time, the supply of trailers\/chassis used to transport containers is down 35% from the historical average. This is due to the introduction of taxes on Chinese manufacturers and the lack of investments in the US. These shortcomings prolong the delays in the ports, with a new record - the fourth in three weeks - of 56 boats anchored off the docks of Los Angeles and Long Beach, on September 13. As the holiday season approaches, the situation is getting tense. Carol Tom\u00e9, CEO of UPS, estimated that demand during the peak season of 2021 is expected to exceed existing capacity by about 5 million pieces per day.<br>\n<br>Such an imbalance between supply and demand calls into question the functioning of international trade, with the largest producers and buyers separated by the oceans, and therefore brings back the theme of delocalization\/ deglobalization mentioned in the first edition of the CIO Letter (April 2020). Of course, the sanitary measures disrupted the operation of several production and transport lines through limited utilization rates, and even the temporary shutdown of factories and ports. For many investors, this situation and the resulting inflation are only temporary. However, the fulcrum will take months to re-establish itself, in our view, through the continued surge in prices, which will discourage some of the excess demand, and through the addition of new production capacity with regard to, for example, semiconductors.<br><br><\/p>\n<h4><strong>INVESTMENT PERSPECTIVES<\/strong><\/h4>\n<p>Investors seem to have abandoned the theme of reflation since the second quarter. Most of them argue that the peak in economic indicators is behind us. The economy is slowing down but remains overall in expansion, in pursuit of normalization. The equity markets continue to ascend, with a rather neutral and cautious institutional positioning when looking at alternative funds, flows and various technical indicators. Indeed, in terms of capital movements, inflows into large cap-focused funds reached new records, while the trend was reversed for cyclical or high-dividend products in favor of quality and more defensive themes. The \u201cValue\u201d factor has had exceptional performances since the trough in March 2020, but has been neglected since April. We remain selective on this factor as several stocks were driven more by sentiment than fundamentals, but the low interest rate environment and its relative attractiveness versus bond market yields are partially supporting valuations. We prefer European banks, or even the energy sector from a tactical point of view only. Structurally, the sector faces many challenges in the end. Regarding quality and growth companies, we favor the health care sector given its significant pricing power in this inflationary environment, to the detriment of food and beverage companies. Technology, particularly software corporations, or even certain industrial companies active in semi-conductors, remain attractive bargains in such an environment. We remain neutral or even slightly underweight on luxury goods as the Chinese government's equality claims could lead to concrete measures, an exogenous and unquantifiable factor for the moment. In fact, we removed our exposure to the Chinese market in mid-July.<\/p>","slug":"supply-chain-disruption","slugs":{"fr":"deraillement-de-la-chaine","de":"supply-chain-disruption","es":"supply-chain-disruption","pt":"supply-chain-disruption"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-30-0-289-Eak8NaupiHUXETiqkPgF.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":197,"title":"Context and outlook for 2022","content":"<h4><strong>Q3 CORPORATE RESULTS<\/strong><\/h4>\n<p>Corporate sales and order books continued to surprise the consensus in the third quarter, while earnings per share (EPS), although above expectations, proved less impressive than in the previous two earnings seasons as the com- parison basis normalises. In addition, inflation through raw materials, labour, and transportation further altered the surprise effect in some sectors, even turning it negative for some behemoths such as Amazon and Apple, which disappointed analysts. Overall, 82.1% of the companies included in the S&P 500 beat earnings expectations, by an average of 9.3%, but with no real price change on the publication days. In Europe, the picture was more mixed with 56.4% positive surprises (7.3% above estimates) within the STOXX 600 but a negative market reaction (\u20130.2% on average). All sectors in the US were in line with or above earnings expectations, while on the Old Continent, industrials, real estate and utilities came up short. Technology and consumer discretionary were poorly received by the market despite strong releases on both sides of the Atlantic, mainly due to a subdued outlook. Investors had reason to be demanding after the performance of equities since March 2020, but the asset class remains attractive compared to bond yields, in an inflationary and monetary-tightening environment. In fact, multiples have even compressed in 2021 in both Europe and the US thanks to solid earnings growth. For the coming season (Q4\/full-year results), EPS forecasts seem rather conservative on a sequential basis, especially in the US. We expect good annual releases, notwithstanding the impact of inflation and the supply chain. <br><br><\/p>\n<h4><strong>OMICRON: DELTA\u2019S REDEMPTION?<\/strong><\/h4>\n<p>After the stock market correction at the end of November triggered by the discovery of the Omicron variant, some investors repositioned themselves in a more neutral stance. The leverage of some funds and alternative strategies has reached a very low level compared to last year. Therefore, there is still potential for participation in an optimistic scenario around the Omicron variant. At this stage, Pfizer and BioNTech recently announced that a third dose of their vaccine should neutralise the virus. The WHO has also suggested that this new variant would be more contagious but less dangerous than its predecessor. If this is the case and Omicron replaces the Delta variant, a renewed risk appetite should further boost equity markets. In the medium term, this scenario would lead to a convergence between inflation and economic growth, assuming that governments do not impose new and overly restrictive health regulations, and would eliminate fears of stagflation or recession. <br><br><\/p>\n<h4><strong>OUTLOOK FOR 2022<\/strong><\/h4>\n<p>With a tighter monetary policy in 2022 and a stronger US dollar, we prefer to focus on developed markets, which should outperform emerging markets. However, the Chinese economy appears to be gradually re-accelerating after being absent for most of 2021, which will benefit Western activity via the value chain. Among the developed markets, Europe seems more attractive to us, despite the latest health restrictions in some countries, which are more prohibitive than in the United States. Because of its more cyclical and value bias, we believe that European equity markets should perform relatively better in a context of rising interest rates. At the same time, the European recovery fund should further stimulate industrial activities, construction\/renovation, and the energy transition. In addition, payout ratios to shareholders remain below their pre-covid levels. Dividends and share buybacks are gradually increasing towards their historical trend after the 2020 cuts. Across the Atlantic, the technology, and therefore the growth factor, bias in the S&P 500 could lead to underperformance against Europe. However, we remain invested in the US market to maintain good diversification. In terms of capitalisation, we favour large companies, as smaller companies may be more affected by their growth-oriented business model in the context of rising rates. In terms of themes and sectors, we believe that European banks still offer potential for both income and capital appreciation, as do insurance companies. Indeed, the reflation\/recovery\/\u201cValue\u201d stopped outperforming in April 2021. The flattening yield curve and deteriorating economic sentiment had benefited quality and growth companies until November. These themes could take up the torch as early as Q1 2022 if the health situation settles around the Omicron variant and rate projections take shape. As for logistical pressure, although some preliminary indicators seem to signal relief, we remain doubtful in the short term. The topic of transportation, particularly shipping, is still relevant from an investment perspective, in our view. Sea freight and container prices are still hovering at high levels, and several market players have mentioned long-term contract renewals in this period and for 2022. Overall, we are starting the new year with an equity allocation close to neutral and are ready to reinforce our positioning in case of positive messages at macro and micro levels as well as on the health front.<\/p>","slug":"context-and-outlook-for-2022","slugs":{"fr":"contexte-et-perspectives-pour-2022","de":"context-and-outlook-for-2022","es":"context-and-outlook-for-2022","pt":"context-and-outlook-for-2022"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-50-5-337-MkofeDHZAcH3TwuOA0sK.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":203,"title":"Dividends are back","content":"<p>Dividend strategies have performed poorly in 2020, from a relative standpoint. Indeed, many companies were forced to suspend their dividends given the economic context and the rules imposed by some governments to obtain subsidies. As a reminder, in Europe, the United Kingdom and France were the most affected, with nearly 120 companies suspending their payments to shareholders. By sector, these cuts appeared mainly in industrial, financial and consumer discretionary areas.<br>\n<br>This year, the picture turns out to be quite different. In this phase of economic recovery, with low rates and rising inflation, bonds remain under pressure, showing ailing yields. In addition, the valuation of equities seems to be more easily justifiable, as long as the level of rates remains accommodating. As a result, high dividend stocks such as \u201cDividend Aristocrats\u201d have become an interesting option for many investors. The lure of these companies is visible when looking at the performance of the various underlying factors. For the S&P 500 Index, the Dividend Yield and Dividend Payout factors, closely related to the Value factor, rose between 15% and 17% this year, according to Bloomberg data. Conversely, the pre-Covid winners, namely the growth-oriented components, remain at the back of the pack, in negative territory.<br>\n<br>Nonetheless, note that there is an inverse relationship between bond yields and the share price movements of high dividend companies. Historically, when bond yields rise, these companies tend to underperform their market index. However, this link was no longer valid last year, when bond yields tumbled with renewed risk aversion, while dividends were threatened by falling profits (see chart below) and government restrictions. This has therefore created a large divergence and a current window of opportunity, but this correlation will eventually be restored in the medium term, which may affect the appetite for high yielding stocks.<br>\n<br>Regarding the short term, the G7 discussions around a new tax agreement could bring volatility on dividend strategies as for all stock prices, but for the moment, the market has not taken them seriously. Indeed, the impact of such a project seems limited for now and difficult to implement. This agreement is based on two pillars, one targeting the foreign profits of the 100 largest companies, while the other projects the introduction of a new minimum tax of 15% on the aggregate income of multinationals. In other words, the former challenges a long-standing fiscal principle stating that corporate profits should be taxed where value is generated, which was traditionally where companies had a physical presence. Today, patents and other highly mobile intellectual properties make this exercise more difficult. According to the proposal, countries where the products of these companies are consumed would have the right to tax 20% of profits above a 10% margin. Countries like the United Kingdom as well as lobbyists are already asking for exemptions, in particular for the financial sector, arguing that these activities are not as mobile as the other sectors targeted (especially technology and pharma) and that the definitions of \u201cmargin\u201d and \u201cprofit\u201d are different for financial entities. As for the second, it tries to reduce the incentive for companies to create subsidiaries in countries with favorable taxation, which could more severely affect the smaller ones such as Ireland (corporate tax at 12.5%) or Switzerland (Zug at 12% for example), where many multinationals have headquarters. So far, the impact of the proposal is rather minimal, with only a 1% negative effect on the S&P 500 earnings, according to Goldman Sachs. There are still many steps before these new taxes can be enacted, and we do not see any significant implications in the short term. We will continue to closely follow the discussions.<br><br><\/p>\n<p><strong>US Dividend Aristocrats and 10Y bond yield<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/REvbW.1b360dc6d1e366c0d79c8f6525ec0317.png\" data-image=\"d3215e73b591ced62c6ea11b1aa99e22\" width=\"587\" height=\"334\" style=\"width: 587px; max-width: 370px; height: 210px;\"><\/figure>\n<p><span style=\"font-size: 12px;\"><span style=\"color: rgb(217, 0, 13);\"><strong>\u2014<\/strong><\/span> S&P 500 Dividend Aristocrats Index (LHS)&nbsp;<br><strong>\u2014<\/strong> US 10Y yield generic (RHS reversed scale)<br>Source: Gonet & Cie SA, Bloomberg<\/span><br><br><\/p>\n<p>In conclusion, we believe there is still potential in high dividend stocks, especially in Europe. The Old Continent has seen stricter measures from some governments around dividend payment policy. In addition, European companies tend to have higher yields because they use less share buybacks, compared to their US counterparts. In our view, this is more of an advantage in a recovery phase, as these share buybacks may take longer to return to their pre- 2020 levels. In addition, many companies active in the banking and energy sectors, particularly in France, affirmed their willingness to pay higher dividends (or special ones) to compensate for the absence of payment in 2020, when the regulatory changes will materialize. Finally, the European equity market is biased towards more cyclical sectors and Value companies, with high dividends, benefiting more from this phase of recovery compared to the US market, which is more exposed to growth stocks.<\/p>","slug":"dividends-are-back","slugs":{"fr":"le-retour-des-dividendes","de":"dividends-are-back","es":"dividends-are-back","pt":"dividends-are-back"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":209,"title":"Is 2021 the year of the \u201cValue\u201d factor?","content":"<p>When European banks and industrials outperform the giants of the Silicon Valley, the tone of this first quarter was clear: give way to the recovery and cyclical stocks. The outperformance of the latter began at the end of March 2020, with mainly industrials and small caps leading the pack. However, the so-called \u201cValue\u201d companies joined this movement last November, along with the vaccine announcements.<br><br><\/p>\n<h4><strong>REGAIN OF INTEREST<\/strong><\/h4>\n<p>Having underperformed since the 2008 financial crisis, the \u201cValue\u201d factor has regained the interest of investors in this context of economic recovery and easing of risk aversion. From a technical point of view, the proportion of contrarian investors remains extremely low, the positioning of alter- native funds reflects a very optimistic feeling and the VIX index recently dipped below the 20 threshold. In addition, the German ZEW indicator, measuring the level of investor confidence in Europe, is close to its all-time high. Across the Atlantic, the Philadelphia Fed Manufacturing Business Outlook Survey, questioning various producers in the Northeast of the United States on economic conditions, reached a new high. At the macroeconomic level, the OECD has significantly raised its growth outlook for the year, fueling optimism for a global reopening this summer.<br><br><\/p>\n<h4><strong>SECTORAL EFFECTS<\/strong><\/h4>\n<p>Fundamentally, the Q420\/FY20 earnings season turned out to be better than expected overall and sequential changes are encouraging, especially for sectors such as energy or banking, reinforcing this tailwind for \u201cValue\u201d companies and cyclicals. In addition, the basis of comparison will be extremely easy this year for these activities. Growth rates will therefore be abnormally high, whereas for more defensive or growth-oriented companies, the picture is different. For example, the consumer staples sector might show more modest or even negative changes for some companies on a year-over-year basis, due to the multiple pre-lockdown stockpiling periods in 2020. Technology, having been able to grow in 2020, will also have a relatively more difficult comparison. Regarding large pharmas, the sector is more contrasted as some laboratories will see their sales increase thanks to the Covid-19 vaccine, while others experience a decline in activity following the postponement of medical treatments and the lack of capacity in hospitals. Therefore, cyclical stocks are all the more favored. We remain selective, however, as several industries such as travel have seen strong share price increases, with no fundamental support at this stage. This has led to extremely high valuations for some companies. However, we remain positive on banks and industrials as well as energy, as these stocks have appreciated along with the upward revisions to their EPS forecasts for 2021 and 2022.<br><br><\/p>\n<h4><strong>DIVIDEND RETURN<\/strong><\/h4>\n<p>Another aspect in favor of the \u201cValue\u201d factor: the return of dividends and share buyback programs in Europe. In 2020, US companies had resisted better thanks to their lower payout ratios compared to their European counterparts, offset by larger share buybacks. Additionally, many investors have turned their attention to dividend yields given the situation in the bond market. In Europe, several governments such as France had forced sectors to cut their dividends, otherwise they would not have access to state subsidies. The situation should now normalize and bring back relatively attractive European yields.<br><br>\nIn short, we have decided to add a tactical exposure to the \u201cValue\u201d factor, in order to complete our equity allocation after reducing technology and initiating positions in the Chinese market and small and mid-cap companies in the second half of 2020. In a phase of economic recovery, an allocation partially dedicated to cyclical activities is essential in a portfolio. Nevertheless, we are maintaining our investments in quality and growth stocks. For the rally in cyclicals to continue, and in particular the value factor, the estimates for inflation and the steepening of the yield curve (especially in Europe) must rise further, in our opinion. However, potential rate hikes seem difficult to envisage given the debt burden, exacerbated by the pandemic. Therefore, technology, for example, remains interesting from this perspective with current valuations rather attractive given their growth profile. Let us not forget that the Covid-19 has accelerated many technological developments as well as customer adoption, from several years to several quarters. In addition, major secular trends such as the transition from fossil fuels to renewable energy persist and will once again slow down \u201cValue\u201d companies that are slow to adapt to changes. Finally, a third wave of infections is not excluded, and defensive stocks, especially in the consumer staples sector, remain good diversification tools in a scenario of risk aversion or macroeconomic disappointments.<\/p>","slug":"is-2021-the-year-of-the-value-factor","slugs":{"fr":"est-ce-lannee-du-facteur-value","de":"is-2021-the-year-of-the-value-factor","es":"is-2021-the-year-of-the-value-factor","pt":"is-2021-the-year-of-the-value-factor"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-30-0-289-Eak8NaupiHUXETiqkPgF.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":214,"title":"Investment Themes for 2021","content":"<p><strong>China: <\/strong>we added exposure to the Chinese market in mid-November. China has very well managed the health crisis and will be one of the only regions with a positive GDP growth rate this year. The country also sees its economy shifting towards services and the government is investing significant amounts into technology, in order to strengthen its independence. Among the risks, although the election of Joe Biden should bring more long-term stability in the US-China relations, Donald Trump might no sit idle and could interfere in the relations before the end of his mandate. At the same time, the Covid has underlined the dependence of large multinationals on the Chinese economy and supply chains could be relocated. Finally, the Chinese government is striving to limit the grip of local internet giants, claiming that they have too much power in their market. These risks should not affect long-term economic growth and we opt for an active strategy in order to seize the opportunities within the Chinese market.<br><br><\/p>\n<p><strong>Home Office: <\/strong>while the \u201cwork from home\u201d theme was present throughout the year, it will remain relevant in 2021 and arguably beyond. Several companies were able to achieve a relatively higher level of sustainable demand compared to the pre-Covid environment. For example, video conferencing companies and programs are benefiting from this phenomenon in not only their clients\u2019 businesses and governments\u2019 contracts but also in the event industry. On the computer hardware side, the latest results from manufacturers, also driven by gaming, confirmed the trend. Finally, through the investments of SMEs and larger companies to guarantee the mobility and continuity of their operations, the theme will persist as it also translates into cost savings, for both the employee and the employer.<br><br><\/p>\n<p><strong>E-Commerce & Logistics: <\/strong>we have observed luxury brands, whose physical stores\u2019 experience is essential for consumers, see their share of digital sales mechanically triple during the health crisis. At the same time, the stock performance of companies entirely dedicated to e-commerce attests to the underlying acceleration of e-commerce. According to McKinsey, in the United States the share of e-commerce tripled between 2009 and 2019, from 5% to 16%, to stand at more than 30% during the pandemic, in just 3 months. However, we believe this trend will normalize rather quickly after the first vaccine programs, to a double-digit growth rate. Regarding logistics, limited air capacities, the extraordinary demand from governments and institutions for protective equipment, and e-commerce, have led to an increase in the cost of airfreight, and sea freight in a second step. Thus, transport specialists have realized a tremendous return on their assets. In&nbsp;addition, the upcoming vaccination campaigns give new impetus to the sector as well as the end of year celebrations, which will further stimulate these two activities.<br><br><\/p>\n<p><strong>5G: <\/strong>5G infrastructure and the massive smartphone renewal are inevitable topics these days. Semiconductor manufacturers remain our favorite market segment because they also benefit from many other trends such as the recovery of the automotive sector and particularly EVs (which need more electronic components), digitization, data centers, AI, autonomous driving, etc.<br><br><\/p>\n<p><strong>\u201cFAANGs\u201d: <\/strong>highlighted during our previous review, the FAANGs have been standing still since the beginning of September and technically seem to be breaking their resistance upwards. We believe this is a good opportunity to add more to the portfolios given a medium-term normalization, which should put the quality\/growth factor back to the fore.<br><br><\/p>\n<p><strong>US & EU financials: <\/strong>Banks and insurance companies experienced a much stronger Q3 than expected by the consensus. With an ease in risk aversion following the vaccine announcements, the sector has finally woken up. In addition, financials could be supported by further stimulus measures from the ECB. As early as next year, we could see a reintroduction of dividend policies and share buybacks, which would significantly restore the attractiveness of the sector. Analysts' outlook seems conservative as it includes credit loss provisions equal to 70% of 2020 levels. The cost savings implemented this year and the basis for comparison should lead to a robust 2021 for financials.<br><br><\/p>\n<p><strong>Infrastructure: <\/strong>the theme of infrastructure is fueled by various projects around the world via dedicated plans (United States), stimulus and investments towards a greener and more sustainable economy (Europe and China). It is possible to invest at different stages of the value chain, including materials, machines, and even the digitization of processes. We believe this theme is essential for diversification and get exposure to the future growth generated by government support throughout the sector.<br><br><\/p>\n<p><strong>\u201cCDMOs\u201d: <\/strong>the Swiss Contract Development and Manufacturing Organizations (CDMOs) took center stage this year thanks to their respective relationships with the leaders of the vaccine race. This segment has a multitude of players with the top 10 representing barely 20% of the market. Thus, there should be room for consolidation (M&A) in the future as size is a critical factor in working with the behemoths of the pharma industry.<br><br><\/p>\n<p>In conclusion, investors have turned to a more aggressive strategy since the announcement of the vaccines, as evidenced by the performance of the more cyclical European markets. Regarding fundamentals, 2021 should not only bring more sequential improvements but also on a year-over-year basis. Indeed, the basis of comparison will be very low, especially for Q2 2021. We have increased our equity allocation close to the neutral point in our allocations.<\/p>","slug":"investment-themes-for-2021","slugs":{"fr":"themes-dinvestissement-pour-2021","de":"investment-themes-for-2021","es":"investment-themes-for-2021","pt":"investment-themes-for-2021"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":231,"title":"European companies: limited exposure but uncertain outcomes","content":"<p>Most European companies do not have significant exposure to the Russian and Ukrainian markets in terms of sales or profits. These countries represent less than 1% of revenues for companies on the STOXX 600 index, on average. There are of course some exceptions in our the companies we cover, such as Renault (20% of sales in Russia), Inditex (around 7%) and Danone (6%). Other companies, such as Nestl\u00e9 and Volkswagen, operate factories in Russia (six for Nestl\u00e9, two for VW), but their exposure remains limited (less than 2% of sales for Nestl\u00e9 and less than 2% of production for VW). On the other hand, several energy players hold various stakes in Russian projects and companies. For example, Engie and Shell are among the five financial partners in the Nord Stream 2 project, the former also being a co-investor in the Nord Stream 1 project. There is therefore a risk that the value of their shares in the project may be revised down or even written off. The real risk for gas prices would be if Russia were to carry out its threats to cut off the Nord Stream 1 network in response to European sanctions. As a reminder, the EU imports about 90% of its gas, half of which comes from Russia. The latter is also the source of about 25% of the EU's oil imports and 45% of its coal imports. In the petroleum industry, every multinational with Russian assets, with the exception of TotalEnergies, has announced its intention to leave the country. After BP, which has a 20% stake in the Russian oil company Rosneft, TotalEnergies has the most exposure to Russia, with about 5% of its oil production and 30% of its natural gas production, including its 19.4% stake in Novatek. Its presence in Russia is the most complex as TotalEnergies has direct interests in projects such as Yamal LNG and Arctic 2 LNG, beside its investment in Novatek. Thus, selling its Novatek shares would not totally eliminate its Russian exposure. <br>\n<br>\nIn terms of indirect effects, the conflict between Ukraine and Russia has not only exacerbated inflation throughout the energy sector, but has also driven up the prices of several types of metals and agricultural commodities, which are used as inputs by many companies in Europe and around the world. Although most of the companies we cover have strong pricing power and good cost management (via hedging\/forward contracts), we can expect a potential drop in profits, the extent to which will depend on the type of industry and the duration of the war and sanctions. In the food industry, for example, the rise in the price of oil is affecting plastic packaging and transport costs, while the price of sunflower seeds and oils, of which Ukraine accounts for nearly 50% of world production, is rising. Also worth mentioning is the increase in wheat prices (25% of the world's supply represented by Ukraine and Russia), which is also impacting brewers and spirits producers. At Diageo and Pernod Ricard, for instance, wheat represents around 10% of raw material costs. The semiconductor and automotive sectors are also affected by the supply chain. Ukraine accounts for half of the world's supply of neon gas, which is used in lasers for etching semiconductors. Chipmakers have sufficient supplies at this stage, but a prolonged conflict could further impede the expansion in capacity needed to resolve the already acute shortage. In automotive manufacturing, German wiring harness supplier Leoni and its two factories in Ukraine have caused Volkswagen to halt production at eight plants, BMW to idle five plants and Mercedes to scale back production at some European plants. Russia also exports palladium (40% of world production), which is used in catalytic converters, and nickel, used in lithium-ion batteries. To conclude this non-exhaustive list of observations, the aerospace sector is partly dependent on the price of titanium, of which Russia supplies about 25% in the form of value-added castings and forgings. Rolls-Royce, for example, is said to have 20% exposure. <br>\n<br>\nAll in all, we remain very selective on cyclical and growth stocks. Indeed, several industrial companies continue to experience pressure on their margins and supply disruptions. While Europe and the US were decelerating from their highs following a strong economic recovery, China had started a rebound, leading to a global convergence towards the long-awaited normalisation. Unfortunately, the resurgence of Covid infections in several Chinese cities led to further lockdowns in March, potentially prolonging logistical problems despite the relocation of several international companies' factories during the pandemic. In our view, technology companies are not likely to outperform given current conditions (inflation, rate hikes etc.). We prefer consumer defensive stocks to consumer discretionary stocks, as the former benefits from less elastic demand in this inflationary environment. Healthcare companies also offer good protection in phases of renewed risk aversion and have strong pricing power. We maintain a bias towards value stocks, notably via European banks, which have relatively little asset exposure to Russia in terms of assets, and energy, in terms of exposure to both the price of oil and the energy transition, which could accelerate in view of the rhetoric in Europe aimed at reducing dependence on Russia. The backdrop remains one of runaway inflation and restrictive monetary policies, which favour such stocks.<\/p>","slug":"european-companies-limited-exposure-but-uncertain-outcomes","slugs":{"fr":"compagnies-europeennes-exposition-limitee-mais-consequences-incertaines","de":"european-companies-limited-exposure-but-uncertain-outcomes","es":"european-companies-limited-exposure-but-uncertain-outcomes","pt":"european-companies-limited-exposure-but-uncertain-outcomes"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-50-5-337-MkofeDHZAcH3TwuOA0sK.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":243,"title":"Multiple compressions","content":"<h2><strong>VALUATION MULTIPLES CONTINUE TO CONTRACT<\/strong><\/h2>\n<p>Equity markets dove further in Q2 with an increasing correlation between stocks and bonds, as investors had to digest unexpectedly hawkish monetary policies in the US, Switzerland and Europe, and thus reassess the probability of a hard landing. Although economic indicators are decelerating, there is still no recession, and the current environment appears stagflationary but with a relatively tight labour market. Looking at the past and at worst-case scenarios, during various recessions the S&P 500 index dropped by 30% on average (-20% thus far, at 15 June 2022) while EPS was revised down by about 10%. Equity indices usually started recovering when the Fed initiated an easing of its monetary policy. For cyclical stocks, a rebound of global PMIs has generally been the trigger. In such a context, the value factor continued to outperform (vs. growth), together with defensive stocks (vs. cyclical companies) due to increasing risk aversion. Indeed, sentiment remains bleak as reflected by several indicators such as the AAII Bull-Bear measure and hedge funds\u2019 overall low beta, both of which are at the bottom of their respective historical ranges.<br><br>Growth stocks are among the worst performers so far this year, suffering from the monetary tightening due to their high valuation multiples and long duration characteristics (Nasdaq down 30% year to date). Value stocks outperformed their growth counterparts by about 16% in the US, buoyed by energy companies, which represent about half of 2022 EPS growth in the US and in Europe based on current projections. Dividend strategies also had a strong relative performance, as these are supposedly less sensitive to interest rates because the duration of their cash flows is shorter than for non-dividend payers, although it is not necessarily true based on empirical studies conducted on rising rates and recession periods. Regarding sectors, energy, materials, financials (EU) and industrials (US) outperformed while technology and consumer discretionary underperformed. Over past economic downturns, sectors with lower P\/E ratios appeared to be the most resilient, and that has proven to be true again this year. As an example, among the best- performing developed markets, the FTSE 100 (UK) was the only positive region year to date, at the beginning of June. The UK equity market 12-month forward P\/E stands 16% below its 20-year median (Europe in line, US and Switzerland 15\u201320% above), reflecting a strong de-rating post the Brexit vote in 2016. In addition, the FTSE 100 index includes a large weighting of global mining and energy companies, which are well-known for their attractive dividend yield. As a matter of fact, during the pandemic in 2020, the UK equity market saw the most important number of dividend cuts, with 77 companies trimming or suspending their payments to shareholders (second place is France with 37). Investors are clearly focusing on the return of these dividends as a partial hedge. Besides, the FTSE 100 index has a low beta against the MSCI World (second after Switzerland) providing interesting diversification within portfolios, however global investors have to take into consideration the GBP, which has lost 11% against the USD year to date.<br><br>Over the past four weeks, EPS revisions turned net positive for both 2022 and 2023, for all sectors of the MSCI World Index and in Europe, the US and the UK. Actually, EPS estimates for 2022 stand 20% to 40% higher than 2019 levels depending on the region, mainly boosted by commodity-related sectors. We remain prudent approaching the Q2 reporting season, as many Swiss and European companies shared only top-line figures in Q1, providing limited transparency, due to their semi-annual primary base. Many companies commented on increasing raw materials prices, but wage inflation might kick in the next quarterly figures. Despite economic indicators slowing down, the labour market remains tight, and specialised workers in niche industries were already lacking back in 2019. Adding the elevated inflation levels, we think this could pressure corporate margins and trigger downwards EPS revisions at the end of the summer. For instance, IG Metall, the dominant metalworkers' union in Germany and Europe's largest industrial union, and employers in the steel sector have recently agreed on a 6.5% wage increase, to be implemented on the 1st of August.<br><br><\/p>\n<p>To conclude, in the current environment of high inflation and rising interest rates, we expect value stocks to continue outperforming high-multiple growth stocks. We favour European and UK regions as the valuation spread against growth companies is still wide, providing more upside, while in the US it is close to pre-pandemic levels. We like sectors such as banks due to their higher correlation to bond yields amid rising rates in developed markets, and also energy. We think oil prices will still fluctuate at elevated levels throughout the summer, not only due to the Ukraine-Russia war but also with the progressive reopening of the Chinese economy and the recovery in travel. Even though we observed an outperformance of cyclical stocks in May and their valuation reflects 2008 crisis levels, the global economy is slowing down and we therefore favour defensive stocks with less elastic demand in this inflationary and risk-averse environment. We will re-consider cyclical industries once we observe dovish signs in the Fed\u2019s future statements. Technology and other long duration themes might continue to underperform as their high multiples contract as real rates rise. These are still high quality companies with strong balance sheets and pricing power, so the investment case is intact, but despite the significant correction of the Nasdaq (almost&nbsp;-30% YTD mid-June), their valuations remain elevated in relative and absolute terms.<\/p>","slug":"multiple-compressions","slugs":{"fr":"la-contraction-des-multiples","de":"multiple-compressions","es":"multiple-compressions","pt":"multiple-compressions"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Bari Abdulla, CFA"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Equities"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-21-10-49-20-362-jWRnE8OuLjJXMVMw1rAg.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-50-5-337-MkofeDHZAcH3TwuOA0sK.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":250,"title":"Cyber security: more fashionable than ever","content":"<p>This is a subject we all face, every minute of every day. In a world where individual data have a market value, where the slightest grain in the wheel of our connected lifestyles can disrupt our economic system, securing data exchanges becomes essential, even vital.<br><br><\/p>\n<h4><strong>MORE AND MORE FREQUENT ATTACKS\u2026<\/strong><\/h4>\n<p>Ironically, at the end of August, a password management site (LastPass) was the victim of a cyberattack. In June, the city of Palermo was paralysed for several days, and data were stolen. In keeping with a common modus operandi, the hackers then demand a ransom in cryptocurrencies in exchange for not publishing the stolen data. No one is safe, from individuals to companies and governments.<br>\n<br>Beyond these few revealing anecdotes, the statistics are unequivocal: every day about 60% of the world's population uses the internet, which requires adequate measures to control and protect the data exchanged. Both the World Economic Forum (WEF) and the Norwegian sovereign wealth fund consider cyberattacks to be a major risk, surpassing those related to climate change, and this feeling has undoubtedly been bolstered by the conflict between Russia and Ukraine and the threats made since then to many governments.<br>\n<br>The increasing use of technology since Covid has provided fertile ground for the growing number of attacks. This trend has become even more pronounced since then. It\u2019s difficult to find reliable aggregate statistics on the number of attacks by type (malware, ransomware, etc.) that take place around the world. <br>\n<br>Studies show that the number of attacks almost doubled between 2018 and 2020. Since that time, the increased use of telecommuting and dematerialised payment systems has further encouraged hacker activity by opening up new avenues for them to attack. More globally, the exponential growth of traffic passing through the internet is a factor supporting this theme, since increased use means an increased need to protect against intrusions.<br>\n<br>Finally, the growing sophistication of attacks is no longer in question. According to a recent IBM report, it takes an average of 207 days to realize that you have been the victim of an attack and an average of 70 days to fix it. That's a total of 277 days, which is 20 days more than in 2017.<br><br><\/p>\n<h4><strong>\u2026 COSTLY AND TARGETED<\/strong><\/h4>\n<p>All these attacks obviously have a cost to be avoided. A study conducted by IBM estimates that, on average, a data breach in the US will generate a cost of USD 9.44 million in 2022 (versus an estimated USD 9.05 million in 2021). The US has had the highest average cost for 12 years, followed closely by the Middle East (USD 7.46 million in 2022). Brazil recorded the highest growth rate over one year with a 27.8% increase. <\/p>\n<p>A study by First Trust estimates the cumulative cost of attacks around the globe at USD 945 billion. In comparison, the cost of protection seems ridiculously low.<strong><\/strong><\/p>\n<p><strong>Cost of Cyber Crime and Cyber Security<\/strong><br>(USD billions)<\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/XOnMz.cf0d2b81185fb891288c67615a3a6603.jpg\" data-image=\"7509a6dfe512543bd3b008b5d02d832a\" width=\"725\" height=\"318\" style=\"width: 725px; max-width: 370px; height: 162px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Gonet&nbsp;&&nbsp;Cie&nbsp;SA, First Trust<\/span><br><br><\/p>\n<p>If we break these figures down by industry, for the past 12 years the healthcare sector has had the highest average cost per data breach, followed closely by the financial sector. This can be explained by the highly confidential and sensitive nature of the data processed in these two sectors. If hospitals or emergency systems were paralysed, that would have unfortunate consequences for people\u2019s health. Furthermore, a company exposed to an attack that would compromise its customers' data would suffer obvious reputational damage in addition to the operational and financial risk.<\/p>\n<p><strong>Average total cost of data breach by industry<\/strong><br>(in $ millions)<\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/Cxrhe.d92763fab6c96e41878a3f0b47dc3634.jpg\" data-image=\"42771aa261bc120292d920f6e26e26c3\" width=\"892\" height=\"440\" style=\"width: 992px; max-width: 370px; height: 182px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: ibm.com<\/span><br><br><\/p>\n<h4><strong>INVESTING THROUGH EQUITIES, ANACTIVE FUND OR AN ETF?<\/strong><\/h4>\n<p>With multiple growth drivers and high growth prospects in place, it\u2019s worth considering how to invest in the cybersecurity theme.<br>\n<br>Since the beginning of the year, valuation multiples (forward P\/E and PEG ratios) have deflated significantly. Technology stocks and growth stocks more generally have experienced a strong derating in this period of rising interest rates.<br>\n<br>Nevertheless, the results published by companies in the sector have held up well. However, when it comes to cyber security \u2013 like any other investment in technology \u2013 investors need to keep cool under pressure.<br>\n<br>At first glance, it may seem tempting to consider investing directly in equities. In 2022, the cybersecurity market was valued at USD 173.5 billion. It\u2019s expected to reach USD 266.2 billion by 2027, implying an annual growth rate close to 9%. Nevertheless, it\u2019s a highly fragmented and particularly competitive market. There is a wide range of companies to choose from, with either an international or regional profile, and with varying specialisations (software, equipment, etc.). It\u2019s therefore not necessarily wise to bet on one or another market segment. In terms of regional exposure, it\u2019s better to take a global rather than a regional approach. The problem is the same with active funds. Of course, investors will benefit from the expert advice, but all this will come at a cost that won\u2019t necessarily be compensated by better returns. <br><br>Investing through an ETF provides exposure to a broader spectrum of sectors and regions and to the sector\u2019s overall growth potential. ETFs also offer the advantage of satisfying clients concerned about limiting costs.<\/p>","slug":"cyber-security-more-fashionable-than-ever","slugs":{"fr":"la-cybersecurite-plus-que-jamais-dactualite","de":"european-energy-dependence-geopolitics-and-transition-to-renewables","es":"cyber-security-more-fashionable-than-ever","pt":"cyber-security-more-fashionable-than-ever"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":260,"title":"Quo Vadis?","content":"<p>When I was a kid, flying on an airplane was very expensive. EasyJet didn\u2019t exist, we admired the flight crew, it was a different era. The same was true of fashion, which remained the preserve of the upper classes until the second half of the 20th century. People dressed like their parents and grandparents, and, in 1950, clothing budgets were one third of household budgets.<br><br>\nAnd then, in 1975, Zara arrived, created in Spain by Amancio Ortega Gaona, who began by making dresses inspired by high-end styles, but selling them at a much lower price. He set up shop in the heart of big cities and invented a new marketing method that consisted of creating a feeling of scarcity among customers, while limiting advertising. Fast fashion was born, embraced in particular by H&M. In 2013, the roof of a building collapsed in Dhaka, the capital of Bangladesh, killing 1,127 workers in the textile industry. In the wake of this disaster, ethical fashion and slow fashion emerged.<br><br>\nIn the midst of the Covid pandemic, Inditex, the parent company of Zara, announced the closure of 1,200 shops worldwide and made no secret of its ambition to significantly increase the share of its online sales. In 2020, clothing budgets corresponded to 5% of household budgets \u2013 the stage is set, fast fashion is ready to pass the torch to ultra-fast fashion.<br><br>\nDon\u2019t worry, I\u2019m not taking you into the worrying world of ETFs (exchange traded funds) with leverage, but into a world I\u2019ve just discovered thanks to my eldest son. So what is ultra-fast fashion? Well, take the business models of Zara and H&M and push them to the extreme. In the hurried world of ultra-fast fashion, it\u2019s about producing new clothing collections in record time. It\u2019s called interchangeable fashion, or \u201cpr\u00eat-\u00e0-jeter\u201d.<br><br>\nThe world is witnessing the uberisation of the textile industry and, it\u2019s happening through your children and grandchildren. Generation Z is falling for it, and we know the name of the banana peel they stepped on: Shein. Shein is a Chinese online fashion retailer, founded in 2008. In 2021, its shopping app became the most downloaded app in the US as the brand exploded in popularity. In 2022, it reached 40 million active buyers with an average basket of around seven to eight euros.<br><br>\nShein sells extremely cheap clothes. It employs a swarm of small textile companies throughout China that it pays a pittance, choosing low-quality materials and then selling directly to its customers via its app without any intermediaries. The result is unbeatable prices that appeal to teens and young adults. Shein collects a lot of personal data through its mobile app, which is of course equipped with tracking devices. Customers are enticed to use the app with vouchers and permanent discounts, which create a form of addiction. The firm releases 2,000 new pieces... per day!<br><br>\nBy offering dresses for six Swiss francs to its customers, Shein gets them addicted to shopping. In addition to pushing generation Z into the abyss of excessive consumerism, ultra-fast fashion couldn\u2019t care less about the planet. Its environmental impact is enormous, given that the clothing industry is responsible for 10% of the greenhouse gas emissions released in a year. What\u2019s more, on a global scale, 85% of the textiles produced end up in landfills in the same year.<br><br>\nSocial networks, led by TikTok and Instagram, are among the phenomena reinforcing this new consumption habit. More and more influencers are promoting clothes, especially those from Shein. And for those of you with one or more teenagers under your roof, it\u2019ll come as no surprise to read that looks are an important part of what defines us when we\u2019re 14 or 15 years old.<br><br>\nShein is not listed on the stock exchange, but its valuation is estimated at 100 billion dollars, which is as much as Inditex and H&M combined.<br><br>\nBeyond the environmental impact of ultra-fast fashion, there are the men and women who make our clothes. Most of this production takes place in countries where minimum social standards are not respected (no employment contract, work from dawn to dusk, low wages, unhealthy working conditions, child labour). Apart from the tragic accident in 2013 mentioned above, this situation is a breeding ground for fatal diseases due to the handling of highly toxic substances, which are used to wash jeans and print colourful t-shirts, for example.<br><br>\nSo is the world lost to ultra-fast fashion? Of course not, but that will depend above all on consumers, who are all-powerful because they hold the demand lever firmly in their hands. There are tricks for barricading gluttonous capitalists. My son gave me one: BISOU (\u201ckiss\u201d in French). <br>B is for Need: What need does this purchase meet? <br>I is for Immediate: Should I make this purchase right away? <br>S is for Similar: Do I already have something that serves this purpose? <br>O is for Origin: What is the origin of this product? <br>U is for Useful: Will this object be useful to me? <br>The phenomenon of ultra-fast fashion is worrying, but the simple fact that my son introduced me to it gives me hope that generations Y and Z will not repeat our mistakes. Bisou, dear readers!<\/p>","slug":"quo-vadis-260","slugs":{"fr":"quo-vadis-260","de":"quo-vadis-260","es":"quo-vadis-260","pt":"quo-vadis-260"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Quo Vadis? - Jean Fr\u00e9d\u00e9ric Nussbaumer - Senior Investment Advisor"},"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-6-23-11-34-12-780-xZFrmfO26W2NRd3X7DAa.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":268,"title":"Quo Vadis?","content":"<h3><strong><span style=\"color: rgb(217, 0, 13);\">IS AI THE NEXT BIG THING IN THE FINANCIAL ADVISORY WORLD?<\/span><\/strong><\/h3>\n<p>Artificial intelligence (hereafter AI) has recently replaced \u201cblockchain\u201d as the new buzzword and subject of all the fantasies in the investment world. The point here is not to analyse if this is justified or what the current investment opportunities are in field, I leave that to the specialists. As a financial advisor, I wish to focus my efforts on examining how this trend could affect my function in the coming years.<br><br><\/p>\n<p>I have seen and experienced how, since the beginning of my career, the Internet has improved the amount of material available directly, with a few clicks, to wealth management clients, who have felt greatly empowered by the commoditisation of many aspects of financial information and by the ability to access parts of the markets directly if they wish. Algorithms and the explosion of computing power have recently generated new niche product offerings for clients.<br><br><\/p>\n<h4><strong>WHAT VALUE ADDED IS THERE?<\/strong><\/h4>\n<p>Now, with the advent of chatbots and other forms of artificial intelligence, the question is what we, as private banking advisors, should be offering our clients in the months and years to come as added value.<br><br><\/p>\n<p>We can easily assume these \u201csmarter\u201d tools will be faster and more efficient than the current online questionnaires at defining the true risk profiles for our clients. In addition, we can expect our portfolio analysis capabilities to increase dramatically by selecting even more individualised and appropriate investment opportunities. This will refine and personalise our current recommendations. For example, launching an AI-based reverse convertible structured product would entail different underlying stocks for each client but also automatically suggest different strike and barrier levels for each one of them depending on their historical wants and needs (obviously all of this within each client\u2019s risk profile). We could also imagine presenting very precise performance modelizations of the impact of an investment decision or their resulting tax liabilities before their implementation. AI-powered financial instruments in the form of ETFs are already at our door and it is too early to judge their capacity to outperform the market.<br><br><\/p>\n<p>But this advent does raises a one key question with AI: if there is one true path to investing that comes out of these algorithms, would it not by definition almost instantly destroy the alpha generation scenarios it is based on? That remains to be seen. If this not the case, we would then have the essential task of discovering which \u201cchatbot\u201d gives us the best suggestions over time, just like we currently do when selecting active fund managers. Taking this reasoning a bit further on can wonder if we will need an AI interface that itself selects \u201cchatbots\u201d.<br><br><\/p>\n<h4><strong>CONTROLLING EMOTIONS<\/strong><\/h4>\n<p>We can and should therefore expect many changes in our operating environment as investment advisers in the coming years, probably for the better. But this is not new: if we look at all the technological changes mentioned above, all enhancing clients' access to information, we can nevertheless observe that, despite all these advances, clients still contact us to ask \u201cwhat the markets are doing\u201d or to exchange opportunities they have seen on this or that financial information website. Clearly, one of the main benefits of an advisory desk is to help clients manage the ever-increasing amount of information they receive. We help them to refine their ideas, keep a perspective on their long-term investment objectives and dispel the overconfidence that can result from having so much information at their disposal. Clearly, a robo-advisor could do this job, reminding investors of cautionary advice on a daily basis. However, it is doubtful that a few coldly scrolling lines on a screen can contain and channel a human being naturally inclined to strong emotions and sometimes blinded by the temptation of immediate profits in a volatile environment?<br><br><\/p>\n<p>We do not expect a revolution in our business, where intelligent robots take over and financial advisers are relegated to a role of button-pushers, not to say sidelined stooges. Our expertise will probably continue to shift gradually from providing raw financial knowledge with commentary and interpretation to a more psychological approach that manages expectations and channels passions, which is an increasingly important prerequisite for producing tailored solutions.<\/p>","slug":"quo-vadis-268","slugs":{"fr":"quo-vadis-268","de":"quo-vadis-268","es":"quo-vadis-268","pt":"quo-vadis-268"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Nicolas Boulgaris"},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-0-47-620-4wZb5jONZ3zrWbXbLRL8.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-37-12-229-YZgzcHUHmJVfFgnZjexj.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":278,"title":"ALESSANDRO BIZZOZERO","content":"<p>Alessandro Bizzozero obtained his Doctorate in Law at the University of Fribourg. Mr Bizzozero has more than thirty years of experience in the banking and regulatory field. He started his career at the Swiss Federal Banking Commission (today FINMA) where he was deputy Director of the Department of banking authorizations and mutual funds. He then joined one of the big four audit companies as Director in charge of the Regulatory Department. He was also Chief Group Compliance Officer of an important Banking Group in Geneva. Finally, he set up BRP Bizzozero & Partners SA, one of the worldwide leaders in cross-border financial regulation. Former Director of the CAS in Compliance Management and lecturer at the University of Geneva, Mr Bizzozero also teaches at the HEG ARC of Neuch\u00e2tel and at the Centro Studi Villa Negroni of Lugano. He is also the author of several publications, including \u201cFinancial cross-border activities into and out of Switzerland\u201d. Mr Bizzozero is member of the Board of Directors of three other Swiss banks.<\/p>","slug":"alessandro-bizzozero","slugs":{"fr":"alessandro-bizzozero","de":"alessandro-bizzozero","es":"alessandro-bizzozero","pt":"alessandro-bizzozero"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-5-31-13-12-49-483-TTwtFKalnBAtznMZZ4pN.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"directors"},{"id":287,"title":"Quo Vadis?","content":"<p>When I was a kid, flying on an airplane was very expensive. EasyJet didn\u2019t exist, we admired the flight crew, it was a different era. The same was true of fashion, which remained the preserve of the upper classes until the second half of the 20th century. People dressed like their parents and grandparents, and, in 1950, clothing budgets were one third of household budgets.<br><br>\nAnd then, in 1975, Zara arrived, created in Spain by Amancio Ortega Gaona, who began by making dresses inspired by high-end styles, but selling them at a much lower price. He set up shop in the heart of big cities and invented a new marketing method that consisted of creating a feeling of scarcity among customers, while limiting advertising. Fast fashion was born, embraced in particular by H&M. In 2013, the roof of a building collapsed in Dhaka, the capital of Bangladesh, killing 1,127 workers in the textile industry. In the wake of this disaster, ethical fashion and slow fashion emerged.<br><br>\nIn the midst of the Covid pandemic, Inditex, the parent company of Zara, announced the closure of 1,200 shops worldwide and made no secret of its ambition to significantly increase the share of its online sales. In 2020, clothing budgets corresponded to 5% of household budgets \u2013 the stage is set, fast fashion is ready to pass the torch to ultra-fast fashion.<br><br>\nDon\u2019t worry, I\u2019m not taking you into the worrying world of ETFs (exchange traded funds) with leverage, but into a world I\u2019ve just discovered thanks to my eldest son. So what is ultra-fast fashion? Well, take the business models of Zara and H&M and push them to the extreme. In the hurried world of ultra-fast fashion, it\u2019s about producing new clothing collections in record time. It\u2019s called interchangeable fashion, or \u201cpr\u00eat-\u00e0-jeter\u201d.<br><br>\nThe world is witnessing the uberisation of the textile industry and, it\u2019s happening through your children and grandchildren. Generation Z is falling for it, and we know the name of the banana peel they stepped on: Shein. Shein is a Chinese online fashion retailer, founded in 2008. In 2021, its shopping app became the most downloaded app in the US as the brand exploded in popularity. In 2022, it reached 40 million active buyers with an average basket of around seven to eight euros.<br><br>\nShein sells extremely cheap clothes. It employs a swarm of small textile companies throughout China that it pays a pittance, choosing low-quality materials and then selling directly to its customers via its app without any intermediaries. The result is unbeatable prices that appeal to teens and young adults. Shein collects a lot of personal data through its mobile app, which is of course equipped with tracking devices. Customers are enticed to use the app with vouchers and permanent discounts, which create a form of addiction. The firm releases 2,000 new pieces... per day!<br><br>\nBy offering dresses for six Swiss francs to its customers, Shein gets them addicted to shopping. In addition to pushing generation Z into the abyss of excessive consumerism, ultra-fast fashion couldn\u2019t care less about the planet. Its environmental impact is enormous, given that the clothing industry is responsible for 10% of the greenhouse gas emissions released in a year. What\u2019s more, on a global scale, 85% of the textiles produced end up in landfills in the same year.<br><br>\nSocial networks, led by TikTok and Instagram, are among the phenomena reinforcing this new consumption habit. More and more influencers are promoting clothes, especially those from Shein. And for those of you with one or more teenagers under your roof, it\u2019ll come as no surprise to read that looks are an important part of what defines us when we\u2019re 14 or 15 years old.<br><br>\nShein is not listed on the stock exchange, but its valuation is estimated at 100 billion dollars, which is as much as Inditex and H&M combined.<br><br>\nBeyond the environmental impact of ultra-fast fashion, there are the men and women who make our clothes. Most of this production takes place in countries where minimum social standards are not respected (no employment contract, work from dawn to dusk, low wages, unhealthy working conditions, child labour). Apart from the tragic accident in 2013 mentioned above, this situation is a breeding ground for fatal diseases due to the handling of highly toxic substances, which are used to wash jeans and print colourful t-shirts, for example.<br><br>\nSo is the world lost to ultra-fast fashion? Of course not, but that will depend above all on consumers, who are all-powerful because they hold the demand lever firmly in their hands. There are tricks for barricading gluttonous capitalists. My son gave me one: BISOU (\u201ckiss\u201d in French). <br>B is for Need: What need does this purchase meet? <br>I is for Immediate: Should I make this purchase right away? <br>S is for Similar: Do I already have something that serves this purpose? <br>O is for Origin: What is the origin of this product? <br>U is for Useful: Will this object be useful to me? <br>The phenomenon of ultra-fast fashion is worrying, but the simple fact that my son introduced me to it gives me hope that generations Y and Z will not repeat our mistakes. Bisou, dear readers!<\/p>","slug":"quo-vadis-287","slugs":{"fr":"quo-vadis-287","de":"quo-vadis-287","es":"quo-vadis-287","pt":"quo-vadis-287"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":"Quo Vadis? - Jean Fr\u00e9d\u00e9ric Nussbaumer - Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-6-23-11-34-12-780-xZFrmfO26W2NRd3X7DAa.jpg","alt":null,"title":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":294,"title":"Protecting your rights","content":"<p>Suitable technical and organisational measures are implemented to protect your Personal Data against destruction, loss, alteration, misuse, unauthorised, accidental or unlawful disclosure or access, and against any other unlawful form of processing.<br>\n<br>\nEmployees who access Personal Data must comply with our rules and processes relating to the processing of your Personal Data in order to protect them and ensure their confidentiality.<br>\n<br>\nSimilarly, we ask our agents to process your Personal Data in accordance with the statutory requirements and, if necessary, according to our instructions, and generally, provided that they have previously agreed to process these data confidentially and to ensure their security.<br>\n<br>\nWe have put in place procedures to deal with any suspected Personal Data breach. We will notify you of any breaches and will also notify the relevant supervisory authorities in accordance with applicable statutory requirements. <\/p>","slug":"protecting-your-rights","slugs":{"fr":"protection-de-vos-droits","de":"schutz-ihrer-rechte","es":"proteccion-de-sus-derechos","pt":"protecao-dos-seus-direitos"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":41,"title":"CIO LETTER OCTOBER 2020 - ISSUE 3","content":"<p>CIO LETTER - ISSUE 3<br>OCTOBER 2020<\/p>","slug":"cio-letter-october-2020-issue-3","slugs":{"fr":"cio-letter-octobre-2020-n-3","de":"cio-letter-oktober-2020-n-3","es":"cio-letter-october-2020-issue-3","pt":"cio-letter-october-2020-issue-3"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-13-40-204-w0ceCpvZFdESv9WUzhkS.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":310,"title":"ERIK FRUYTIER","content":"<p>With a Bachelor's degree in Business Administration and a Master's degree in International Management from HEC Lausanne, Erik Fruytier spent the first part of his career in New York (Barclays Bank), France (Polaris Capital) and London (BZW, Cazenove, Park Place Capital), mainly as an analyst and manager on European markets, in both traditional and alternative management. In 2010 he joined Gonet & Cie as Head Equities, becoming Head of Asset Management in 2017 and CIO in 2019. As of March 2023, he is in charge of the Wealth & Solutions Department, which encompasses the Bank's entire range of products and services.<\/p>","slug":"erik-fruytier","slugs":{"fr":"erik-fruytier","de":"erik-fruytier","es":"erik-fruytier","pt":"erik-fruytier"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-10-19-10-13-4-891-pEf0c6XOruDiENwitMlj.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"committee"},{"id":336,"title":"Video 8","content":"","slug":"video-8","slugs":{"fr":"video-8","de":"video-8","es":"video-8","pt":"video-8"},"tags":[],"model_type":"page","fields":{"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-3-28-12-37-19-571-5mwDHDNaWeDVrDzJ2ZWO.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"date":{"id":19,"name":"date","label":"Date","value":"28\/03\/2024"},"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqnxq8f\/1jhvl2uqdhl3g\/1jhvl2uqnxq8m.mp4"}},"collection_type":"videos"},{"id":99,"title":"ALFRED GONET, THE RESISTANCE BANKER\u2026","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Alfred Gonet joined the Banque Gonet as a partner in 1922 and became the third generation to take the helm of the firm.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Under Alfred\u2019s careful stewardship, the Banque Gonet survived the Great Crash of 1929 relatively unscathed. He enjoyed several years of calm sailing and carried on the philanthropic tradition, by founding the health and rest home \u00ab\u2005Les Rives de Prangins\u2005\u00bb with Dr. Raymond de Saussure, the banker Ren\u00e9 Hentsch and the Swiss psychiatrist Oscar Forel, to which was also attached the well-known establishment \"La M\u00e9taierie\".<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">The rumblings of an imminent war began reaching the peaceful shores of Lake Geneva soon after. Many of his employees were called up for months on end. The bank becames so short-staffed that in 1942 it was forced to shutter its branch in Rolle.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">He personally and financially committed himself, contributing to the accommodation of refugees or survivors such as Jacques and Xavier de Gaulle, brothers of the General, or Simone Veil-Jacob, for which he was awarded the Legion of Honour.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">The post-war years were a time of modest but steady growth for the Banque Gonet, as for many Swiss financial institutions.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">He died on 15 October 1958, aged sixty-eight, having led a full life as a businessman, defender of liberty and indefatigable traveller.<\/span><\/p>\n<p><\/p>","slug":"alfred-gonet-the-resistance-banker","slugs":{"fr":"alfred-gonet-un-banquier-resistant","de":"alfred-gonet-ein-widerstandsfahiger-bankier","es":"alfred-gonet-un-banquero-resistente","pt":"alfred-gonet-um-banqueiro-resistente"},"tags":[],"model_type":"page","fields":{"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1922"},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-8-51-978-sUFB2aylZOgDfYPXvdgL.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":127,"title":"RENEWING YOUR CONSENT","content":"<!--StartFragment-->When you consent to the use of cookies, this consent is valid for a maximum of 14 months, after which you will be asked to renew your consent. This renewal may also be required when you connect from another terminal, change your browser settings or when the website is updated.<!--EndFragment-->","slug":"renewing-your-consent","slugs":{"fr":"renouvellement-du-consentement","de":"renewing-your-consent","es":"renovacion-del-consentimiento","pt":"renovacao-do-consentimento"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":192,"title":"The challenge of SRI management","content":"<h4><strong>ACTIVE VERSUS PASSIVE<\/strong><\/h4>\n<p>We have chosen to invest a large majority of the SRI (socially responsible investment) portfolio in active strategies, those where the fund manager chooses, on a discretionary basis, the assets to be invested, aiming to outperform the market.<br>These are mainly used in specific themes. The active fund manager has a wide range of sustainable approaches at his disposal: best in class, exclusion, integration, engagement with companies, impact generation in relation to the sustainable development goals. It can also explore the universe of small and mid-caps.<br>\n<br>Thematic investments, on the other hand, can pose some limitations. For example, the energy transition mainly focuses on four sectors that are industry, technology, utility and basic materials. When building a balanced, robust and long-term portfolio, it is important to watch out for excessive sector concentrations that would penalize the portfolio in the event of a correction or in certain market phases.<br>\n<br>In contrast, passive management, also known as indexing management - that replicates the indices and thus their performance - even if much less represented in our allocation also plays its role, as it better reflects the market\u2019s performance and composition. If we take the classic MSCI World Equity Index as an example, it is made up of around 1,300 companies. Its sustainable equivalent, the MSCI World SRI index, the most committed one, is represented by around 400 best companies in terms of environmental, societal and governance criterias. Despite greater concentration per invested stock, this index reflects the global sector composition of the classic index. This allows the portfolio manager to approach the market performance and create a diversified portfolio across all sectors.<br>Even though we have a high exposure to active funds, we do not neglect the benefits of index management. The result of this mix should reduce sector bias and offer an attractive return over the long term.<br><br><\/p>\n<h4><strong>BEWARE OF VALUATIONS<\/strong><\/h4>\n<p>Our ambition is to identify strong trends, but not at any price. Some segments are becoming expensive. A recent example illustrates this point, that of renewable energies. The World Alternative Energy Total Return Index (EUR) achieved a return of 72% compared to only 6% for the MSCI World Index (EUR) in 2020. Despite strong earnings growth for the companies in the index, valuations were too high in our view and finally the correction occurred in 2021.<br>We took advantage of this price adjustment to build up a position, which at this stage is fairly contained.<br>It is therefore important to sound out the theme chosen for the investment, also from a valuation point of view, as in traditional management.<br><br><\/p>\n<h4><strong>EVOLVING REGULATION<\/strong><\/h4>\n<p>All funds invested in Gonet SRI mandates, whether active or passive, have been classified according to the SFDR (Sustainable Finance Disclosure Regulation). Since 10 March 2021, all investment funds distributed in Europe must be classified in one of the following categories:<br>- Cat. 6: sustainability criteria are not taken into account;<br>- Cat. 8: environmental and\/or social aspects are promoted but are not the objective of the product;<br>- Cat. 9: sustainability is the objective of the investment.<br><br>The regulator has taken an important first step. It gave the investor the first level benchmark. It also sent a strong signal to fund management companies not to engage in greenwashing. Very recently, an investigation was opened on an index fund manager suspected of having lied about the integration of ESG criteria. It is good news that the regulator is becoming more demanding. Investors want to be sure that the information reported is accurate.<br><br><\/p>\n<h4><strong>WHERE ARE WE TODAY?<\/strong><\/h4>\n<p>The first statistics are available:<br>- 75% of all funds are classified in category 6;<br>- 22% in category 8;<br>- and only 3% in category 9.<span style=\"font-size: 12px;\"><br>(source: Morningstar)<\/span><\/p>\n<p>In the Gonet balanced SRI portfolio:<br>- we have 0 funds in category 6;<br>- 7 out of 8 bond funds in the portfolio are classified in category 9 and 1 in category 8;<br>- 5 out of 10 equity funds are in category 9 and 5 in category 8.<br><br><\/p>\n<h4><strong>BROADENING THE CHOICE OF THEMES<\/strong><\/h4>\n<p>Having more choice of sustainable themes in the SRI fund universe would be desirable. Among the 17 sustainable development goals, energy transition occupies an important place, however, other themes deserve their ascen sion: education, health, gender equality or poverty.<br>\nOur experience shows us that it is possible to build sustainable portfolios, while achieving performances equivalent to those of traditional mandates if we take care to diversify assets and balance the allocation.<\/p>","slug":"the-challenge-of-sri-management","slugs":{"fr":"les-defis-de-la-gestion-durable","de":"the-challenge-of-sri-management","es":"the-challenge-of-sri-management","pt":"the-challenge-of-sri-management"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Monika Netelenbos"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Fixed Income"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-1-59-880-T9ZjT90Xr7bbtfLMZwlg.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-31-53-471-2OnEgjiSAOQ5JG4kSz8E.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":198,"title":"Will your New Year's resolutions include investing sustainably?","content":"<p>It is a tradition to make New Year\u2019s resolutions in December. In terms of investment, it is not too late to take an interest in the alignment of your personal values with the strategy put in place for your portfolios. If the COP26 held in Glasgow last November did not bring a radical change of discourse or commitment from governments, today, it is up to each of us, at our level, to bring our drop of water to the ocean of sustainability. <br><br><\/p>\n<h4><strong>SWITZERLAND\u2019S PLACE IN EUROPE<\/strong><\/h4>\n<p>The Swiss financial centre is gradually moving towards transition in an increasingly regulated European landscape, whether through initiatives launched by Swiss Sustainable Finance (SSF) or through commitments or recommendations from the Swiss government. <br><br>\nAlthough Europe has delayed the effective implementation of the Sustainable Finance Disclosure Regulation (SFDR) until January 2023, European investments categorized as sustainable remain dominant and are growing at a steady pace. <br><\/p>\n<p><strong>Global assets invested in sustainable funds<br>(in billions of dollars)<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/FclOX.f691c8df7fe437983d6d802d3bba82ba.png\" data-image=\"aef6d73d326e6b584ffc9c721ed45d82\" width=\"370\" height=\"230\" style=\"width: 370px; max-width: 370px; height: 230px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Morningstar Direct, manager research, September 21 <\/span><br><br><\/p>\n<h4><strong>SEVEN STRATEGIES AT YOUR DISPOSAL<\/strong><\/h4>\n<p>The 17 famous Sustainable Development Goals (SDGs) as well as the 169 associated sub-goals were developed in 2015 by the United Nations. They cover areas such as poverty, inequality, climate, and environmental degradation, and they provide a framework, by 2030, for those who want to move towards a more sustainable future. <br><br>\nOn a more personal level, and aware of these global issues, before starting any responsible investment process, we must ask ourselves what our goal is. For example, I do not want to finance the tobacco or defense industries out of personal conviction (sector exclusion), or I want to comply with international standards such as the United Nations Global Compact, which sets out principles related to human rights or the fight against corruption (norms-based screening). If I want to emphasize my influence on sustainable development objectives, I would choose sustainability-themed funds focusing on future growth drivers or impact investments (private debt and private equity). If my investment objective is focused on returns, I will have to turn to non-exclusive solutions such as best-in-class, best-in-universe, best-effort or ESG (environmental, social and governance) integration strategies. Let's be clear, these types of strategies do not prohibit investing in companies that might seem, at first glance, to be less than exemplary today. These are strategies that encourage companies that are making efforts to reorient their business models towards more acceptable solutions from a sustainability perspective. <br><br>\nAnd finally, for those who want to make a difference at the heart of corporate decision-making, there is shareholder engagement, which aims to give voice to positive change at shareholders' meetings. <br><\/p>\n<p>For a balanced portfolio, however, we recommend a diversified approach that will help cushion any short-term jolts. <br><br><\/p>\n<h4><strong>A TAILOR-MADE SRI MANDATE<\/strong><\/h4>\n<p>The most persistent misconception about socially responsible investing (SRI) is that it cannot generate performance equivalent to that of a traditional investment. It is now unanimously recognized that a responsible approach generates as much or more return than a \u201ctraditional\u201d investment. It is a matter of common sense in our opinion. Choosing companies with the best ESG practices on top of the best financial fundamentals, or those that are positioned on forward-looking themes, allows us to generate solid and sustainable performance. <br><br>\nAt Gonet, we believe that responsible investing can improve the quality of a portfolio and its risk-adjusted performance. We favour these investments when they are available.<\/p>","slug":"will-your-new-years-resolutions-include-investing-sustainably","slugs":{"fr":"prendrez-vous-de-bonnes-resolutions-en-matiere-dinvestissement-durable-en-2022","de":"will-your-new-years-resolutions-include-investing-sustainably","es":"will-your-new-years-resolutions-include-investing-sustainably","pt":"will-your-new-years-resolutions-include-investing-sustainably"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":204,"title":"This is not the end of bonds","content":"<p>Traditionally, good quality bonds have acted as a shock absorber against equities in the diversified (stock\/bond) portfolios during market crises.<br>\n<br>Let us look at the most recent history, that of the 2020 Covid crisis. In March 2020, when equity markets fell, most assets lost money except for quality government debt and cash. We can therefore witness that the correlation between the equity market and US Treasuries or global government debt was negative (see table below).<br><br><\/p>\n<p><strong>Correlation during the period: 02.01.2020-31.12.2020<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/FYCJQ.7743e6b3299bc631e8cf44761d0c0174.png\" data-image=\"ef10d2b4e7ddaabe35d9c8b589ac0dc9\" width=\"596\" height=\"188\" style=\"width: 596px; max-width: 370px; height: 117px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: Gonet & Cie SA, Bloomberg<\/span><br><br><\/p>\n<p>We can observe that government debt has perfectly played the role that has historically been attributed to it: to protect. The liquidity, which some people decried in view of its low rates level, also acted as a life jacket. We have once again had confirmation that in times of extreme volatility, investors faithfully go to the most liquid and perceived safest segments. On the other hand, quality corporate debt lost ground, creating a negative surprise despite the fact that it was historically more resilient.<br>\n<br>The market is in constant flux and the relationships between different asset classes are changing. At the beginning of 2021, the US yield curve steepened, pushing down the value of government bonds, investment grade corporate bonds, and sovereign emerging debt. Equities, especially those sensitive to interest rate movements, were also negatively impacted. The different segments correlated positively (moving in the same direction), losing the virtues of diversification.<br>\n<br>If the rise in sovereign rates continues in the coming months, government debt may indeed suffer losses and correlate with other market segments. However, its role as a hedge in times of major upheavals is not in question.<br><br><\/p>\n<h4><strong>DO NOT MISS OUT ON HIGHER YIELDING DEBT<\/strong><\/h4>\n<p>When the credit market becomes expensive, which is currently the case, and the investor wishes to maintain an attractive yield, short maturity bonds seem appropriate. The credit risk is still present but this segment will be less sensitive to rate increases, also offering higher visibility. At the same time, it will benefit from a rollover effect, i.e. short bonds gradually coming to maturity can be replaced by new issues.<br>\n<br>Within our bond allocation, we made arbitrages by positioning ourselves on shorter maturities on high yield and emerging market corporate debt. More restrictive monetary policy, the coming economic slowdown (less favorable base effects in 2022), higher inflation and persistent health risks are elements to be considered. We therefore expect more volatility in the future, and we think it makes sense to prepare for it.<br>\n<br>Given the low interest rates, it is necessary to work on optimizing risk-adjusted performance by selecting assets that are more resilient during downturns.<br><br><\/p>\n<h4><strong>NEW MARKETS, NEW APPROACHES, NEW OPPORTUNITIES?<\/strong><\/h4>\n<p><strong>The global bond market is always evolving. <\/strong>A few years ago, China was barely perceptible in the indexes, today it is very much part of them. Chinese government debt, denominated in YYuan, is becoming more international and its weight in indexes has increased over time (7% in the Barclays Gl. Agg, 10% in JPM GBI-EM, 5-6% in FTDS WGBI index). New investment opportunities are evolving, disrupting traditional allocations.<br>\n<br>Another trend is emerging: <strong>the integration of ESG criteria <\/strong>is becoming increasingly common among bond managers, who are lagging behind equity peers. The quality of a company's governance and its environmental and social approach allow for a better understanding of the sustainability of its business model. It is important to analyze the impacts of these elements on the financial health of a company. Empirical studies show a better resilience of bond indices, integrating ESG criteria in periods of high volatility.<br>\n<br>Our recent investment in the high yield segment reflects this trend. Our selected fund applies ESG criteria, excludes companies with controversies and those in the fossil fuel sector. Choosing assets that integrate extra-financial criteria is another way to manage risk at the portfolio level.<\/p>","slug":"this-is-not-the-end-of-bonds","slugs":{"fr":"ce-nest-pas-la-fin-des-obligations","de":"this-is-not-the-end-of-bonds","es":"this-is-not-the-end-of-bonds","pt":"this-is-not-the-end-of-bonds"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Monika Netelenbos"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Fixed Income"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-1-59-880-T9ZjT90Xr7bbtfLMZwlg.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":210,"title":"The rise in sovereign rates","content":"<h4><strong>WHEN SOVEREIGN RATE RISE, THE MARKET SHAKES<\/strong><\/h4>\n<p>The rise in sovereign rates has been accelerating since the beginning of the year, putting investors on alert. Volatility also returned to the fixed income market. The 10-year US Treasury yield rose from +0.5% in mid-2020 to +1% at the end of 2020, to stand today at more than +1.6%, a level still far from that of 2018, corresponding to the latest peak of growth in the US. This upward movement on the other side of the Atlantic also dragged European rates in its wake. Despite recent tensions in the market, there was no panic. There are several reasons for this.<br><br><\/p>\n<h4><strong>MORE GROWTH AND CENTRAL BANKS IN REASSURANCE MODE<\/strong><\/h4>\n<p>Growth expectations were revised upwards by the FED to +6.5% for 2021 (previously +4.2%) with inflation at +2.4%, a level justified this year given the favorable base effects. <strong>This rise in rates<\/strong>, although surprising in its speed, <strong>is not exaggerated<\/strong>, it is even encouraging, indicating the trajectory of the coming recovery.<br>\n<br>Central bankers on both sides of the Atlantic are reassuringly committed to keeping policy rates low for several quarters to come, at least until 2023. Despite the massive stimulus measures and improving job market in the US, there is still a long way to go before the FED becomes more restrictive.<br>\n<br>The European Central Bank has been more explicit. At its last conference, it gave an accommodating signal by increasing its monthly asset purchase program for the current quarter. The goal is to calm investors' fears about the negative repercussions that a rapid rise in the cost of financing could have on individuals, businesses and governments.<\/p>\n<p><br><strong>US 10 Year Treasury yield<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/9e9Qy.c8079103e5eecf45d2978a396e1839a9.jpg\" data-image=\"2f6e399fa9e0dc509a9f1936a3c7033d\" width=\"551\" height=\"330\" style=\"width: 551px; max-width: 370px; height: 222px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Source: US, Bund Daily 03\/18 Bloomberg<br>Indice: USGG10YR (US Generic Govt 10 Yr)<\/span><br><br><\/p>\n<h4><strong>PREPARING FOR THE FUTURE<\/strong><\/h4>\n<p>How can we adjust our fixed income allocation in order to calmly get through this new phase of accelerating growth that is taking shape on the horizon? In response to this need, the sensitivity of our portfolios to rising interest rates has been reduced. <strong>We bought government debt linked to inflation<\/strong>, at the expense of nominal debt. The product we selected is much shorter in duration than its benchmark. It therefore offers us better protection in a scenario where rates continue to rise and\/or inflation accelerates in the future.<br>\n<br>Although we do not expect inflation to rise significantly in the coming years for structural reasons, we however decided to better protect our portfolio against temporary inflationary rebounds. We are also keeping emerging market debt in hard currencies despite its sensitivity to interest rates, as it is offset by higher yields.<br><br><\/p>\n<h4><strong>MORE APPETITE FOR YIELD<\/strong><\/h4>\n<p>In our overall investment philosophy, we still prefer quality. However, our appetite for higher yielding assets has increased and resulted in an increased exposure to high yield bonds.<br>\n<br>The valuations of most indices, both investment grade and high yield, have risen above pre-crisis levels, with the exception of sectors that have been hit hard by the pandemic. Valuations in the credit segment are therefore high. Nevertheless, the huge fiscal and monetary package and the rebound in growth should support credit.<br>\n<br>We have decided to <strong>slightly reduce our exposure to long-duration investment-grade credit by focusing on the high-yield on the one hand and cash on the other. <\/strong>The attractiveness of this segment is expressed by attractive coupons and low sensitivity to rising interest rates. The outlook for this asset class still seems favorable to us, in line with the decline in the corporate default ratio and accelerating economic growth. Selectivity and more tactical positioning will become necessary in future allocation choices. We believe that the yields will take a break before resuming their upward path. Delays in vaccinations and some mid-term disappointments may delay the rapid recovery scenario.<br>\n<br>We are keeping a well-balanced portfolio and consider to be better prepared for a reflationary phase if one should materialize.<\/p>","slug":"the-rise-in-sovereign-rates","slugs":{"fr":"rebond-des-taux-souverains","de":"the-rise-in-sovereign-rates","es":"the-rise-in-sovereign-rates","pt":"the-rise-in-sovereign-rates"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Monika Netelenbos"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Fixed Income"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-1-59-880-T9ZjT90Xr7bbtfLMZwlg.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-31-53-471-2OnEgjiSAOQ5JG4kSz8E.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":213,"title":"What are the best opportunities in 2021?","content":"<h4><strong>SOVEREIGN DEBT - THE UNLOVED CHILD, SHOULD IT BE IGNORED?<\/strong><\/h4>\n<p>Income generation is not any more an argument in favor of government bonds. US Treasuries offer only very low yields, not to mention German ones, which are still in negative territory. Nevertheless, can we ignore this market? Our answer is no. We continue to allocate a portion of our portfolio to global government debt. A bond portfolio has to be seen as a whole. Quality government debt always retains its protective role in times of increased volatility and offers liquidity. It is also not out of the question that in a scenario of a much slower than expected recovery, rates could still move lower, even if this is not our main scenario.<br>\n<br>The central banks of developed countries will make concerted efforts to keep short-term rates at very low levels for several quarters to come. The long end of the curve is more volatile and more sensitive to growth and inflation expectations. If the economy continues to recover, long rates will logically rise again in 2021. A progressive increase in rates would even be welcome, as it would signal investors\u2019 confidence in the ongoing economic recovery.<br>\n<br>That being said, the tolerance of central bankers to let rates rise will be relatively limited. Japan has already been steering its 10-year rate since 2016, and the Fed has so far raised the issue of the curve control without any concrete action yet, meaning that it is ready to do so if necessary. It would be imprudent for central bankers not to worry about a rapid steepening of the yield curve while governments are dealing with record levels of debt. A rapid rise in interest rates would be very harmful. This is not our baseline scenario but rather a risk that needs to be monitored.<br>\n<br>We are convinced that emerging countries' debt (in dollars) is still appealing for 2021. Despite its recent appreciation (+14% since its purchase in May 2020), it still offers an attractive yield of more than 4% (JPM EMBI Global index). The strong demand for higher yielding debt favors this asset class despite the valuation that has become quite expensive. Emerging bond markets were less distorted by central banks interventions than those of developed countries. When we look at the services and manufacturing PMIs of emerging nations, they are stronger than those of developed ones. A proof, they are weathering this crisis with resilience.<br><br><\/p>\n<h4><strong>CREDIT - THE BELOVED CHILD, SHOULD IT BE ADORED?<\/strong><\/h4>\n<p>We overweight credit in our allocation over sovereign debt. It is currently benefiting from the support of central banks (low rates, asset purchases), the economic recovery and high demand from investors in search of positive yield. There is therefore a favorable ground for the asset class to deliver a positive total return, despite the rich valuations.<br>\n<br>The level of spreads (the risk premium of each company) and the default rate are two elements we take into account in our analysis. If we look at the former, spreads have fallen to a pre-crisis level on investment-grade bonds while the economic situation has not yet returned to normal. However, investment-grade debt will receive full support from central banks in 2021. Companies, weakened by the crisis, need to remain under perfusion. We will not be not immune to small corrections in this asset class in 2021, but for the year as a whole, we believe that investment-grade bonds should do well. The pandemic has created a supply shock. It has particularly affected sectors such as aeronautics, automotive, energy, leisure, travel, restaurants and hotels and has strengthened others such as technology, health or consumer staples. Very significant distortions were created in the high yield bond segment. Many companies have seen their ratings downgraded, some have gone bankrupt. Efforts by governments to support these weaker sectors should continue in 2021. According to Moody's* (the rating agency), the default rate on the global speculative debt is expected to peak at 8.4% in March 2021 and to decline further to 6.8% in September 2021. The pre-pandemic level was at 3.2%. We are maintaining our exposure to global high yield bonds in 2021. Spreads in that area of the market have not yet returned to the pre-pandemic level and still have the potential to tighten next year. We also keep subordinated financial debt in some portfolios. This asset class could deliver a positive performance if the economy normalizes in the coming months. Banks are well capitalized and benefit from significant liquidity. However, we will be very attentive to the evolution of the default rate of their loan books. At this stage, the solidity of the banks, which has been strongly reinforced since the 2008 crisis, is not in question. We are confident in this segment. Investors remained cautious towards this asset class, which can be volatile and it has therefore not yet returned to the valuation level of early 2020.<br>\n<br>Green bonds are in great demand by investors and we believe that they will benefit from increasing interest. It is a defensive asset class, composed of quality issuers, which has held up well in the market turmoil. Green bonds bring diversification to the portfolio while participating in the energy transition.<br>\n<br>Valuations are already rich in most of the bond segments and despite this, we believe that 2021 should be another good year for the bond market. Perspectives beyond 2021 are another subject for debate.<\/p>","slug":"what-are-the-best-opportunities-in-2021","slugs":{"fr":"quelles-opportunites-en-2021","de":"what-are-the-best-opportunities-in-2021","es":"what-are-the-best-opportunities-in-2021","pt":"what-are-the-best-opportunities-in-2021"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Monika Netelenbos"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Head of Fixed Income"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-1-59-880-T9ZjT90Xr7bbtfLMZwlg.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":232,"title":"European energy dependence: geopolitics and transition to renewables","content":"<p>History cannot be rewritten, but Europe must be kicking itself pretty hard today for not having addressed the issue of energy transition earlier. Today, cornered because of its energy dependence on Russia, it finds itself in a delicate position caught between the hammer and the anvil of the conflict between Russia and Ukraine. We are probably at a historic turning point in terms of energy transition.<br><br><\/p>\n<h4><strong>SETTING THE CONTEXT<\/strong><\/h4>\n<p>It is difficult for Europe to cut off its drip-feeding of Russian oil and gas despite the drama unfolding in Ukraine. There is a form of variable-geometry dependence in Europe. On average, Europe imports 40% of its gas supply from Russia. This masks a more nuanced reality: France is at 17% and Germany at 55%. Switzerland is apparently in an even more delicate situation, since it has several handicaps. It sources 47% of its gas from Russia, has no storage capacity on its territory (although it has developed agreements with France through equity investments) and cannot benefit from the solidarity mechanisms put in place in the European Union. Nevertheless, natural gas accounts for only about 10% of its energy mix, compared with 25% for Germany and 42% for Italy. At present, it is therefore difficult to find a consensual European agreement on the sanctions to be adopted. Germany and Italy have already expressed their reluctance to resort to an embargo. The US and the UK were better placed to implement this type of measure without suffering collateral damage in return. As for oil dependence, the picture is not much more encouraging. Almost 50% of European oil imports come from Russia.<br>\n<br>\nFinally, in terms of other raw materials, the energy transition could suffer from the rise in the price of metals such as palladium, aluminium and nickel, as well as neon gas (sourced from Ukraine and widely used in the semiconductor industry), which are essential for the development of a more sustainable infrastructure.<br><br><\/p>\n<h4><strong>THE GEOPOLITICAL STANDOFF: A BOON FOR RENEWABLES<\/strong><\/h4>\n<p>We are not experts in geopolitics, far from it. On the other hand, we see that yesterday's enemies are becoming potential allies (Venezuela and Iran in particular). This gives an idea of the urgent need to find alternatives, without confusing speed with haste. Ideally, the global energy mix should tend in the long term to use less carbon intensive energy sources in order to respect the objectives set out in the Paris Agreement of a maximum temperature increase of +1.5\u00b0C. In this sense, soaring oil prices are equivalent to a kind of \u201cclimate tax\u201d that should encourage us to make a transition at the individual level (rising prices for electric vehicles in recent days should not surprise anyone). The immediate rise in prices and the threat of a supply disruption were at the centre of the discussions at the recent EU Versailles summit, which did not result in a revolutionary plan in favour of renewable energies. Member countries were satisfied with aiming for an exit from Russian fossil fuels by 2027. A plan will be presented in May. It is a first step.<br>\n<br>However, we must recognise that there is no miracle solution. You cannot replace one energy source with another overnight. Moreover, the intermittent nature of renewable energies and the difficulty or even the inability to store them makes the transition even more perilous. Europe could, for example, turn in the short term to LNG (liquefied natural gas) produced by the United States, Qatar or Australia. But what sort of production capacity do these three countries have, and what is Europe's capacity t o store and regasify LNG? LNG remains a controversial source of energy (especially from American shale gas) that contributes to global warming. The question of nuclear power will also come up. Preserving existing nuclear power plants will be part of the plans, as it is not easy to restart a shutdown plant.<br>\n<br>Beyond this short-term vision, we are fundamentally convinced that we are at a historic turning point in favour of the energy transition. The current crisis will have had the merit of raising awareness, even if it is painful. Moving towards renewable energies is easier today than it was 10 years ago. Green energies have become more competitive and are now cheaper. In addition, there is a greater political commitment, which must nevertheless find the right balance so as not to burden households with the transition, especially in pre-election periods.<br><br>As for what we are mainly concerned with here, i.e. investment, we can ask ourselves if the short-term craze for renewable energy indices is sustainable? Everything will depend on the implementation of political decisions taken at the European level. The energy transition is in any case underway.<\/p>","slug":"european-energy-dependence-geopolitics-and-transition-to-renewables","slugs":{"fr":"dependance-energetique-europeenne-quand-la-geopolitique-aide-la-transition-vers-les-renouvelables","de":"european-energy-dependence-geopolitics-and-transition-to-renewables","es":"european-energy-dependence-geopolitics-and-transition-to-renewables","pt":"european-energy-dependence-geopolitics-and-transition-to-renewables"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":244,"title":"The challenge of biodiversity","content":"<h2><strong>WHY SHOULD WE INVEST TO SAFEGUARD BIODIVERSITY?<\/strong><\/h2>\n<p>At first glance, the subject may seem far away from the concerns of investors, who are currently more focused on discussions about inflation, monetary policy, recession, bear markets or geopolitical issues. And yet, the efficient management of natural capital is essential to the sustainable future stability of our economies.<br><br><\/p>\n<h4><strong>DEFINITIONS AND STATE OF PLAY<\/strong><\/h4>\n<p><strong><\/strong>Biodiversity is defined as \"the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are part; this includes diversity within species, between species and of ecosystems\" (definition from the Convention on Biological Diversity). Biodiversity provides mankind with what scientists call ecosystem services, of which there are four (provisioning services, regulating services, socio-cultural services and support services). The conclusion is plain: if we do not manage to preserve these services provided by nature, it will be difficult to achieve the 17 sustainable development goals.<br><br>The latest Living Planet report shows a substantial degradation of species, average abundance, which has declined by 68% since 1970.<\/p>\n<p><strong>The Global Living Planet Index: 1970 to 2016<\/strong><\/p>\n<figure style=\"max-width: 370px;\"><img src=\"\/uploads\/6TFvm.649fb91080c82f19904ca6ba38a248ac.jpg\" data-image=\"a02abd453edfb7089ff12356448350c4\" width=\"370\" height=\"230\" style=\"width: 370px; max-width: 370px; height: 230px;\"><\/figure>\n<p><span style=\"font-size: 12px;\">Average abundance of 20,811 populations representing 4,392 species monitored across the globe declined by 68%. The white line shows the index values and the shaded areas represent the statistical  certainty surrounding the trend (range: -73% to -62%).<\/span><br><span style=\"font-size: 12px;\">Source: WWF Living Planet Report 2020<\/span><br><\/p>\n<p>This indicator is based on the fact that before a species disappears, its population size will decrease. There are five major threats responsible for the erosion of biodiversity: land use change, over exploitation of natural resources, climate change, pollution and invasive species.<br><br>Many reports show how interdependent humanity and biodiversity are. The WEF report published earlier this year showed that over a ten-year horizon, biodiversity loss is the third most serious environmental risk (after climate change and extreme weather events). Another study, published by the WWF, estimates the cost of inaction in&nbsp;terms of preserving natural capital on the world economy at USD 10 trillion by 2050. Conversely, implementing protective measures would be beneficial to the tune of USD 230 billion.<br><br>Finally, it is interesting to look at the way scientists have approached the issue of biodiversity preservation over time. For once, let us pay tribute to a woman, Dame Georgina Mace, a British scientist specialising in the impact of biodiversity loss. While in the 1960s and 70s, we were interested in nature for itself, the 80s and 90s were marked by the protection of nature from damage caused by man (nature despite people), then in the years 2000\u20132005, we developed the concept of ecosystem services (nature for people). Finally, from 2010, the idea of interdependence and mutual interest has developed (people and nature). The figures mentioned above speak for themselves.<br><br><\/p>\n<h4><strong>INVEST, YES, BUT HOW?<\/strong><\/h4>\n<p>At first glance, it may seem difficult to imagine investment solutions that focus specifically on biodiversity because this would imply that we could assign a value to nature on the basis of reliable and complete data. The theme is emerging even though the urgency is known and has been put forward by scientists since the 1960s.<br><br>Nevertheless, there are several investment approaches that we believe are complementary. The most obvious is to exclude activities that are likely to destroy biodiversity (mainly polluting industries or those linked to deforestation). The second option, which is not exclusive, consists of rewarding companies that contribute to preserving or restoring ecosystems without this necessarily being at the heart of their activity. The third option is to identify companies whose business model is dedicated to conservation and who are committed to working with stakeholders whose values and vision are aligned. Finally, the fourth option consists of a mix of the three previous options, which can take the form of an investment in a thematic fund dedicated to biodiversity. Here again, there are more or less purist approaches and therefore more or less exposure to market volatility. Moreover, finding listed companies that are primarily concerned with the preservation or restoration of ecosystems is a difficult exercise. Existing solutions are still few and far between, but they are nonetheless at the heart of a theme that should gain momentum in the coming months with the COP15 meeting dedicated to biodiversity in December and the implementation of increasingly restrictive regulations in terms of the communication of impacts by companies.<br><br>To conclude, we would say that we must remain humble in the face of the complexity of the exercise of evaluating the mutual impacts between humanity and nature. This is part of a broader debate that is becoming increasingly critical about sustainable funds. Obviously, the data and methods can still be improved, but does this justify doing nothing while waiting for the perfect solution so as not to be nailed to the pillory by the critics of greenwashing?<\/p>","slug":"the-challenge-of-biodiversity","slugs":{"fr":"les-enjeux-de-la-biodiversite","de":"the-challenge-of-biodiversity","es":"the-challenge-of-biodiversity","pt":"the-challenge-of-biodiversity"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Linda Lehmann"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Specialist"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-51-25-140-dY3VXZnheWddXE4nHXlD.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":251,"title":"Quo Vadis?","content":"<h3><strong><em>Political choices matter, now more than ever: what are the conclusions for investors? <\/em><\/strong><\/h3>\n<p><\/p>\n<h4><strong><strong>BACK TO POLITICS <\/strong><\/strong><\/h4>\n<p>Former US President Bill Clinton once famously said, \u201cIt\u2019s the economy, stupid.\u201d However, after decades of globalisation and policymaking driven by laissez-faire economic policies, politics has once again become a key factor in economic and financial affairs in recent years. A world without war in Ukraine, without Brexit, without a budding cold war between China and the US, and without a resurgence in populism would look quite different from the investment environment we are experiencing today. The most glaring example of this pivot back to political priorities is China\u2019s leadership, who seem to care little about their country\u2019s general economic welfare and are focusing far more on \u201czero Covid\u201d policies, with frequent mentions of the necessary sacrifices. <br><br>Politicians commonly know little about how the economy functions. Joe Biden\u2019s recent remarks on the energy situation, urging oil refiners to produce more gasoline after the Democratic Party did everything to limit their manufacturing capacities over the past 20 years, is a prime example. The point here isn\u2019t to say that there\u2019s anything inherently good or bad about all the current political interventions in the economic sphere. The current governmental focus on supply chains and sustainability is an example of policies that make good medium-term financial sense. However, when politics was more in the background, politicians\u2019 economic illiteracy and\/or interventionism were minor concerns for investors. <br><br>The Keynes versus Friedman debate between interventionist and laissez-faire policies is still alive, and the pendulum continues to swing back and forth. We don\u2019t currently appear to be close to a turning point towards less government intervention. Until that time comes, we have a duty to review our investment techniques.<br><br><\/p>\n<h4><strong>A REVISED FRAMEWORK <\/strong><\/h4>\n<p>Today\u2019s investors need to accept the new environment we are working in and adapt to it. The first step to dealing with economic interventionism is to simply accept it and avoid the temptation to rationalise. \u201cIf Putin hadn\u2019t invaded Ukraine, our holdings would have generated a much higher return, and maybe this situation is just temporary\u201d \u2013 such comments don\u2019t help. This state of mind clouds judgement and delays and falsifies the necessary response to the event.<br><br>Another misstep would be to view political events as \u201cunpredictable\u201d and the resulting disruptions as inevitable. We cannot know in advance how the Italian election will turn out or if Taiwan will be invaded \u2013 we must simply factor this uncertainty more effectively into our asset allocation. The key here is to base our decisions on a wide range of input. That means not relying purely on economic analysis but, rather, listening to the best specialists who thoroughly analyse political risks and assess their probability. <br><br>Behavioural economics is a relatively new analytical angle. Although not yet widespread in the financial sector, it\u2019s worth further emphasis. Wars and political interventions, due to their naturally high degree of uncertainty, have a significant emotional impact on markets. Bringing this variable into the equation will also help us interpret the markets. <br><br>Let\u2019s use a concrete example to see how the investment process needs to be changed. If invertors start taking into account the fact that a wave of politically induced tax hikes in a number of countries will become a high-probability event, they should begin by accepting the major impact these hikes would have on markets. Second, investors must take into account the probability that such policies will in fact be implemented. Indeed, if the markets got a boost from the deregulatory wave that started in the 1980s, they should also logically be impacted when the tax burden goes up. Also, investors should analyse the hurdles and limits (e.g. the Laffer effect) that governments face in such an environment. Finally, this swing in government policies will almost certainly affect the markets\u2019 \u201ccollective psychology\u201d and investors\u2019 general risk appetite. <br><br>It\u2019s obvious that the measures suggested here take us into more subjective territory. There are formal quantitative models for micro- and macroeconomic variables but much less for demagogy, interventionism and declining liberalism. The changes to the investment process described here are less qualitative, more difficult and more subjective. But this approach is relevant and should be applied going forward.<\/p>","slug":"quo-vadis-251","slugs":{"fr":"quo-vadis-251","de":"quo-vadis-251","es":"quo-vadis-251","pt":"quo-vadis-251"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Nicolas Boulgaris"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-0-47-620-4wZb5jONZ3zrWbXbLRL8.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-37-12-229-YZgzcHUHmJVfFgnZjexj.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":280,"title":"SYLVIE BUHAGIAR","content":"<p>Sylvie Buhagiar obtained her law degree from the University of Geneva in 1986, followed by a Master of Laws (LL.M) from Columbia University in New York in 1988, before being admitted to the Geneva Bar in 1990. She is also a graduate of the University of Geneva's Faculty of Translation and Interpreting. Specialising in banking, commercial and corporate law, she practised with the law firms of Coudert Brothers in New York and Brunschwig Wittmer and Oberson in Geneva before setting up her own Firm in 2002. Sylvie Buhagiar holds or has held numerous directorships in public and private entities active in the fields of gastronomy and the hotel industry, culture and disability, including Foyer Handicap, Pro Infirmis Gen\u00e8ve, the Orchestre de la Suisse Romande and the Fondation du Mus\u00e9e Photo Elys\u00e9e. She also sits on the joint Ethics Council of the University of Geneva and the University of Applied Sciences Western Switzerland, and chairs the joint Ethics Council of the Aigues-Vertes, Clair Bois and Foyer-Handicap Foundations.<\/p>","slug":"sylvie-buhagiar","slugs":{"fr":"sylvie-buhagiar","de":"sylvie-buhagiar","es":"sylvie-buhagiar","pt":"sylvie-buhagiar"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-4-8-7-50-50-328-dzyw7jiXfrTa50tS8COE.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2023-5-31-13-13-1-969-FQnG2cRzivOgNqleYHbF.jpg","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"directors"},{"id":32,"title":"Geneva Chamber Orchestra","content":"<p>The Bank is a Partner of the Geneva Chamber Orchestra (L'OCG), an original ensemble created in 1992. It is dedicated to excellence in all its repertoires, ranging from baroque to contemporary music, allowing the public to discover pieces that are often too rarely performed in concert halls. We are proud to contribute to the success of a cultural institution whose renown stems from its boldness and highly selective nature.<\/p>\n<p><br>Find out more on <a data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=fr&q=http:\/\/www.locg.ch\/&source=gmail&ust=1509719660104000&usg=AFQjCNEapK0rsc86KM4xsrDJt08kcXpvpg\" href=\"https:\/\/www.locg.ch\/\" target=\"_blank\">www.locg.ch<\/a> or <a href=\"https:\/\/fr-fr.facebook.com\/lorchestredechambredegeneve\" target=\"_blank\">facebook.com\/lorchestredechambredegeneve<\/a><br><\/p>","slug":"geneva-chamber-orchestra","slugs":{"fr":"lorchestre-de-chambre-de-geneve","de":"genfer-kammerorchester","es":"la-orquesta-de-camara-de-ginebra","pt":"a-orquestra-de-camara-de-genebra"},"tags":[],"model_type":"page","fields":{"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2023-9-20-13-47-44-236-bCktR6m9q9kAE5r1Dpog.png","title":null,"alt":null,"caption":null,"link":null}]},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-9-20-13-49-25-876-JhZXWl7EKCD8vi16IGus.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":"L'OCG - Visuel Abo 2021-2022","alt":null,"url":"\/uploads\/2021-9-28-12-1-15-415-jmPlxpwPOVBXcNzvr3lE.jpg","caption":"Yomira - Raphaelle Mueller","link":null}]},"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":""},"gallery":{"id":167,"name":"gallery","label":"gallery","value":null}},"collection_type":"sponsors"},{"id":293,"title":"Profiling","content":"<p>We may process some of your Personal Data automatically for the purpose of evaluating the personal aspects of Data Subjects as described below (profiling).<br><br>As a result, we process data automatically (as required by law) when screening money transfers via our systems in the fight against money laundering and terrorist financing, as well as to monitor any transaction with a view to identifying whether it is evading rules on market abuse, international, and national sanctions and\/or embargoes.<br><br>This may also be the case as part of our assessment of your product and service needs.<\/p>","slug":"profiling","slugs":{"fr":"profilage-293","de":"profiling","es":"creacion-de-perfiles","pt":"definicao-de-perfis"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":42,"title":"CIO LETTER JULY 2020 - ISSUE 2","content":"<p>CIO LETTER - ISSUE 2<br>JULY 2020<\/p>","slug":"cio-letter-july-2020-issue-2","slugs":{"fr":"cio-letter-juillet-2020-n-2","de":"cio-letter-juli-2020-n-2","es":"cio-letter-july-2020-issue-2","pt":"cio-letter-july-2020-issue-2"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-13-13-466-DgBNyO0x7J7TSXLRYZwk.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":328,"title":"Video 7","content":"","slug":"video-7","slugs":{"fr":"video-7","de":"video-7","es":"video-7","pt":"video-7"},"tags":[],"model_type":"page","fields":{"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqnmox7\/1jhvl2uqdhl3g\/1jhvl2uqnmoxi.mp4"},"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-3-7-9-27-57-943-ocSBa3x7UM2mf2B5lV8a.jpg","title":null,"alt":null,"caption":null,"link":null}]},"date":{"id":19,"name":"date","label":"Date","value":"07\/03\/2024"},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""}},"collection_type":"videos"},{"id":117,"title":"TRANSITION EN RENEWAL (1958-1968)","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">In the first hundred years since the Banque Gonet was founded, three generations succeeded each other smoothly at the helm. Under their prudent leadership, the bank survived two World Wars and multiple economic crises largely unscaethed. Alfred's untimely death in 1958, which deprived him of the opportunity to take over the family estate, disrupted this tranquillity, but the Gonet clan remained united.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Alfred was keenly aware of the importance of preparing his succession, but his two nephews Bernard and Pierre only just graduated when their uncle died, however, and were still too young to take up the baton. On 27 October 1958 the bank became a limited company under the name Gonet & Cie SA. Out of the family hands in 1964, Cr\u00e9dit Suisse and the Soci\u00e9t\u00e9 Belge de Banque became equal shareholders, which was the prelude to a series of mergers and reorganisations.<\/span><\/p>\n<p><\/p>","slug":"transition-en-renewal-1958-1968","slugs":{"fr":"entre-deux-lignees-1958-1968","de":"eine-lucke-zwischen-den-generationen-1958-1968","es":"entre-dos-lineas-1958-1968","pt":"entre-duas-linhas-1958-1968"},"tags":[],"model_type":"page","fields":{"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-8-40-913-fXqNCL77Y6ABKNkp0zzN.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1958"},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":120,"title":"Risk-return profile definition","content":"<p>We at Gonet & Cie SA adhere to a truly personalised approach. Consequently, the way that we manage your assets will depend to a large extent upon your investor profile, which we define at the same time as your return expectations and your risk tolerance.<\/p>\n<p><br>Defining your personal risk-return profile is a key step in determining the portfolio management strategy that will best reflect your goals.<\/p>\n<p><br>We therefore devote particular care to understanding your needs. In discussion with you, we perform a complete analysis of your situation, including:<\/p>\n<p>\u2022    Net worth<br>\u2022    Financial goals<br>\u2022    Time frame<br>\u2022    Reference currency<br>\u2022    Income needs<br>\u2022    Risk tolerance<br>\u2022    Withdrawals or additional funds foreseen<br>\u2022    Special restrictions<\/p>\n<p><br>This information will play an important role, first in determining and applying your investment profile (see also Diagnostic & Solutions), and then in enabling us to target and capture the opportunities best suited to your profile, through the most appropriate strategic and tactical asset allocation.<\/p>","slug":"risk-return-profile-definition","slugs":{"fr":"definition-du-profil-personnel-risquerendement","de":"bestimmung-des-personlichen-risiko-rendite-profils","es":"definicion-del-perfil-personal-de-riesgoremuneracion","pt":"definicao-do-perfil-pessoal-de-riscoretorno"},"tags":[],"model_type":"page","fields":[],"collection_type":"processus"},{"id":376,"title":"JOS\u00c9 SEMEDO","content":"<p>Jos\u00e9 Semedo holds a Bachelor's degree in Law and a Master's degree in Business Law from the University of Geneva. He worked for 6 years in the Regulatory & Compliance service (Financial Services - Banking Department) of PricewaterhouseCoopers (2009-2015) in Geneva, before joining Banque Mirabaud & Cie SA as Compliance Officer from 2015 to 2018. He heads the Compliance Department of Gonet & Cie SA from November 2018.<\/p>","slug":"jose-semedo","slugs":{"fr":"jose-semedo","de":"jose-semedo","es":"jose-semedo","pt":"jose-semedo"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2025-1-6-12-27-43-202-UpP1VMpptWlFBaNelBNT.jpg","title":null,"alt":null,"caption":null,"link":null}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""}},"collection_type":"committee"},{"id":128,"title":"COOKIE POLICY CHANGES","content":"<p>Gonet & Cie SA may change this Cookie Policy at any time.<\/p>","slug":"cookie-policy-changes","slugs":{"fr":"modification-de-la-politique-en-matiere-de-cookies","de":"cookie-policy-changes","es":"cambios-en-la-politica-de-cookies","pt":"alteracao-a-politica-de-cookies"},"tags":[],"model_type":"page","fields":[],"collection_type":"cookies"},{"id":158,"title":"L'ILLUSTR\u00c9: NICOLAS GONET, TOUT UN ROMAND","content":"<h3>Le banquier Nicolas Gonet vient de frapper fort avec le Gonet Geneva Open qui a accueilli Federer. Il s\u2019\u00e9tait d\u00e9j\u00e0 illustr\u00e9 avec son bateau au Bol d\u2019or. Sa recette pour casser les codes.<\/h3>\n<p><em>Par St\u00e9phane Benoit-Godet<br>\n<br>\n<\/em><\/p>\n<p>\u00abJe suis le fils unique d\u2019une lign\u00e9e de banquiers genevois. J\u2019ai pass\u00e9 une enfance assez solitaire, soumis \u00e0 une certaine pression avec un p\u00e8re qui repr\u00e9sentait la quatri\u00e8me g\u00e9n\u00e9ration \u00e0 la t\u00eate de l\u2019\u00e9tablissement familial. J\u2019\u00e9tais programm\u00e9 pour assurer la continuit\u00e9 m\u00eame si, plus jeune, j\u2019avais envie de faire m\u00e9decine et de parcourir le monde. Mais mon p\u00e8re en avait d\u00e9cid\u00e9 autrement pour moi.<br>\n<br>\n<\/p>\n<p>Je me suis mis \u00e0 faire des stages dans la finance et le go\u00fbt m\u2019est venu. C\u2019est le c\u00f4t\u00e9 humain qui m\u2019a emport\u00e9. J\u2019aime ce m\u00e9tier o\u00f9 l\u2019on cr\u00e9e des liens forts avec ses clients: c\u2019est la base, cette confiance que l\u2019on tisse. Me voil\u00e0 donc banquier, mais je me rends vite compte que notre maison est une petite boutique parmi des g\u00e9ants. Comment gagner en visibilit\u00e9 face \u00e0 de tels concurrents? Mon p\u00e8re ne souhaitait m\u00eame pas aborder le sujet. En bon protestant genevois, il fallait, pour vivre heureux, vivre cach\u00e9.<br>\n<br>\n<\/p>\n<p>J\u2019\u00e9tais alors li\u00e9 \u00e0 un groupe d\u2019amis m\u00e9decins fans de voile et j\u2019ai eu l\u2019id\u00e9e de sponsoriser un bateau. Cela ne se faisait pratiquement pas pour une banque \u00e0 l\u2019\u00e9poque. Je n\u2019avais pas 30 ans et je mettais notre nom sur une voile \u00e9norme qui paradait sur le L\u00e9man. Faire de la pub, autant dire que mon p\u00e8re n\u2019y croyait pas. Mais quand j\u2019ai ressenti l\u2019engouement que cela cr\u00e9ait chez nos clients et nos collaborateurs, tr\u00e8s fiers de cette exp\u00e9rience, un d\u00e9clic s\u2019est produit.<br>\n<br>\n<\/p>\n<p>Je pouvais faire le m\u00e9tier dont mon p\u00e8re avait r\u00eav\u00e9 pour moi et prendre du plaisir \u00e0 faire ce que j\u2019ai toujours appr\u00e9ci\u00e9: r\u00e9unir des gens et partager des moments forts avec eux. Lors de notre deuxi\u00e8me participation au Bol d\u2019or, en 2006, j\u2019ai vraiment stup\u00e9fait mon p\u00e8re. Nous avons alors gagn\u00e9 la course avec Russell Coutts et la visibilit\u00e9 pour Gonet a \u00e9t\u00e9 incroyable. Nous \u00e9tions sortis du cadre, mais au lieu de faire peur \u00e0 nos clients, d\u2019habitude tr\u00e8s retenus, ils nous t\u00e9moignaient leur reconnaissance. La prise de risque, gagner en visibilit\u00e9, avait pay\u00e9.<br>\n<br>\n<\/p>\n<p><strong>\u00c0 partir de l\u00e0, j\u2019ai encore plus \u00e9cout\u00e9 mes intuitions.<\/strong> Il y a eu des coups de c\u0153ur; j\u2019ai ainsi rachet\u00e9 le restaurant Le Lyrique \u00e0 Gen\u00e8ve. Je me suis aussi souvenu de mes \u00e9motions d\u2019enfance, notamment de ce fabuleux tournoi de tennis de Gen\u00e8ve que j\u2019adorais comme fan inconditionnel de Bj\u00f6rn Borg. C\u2019\u00e9tait toujours dans un coin de ma t\u00eate. Quand j\u2019ai lu dans la presse que le tournoi risquait de dispara\u00eetre, cela a \u00e9t\u00e9 tr\u00e8s rapide. J\u2019ai appel\u00e9 les organisateurs et en un coup de fil nous sommes tomb\u00e9s d\u2019accord. Nous \u00e9tions en pleine pand\u00e9mie, le monde semblait s\u2019arr\u00eater et j\u2019en avais marre de cette sinistrose. J\u2019en avais r\u00eav\u00e9, il fallait le faire.<br>\n<br>\n<\/p>\n<p>La chance sourit aux audacieux, para\u00eet-il. Il y a deux mois, les organisateurs nous ont fait un signe inesp\u00e9r\u00e9. Avec le d\u00e9placement des dates de Roland-Garros, Roger Federer avait une fen\u00eatre qui s\u2019ouvrait pour venir jouer au Gonet Geneva Open. On n\u2019osait m\u00eame pas y penser. Deux semaines avant Paris, cela pouvait l\u2019arranger de jouer sur terrain naturel et il avait envie de se produire en Suisse.<br>\n<br>\n<\/p>\n<p>Mon p\u00e8re nous a quitt\u00e9s il y a cinq ans et nous venons de f\u00eater les 175 ans de la banque. Ce fut l\u2019occasion de plonger dans les archives de famille et d\u2019avoir deux r\u00e9v\u00e9lations. Non seulement nous ne sommes pas des r\u00e9fugi\u00e9s huguenots, comme nous l\u2019avions toujours pens\u00e9, mais bien des Romands depuis le XIV<sup>e<\/sup> si\u00e8cle et j\u2019ai donn\u00e9 par hasard \u00e0 mon fils le m\u00eame pr\u00e9nom que le premier Gonet identifi\u00e9 dans notre g\u00e9n\u00e9alogie. D\u2019o\u00f9 venons-nous, o\u00f9 allons-nous? La seule chose qui est s\u00fbre, c\u2019est que la vie n\u2019est jamais avare de surprises.\u00bb<\/p>","slug":"lillustre-nicolas-gonet-tout-un-romand","slugs":{"fr":"lillustre-nicolas-gonet-tout-un-romand","de":"lillustre-nicolas-gonet-tout-un-romand","es":"lillustre-nicolas-gonet-tout-un-romand","pt":"lillustre-nicolas-gonet-tout-un-romand"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"26\/05\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"NICOLAS GONET, CEO DE GONET & CIE SA: TOUT UN ROMAND - L'ILLUSTR\u00c9"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"title":"Nicolas Gonet, CEO - Gonet & Cie SA","alt":null,"url":"\/uploads\/2021-5-26-14-23-3-407-HfBwhsQvCW3JjmYBnNIE.jpg","caption":"Thomas Roulin","link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-5-31-9-55-34-608-FPwOFS1eQ0XbZ5zVWJqb.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""}},"collection_type":"news"},{"id":193,"title":"China, Quo Vadis?","content":"<h4><strong>HOW WORRIED SHOULD INVESTORS BE OF XI JINPING\u2019S POLICIES?<\/strong><\/h4>\n<p>After the brutal interventions into the local economy in the name of \u201cCommon Prosperity\u201d in China, is it time for the investment community to seriously reconsider its commitment to China or are we just witnessing a logical change in policy? <br><br><\/p>\n<h4><strong>WHAT IS GOING ON? <\/strong><\/h4>\n<p>The goal of wealth redistribution is certainly a popular storyline in a country in China. The well-publicized crackdowns on corruption that started a few years ago were not sufficient to demonstrate the will to even things up. Beijing\u2019s wants to do more with the recent initiatives to improve working conditions and redistribute extreme wealth accumulations. One could argue that these rational policies would be on the agenda of any social democratic European government facing the same reality. Nothing totally out of the ordinary on paper. So why did markets react so negatively to these interventions? <br><br><\/p>\n<h4><strong>WHY SUCH A BAD REACTION? <\/strong><\/h4>\n<p>We do need to focus on the context and in the manner in which they were announced. The stage was set with Xi Jinping\u2019s determination to govern indefinitely, the oppression of the minority in Xinyang and more recently the brutal crushing of attempts for more freedoms in Hong Kong. The temporary disappearances of some prominent company heads in the past years came back to the forefront when Alibaba\u2019s megastar CEO Jack Ma briefly vanished last year. Wrapping all these actions in an aggressive rhetoric by the state created understandable doubts for investors as to the intentions of the authorities towards them and even China\u2019s commitment towards a free economy. <br><br><\/p>\n<h4><strong>A NEW REVOLUTION? <\/strong><\/h4>\n<p>What\u2019s next after these events? Some might argue that Xi Jinping has launched a new era where a lot of the economic progress made since the promotion of a capitalistic economy by Deng Xiaoping in 1979 could be threatened. In this hypothesis, we would just be at the start of a regression that would further destroy private enterprise for China. We consider this option to be highly unlikely as it goes against the current rational approach to change we mentioned earlier and would encounter stiff opposition from parts of the Chinese Communist Party (CCP) itself who might see it as a threat to the nation\u2019s internal stability. So what is a more realistic outcome? <br><br><\/p>\n<h4><strong>THE VIEW FROM BEIJING <\/strong><\/h4>\n<p>The CCP explicitly derives its legitimacy and power from the fact that laid the groundwork for a prosperous, united and more equal country. Xi Jinping presides over the destiny of a billion souls who have attained one of the greatest economic success stories in the history of humanity but faces the fact that the current system has shown its limits. Unequal distribution of the benefits of growth, billionaires criticizing the Party\u2019s power and a richer population that could at any point could wish to go towards a more decentralized political system are threats to the Party\u2019s dominance and goals . A simple social transition \/ redistribution policy is therefore not enough to do the trick, as it could well end the way it did in the Soviet Union or on Tiananmen Square. For China\u2019s leader it is therefore logical that reform is to be accompanied by a strong political message that emphasizes strength and a return to a more repressive agenda. <br>One could therefore lazily come to the conclusion that the answer to our initial question is easy: continue investing in China as things will finally not change that much if not for a more disturbing and harsh punctual political interventions. <br><br><\/p>\n<h4><strong>NOT SO FAST <\/strong><\/h4>\n<p>A balancing act between old school Party politics and economy will be however difficult to maintain in the medium run in our opinion. Economically, the \u201ceasy\u201d part is done and managing an aging population with a maturing economy, while imposing more rules and bureaucracy is an interesting challenge that is well known in Europe. The increasing realization in the rest of the world that China\u2019s economy is not only an outlet for production or a cheap factory but a direct competitor will also complicate things. On the political side, (re)opening the bottle of aggressive slogans and patriotism could well turn quickly into unbridled nationalism. If the latter generates a takeover of Taiwan, even if militarily successful, it would undoubtedly have an huge economic impact on the trade ties of an economy that still need everything it can get from its exposure to the rest of the world.<br>Our conclusion to potential investors in China is therefore the following: risks are quite high right now, but then again by definition so are the potential opportunities as the jury is still out on the chances of success of Beijing\u2019s new policies. Clients with more aggressive profiles can invest there, but should be aware of the hazards... and be patient.<\/p>","slug":"china-quo-vadis","slugs":{"fr":"chine-quo-vadis","de":"china-quo-vadis","es":"china-quo-vadis","pt":"china-quo-vadis"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Nicolas Boulgaris"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Invesment Advisor"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-0-47-620-4wZb5jONZ3zrWbXbLRL8.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-37-12-229-YZgzcHUHmJVfFgnZjexj.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":199,"title":"Quo Vadis?","content":"<p>In recent weeks, investors' patience and nerves have been tested by the pugnacity of covid and its variants, but also by the rise in inflation and the Fed's announcement that liquidity injections into the financial system will soon end. All of this has caused a sharp rise in volatility and destabilised equity indices that had been flying from record to record in complete peace. <br><br>In such a context, it seemed appropriate to recall certain principles that govern the world of investment. How can we not quote the eternal Warren Buffett as a preamble, to whom the following sentence is attributed: \u201cThe stock market is a tool to transfer money from the impatient to the patient\u201d. All is said, but let's elaborate a bit. <br><br>In 1950, a share was held for an average of eight years (source: Ned Davis Research). This was a time when markets were dominated by the wealthy, who tended to grow their investments over generations. Today that holding period has melted away to only a few months (around seven). Does this indicate that investment precepts have changed? Certainly not, but the requirements of professional investors have changed. The CFA Institute reports that nearly half of the compensation of investment professionals is based on annual performance. <br><br>And yet, patience is the sine qua non of success in the financial markets. Since 1926, an investor who invests in the S&P 500 index (SPX) over a 20-year horizon has a zero percent chance of losing his capital. Over 15 years, the risk increases to 0.2%, while over a much shorter period of 12 months, an investment in the SPX wins more than three times out of four. Let's add that this observation applies to many indices around the world, not only to the SPX. <br><br>Needless to say, the period observed includes several depressions and a world war. In terms of performance, according to Credit Suisse and Princeton University, the average annual real return on US equities was 6.6% between 1900 and 2020, the third-best performance behind South Africa and Australia, but ahead of the UK (+5.5%) and France (+3.5%). <br><br>This is a good way to dispel the misconception that the stock market is a casino. In fact, it is quite the opposite because the probability of making money on the stock market increases as time goes by. <br><br>Of course, time is not enough to make a portfolio grow, what you put in it is obviously of paramount importance. The Japanese Nikkei index is a notable exception to the&nbsp;above-mentioned historical performances. The Nikkei has declined by 25% since December 1989, excluding dividends. If dividends are taken into account, the performance is positive by 9%. So yes, the timing of the investment is often important, but the holding period is the real key. <br><br>When you are a private investor, you may have a tendency to doubt or even overreact depending on the situation and your investment experience. There are a few principles to be applied without moderation, which often make it possible to avoid giving way to the emotional, to the detriment of the rational. One of the main risks consists in not knowing what you are doing, so it is important to invest in companies that you understand. You should also avoid fashionable effects (everyone is on the same side of the boat) or glowing press articles about a company. In both cases, it is either bad advice or it is too late. It is also allowed to make your own opinion and, above all, not to watch the stock market news every day, it is often there that you make the most mistakes. Following the financial markets constantly, without being trained to do so, signifIcantly increases the risk of making hasty decisions. <br><br>And then keeping a cool head allows you to identify the mistakes you made. We all make mistakes, it is inevitable, sometimes betting on a lame duck. Warren Buffett has a theory about this: \u201cIf you ever find yourself on a sinking ship, the energy to change ships is more productive than the energy to plug the holes.\u201d In other words, there is no point in being stubborn when the obvious is obvious, it is better to move on, regardless of the purchase price, which often obsesses the private investor. <br><br>In 1748, Benjamin Franklin wrote \u201ctime is money\u201d. Until this postulate, these two notions appeared to be substitutes. Much later, during the 20<sup>th<\/sup> century, Raymond Devos took up this notion \u201cWhy do they run so fast? To save time! As time is money the faster they run, the more money they make!\u201d <br><br>The last word naturally goes to Warren Buffett and his golden rule: \u201cRule number one: don't lose money; rule number two: never forget rule number one\u201d.<\/p>","slug":"quo-vadis","slugs":{"fr":"quo-vadis","de":"quo-vadis","es":"quo-vadis","pt":"quo-vadis"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-6-23-11-34-12-780-xZFrmfO26W2NRd3X7DAa.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-52-39-393-L5lY4bEEodeej8JKtaPN.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":205,"title":"Quo Vadis?","content":"<p>We tend to forget that in stock market cycles it is natural for corrections and crashes to occur. The question is not whether this will happen, but when the next decline will occur and what to do about it. Today, many stock market indices are trading at all-time highs, such as the S&P 500, the Nasdaq 100 and the European Stoxx 600. Summer is settling in among us, minds are calming, risk aversion is evaporating, people are letting their guard down and volatility is particularly low.<br>\n<br>The stock market is the kingdom of anticipation, and investors seek to identify the phase of the cycle in which the market is currently evolving in order to anticipate the next move. Theoretically, the average length of a stock market cycle has been estimated at 7 years, with bull markets lasting about 5 years and a bear market lasting about 2 years. That is the theory...<br><br><\/p>\n<h4><strong>BETWEEN EXPANSION AND OVERHEATING<\/strong><\/h4>\n<p>In practice, the real life of the stock market is constantly evolving and respects less the notion of cycle today. Take the current bull market; some would say it started on 23 March 2020, when the market began its post-Covid rebound. Others believe that it started in March 2009 and that the February-March 2020 drop, although bigger than 20% (the condition for a market to be defined as bear), only lasted one month and is therefore not a bear market. In any case, the four economic cycles observed by stock markets are recession, recovery, expansion and finally overheating. Now we are probably in between expansion and overheating, that period when inflation returns, which ultimately prompts central banks to raise interest rates.<br>\n<br>Let us take a closer look at the market. The S&P 500 (SPX) is currently trading at 20.1x its estimated 2022 earnings. This is historically expensive. The Eurostoxx 50 is at 16.8x and the Swiss Market Index (SMI) is at 17.6x. So yes, the SPX is expensive. So why do investors keep buying it? One rea- son is its dividend yield, which currently stands at 1.36%, significantly better than the yield on many high quality bonds. This is the famous TINA (There Is No Alternative). So where else to put your money but in equities these days? This is one of the factors driving up equity indices, often in defiance of valuation logic. In addition, TINA leads to FOMO (Fear Of Missing Out). At this point, one thinks of institutional managers, who see the performance of equities improving a little more each day and must therefore jump on the bandwagon in order not to be left trailing their competitors. Again, a support factor for equities that has nothing to do with our textbooks.<br>\n<br>So far this year, the SPX  has risen so far by 13%, the Eurostoxx by 17% and the SMI by 12%. The main reasons for these movements are well known: the economy is doing better, so are companies, the coronavirus pandemic seems to be under control, major economic support plans have been launched by the United States and the European Union in particular, and the central banks' liquidity taps remain wide open.<br><br><\/p>\n<h4><strong>COMPLACENCY AND PATIENCE<\/strong><\/h4>\n<p>To what extent has the market already integrated this? Let us look at a few market internals, which are often useful to see the market as it is and not as it seems to be: corporate insiders are selling their stocks, which can leave the bulls wondering. The spread between the SPX's estimated Price\/Earnings ratio and the VIX (SPX's volatility measure) is at its highest level in a year. This tells us that many investors have become truly complacent. We have not seen so many loss-making US companies in over a decade. Short interest in the SPX is at a 17-year low. Finally, we must not ignore the growing influence of retail investors on the stock markets and in particular on certain stocks.<br>\n<br>As you can see, when you look closely at the S&P 500 index, it is not looking so good. However, we should not forget that equity markets can continue to rise for a long time, as TINA and FOMO are there, supported by the central banks. On the other hand, when the next correction occurs, these internal market indicators could accentuate it. Nonetheless, we must also remember that the most important quality required in investing, beyond common sense, is patience. For investors who are frustrated at having missed the train, the market will always offer opportunities to get on. Corrections, crashes, are an integral part of the stock market cycle, which is just the way it is. As the days get shorter from 21<sup>st<\/sup> of June, the market will be looking more and more actively for signs of a stock market autumn, while liquidity will decrease during the summer holidays. What will trigger the next correction? An acceleration of China-US (via Taiwan) or Russia-US tensions? One too many cyber-attacks? The plan to tax global firms at a minimum of 15%? A systemic event? No one knows, but we do know that a correction will occur one day, that is the nature of stock market cycles.<\/p>","slug":"quo-vadis-205","slugs":{"fr":"quo-vadis-205","de":"quo-vadis-205","es":"quo-vadis-205","pt":"quo-vadis-205"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-52-39-393-L5lY4bEEodeej8JKtaPN.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":211,"title":"Financial Markets and Covid: one year and counting","content":"<p>A little more than a year ago, most financial markets witnessed a dramatic fall when investors realized that the new Coronavirus had the potential to seriously damage the global economy. This was then quickly followed by a massive recovery, which turned into one of the hottest bull markets in history. One year later, let us focus on what are the key takeways for financial markets in this unprecedented period and what has potentially changed forever for investors.<br><br><\/p>\n<h4><strong>CENTRAL BANKS AND SCIENCE RULE THE WORLD<\/strong><\/h4>\n<p>Just like in the previous financial crisis in 2008, massive central bank interventions were the key to supporting markets. The turning point in Mid-march 2020 immediately followed the Fed\u2019s decision to reduce rates to zero and commit to a $700bn round of quantitative easing.<br><br>Another more unexpected driver for the markets has been another huge boost to valuations due to scientific progress. This is not new, as the markets had mostly been driven by technology stocks in the last few years. The scientific victory of the vaccine materialized much sooner than many expected and helped restore confidence and expectations for a return to normal activities in a sustainable timeframe.<br><br>Monetary policy and science were the key to the change in momentum we witnessed early last year. They remain of considerable importance and should continue to influence markets in the near future. We now need to focus on what are the newer and more uncertain factors driving the market that appeared in the past few months.<br><br><\/p>\n<h4><strong>DAVE WHO?<\/strong><\/h4>\n<p>A new type of investor has appeared on the radar in the recent months. Retail and unconventional operators have taken over some parts of the equity markets. The so called \u201cmeme stocks\u201d such as Gamestop that have wild intraday volatility swings are driven by the popularity of social media comments and not fundamentals. The Covid-induced halt in sports betting combined with the appearance of \u201cno fee brokers\u201d such as Robinhood have brought in newcomers driven by millennial investment gurus such as Dave Portnoy to the stock market. They are more driven by gambler\u2019s reflexes than the long-term investment focuses of a Warren Buffet. Along the same lines, a discussion has started to appear even in more traditional circles about cryptocurrencies being a better hedge against market disruptions than gold. These new actors could potentially suffer greatly in the next correction but the jury should still be out on their longer-term influence over markets.<br><br><\/p>\n<h4><strong>ARE WE JUST GOING BACK TO \u201cNORMAL\u201d?<\/strong><\/h4>\n<p>Lockdowns have hampered the capacity to consume and at the same time, a majority of the population has kept their jobs or received some form of government-based income compensation. This has logically created a savings glut in the world. The key question is to see if it automatically transforms into consumption once restrictions are gradually lifted. Most commentators are talking about a \u201creturn to normal\u201d. But one can wonder what the impact of the reduction of some of the most basic freedoms and the acceleration of \u201ccreative destruction\u201d processes brought on by the crisis will really have people acting with the same reflexes as before. One of the key factors will be to see if the recent deglobalization process that had started before the crisis will accelerate. A return to border controls, national preferences would be neither positive to consumption, inflation and growth. Important changes within sectors are also possible. Will everyone in the service industry go back to working in the office five days a week? Will shops become mere showrooms with online ordering and delivery the norm? When and how will the travel industry recover within a global drive to cut emissions? Will the general population be forever psychologically scarred by the events in the past 12 months? Has Europe missed a golden opportunity to unify itself in the face of adversity? The answer to such questions will be crucial to investing decisions going forward.<br><br><\/p>\n<h4><strong>THE TAXMAN IS KNOCKING ON YOUR DOOR<\/strong><\/h4>\n<p>Finally, an even bigger change is something we did not witness in the last financial crisis: a huge fiscal push in order to save the world economy from collapsing. Indeed the stimulus has been impressive and unseen since the previous World War. Even the most fiscally rigid countries such as Germany have ditched their austerity policies in order to avoid potential disasters ahead. The key question for us investors is to see how long these policies are sustainable, especially if economic growth does not recover as fast as expected or if, as we have seen above, entire sectors of the economy remain under water. Another interrogation is what will happen to countries that were already heavily in debt before. How much room for maneuver will remain for them if another shock arrives? We are already hearing rumblings in various countries such as the UK and the US that the next round of stimulus will not be financed by debt, but by higher taxes on corporations and \u201cthe rich\u201d. The governments themselves are already guessing that the financial markets will demand some accounting balance in the years to come. The key points will be to see how the more fiscally oppressive states will be able to balance this exercise without suffocating economic activity and how the younger generations will accept more sacrifices after the ones they had to endure in the past year.<br><br><\/p>\n<h4><strong>CONCLUSION: KEEP YOUR EYES AND EARS OPEN<\/strong><\/h4>\n<p>As one can see, the current crisis will probably be an accelerator for change and it is essential to remain very vigilant in the current investing environment and not be driven by the complacency afforded to us the current bull market. <br><br>Change is always gradual. This represents at the same time a danger of being caught in a \u201cboiling frog\u201d situation, but also gives us the time we need to carefully analyze in the weeks and months to come how we should adapt to a rapidly evolving world.<\/p>","slug":"financial-markets-and-covid-one-year-and-counting","slugs":{"fr":"les-marches-financiers-et-le-covid-un-an-apres","de":"financial-markets-and-covid-one-year-and-counting","es":"financial-markets-and-covid-one-year-and-counting","pt":"financial-markets-and-covid-one-year-and-counting"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Nicolas Boulgaris"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Invesment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-0-47-620-4wZb5jONZ3zrWbXbLRL8.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-37-12-229-YZgzcHUHmJVfFgnZjexj.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":212,"title":"Quo Vadis, virus or life?","content":"<p>The coronavirus has entered our lives for almost a year now, causing a revolution on a planetary scale, revolutionizing our lifestyles, our health, social, professional and family habits. Faced with this pandemic, the world's leaders have reacted in various ways. Let's take the example of France, which has chosen a rather harsh method, Sweden, which has taken the side of the free will of its citizens, and Germany, which has positioned itself somewhere in between.<br>\n<br>In France, since the end of October and the recent announcement by President Macron of an extended lockdown, the protest has been growing, among the population but also among the medical profession, which feels abandoned by the political leaders (lack of personnel and equipment). Between spring and autumn 2020, more than 40'000 people died from Covid-19 in France, one of the highest mortality rates in Europe. Many citizens are angry with the government and are expressing it more and more vehemently. Of course, one must keep in mind that the situation in France was already tense before the coronavirus crisis. That said, the latter has made things worse.<br>\n<br>Very different atmosphere in Sweden where citizens enjoy their freedom and relatively flexible restrictions compared to other European countries. No anger, no frustration in this country when the number of deaths since the beginning of the pandemic is proportionally the same as in France. From the beginning of the crisis, the government has listened to its health agency director, who is opposed to a lockdown. Six months after the start of the pandemic, 90% of Swedes say they do approve the path chosen by their government. It should be noted that, at the height of the crisis, many Swedes stayed home spontaneously and gave up attending public meetings. The Minister of Health explains that the measures decided by the government must be long-term, which is not what a lockdown is intended to do. As early as March, the Swedish prime minister warned his fellow citizens unequivocally that the risk of numerous deaths was high. As a percentage of the population, Sweden has suffered about five times more losses than Germany since the beginning of the year. This example has lasted a long time but it is clear that it is now cracking.<br>\n<br>In Germany, the solution chosen is halfway between those of France and Sweden. Health measures have been put in place, but until recently not as strict as those decided by its neighbor across the Rhine. Angela Merkel insisted on the need to show solidarity and that, since the Second&nbsp;World War, the country had not had a challenge that depended so much on joint action and solidarity.<br>\n<br>About two-thirds of French people say they are worried about being infected with Covid-19, while in Germany, the figure is closer to one-third. This is interesting if we compare, for example, cancer deaths in France, which are four times higher than those related to coronavirus. So one can think that this concern about the virus is more a reflection of the fear that the epidemic will get worse. This is called a \u201crisk of shock\u201d (e.g. pandemics, plane crashes).<\/p>\n<p>So in the last week of October, Germany and France decreed new confinements and the population complied. But the heart is no longer there, especially since more and more experts are warning of the damage caused by the slowdown in social life. One of the world's most influential epidemiologists, John P.A. Ioannidis of Stanford University, explains that the draconian measures taken at the beginning of the pandemic were perfectly justified, as it was feared at the time that 80% of the world's population could be infected. But very quickly, Ioannidis explains, the data became more refined and showed that these estimates were unrealistic. Thanks to the knowledge gained since then, scientists realized the considerable damage these measures had caused to health, society and the economy. For example, countless operations unrelated to the virus have been cancelled to make room. On the other hand, many people did not dare to come to the hospital for fear of being infected or turned away.<br>\n<br>Those in favor of strict rules speak of a hecatomb in Europe, if the confinements had not been decreed. They also evoke in particular the notable drop in the number of heart attacks and accidents on the public highway, which is a meagre consolation for citizens, especially French citizens. Lockdown has penalized people in precarious employment or housing more than the well-off classes and has increased the vulnerability of the most fragile ones.<br>\n<br>A third party actor is about to enter the scene to play a key role in this bad movie: the covid-19 vaccine. For many months it has been the subject of wildest expectations and, while Pfizer\/BioNTech's vaccine is being deployed in both and tue US and the United Kingdom, many questions are arising among the population. Will it be mandatory? How much will it cost? How effective will it be? Beyond that, it is already known that many people will not want to be vaccinated, which is quite disarming, given how much this vaccine has been fantasized about by most people. Now that it is on our doorstep, most of the people who have called for it reject it.<br>\n<br>In any case, the coronavirus crisis poses a fundamental question to our society: What is more important? The freedom of the community or the protection of the individual?<\/p>","slug":"quo-vadis-virus-or-life","slugs":{"fr":"quo-vadis-le-virus-ou-la-vie","de":"quo-vadis-virus-or-life","es":"quo-vadis-virus-or-life","pt":"quo-vadis-virus-or-life"},"tags":[],"model_type":"page","fields":{"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"file":{"id":47,"name":"file","label":"File","value":null},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-12-20-18-52-39-393-L5lY4bEEodeej8JKtaPN.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":233,"title":"Quo Vadis?","content":"<h4><strong>NARRATIVES MATTER IN BUSINESS AND ECONOMICS<\/strong><\/h4>\n<p>Ever since humans have gathered together and told stories, their spoken, and later written, narratives have had an important impact on explaining the behaviour and decisions of human beings. However, until recently, there oddly has been little emphasis on the study of narratives in the economic sector. <br>\n<br>\nThankfully, Nobel Prize winner and Yale Economics Professor Robert Shiller documented in a groundbreaking 2019 book the importance of stories that go viral and how they can drive major economic events*. In his analysis, he shows that stories have the capacity to propagate and have a quick, lasting and decisive impact, just like a viral medical epidemic. Prof. Shiller focuses on examples from the Great Depression to Bitcoin to show that narratives are an important explanatory factor in such phenomena, but have generally been overlooked by economists up to now. As examples, the author takes into account moral narratives (the Great Depression as a \u201cpunishment\u201d for past excesses), or the ascertainment that previous narratives can mutate and reemerge (the bimetallism narrative in the US for Bitcoin). Prof. Shiller also reminds us wisely that the truth is not enough to stop false narratives, as their reciprocal contagion is often not the same. <br>\n<br>\nThis academic work brings us to the conclusion that stories are therefore an important filter through which to look at not just the past but also current economic trends that confront us daily. Where for example do we currently stand in the narrative on government interventionism? In the Western world, we evolved from pure Keynesianism around the war to a full-scale rebellion against it in the 1970s and 80s (Reagan, Thatcher) and then later witnessed Tony Blair\u2019s \u201cthird way\u201d. We were recently exposed to many narratives about governments seemingly having unlimited resources to fight the negative impact of the Covid epidemic. This seems to tell us that we are going back at this time to a more fundamentalist view of the benefits of state interventionism (such as modern monetary theories). The conclusions we can draw from this are not only theoretical, but can have a powerful impact on the investment decisions we have to make today: how do you invest in a world where taxes are bound to go up at one time or another? <br>\n<br>\nObviously, single stories are not enough to take a decision and can even be a trap that many investors will fall into. If a forward-looking individual had stood on the rough field that was Geneva Airport in the late 1940\u2019s and had rightly predicted the airline industry\u2019s growth would explode exponentially in the following 50 years, it did not mean that his investments in airlines or even some of the suppliers of the time would have beaten the overall market at all. A look at profitability numbers, or another narrative - that many actors were dependent on political decisions - would have helped that person take a better decision . This is a good lesson that should have been followed in 2020\/21 by investors in \u201cmeme stocks\u201d, as this was the ultimate pure single narrative investment story amplified by viral social media stories. It is not ending well. <br>\n<br>\nAs we have seen, narratives can evolve over time, but it is also possible that they hit an inflexion point and then disappear very quickly. This is another lesson for investors, as the reputation of a quasi-mythical institution can be destroyed in a matter of weeks, just ask Madoff investors how they feel about that. Some asset managers today are starting to question the narrative of central banks infallibly knowing something more than other market participants and possessing almost unlimited powers, enabling them to successfully regulate the economy. We are not making any forecasts here, but it is certain that important decisions will have to be taken in our line of business if this narrative were to quickly dissolve in a series of bad decisions in the months ahead by the Federal Reserve or the European Central Bank. <br>\n<br>\nTo conclude, one could say that beyond the essential numbers, looking at narratives in an economic context is a vital and maybe too overlooked tool for asset managers. To quote Prof. Shiller \u201cmy argument (\u2026) is that economists can best advance their science by developing and incorporating into it the art of narrative economics\u201d. The word has been explicitly set forth: an art. This notion of art can be frustrating as it assumes humility, inaccuracy, potential divergent paths and the fact that some people could be more gifted at it than others. But, as soon as one realises the need to include the art of identifying narratives in the decision process, better quality decisions are made.<br>\n<br>\n<br>\n<\/p>\n<p><em>* Narrative Economics: How stories Go Viral and Drive Major Economic Events, <\/em>Robert J. Shiller, Princeton University Press, 2019, 400p.<\/p>","slug":"quo-vadis-233","slugs":{"fr":"quo-vadis-233","de":"quo-vadis-233","es":"quo-vadis-233","pt":"quo-vadis-233"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Nicolas Boulgaris"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-1-6-11-0-47-620-4wZb5jONZ3zrWbXbLRL8.jpg","title":null,"alt":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-17-37-12-229-YZgzcHUHmJVfFgnZjexj.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":245,"title":"Quo Vadis?","content":"<p>In Italian, \"save\" is translated as \"salvare\". There is a clear connotation of securing in the idea of saving. Securing the financial situation of a person, a household or a company. Before going any further, let us define savings as the part of a household's disposable income that is not immediately used for consumption.<br><br>What is the purpose of saving? For example, one of my sons is currently saving for a bike, he is saving his pocket money and the fruits of his student job but he does not spare me his comments about the level of \"your monthly contribution being far too low, Dad...\". One saves for old age, retirement, for one's children and\/or grandchildren, to get richer or even to speculate.<br><br>Who saves? In what proportions? What effect has the Covid pandemic had on savings in the world? What is the current level of household savings around the world? All these questions are probably worth asking, especially in these troubled times of rising prices, which are eroding people's purchasing power and could potentially encourage people to withdraw or even\u2026 save for a better day.<br><br>Conventional wisdom: the Japanese are the world champions of savings. Fact: they do not even appear in the top 10 of the best students in this field. Myth: Americans are poor savers. Fact: They are. The average global saving in 2020 is 26% of GDP (source: World Bank), while in the US it is 19%. Let us note here that there are two main ways of measuring savings: in value or in percentage (of GDP or net income). The percentage measure is very interesting, it shows for example that the 2019 world champions in the category are Chileans, which may seem surprising, but the 1970s and Pinochet have passed, in Chile savings are compulsory.<br><br>We remain in the relative category with the Netherlands, whose population saves 15.1% of its income, the podium being completed with Korea (15%). Switzerland is in ninth place with 13%. At the bottom of the ranking, we find South Africa with a savings rate of 0.5% for an average annual income of USD 4,862 per inhabitant, one of the lowest in the world.<br><br>The Covid crisis has had a huge impact on global savings. As soon as it accelerated in February 2020, households started to increase their savings considerably and this lasted without interruption until September 2021, only to stabilise and gradually decrease from January this year. Consider that the accumulation of \"Covid\" savings in the US alone amounts to USD 2,304 bn (source: Wells Fargo Securities). This is equivalent to 10% of the annual GDP of the US, which is literally huge. Not all segments of the population are on the same level in this respect. The acceleration of inflation has recently pushed low-income earners to \"dip into the till\" (source: BCA Research). Overall, the surge in savings has been unsurprising during the confinements and households are now left with larger savings than before the pandemic.<br><br>The big question now is what will happen to that savings, that mountain of cash built up over the last two years. The desire to get back to the way things were is a fact, but the world has changed, inflation has come to the table, and millions of workers around the world have realised during their confinement that they don't like their jobs, while spending much more time with their loved ones. An idea was born in the minds of many, and it was given time to develop. As a result, sectors such as air transport, catering and hospitality, which are known for their unattractive salaries and demanding, split hours, are desperate to find skilled labour, which has flown to greener pastures.<br><br>Today, you can no longer deploy your savings as you did in 2019. Flying is becoming increasingly expensive, let alone renting a car, if you can find one at all. The consumer is burnt out and a bit lost. Is it time to invest some of his savings in equity to buy a property? Should one invest in the financial markets after the recent fall in equity indices? What about buying a car? Yes, but what kind of engine? And will it take a year or more to get the car?<br><br>Covid has changed the world, it has also changed many of us, especially in our perception of risk and in setting our priorities. It is good news that global savings are high, it probably brings some peace of mind to the home. How and when it will be deployed remains a very difficult question, which will probably take a long time to be answered.<\/p>","slug":"quo-vadis-245","slugs":{"fr":"quo-vadis-245","de":"quo-vadis-245","es":"quo-vadis-245","pt":"quo-vadis-245"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"name":{"id":193,"name":"name","label":"Name","value":"Jean Fr\u00e9d\u00e9ric Nussbaumer"},"file":{"id":47,"name":"file","label":"File","value":null},"profession":{"id":194,"name":"profession","label":"Profession","value":"Senior Investment Advisor"},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""},"image":{"id":195,"name":"image","label":"Image","value":[{"url":"\/uploads\/2022-6-23-11-34-12-780-xZFrmfO26W2NRd3X7DAa.jpg","alt":null,"title":null,"caption":null,"link":null},{"url":"\/uploads\/2021-12-20-18-52-39-393-L5lY4bEEodeej8JKtaPN.jpeg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"publications"},{"id":22,"title":"HENRIC IMMINK","content":"<p>Henric Immink has since 2016 been a partner of law firm Python in Geneva, specialising in banking law, tax law and mergers and acquisitions. After obtaining a law degree from the University of Geneva and a lawyer\u2019s licence in 1994, Henric Immink was successively Senior Manager in charge of the Legal Department at Price Waterhouse in Geneva (1995-1998), partner with law firm Suter (1998-2001), partner of Python (2002-2010) and General Counsel and member of the Executive Board of EFG Bank AG in Zurich (2010-2015).<\/p>","slug":"henric-immink","slugs":{"fr":"henric-immink","de":"henric-immink","es":"henric-immink","pt":"henric-immink"},"tags":[],"model_type":"page","fields":{"profession_title":{"id":24,"name":"profession_title","label":"Profession Title","value":""},"image":{"id":25,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-5-31-13-14-13-963-qOHrujD26afHrJBznbTJ.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-4-5-15-23-50-491-uJ6sj2jYDsefQMvfSFB0.png"}]},"linkedin":{"id":26,"name":"linkedin","label":"LinkedIn","value":""},"email":{"id":27,"name":"email","label":"Email","value":""},"seo_title":{"id":80,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":81,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"directors"},{"id":291,"title":"Data storage","content":"<p>We retain Personal Data for the period necessary to fulfil the purposes for which they were collected, including to meet statutory and accounting requirements; in principle, this period is ten years.<br><br>Similarly, we delete or anonymise your Personal Data (or take equivalent measures) if they are no longer necessary to achieve the Purposes, (i)&nbsp;subject to any statutory or regulatory requirements applicable to data retention for a longer period of time, or (ii)&nbsp;in order to determine, exercise and\/or defend actual or potential rights in legal proceedings, investigations or similar proceedings, including legal notices that we may require to protect the relevant information.<\/p>","slug":"data-storage","slugs":{"fr":"conservations-des-donnees","de":"datenaufbewahrung","es":"almacenamiento-de-datos","pt":"conservacao-de-dados"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":43,"title":"CIO LETTER APRIL 2020 - ISSUE 1","content":"<p>CIO LETTER - ISSUE 1<br>APRIL 2020<\/p>","slug":"cio-letter-april-2020-issue-1","slugs":{"fr":"cio-letter-avril-2020-n-1","de":"cio-letter-april-2020-n-1","es":"cio-letter-april-2020-issue-1","pt":"cio-letter-april-2020-issue-1"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-12-40-449-j20bQ9mbi2hcWexpWUQ7.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":305,"title":"Th\u00e9\u00e2tre du Cr\u00e8ve-C\u0153ur","content":"<p>On 21 February 1959, what was originally the \"Th\u00e9\u00e2tre du Petit-Cr\u00e8ve-C\u0153ur\" gave its first performance in an old family wine press converted into a theatre in the hills above Cologny.<\/p>\n<p>Under the direction of Aline Gampert since 2014, the Th\u00e9\u00e2tre Le Cr\u00e8ve-C\u0153ur is an unusual venue that combines over 60 years of artistic history, 3 successive generations at the helm, exciting cultural immersion and an exceptional location. It promotes a varied, often new, theatrical heritage, with an intimacy that determines the choice of programming and offers a welcoming atmosphere.<\/p>\n<p>If you come to the Cr\u00e8ve-C\u0153ur, you'll discover today's theatrical expression and be part of an ongoing process of reflection. You'll rub shoulders with passionate actors, playwrights and directors, all of whom contribute to the stimulating atmosphere of this unique venue. Thanks to its geographical location and the age of its walls, the Cr\u00e8ve-C\u0153ur enjoys a certain intimacy, which is reflected in the choice of its programming and a certain spirit of conviviality and welcome.<\/p>\n<p>For all these reasons, the Bank has decided to become the sole corporate partner of Th\u00e9\u00e2tre Le Cr\u00e8ve-C\u0153ur from the 2023-2024 season.<\/p>\n<p style=\"text-align: right;\"><a href=\"https:\/\/lecrevecoeur.ch\/\" class=\"animatedLink\" target=\"_blank\">Find out more<\/a><\/p>\n<p><br><\/p>","slug":"theatre-du-creve-coeur","slugs":{"fr":"theatre-du-creve-coeur","de":"theatre-du-creve-coeur","es":"theatre-du-creve-coeur","pt":"theatre-du-creve-coeur"},"tags":[],"model_type":"page","fields":{"gallery":{"id":167,"name":"gallery","label":"gallery","value":null},"thumbnail":{"id":29,"name":"thumbnail","label":"Thumbnail","value":[{"url":"\/uploads\/2023-10-5-9-40-11-257-GebkmW0kEZd7QkCTc43d.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":84,"name":"seo_title","label":"seo_title","value":"Gonet & Cie SA, partner of the Th\u00e9\u00e2tre du Cr\u00e8ve-C\u0153ur."},"seo_description":{"id":85,"name":"seo_description","label":"seo_description","value":""},"image":{"id":30,"name":"image","label":"Image","value":[{"url":"\/uploads\/2023-10-4-16-20-21-417-eQkONUJaZ7PA3WOKVbtZ.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"sponsors"},{"id":326,"title":"Video 6","content":"","slug":"video-6","slugs":{"fr":"video-6","de":"video-6","es":"video-6","pt":"video-6"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":74,"name":"seo_title","label":"seo_title","value":""},"link":{"id":17,"name":"link","label":"link","value":"https:\/\/play.vod2.infomaniak.com\/single\/1jhvl2uqndj4i\/1jhvl2uqdhl3g\/1jhvl2uqndj4u.mp4"},"video_title":{"id":196,"name":"video_title","label":"Video Title","value":""},"date":{"id":19,"name":"date","label":"Date","value":"15\/02\/2024"},"video_cover":{"id":18,"name":"video_cover","label":"Video Cover","value":[{"url":"\/uploads\/2024-2-14-15-14-48-667-YFZj6zi9DA61LbVJ5Ng2.jpg","title":null,"alt":null,"caption":null,"link":null}]}},"collection_type":"videos"},{"id":118,"title":"BERNARD AND PIERRE GONET, FOURTH GENERATION","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Too young to succeed their uncle Alfred, Bernard and Pierre Gonet had to watch the sale of the family business, but were still determined to breathe new life into the Gonet legacy.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">After gaining experience abroad, Bernard joined Barrelet, Pidoux&nbsp;&&nbsp;Cie in Geneva in 1959. The bank was founded in 1845 by Fr\u00e9d\u00e9ric de Seigneux, himself a founding member of the Geneva Stock Exchange. 1845 is thus the official year of Banque Gonet's birth, whose 175th anniversary was celebrated in 2020. Two banks, founded three years apart, one in Nyon in 1842 and the other in Geneva in 1845, make up the history of the dynasty.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Economist, specialist in international markets and expert with the American investment bank Merrill Lynch for many years, Pierre Gonet joined his brother Bernard at Barrelet, Pidoux&nbsp;&&nbsp;Cie in 1968. Both partners from that year onwards, they formed a particularly close and complementary duo until Bernard's death in 1980.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">With exemplary determination and tenacity, Pierre led the Bank single-handedly for several years, pursuing its modernisation: he considerably increased its equity, bought the building at 6 Boulevard du Th\u00e9\u00e2tre and, in 1982, created a new entity in the Bahamas, Gonet Bank&nbsp;&&nbsp;Trust.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">He remained constantly active in running the Bank until his death in June 2015.<\/span><\/p>\n<p><\/p>","slug":"bernard-and-pierre-gonet-fourth-generation","slugs":{"fr":"bernard-et-pierre-gonet-4e-generation","de":"bernard-und-pierre-gonet-die-vierte-generation","es":"bernard-y-pierre-gonet-la-cuarta-generacion","pt":"bernard-e-pierre-gonet-a-4a-geracao"},"tags":[],"model_type":"page","fields":{"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1968"},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-16-30-15-222-vy9Kv10PEhcErvxLKb2L.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":169,"title":"SPH\u00c8RE: MORE THAN EVER AT THE SIDES OF THE EAM","content":"<!--StartFragment--><p><em>Maryline Stiegler, Responsable du D\u00e9partement GFI<\/em><br><br><\/p>\n<p><strong>La mise en conformit\u00e9 avec les nouveaux standards impos\u00e9s par la LSFin et LEFin est le grand dossier du moment pour les GFI. Dans quelle mesure pouvez-vous y contribuer?<\/strong><br><br><\/p>\n<p>Le 1<sup>er<\/sup>&nbsp;janvier 2023 c\u2019est demain! En tant que partenaire de nos clients GFI, nous sommes plus que jamais \u00e0 leur c\u00f4t\u00e9 pour les accompagner dans cette phase de transition qui demande des efforts n\u00e9cessaires mais particuli\u00e8rement lourds pour certains d\u2019entre eux.<\/p>\n<p>En effet, \u00e0 16 mois de l\u2019\u00e9ch\u00e9ance peu de GFI ont enti\u00e8rement finalis\u00e9 et valid\u00e9 leur demande d\u2019autorisation aupr\u00e8s de la FINMA. C\u2019est en leur cr\u00e9ant les meilleures conditions et en partageant notre exp\u00e9rience que nous les aiderons \u00e0 atteindre leur objectif.<\/p>\n<p>Notre philosophie reste la m\u00eame, ax\u00e9e sur une grande disponibilit\u00e9 et un sens du service aiguis\u00e9. Nous mettons tout en \u0153uvre pour faciliter leur quotidien plut\u00f4t que le compliquer. Cela est possible gr\u00e2ce \u00e0 notre taille, et sans doute aussi \u00e0 notre ind\u00e9pendance qui permet de fonctionner en \"circuits courts\", donc rapides.<br><br><\/p>\n<p><strong>En mati\u00e8re de digitalisation, autre facteur d\u2019efficience, quels sont vos projets qui peuvent servir aux GFI?<br><br><\/strong><\/p>\n<p>Nous finalisons, par exemple, un onboarding digital avec signature \u00e9lectronique, pour l\u2019usage de clients r\u00e9sidant en Suisse. C\u2019est une avanc\u00e9e consid\u00e9rable, qui fait gagner un temps pr\u00e9cieux \u00e0 tout le monde. Nous figurons, par ailleurs, parmi les premi\u00e8res banques \u00e0 avoir rejoint le projet WecanComply, qui concr\u00e9tise les possibilit\u00e9s d\u2019optimisation op\u00e9rationnelle que rec\u00e8le la blockchain. Et cela gr\u00e2ce \u00e0 un engagement collectif et intelligent d\u2019acteurs bancaires pr\u00e9figurant des modes de collaboration plus ouverts \u00e0 l\u2019avenir, au b\u00e9n\u00e9fice de la communaut\u00e9 des GFI.<br><br><\/p>\n<p><strong>Cela laisse-t-il de la place pour une v\u00e9ritable diff\u00e9renciation?<br><br><\/strong><\/p>\n<p>La digitalisation est un formidable acc\u00e9l\u00e9rateur en termes op\u00e9rationnels, cela \u00e9tant elle est un moyen mais pas une fin en soi. D\u00e8s lors, et plus que jamais m\u00eame, nos fondamentaux persistent et s\u2019en trouvent renforc\u00e9s. Nous assumons encore et toujours trois caract\u00e9ristiques, dont la combinaison fait notre attrait: ADN commun au GFI, taille humaine et sens du service. Nous partageons les m\u00eames valeurs que les g\u00e9rants ind\u00e9pendants. Notre culture d\u2019entreprise est tr\u00e8s proche de la leur, alliant esprit d\u2019entreprise, ind\u00e9pendance et dynamisme. Nous sommes d\u00e8s lors rapidement sur la m\u00eame longueur d\u2019onde, ce qui permet de d\u00e9velopper des relations \u00e0 long terme, dans un cadre naturellement rigoureux mais empreint de toute la flexibilit\u00e9 n\u00e9cessaire. Notre taille constitue un avantage appr\u00e9ciable, qui permet une grande r\u00e9activit\u00e9, un engagement fort et une disponibilit\u00e9 de tous les instants des diff\u00e9rents services de la Banque ainsi que de la Direction. Le sens du service enfin, qui est au c\u0153ur de notre offre.<br><br><\/p>\n<p><strong>Tout cela renforce en effet l\u2019op\u00e9rationnalit\u00e9 des GFI, mais qu\u2019en est-il des services offerts?<\/strong><br><br><\/p>\n<p>C\u2019est un mouvement perp\u00e9tuel et il est important d\u2019ouvrir des perspectives d\u2019affaires... Des comp\u00e9tences en mati\u00e8re de fiscalit\u00e9 et d\u2019accompagnement en mobilit\u00e9 notamment ont \u00e9t\u00e9 int\u00e9gr\u00e9es r\u00e9cemment au sein du Groupe, pour compl\u00e9ter notre offre de produits et services qui \u00e9volue en fonction des besoins des clients et des tendances. Notre dispositif d\u2019asset services s\u2019\u00e9toffe et nos solutions de pr\u00e9voyance, mises en place il y a trois ans, rencontrent un vif int\u00e9r\u00eat. Tout cela s\u2019inscrivant dans notre approche \u00e0 360 degr\u00e9s et en architecture ouverte.<\/p>\n<p><\/p>\n<p style=\"text-align: right;\">SPHERE N\u00b0 23 - Septembre\/Novembre 2021<\/p>\n<!--EndFragment-->","slug":"sphere-more-than-ever-at-the-sides-of-the-eam","slugs":{"fr":"sphere-plus-que-jamais-aux-cotes-des-gfi","de":"sphere-mehr-denn-je-an-der-seite-der-eam","es":"sphere-more-than-ever-at-the-sides-of-the-eam","pt":"sphere-more-than-ever-at-the-sides-of-the-eam"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/09\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"News - More than ever at the sides of the EAM - Maryline Stiegler"},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-4-12-10-6-249-iERpZKmaM3I17UQ2UrLc.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-9-14-9-20-3-401-FtwRUGw2IQivhtLZwy65.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":292,"title":"Your rights","content":"<p>You may exercise the rights below, free of charge, by contacting us directly on<br><a href=\"mailto:contact@gonet.ch?subject=Data%20Privacy%20Notice\" class=\"animatedLink\">contact@gonet.ch<\/a>.<\/p>\n<p>As a result, under certain legal conditions, you have the right to:<\/p>\n<ul><li>Request access to your Personal Data;<\/li><li>Request your Personal Data in electronic format when they have been processed automatically and when they have been processed with the consent of the Data Subject or in direct connection with the conclusion or performance of a contract; <\/li><li>Request the Personal Data transmitted to another controller if these data have been processed automatically, with your consent or in direct connection with the conclusion or performance of a contract, and when this does not require disproportionate effort;<\/li><li>Request the rectification of your Personal Data, unless the modification is prohibited by a statutory provision or if the data are processed for archiving purposes in the public interest. If the accuracy or inaccuracy of Personal Data cannot be established, you may request that reference to its disputed nature be added to the data;<\/li><li>Request the erasure of your Personal Data, when their processing is no longer necessary to achieve the purposes, subject however, to the applicable retention periods;<\/li><li>Request that the rectification, erasure or destruction of data, the prohibition on processing or communication to third parties, the reference to the disputed nature or the ruling be communicated to third parties or published;<\/li><li>Object to the processing of your Personal Data where we rely on our legitimate interests (or the legitimate interests of a third party) and, for a reason relating to your particular circumstances, you wish to object to such processing. In some cases, we may prove that we have legitimate or legal imperative grounds to continue processing your data;<\/li><li>Revoke your consent when it has been required for the processing of your Personal Data. If you revoke your consent, we may not be able to provide you with certain products or services. We will notify you, if applicable, when you revoke your consent;<\/li><li>File a complaint with the Federal Data Protection and Transparency Officer.<\/li><\/ul>\n<p>It is important that the Personal Data we hold about you are accurate and up-to-date. Therefore, please let us know if your Personal Data change during the course of the Business Relationship or subsequently, insofar as we may need to contact you after the end of our relationship.<\/p>","slug":"your-rights","slugs":{"fr":"vos-droits","de":"ihre-rechte","es":"derechos","pt":"direitos-do-utilizador"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":44,"title":"MARKET OUTLOOK JANUARY 2020","content":"<p>MARKET OUTLOOK<br>JANUARY 2020<\/p>","slug":"market-outlook-january-2020","slugs":{"fr":"revue-des-marches-janvier-2020","de":"marketubersicht-januar-2020","es":"market-outlook-january-2020","pt":"market-outlook-january-2020"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-12-9-656-e3nkq9onisut9jfHyUMI.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":119,"title":"NICOLAS GONET, THE ENTREPRENEUR BANKER","content":"<p><br><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">Fifth generation member of the family, Nicolas Gonet follows in the footsteps of his great-uncle Alfred and his father Pierre by heading abroad after completing his studies. In 1997, he joined the family business, which had around twenty employees then, and became a partner in 2003.<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">He took over the reins of the Bank in 2008, in the midst of the subprime crisis, and began a period of continuous growth that saw the number of employees increase to one hundred and thirty ten years later and the assets under management grow tenfold, with several events marking the development of the Gonet Group:<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2010: opening of the Lausanne branch and foundation of Gonet Conseils Finances SA, a company specialising in wealth management services;<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2016: transformation of the Bank into a limited company, in line with a governance movement gradually adopted by Geneva's private banking peers;<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2018: merger with the bank Mourgue d'Algue&nbsp;&&nbsp;Cie;<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2020: 175th anniversary and opening of the Zurich branch;<\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2021:&nbsp;opening of the Cologny \/ Rive Gauche agency, as the first Geneva-based private bank to open a suburban entity in the canton of Geneva;<br><\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2022:&nbsp;merger with Bank Degroof Petercam (Suisse) SA.<br><\/span><\/p>\n<p><span style=\"color: rgb(191, 191, 191);\">2023:&nbsp;a strategic partnership is formed with Arab Bank (Switzerland) Ltd. under which the latter acquires a majority stake in the family holding company that owns Gonet & Cie SA,\neach entity staying independent and keeping its name and its banking licence. Nicolas Gonet becomes a member of the Board of Directors of Gonet & Cie SA, and will take over as Chairman at the beginning of 2024.<\/span><\/p>","slug":"nicolas-gonet-the-entrepreneur-banker","slugs":{"fr":"nicolas-gonet-un-banquier-entrepreneur","de":"nicolas-gonet-ein-unternehmerischer-banker","es":"nicolas-gonet-un-banquero-emprendedor","pt":"nicolas-gonet-um-banqueiro-empreendedor"},"tags":[],"model_type":"page","fields":{"date":{"id":142,"name":"date","label":"Date","value":"01\/01\/1997"},"seo_title":{"id":76,"name":"seo_title","label":"seo_title","value":""},"image":{"id":21,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-22-9-8-19-473-F3uQFWEdNeTGefN4hPiS.png","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":77,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"history"},{"id":290,"title":"Restriction of the right to remittance or transmission of Personal Data","content":"<p>We may refuse, restrict or defer the disclosure of information when (i)&nbsp;a law within the formal meaning provides for this, in particular to protect professional secrecy, (ii)&nbsp;the overriding interests of a third party require this, (iii)&nbsp;the access request is manifestly unfounded, in particular because it pursues a purpose in breach of data protection or is manifestly procedural, and (iv)&nbsp;our overriding interests require this and your Personal Data are not disclosed to a third party.<\/p>","slug":"restriction-of-the-right-to-remittance-or-transmission-of-personal-data","slugs":{"fr":"restriction-du-droit-a-la-remise-ou-a-la-transmission-des-donnees-personnelles","de":"einschrankung-des-rechts-auf-herausgabe-oder-weitergabe-personlicher-daten","es":"restriccion-del-derecho-a-la-entrega-o-transmision-de-datos-personales","pt":"restricao-do-direito-de-entrega-ou-transmissao-de-dados-pessoais"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":45,"title":"MARKET OUTLOOK OCTOBER 2019","content":"<p>MARKET OUTLOOK<br>OCTOBER 2019<\/p>","slug":"market-outlook-october-2019","slugs":{"fr":"revue-des-marches-octobre-2019","de":"marketubersicht-oktober-2019","es":"market-outlook-october-2019","pt":"market-outlook-october-2019"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-11-48-377-k5XlZyl1Loltm9fPuryB.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":66,"title":"The Standard for the Automatic Exchange of Information (\u201cAEOI\u201d)","content":"<p>The Standard for the Automatic Exchange of Information (\u201c<strong>AEOI<\/strong>\u201d) in tax matters by the Organisation for Economic Co-operation and Development (OECD) came into force on 1 January 2017 in Switzerland.<br>The list of the Partner Countries of Switzerland, based on the relevant dates of application and agreements, can be consulted at : <a href=\"https:\/\/www.sif.admin.ch\/sif\/en\/home\/multilateral\/steuer_informationsaust\/automatischer-informationsaustausch\/automatischer-informationsaustausch1.html\" target=\"_blank\"><span style=\"color: rgb(217, 0, 13);\">www.sif.admin.ch\/sif\/<\/span><\/a><\/p>","slug":"the-standard-for-the-automatic-exchange-of-information-aeoi","slugs":{"fr":"lechange-automatique-de-renseignements-ear","de":"automatischer-informationsaustausch-aia","es":"intercambio-automatico-de-informacion-iai","pt":"troca-automatica-de-informacoes-tai"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":289,"title":"Changes made to the Notice","content":"<p>We reserve the right to make changes to this Notice at any time.<br>\n<br>Any change made by us will be subject to the posting of a new Privacy Notice on the Bank\u2019s website.<\/p>","slug":"changes-made-to-the-notice","slugs":{"fr":"modifications-apportees-a-la-declaration","de":"anderungen-an-der-erklarung","es":"modificaciones-de-la-declaracion","pt":"modificacoes-da-declaracao"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":128,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":129,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"data_protection"},{"id":46,"title":"MARKET OUTLOOK JULY 2019","content":"<p>MARKET OUTLOOK<br>JULY 2019<\/p>","slug":"market-outlook-july-2019","slugs":{"fr":"revue-des-marches-juillet-2019","de":"marketubersicht-juli-2019","es":"market-outlook-july-2019","pt":"market-outlook-july-2019"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-11-22-795-hBbIXJUQU8No42pt21NS.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":67,"title":"Harmonization of Swiss payments traffic","content":"<p>From 1st October 2022 only the QR-bill can be used. Please find more information and a FAQ on <a href=\"https:\/\/www.paymentstandards.ch\/en\/shared\/know-how\/faq.html\" target=\"_blank\"><span style=\"color: rgb(217, 0, 13);\">www.paymentstandards.ch<\/span><\/a> as well as in the documents here below.<\/p>\n<p><a href=\"\/uploads\/M1Rvc.41bb228c76299889467e5dfeccd6306a.pdf\" data-file=\"0121db6cfb2193d44f8b8720993ac592\" data-name=\"M1Rvc.41bb228c76299889467e5dfeccd6306a.pdf\" class=\"animatedLink\" target=\"_blank\">PDF: HarmonizationSwissPayments<\/a><\/p>\n<p><a href=\"\/uploads\/qSugP.231886e820a5bc46aecf115c6e50b109.pdf\" data-file=\"950a6c17071b2e9d4109bb91393ef46f\" data-name=\"qSugP.231886e820a5bc46aecf115c6e50b109.pdf\" class=\"animatedLink\" target=\"_blank\">PDF: ISO20022_ENG<\/a><\/p>","slug":"harmonization-of-swiss-payments-traffic","slugs":{"fr":"lharmonisation-du-trafic-des-paiements-suisse","de":"harmonisierung-des-schweizer-zahlungsverkehrs","es":"armonizacion-del-trafico-de-pagos-suizo","pt":"harmonizacao-do-trafego-de-pagamentos-suicos"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":150,"title":"GONET & CIE SA OPENS A \u201cRIVE GAUCHE\u201d AGENCY IN COLOGNY","content":"<h3><strong>Gonet & Cie SA is pleased to announce that it will open an agency in Cologny.<\/strong><\/h3>\n<p><br><\/p>\n<p>As the first Geneva-based private bank to open a suburban entity in the canton of Geneva, the agency will primarily serve the municipality of Cologny and neighbouring towns on the left bank of Lake Geneva (Ani\u00e8res, Ch\u00eane-Bougeries, Ch\u00eane-Bourg, Collonge-Bellerive, Choulex, Corsier, Eaux-Vives, Gy, Hermance, Jussy, Meinier, Presinge, Puplinge, Th\u00f4nex, Vandoeuvres and V\u00e9senaz). <\/p>\n<p><br><\/p>\n<p>In addition to providing a true locally-focused private banking service, this additional Gonet bank location in the canton of Geneva \u2013 at 16, Place du Manoir, 1223 Cologny (former UBS offices) \u2013 will feature all the capabilities necessary to offer a comprehensive and independent range of services: family office, investment advice, pension plans, safe deposit boxes, ATMs, and more.<\/p>\n<p><br><\/p>\n<p><strong>Jean-Ren\u00e9 Lepezel<\/strong>, Member of the Executive Committee and Head of Private Banking at Gonet&nbsp;&&nbsp;Cie SA, said, <em>\u201cThis initiative not only strengthens our foothold in our home canton, but also aligns with our client-driven philosophy, combining a local presence and customised services.<\/em>\u201d<\/p>\n<p><br><\/p>\n<p>The bank's \u201cRive Gauche\u201d agency in Cologny will open on 1 September, following renovation and improvement works that began this week.<\/p>","slug":"gonet-cie-sa-opens-a-rive-gauche-agency-in-cologny","slugs":{"fr":"gonet-cie-sa-ouvre-une-agence-rive-gauche-a-cologny","de":"eroffnung-einer-rive-gauche-agentur-in-cologny","es":"gonet-cie-sa-opens-a-rive-gauche-agency-in-cologny","pt":"gonet-cie-sa-opens-a-rive-gauche-agency-in-cologny"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"11\/05\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":"Gonet & Cie SA opens a \u201cRive Gauche\u201d agency in Cologny"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-11-9-22-38-120-j9ORfnf6XtUswVg6HYfq.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<!--StartFragment--><p><strong>Gonet & Cie SA is pleased to announce that it will open an agency in Cologny.<\/strong><\/p>\n<p>As the first Geneva-based private bank to open a suburban entity in the canton of Geneva, the agency will primarily serve the municipality of Cologny and neighbouring towns on the left bank of Lake Geneva (Ani\u00e8res, Ch\u00eane-Bougeries, Ch\u00eane-Bourg, Collonge-Bellerive, Choulex, Corsier, Eaux-Vives, Gy, Hermance, Jussy, Meinier, Presinge, Puplinge, Th\u00f4nex, Vandoeuvres and V\u00e9senaz).<\/p>\n<!--EndFragment-->"},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":"\ufeffGonet & Cie SA is pleased to announce that it will open an agency in Cologny."},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-5-11-9-58-24-729-euj0x6GJ0P1uvJvXNVuF.pdf","caption":null,"link":null,"newFile":"2021-5-11-9-58-24-729-euj0x6GJ0P1uvJvXNVuF.pdf"}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""}},"collection_type":"news"},{"id":68,"title":"Deposit insurance","content":"<p>\u201cAre my deposits protected under the deposit insurance <em>esisuisse<\/em>? Yes, like any bank and any securities firm in Switzerland, Gonet & Cie SA is required to sign the Self-regulation \u201cAgreement between esisuisse and its members\u201d. This means clients\u2019 deposits are protected up to a maximum of CHF&nbsp;100,000 per client. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at <a href=\"https:\/\/www.esisuisse.ch\/en\" target=\"_blank\"><span style=\"color: rgb(217, 0, 13);\">www.esisuisse.ch<\/span><\/a>\u201d.<br><\/p>\n<p><a href=\"\/uploads\/tskb2.824d44130478281cd4b6152975f53fe0.pdf\" data-file=\"61ce7c0b52f5f09242f1f8728316f1d8\" data-name=\"tskb2.824d44130478281cd4b6152975f53fe0.pdf\" class=\"animatedLink\" target=\"_blank\">PDF: Deposit Insurance<\/a><\/p>","slug":"deposit-insurance","slugs":{"fr":"garantie-des-depots","de":"einlagensicherung","es":"garantia-de-los-depositos","pt":"garantia-de-depositos"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":82,"title":"MARKET OUTLOOK APRIL 2019","content":"<p>MARKET OUTLOOK<br>APRIL 2019<\/p>","slug":"market-outlook-april-2019","slugs":{"fr":"revue-des-marches-avril-2019","de":"marketubersicht-april-2019","es":"market-outlook-april-2019","pt":"market-outlook-april-2019"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-27-8-59-32-70-IgINwbq0BcM2XLJmQOIH.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":83,"title":"MARKET OUTLOOK JANUARY 2019","content":"<p>MARKET OUTLOOK<br>JANUARY 2019<\/p>","slug":"market-outlook-january-2019","slugs":{"fr":"revue-des-marches-janvier-2019","de":"marketubersicht-januar-2019","es":"market-outlook-january-2019","pt":"market-outlook-january-2019"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-9-51-264-xrlmNeMx7MfvOl82I9a2.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":101,"title":"ROGER FEDERER WILL PLAY AT THE GONET GENEVA OPEN","content":"<p>The Gonet Geneva Open is pleased to announce the presence of Roger Federer. The greatest player of all time has made his presence official for the 2021 edition of the tournament which will take place from May 15 to 22 in the idyllic setting of the Parc des Eaux-Vives.<br><\/p>\n<p>\n<br>\n<\/p>\n<p>Roger Federer, who returned to action in February in Doha after undergoing two knee surgeries in 2020, will compete for the first time in the Gonet Geneva Open, which has seen the first five editions of the tournament won by Thomaz Bellucci, Stan Wawrinka (2), Marton Fucsovics and Alexander Zverev. The arrival of one of the two men having won 20 Grand Slam titles further establishes the Gonet Geneva Open as one of the great events of the clay court season. Since 2015, the Gonet Geneva Open has strived to provide players with top-notch playing conditions and facilities. This primary concern to ensure the well-being of players has been distinguished by the Association of Professional Tennis Players (ATP).<br>\n<br>\n<\/p>\n<p>\u201cThe Gonet Geneva Open is fully aware of how fortunate it is to host the greatest player of all time said Tournament Director Thierry Grin. We are delighted to have Roger Federer as our guest. It also places us in front of our responsibilities: to make this edition a total success despite all the difficulties linked to the exceptional health situation we are experiencing.\u201d<br>\n<br>\n<\/p>\n<p>Roger Federer is sensitive to the history of tennis and will come to Geneva with the ambition of becoming the first player in history to add his name to the list of winners of the three ATP tournaments organized in Switzerland. Ranked seventh in the latest ATP rankings, Roger Federer has won 103 tournaments. He also won the Davis Cup in 2014 and won a gold medal in doubles at the 2008 Beijing Olympics with Stan Wawrinka.<\/p>","slug":"roger-federer-will-play-at-the-gonet-geneva-open","slugs":{"fr":"roger-federer-disputera-le-gonet-geneva-open","de":"roger-federer-at-the-gonet-geneva-open","es":"roger-federer-will-play-at-the-gonet-geneva-open","pt":"roger-federer-will-play-at-the-gonet-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"18\/04\/2021"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-4-27-17-29-31-515-SICOjw9JiCDKXGt3Z4yG.jpg","caption":null,"link":"https:\/\/gonetgenevaopen.com\/?lang=en"}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>We are particularly proud to announce the participation of Roger Federer, greatest player of all time, in the first Gonet Geneva Open which will take place from 15 to 22 May in the idyllic setting of the Parc des Eaux-Vives.<\/p>\n<p><br>Roger Federer will come to Geneva with the ambition of becoming the first player in history to add his name to the list of winners of the three ATP tournaments organised in Switzerland.<\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-4-27-9-39-26-267-6wuCAkRMC81q99HBThDU.pdf","caption":null,"link":null,"newFile":"2021-4-27-9-39-26-267-6wuCAkRMC81q99HBThDU.pdf"}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""}},"collection_type":"news"},{"id":148,"title":"Risks involved in trading financial instruments","content":"<p>You can download the Swiss Bankers Association brochure below.<br><\/p>\n<p><a href=\"https:\/\/www.swissbanking.ch\/_Resources\/Persistent\/e\/1\/8\/d\/e18dc86d8033b556db0c7db772e9b025042db1d5\/SBA_Risks_Involved_in_Trading_Financial_Instruments_2023_EN.pdf\" class=\"animatedLink\" target=\"_blank\"><span style=\"color: rgb(217, 0, 13);\">PDF: Risks Involved in Trading Financial Instruments<\/span><\/a><\/p>","slug":"risks-involved-in-trading-financial-instruments","slugs":{"fr":"risques-inherents-au-commerce-dinstruments-financiers","de":"risiken-im-handenl-mit-finantinstrumenten","es":"riesgos-inherentes-a-la-negociacion-de-instrumentos-financieros","pt":"riscos-inerentes-a-negociacao-de-instrumentos-financeiros"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":84,"title":"MARKET OUTLOOK OCTOBER 2018","content":"<p>MARKET OUTLOOK<br>OCTOBER 2018<\/p>","slug":"market-outlook-october-2018","slugs":{"fr":"revue-des-marches-octobre-2018","de":"marketubersicht-oktober-2018","es":"market-outlook-october-2018","pt":"market-outlook-october-2018"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-9-30-104-ZobhlyaRaDliPKhAZMtF.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":143,"title":"CIO LETTER ISSUE 5 - APRIL 2021","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>The first edition of our CIO Letter was published a year ago in the context of a period of lockdown that led to a major destabilisation of the world economy and a sharp fall of the stock exchanges.<\/p>\n<p><br><\/p>\n<p>One year later, the Easter celebrations are taking place in a climate that is still marked by the maintenance of sanitary measures, but with the prospect of a concrete end to the crisis taking shape in the medium term.<\/p>\n<p><br><\/p>\n<p>With the Covid-19 vaccination process underway worldwide and the central banks' accommodating policies, the financial markets are already anticipating significant economic rebounds in the various regions of the world and more particularly in the United States.<\/p>\n<p><br><\/p>\n<p>We hope that this optimism will materialise in the coming months and have adapted our Investment Policy accordingly.<\/p>\n<p><br><\/p>\n<p>Enjoy the reading!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\/\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-5-april-2021","slugs":{"fr":"cio-letter-n-5-avril-2021","de":"cio-letter-issue-5-april-2021","es":"cio-letter-issue-5-april-2021","pt":"cio-letter-issue-5-april-2021"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"01\/04\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""}},"collection_type":"news"},{"id":180,"title":"Contactless and dormant assets","content":"<p>You can download the Swiss Bankers Association brochure below.<\/p>\n<p><a href=\"https:\/\/www.swissbanking.ch\/_Resources\/Persistent\/8\/2\/6\/1\/826189ac4c5b7852118c3a0eeafa3f71a503892e\/SBA_Customer_information_Dormant_assets_2015_EN.pdf\" class=\"animatedLink\" target=\"_blank\">PDF: Dormant assets<span style=\"color: rgb(217, 0, 13);\"><\/span><\/a><\/p>","slug":"contactless-and-dormant-assets","slugs":{"fr":"avoirs-sans-contact-et-en-desherence","de":"kontakt-und-nachrichtenlose-vermogen","es":"activos-sin-contacto-e-inactivos","pt":"ativos-sem-contacto-e-sem-herdeiros"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":50,"title":"MULTI-STRATEGY PENSION","content":"<p>By choosing a multi strategy approach for your private pension savings, you benefit from diversified wealth management based on the Swiss franc with the objective of long-term capital growth.<strong><br><br>Did you know?<\/strong><br>Through a rigorous fund selection process, this approach allows you to invest with several OPP2-compliant wealth managers while maintaining full control of your risk budget.<br><br>Advantages of the <strong>Multi-Strategy Management Pension strategy<\/strong><br>\u2022 A risk budget of 25% equities compliant with the legal provisions of the OPP2 regulation<br>\u2022 A risk budget of 40% equities compliant with the legal provisions of the OPP2 regulation<br>\u2022 Selection of funds with added value<\/p>","slug":"multi-strategy-pension","slugs":{"fr":"multi-strategy-pension","de":"multi-strategy-pension","es":"multi-strategy-pension","pt":"multi-strategy-pension"},"tags":[],"model_type":"page","fields":{"image":{"id":56,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-20-11-2-38-305-4hICsTMTFEojldJ8mWZD.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"show_popup":{"id":150,"name":"show_popup","label":"Show Popup","value":""}},"collection_type":"strategy"},{"id":182,"title":"Information on the Financial Services Act (FinSA)","content":"<p>The information sheet is available below. The purpose of this&nbsp;sheet is to provide information of the general information obligations under the FinSA.<\/p>\n<p><a href=\"\/uploads\/9Erqx.164b8b39acd22c1a5ab0ae218aabbd28.pdf\" data-file=\"6ccc6adb508aff52aa10ef133c00f2c7\" data-name=\"9Erqx.164b8b39acd22c1a5ab0ae218aabbd28.pdf\" class=\"animatedLink\" target=\"_blank\">PDF: Information sheet (FinSA)<\/a><\/p>","slug":"information-on-the-financial-services-act-finsa","slugs":{"fr":"informations-relatives-a-la-loi-sur-les-services-financiers-lsfin","de":"informationen-zum-finanzdienstleistungsgesetz-fidleg","es":"informacion-sobre-la-ley-de-servicios-financieros-lsfin","pt":"informacoes-sobre-a-lei-dos-servicos-financeiros-lsfin"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":86,"title":"MARKET OUTLOOK APRIL 2018","content":"<p>MARKET OUTLOOK<br>APRIL 2018<\/p>","slug":"market-outlook-april-2018","slugs":{"fr":"revue-des-marches-avril-2018","de":"marketubersicht-april-2018","es":"market-outlook-april-2018","pt":"market-outlook-april-2018"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-8-27-953-HWpyGpN13DkyqjV5efdX.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":342,"title":"Information relating to the Best Execution practices","content":"<p><strong>1. PURPOSE<\/strong><\/p>\n<p>The purpose of this document is to summarise \u201cBest Execution\u201d and \u201cBest Selection\u201d practices and to provide you with information about how the bank Gonet & Cie SA (hereinafter the \u201cBank\u201d or \u201cGonet\u201d) ensures the best possible execution of the purchase and sale of financial instruments, the receipt and\/or transmission of orders and the execution of foreign exchange transactions on behalf of its clients, whether these are executed directly on the market or indirectly through an intermediary.<\/p>\n<p>For the purposes of this document, the term \u201cbest execution\u201d refers to the measures taken to ensure the best possible execution of transactions in terms of price, execution costs, schedule and volume.<\/p>\n<p>This document provides an overview of the Bank\u2019s approach in terms of best execution.<br><br><\/p>\n<p><strong>2.\tSCOPE<\/strong><\/p>\n<p>The best execution policy (hereinafter the \u201cPolicy\u201d) applies to all of the Bank\u2019s clients, private and professional (hereinafter the \u201cClient(s)\u201d), whether they have an execution only relationship with the bank, or a management mandate or an advisory mandate with the Bank. It also applies to Gonet\u2019s collective management activity.<\/p>\n<p>Transactions executed on the primary market are not covered by this Policy.<br><br><\/p>\n<p><strong>3.\tASSET CLASSES<\/strong><\/p>\n<p>The Policy applies to the execution of clients\u2019 orders relating to the purchase and\/or the sale of financial instruments or the following transactions:<\/p>\n<ul><li>exchange-traded equities and similar, (Exchange Traded Funds or ETFs, non-equity shares, etc.);<\/li><li>exchange-traded derivative financial instruments traded;<\/li><li>structured products;<\/li><li>unlisted equities;<\/li><li>bonds;<\/li><li>OTC (over-the-counter derivatives; products directly traded with the issuer);<\/li><li>currencies;<\/li><li>precious metals;<\/li><li>investment funds.<br><strong><\/strong><\/li><\/ul>\n<p><br><strong>4.\tORDER EXECUTION FACTORS AND CRITERIA<\/strong><\/p>\n<p>On receipt and execution of Clients\u2019 orders, the Bank takes all reasonable measures to guarantee the best possible execution for its clients, on a generally recognised market presenting guarantees of execution in accordance with customary practice, subject to and taking account of, certain constraints, including:<\/p>\n<ul><li>the price of the transaction or financial instruments;<\/li><li>any specific instruction from an authorised agent;<\/li><li>the costs associated with execution of the order (brokerage, handling fees, etc.);<\/li><li>the speed of execution of the order;<\/li><li>the probability of execution and settlement of transactions;<\/li><li>the size and nature of the order;<\/li><li>the possibility of submitting bulk orders;<\/li><li>the availability of assets and liquid assets;<\/li><li>the availability of markets, counterparties, platforms, brokers and\/or correspondents;<\/li><li>compliance with limits and\/or internal and external rules;<\/li><li>any other relevant factor for execution of the order.<\/li><\/ul>\n<p>To fulfil its best execution obligations, the Bank, in general, accords great importance to the price and cost factors and to other execution-related factors, even if, in some circumstances, the main execution-related factors may vary and the price or cost may no longer be the predominant factor.<\/p>\n<p>The Bank also takes into account the following criteria in order to determine the relative importance of execution-related factors:<\/p>\n<ul><li>the characteristics of the Client (including, where applicable, its regulatory categorisation);<\/li><li>the characteristics of the Client\u2019s order (e.g., the size, nature and complexity of the order);<\/li><li>the characteristics of the financial instrument in question;<\/li><li>the method of communication used;<\/li><li>the characteristics of the place of execution.<\/li><\/ul>\n<p>Although the Bank takes all reasonable measures to ensure the best possible result for the Client, taking into account the execution-related factors mentioned above, the Bank is unable to guarantee that the price obtained, particularly in terms of an individual transaction, will always be the best available on the market at that time, particularly on account of the conditions of the market, its size, its liquidity, price differences or other circumstances beyond the Bank\u2019s control.<br><br><\/p>\n<p><strong>5.\tPLACES OF EXECUTION<\/strong><\/p>\n<p>With a view to executing orders on the Client\u2019s behalf, the Bank selects, when possible, one or more places of execution. This choice is based on the best possible result when executing orders. The Bank executes clients\u2019 orders on different places of execution, such as:<\/p>\n<ul><li>regulated markets;<\/li><li>multilateral trading facilities (MTF);<\/li><li>private securities exchange facilities operated by an investment service provider or a market operator (dark pools);<\/li><li>the over-the-counter market (OTC);<\/li><li>organised trading facilities (OTF);<\/li><li>the Bank itself (for direct execution of clients\u2019 orders).<\/li><\/ul>\n<p>The place of execution is fixed by type of financial instrument, according to the factors and criteria set out in point 4 above. A list of intermediaries and places of execution is available to the Client, on request.<\/p>\n<p>The Bank reserves the right to choose other places of execution, and also to add or remove places of execution, insofar as it deems this appropriate, with a view to obtaining the best possible result for the Client.<br><br><\/p>\n<p><strong>6.\tPROCESSING CLIENTS\u2019 ORDERS<\/strong><\/p>\n<p>The Bank handles the execution of its Clients\u2019 orders promptly and fairly while acting in their best interests, in compliance with the applicable laws and regulations, either itself, on one of the places of execution mentioned in point 5 above, or by forwarding them to counterparties and\/or brokers, as mentioned in point 9 below.<\/p>\n<p>The Bank processes Clients\u2019 orders as a priority over its own orders, ensuring that Clients are treated equally. It executes similar orders in chronological order of receipt, unless the nature of the orders or the market conditions do not permit this, or this is not in the Clients\u2019 interests.<\/p>\n<p>In the case of a limited order, if this cannot be executed immediately, this order remains valid until the agreed expiration date. In the absence of any validity date, the order is only valid for the business day of the market in question.<\/p>\n<p>For financial instruments that are not traded on a stock exchange, not listed or OTC, a price request may be sent to more than one of the Bank\u2019s counterparties. However, a comparison is not always possible or reasonably practicable. This may particularly be the case taking account of the specific nature of certain transactions or when the transactions in question can only be executed on a single trading platform.<br><br><\/p>\n<p><strong>7.\tORDERS AGGREGATION<\/strong><br><\/p>\n<p>The Bank reserves the right to aggregate its clients\u2019 orders with its own orders or with the orders of other Clients, in the form of block orders (or grouped orders), provided that this aggregation does not disadvantage one of these clients and does not impact the allocation process, and on the condition that this method of execution is appropriate in view of the orders or client\/s in question.<\/p>\n<p>A grouped order will be allocated fairly between the clients concerned at the average price of the transaction. If a client's order has been grouped with transactions for the Bank's own account or for the account of one of its employees and the grouped order has been partially executed, the Bank will allocate the transactions in proportion to the initial request.<br><br><\/p>\n<p><strong>8. THE CLIENT\u2019S SPECIFIC INSTRUCTIONS<\/strong><br><\/p>\n<p>When a Client issues a specific instruction to the Bank, the Bank executes the order in accordance with this instruction, insofar as it is reasonably possible to execute it, and in compliance with the applicable statutory and regulatory requirements. As a result, in such cases, the Bank is not required to comply with this Policy. Any specific instruction therefore takes priority over the best execution obligation for the part of the order covered by such an instruction. This Policy however, remains valid for those aspects not covered by the Client\u2019s specific instruction.<br><br><\/p>\n<p><strong>9. TRANSMISSION OF ORDERS<\/strong><\/p>\n<p>Depending on the order, the market or access to trading, the Bank may choose to use one or more third-party financial institutions (counterparties and\/or brokers) for the execution of clients\u2019 transactions and the transmission of orders for execution. The corresponding transaction will be carried out according to this intermediary\u2019s own best execution policy. The Bank carefully selects the counterparties and\/or brokers with whom it collaborates, and periodically (at least one a year) audits the list of these counterparties and\/or brokers, along with the quality of execution.<br><br><\/p>\n<p><strong>10.\tANOTHER METHOD OF PROCESSING ORDERS<\/strong><\/p>\n<p>If the markets are affected by exceptional conditions or circumstances (such as partial or full suspension of trading), the Bank may decide to use another method of execution, on the condition that it continues to take the Client\u2019s interests into account..<br><br><\/p>\n<p><strong>11.\tLIMITATION OF RESPONSIBILITIES<\/strong><\/p>\n<p>In order to avoid any doubt, the Bank\u2019s commitment to providing the Client with the best possible execution of orders, does not mean that the Bank bears any fiduciary responsibilities beyond its regulatory obligations, unless this is expressly provided for, in writing, between the Client and the Bank.<br><br><\/p>\n<p><strong>12.\tREVIEW OF THE BEST EXECUTION POLICY<\/strong><\/p>\n<p>The Bank may change this policy at any time, without any specific communication. The most recent version of the Best Execution Policy is posted on the Bank\u2019s website.<\/p>","slug":"information-relating-to-the-best-execution-practices","slugs":{"fr":"informations-relatives-a-la-best-execution","de":"informationen-zur-best-execution","es":"information-relating-to-the-best-execution-practices","pt":"informacoes-relativas-a-execucao-nas-melhores-condicoes"},"tags":[],"model_type":"page","fields":[],"collection_type":"legal_informations"},{"id":145,"title":"ALLNEWS: BETTER VISIBILITY ON MARKETS","content":"<!--StartFragment--><h3><!--StartFragment--><strong>Pour Erik Fruytier de Gonet & Cie, la normalisation sera plus progressive que rapide.<\/strong><!--EndFragment--><\/h3>\n<p><em>Par Salima Barragan - Allnews<\/em><br><\/p>\n<p><br>Comme de coutume en d\u00e9but d\u2019ann\u00e9e, cinq personnalit\u00e9s du monde de la finance partagent avec les lecteurs d\u2019Allnews leurs vues sur les th\u00e8mes qui marqueront ces douze prochains mois: les cons\u00e9quences de la crise du coronavirus, le fardeau de la dette qui s\u2019alourdit et la politique du pr\u00e9sident fra\u00eechement \u00e9lu Joe Biden. Ils d\u00e9voilent aussi quelle sera leur politique d\u2019investissement. Autour de quatre questions cl\u00e9, l\u2019\u00e9quipe d\u2019Allnews vous souhaite une heureuse ann\u00e9e 2021.<\/p>\n<p><br>Dans ce cinqui\u00e8me et dernier volet de notre premi\u00e8re semaine de perspectives 2021, Erik Fruytier, Chief Investment Officer de la banque Gonet & Cie SA, anticipe une normalisation plus progressive que rapide. Selon lui, la reprise devrait s\u2019\u00e9tendre sur une p\u00e9riode de 12 \u00e0 18 mois, apportant ainsi une visibilit\u00e9 ch\u00e8re aux march\u00e9s. Pour finir, il cl\u00f4t cette s\u00e9rie sur une note positive en assurant que les perspectives de cette nouvelle ann\u00e9e offrent de nombreuses raisons d'\u00eatre optimiste pour l'avenir.<\/p>\n<p style=\"text-align: center;\"><em><em><br>\u00ab <\/em>D\u00e9j\u00e0 tourn\u00e9s vers l\u2019avenir, les march\u00e9s boursiers appr\u00e9cient les perspectives futures qu\u2019ils entrevoient. \u00bb<\/em><\/p>\n<p><strong><br>Quel bilan tirez-vous des dommages cr\u00e9\u00e9s par le coronavirus et quelles sont vos perspectives pour cette ann\u00e9e ?<\/strong><\/p>\n<p><br>De nombreuses entreprises ont \u00e9t\u00e9 touch\u00e9es par les fermetures et des millions de m\u00e9nages ont \u00e9t\u00e9 affaiblis par la chute de leurs revenus. Toutefois, sans l'\u00e9norme soutien apport\u00e9 par les gouvernements et les banques centrales, la situation aurait \u00e9t\u00e9 bien plus d\u00e9sastreuse. D\u00e9j\u00e0 tourn\u00e9s vers l\u2019avenir, les march\u00e9s boursiers appr\u00e9cient les perspectives futures qu\u2019ils entrevoient. La plupart des classes d'actifs sont revenues \u00e0 leurs niveaux de janvier 2019 et certaines int\u00e8grent d\u00e9j\u00e0 un avenir meilleur: 2021 sera probablement l'ann\u00e9e de l'espoir et de la croissance. Malgr\u00e9 une mise en route laborieuse dans certains pays, dont la Suisse, les vaccins seront largement disponibles et devraient contribuer \u00e0 all\u00e9ger le fardeau qui p\u00e8se sur l'infrastructure m\u00e9dicale. Toutefois, nous pensons que le d\u00e9ploiement du vaccin et \u00abl'immunit\u00e9 collective\u00bb souhait\u00e9e prendront plus de temps que pr\u00e9vu. Nous devons nous attendre \u00e0 continuer \u00e0 observer une distanciation sociale et le port d'un masque restera probablement la norme en 2021.<\/p>\n<p><strong><br>Que penser des niveaux de dette des gouvernements amplifi\u00e9s par la crise ?<\/strong><\/p>\n<p><br>Les gouvernements et les banques centrales du monde entier devront continuer de soutenir leurs \u00e9conomies jusqu'\u00e0 ce qu'elles se remettent sur pied et qu\u2019elles puissent aller de l'avant sans leur appui. Parce que le risque d'inflation semble faible et que les gouvernements ont encore besoin du soutien des banques centrales pour financer leur d\u00e9ficit budg\u00e9taire massif creus\u00e9 par la crise, les taux d'int\u00e9r\u00eat resteront n\u00e9cessairement bas dans un avenir pr\u00e9visible. Tant que les taux sont maintenus \u00e0 ces niveaux, la dette reste supportable. Sur le plan budg\u00e9taire, nous ne d\u00e9celons pas d'app\u00e9tit pour l'aust\u00e9rit\u00e9 malgr\u00e9 des ratios d'endettement record, car beaucoup ont tir\u00e9 la le\u00e7on de l\u2019apr\u00e8s 2009.<\/p>\n<p style=\"text-align: center;\"><em><br>\u00ab Les Europ\u00e9ens seront les grands b\u00e9n\u00e9ficiaires de la politique de Joe Biden. \u00bb<\/em><\/p>\n<p><strong><br>Comment la politique men\u00e9e par Joe Biden va-t-elle orienter les march\u00e9s ?<\/strong><\/p>\n<p><br>L'\u00e9lection de Joe Biden - confirm\u00e9e le 6 janvier dans des circonstances hallucinantes - apaisera sans aucun doute les tensions g\u00e9opolitiques et commerciales. Cependant, il maintiendra une ligne politique dure \u00e0 l'\u00e9gard de la Chine car les deux parties se battent pour la m\u00eame domination \u00e9conomique. Je m\u2019attends n\u00e9anmoins \u00e0 une approche plus diplomatique de la part du nouveau pr\u00e9sident pour r\u00e9gler leurs diff\u00e9rends. Joe Biden a par ailleurs indiqu\u00e9 qu'il ne m\u00e8nera par de guerre commerciale contre ses alli\u00e9s. Les Europ\u00e9ens seront donc les grands b\u00e9n\u00e9ficiaires de sa politique. Le plan de relance annonc\u00e9 devient n\u00e9cessaire pour soutenir les personnes aux revenus les plus modeste qui ont souffert de mani\u00e8re disproportionn\u00e9e pendant la crise. Ce plan de relance semble d\u00e9sormais plac\u00e9 sous de bons augures : les D\u00e9mocrates ayant la majorit\u00e9 dans les deux chambres, la marge de man\u0153uvre du nouveau gouvernement s\u2019av\u00e8re appr\u00e9ciable.<\/p>\n<p><strong><br>Quelle est votre politique d\u2019investissement&nbsp;?<\/strong><\/p>\n<p><br>Nous pr\u00e9voyons une normalisation davantage progressive que rapide. La reprise devrait s\u2019\u00e9taler sur 12 \u00e0 18 mois, apportant de la visibilit\u00e9, un facteur particuli\u00e8rement appr\u00e9ci\u00e9 des investisseurs boursiers.<\/p>\n<p><br>La base du red\u00e9marrage \u00e9conomique est assez solide. Gr\u00e2ce \u00e0 de tr\u00e8s vastes programmes de soutien, la majorit\u00e9 des m\u00e9nages n'ont pas subi une perte de richesse et leur taux d'\u00e9pargne a consid\u00e9rablement augment\u00e9. Notre sc\u00e9nario part de l\u2019hypoth\u00e8se que le consommateur sera le moteur de la reprise car nous disposons de deux exemples r\u00e9cents pour la valider. L\u2019\u00e9conomie chinoise s'est presque normalis\u00e9e et lors de l\u2019ouverture des magasins en mai, les consommateurs occidentaux se sont pr\u00e9cipit\u00e9s pour d\u00e9penser l\u2019\u00e9pargne accumul\u00e9e durant le confinement.<\/p>\n<p><br>Comme mot de la fin, je dirais que les perspectives de cette nouvelle ann\u00e9e offrent de nombreuses raisons d'\u00eatre optimiste pour l'avenir. Comme toujours, la route ne sera pas sans heurts, mais l'espoir d'une normalisation de nos vies en fera un voyage qui en vaut la peine.<\/p>\n<!--EndFragment-->","slug":"allnews-better-visibility-on-markets","slugs":{"fr":"allnews-meilleure-visibilite-sur-les-marches","de":"allnews-bessere-sicht-auf-die-markte","es":"allnews-better-visibility-on-markets","pt":"allnews-better-visibility-on-markets"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"08\/01\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-3-19-8-34-237-LRGc4wRvQi92Dr3kKFQY.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":87,"title":"MARKET OUTLOOK JANUARY 2018","content":"<p>MARKET OUTLOOK<br>JANUARY 2018<\/p>","slug":"market-outlook-january-2018","slugs":{"fr":"revue-des-marches-janvier-2018","de":"marketubersicht-januar-2018","es":"market-outlook-january-2018","pt":"market-outlook-january-2018"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-8-2-839-rfTjqJ1s58UIkIJoMIPd.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":135,"title":"CIO LETTER ISSUE 4 - DECEMBER 2020","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>Both the end of this extraordinary year and the start of the new year 2021 are eagerly awaited by everyone in a still very uncertain economic climate. Between the recent tightening of health standards in Europe in the run-up to the end-of year holidays, the very random transition of the presidency in the United States over the next few weeks, Brexit and the hopeful announcements concerning the Covid-19 vaccine, the world economies will have to continue to evolve in an economic environment marked by political uncertainties linked to the health crisis, which will remain, in 2021, the primary concern of both private and institutional investors. In this very delicate situation, our investment policy remains resolutely optimistic, allowing us to address investment themes that are particularly well suited to the current economic cycle.<\/p>\n<p><br><\/p>\n<p>We hope that the festive season will allow you and your loved ones to spend some special moments with your family and friends so that you can look forward to 2021 with serenity.<\/p>\n<p><br><\/p>\n<p>Have a good holiday and take care!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\/\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-4-december-2020","slugs":{"fr":"cio-letter-n-4-decembre-2020","de":"cio-letter-issue-4-december-2020","es":"cio-letter-issue-4-december-2020","pt":"cio-letter-issue-4-december-2020"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"15\/12\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""}},"collection_type":"news"},{"id":88,"title":"MARKET OUTLOOK OCTOBER 2017","content":"<p>MARKET OUTLOOK<br>OCTOBER 2017<\/p>","slug":"market-outlook-october-2017","slugs":{"fr":"revue-des-marches-octobre-2017","de":"marketubersicht-oktober-2017","es":"market-outlook-october-2017","pt":"market-outlook-october-2017"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-7-39-715-XhlhmfmmjO87TVsdpqit.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":110,"title":"GONET & CIE SA JOINS FORCES WITH THE WECAN COMPLY BLOCKCHAIN PLATFORM","content":"<p><strong>Gonet & Cie SA is pleased to announce that it is joining Wecan Comply, a digital platform for the exchange of data between external asset managers (EAM) and custodian banks that is in its launch phase.<br><\/strong><\/p>\n<p><br>Launched last October and now counting a dozen players in the financial sector, Wecan Comply (<a href=\"https:\/\/wecancomply.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: rgb(217, 0, 13);\">https:\/\/wecancomply.com\/<\/span><\/a>) was developed with the aim of simplifying the multiple interactions between banks and EAM, reducing the workload associated with all compliance processes and sharing information in real time. The pooling of resources, the simplification of information sharing and the quality of data are key regulatory issues, particularly following the entry into force of the FinSA and LEFin laws on 1 January 2020.<br><\/p>\n<p><br>Convinced that the highly targeted use of new technology will be a key factor in the development of relations between financial institutions and their clients, Gonet&nbsp;&&nbsp;Cie SA has decided to make its contribution to the Wecan Comply project and its future users by joining the platform, thus becoming part of an innovative&nbsp;movement.<br><\/p>\n<p><br>Maryline Stiegler, Head of the Bank's External Asset Managers Department, comments: <em>\"As a human-scale private bank we are very close to our EAM partners and their needs, and we therefore feel it is important to support them through an innovative digital solution that aims to optimise compliance processes via blockchain capabilities with very promising potential.\"<br><\/em><\/p>\n<p><br>Gonet&nbsp;&&nbsp;Cie SA is one of the pioneers in services for EAM in the Geneva financial centre, having worked for over 30 years with this professional clientele with specific and demanding requirements. <em>\"We also share the same values of independence and entrepreneurship,\" <\/em>adds Maryline Stiegler, <em>\"and know how necessary it is for them to have access to processes and tools that enable them to concentrate on advising clients rather than on time consuming administrative tasks.\"<br><\/em><\/p>\n<p><br>Founder and CEO of Wecan Group, Vincent Pignon comments<em>: \"We are delighted that a player with such a long experience of EAM as <!--StartFragment-->Gonet & Cie SA<!--EndFragment--> is joining the Wecan Comply platform, which aims to bring together&nbsp;financial actors of all profiles for the benefit of all.\"<\/em><\/p>","slug":"gonet-cie-sa-joins-forces-with-the-wecan-comply-blockchain-platform","slugs":{"fr":"gonet-cie-sa-sallie-a-la-plateforme-blockchain-wecan-comply","de":"gonet-cie-sa-joins-forces-with-the-wecan-comply-blockchain-platform","es":"gonet-cie-sa-joins-forces-with-the-wecan-comply-blockchain-platform","pt":"gonet-cie-sa-joins-forces-with-the-wecan-comply-blockchain-platform"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"07\/12\/2020"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-18-38-0-9-afnnn3aOmhvLHoULwLLW.jpeg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>Gonet & Cie SA a le plaisir d\u2019annoncer qu\u2019elle rejoint Wecan Comply, plateforme digitale d\u2019\u00e9change de donn\u00e9es entre g\u00e9rants ind\u00e9pendants et banques d\u00e9positaires en pleine phase de lancement.<\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-4-27-9-42-7-502-fvWWwJlZIqJ1NkQmWvKx.pdf","caption":null,"link":null,"newFile":"2021-4-27-9-42-7-502-fvWWwJlZIqJ1NkQmWvKx.pdf"}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":122,"title":"Strategic and tactical allocation","content":"<p><strong>Strategic allocation<\/strong><\/p>\n<p><strong><\/strong>Studies prove that a portfolio\u2019s performance is 80% dependent upon the strategic asset allocation. Gonet&nbsp;&&nbsp;Cie SA therefore places great importance on this step through its CIO Office, which is staffed by investment specialists. Our medium- and long-term quantitative and technical analyses produced by this entity also help us identify market cycles and trends.<\/p>\n<p>Based on our conclusions, we adjust the strategic asset allocation grids \u2013 i.e. the way the assets are apportioned in line with our projections \u2013 and adapt the investment profiles accordingly.&nbsp;<\/p>\n<p><br><strong>Tactical allocation<\/strong><\/p>\n<p>The Tactical Investment Committee meets as often as business requires, but at least once a month, to assess the current macroeconomic situation. The goal of the tactical allocation is to capture the opportunities arising on the financial markets. The depth and range of our information sources \u2013 a benefit of our open architecture \u2013 guarantees a very comprehensive view of the investment possibilities.<\/p>\n<p>Our ability to react fast is aided by a simple organisational structure that avoids multiple committees and lines of authority. This means that we can seize opportunities as they emerge and take quick decisions to protect our clients\u2019 assets.<\/p>","slug":"strategic-and-tactical-allocation","slugs":{"fr":"lallocation-strategique-et-tactique","de":"strategische-und-taktische-allokation","es":"asignacion-estrategica-y-tactica","pt":"alocacao-estrategica-e-tatica"},"tags":[],"model_type":"page","fields":[],"collection_type":"processus"},{"id":167,"title":"THE BANK IS SPONSORING THE FESTIVAL DU LIVRE \u00c0 COLLONGE (L\u00c0C) AND LAUNCHES THE GONET LITERARY PRIZE","content":"","slug":"the-bank-is-sponsoring-the-festival-du-livre-a-collonge-lac-and-launches-the-gonet-literary-prize","slugs":{"fr":"la-banque-sengage-comme-sponsor-du-festival-du-livre-a-collonge-lac-et-cree-le-prix-litteraire-gonet","de":"die-bank-ist-sponsor-des-bucherfestivals-in-collonge-lac-und-stiftet-den-gonet-literaturpreis","es":"the-bank-is-sponsoring-the-festival-du-livre-a-collonge-lac-and-launches-the-gonet-literary-prize","pt":"the-bank-is-sponsoring-the-festival-du-livre-a-collonge-lac-and-launches-the-gonet-literary-prize"},"tags":[{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"15\/07\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":"https:\/\/www.gonet.ch\/en\/gonet\/sponsoring\/festival-du-lac"},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":"Read more"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-7-15-11-19-22-850-p7jfQ7m6trvNcb6Kvtlp.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":89,"title":"MARKET OUTLOOK JULY 2017","content":"<p>MARKET OUTLOOK<br>JULY 2017<\/p>","slug":"market-outlook-july-2017","slugs":{"fr":"revue-des-marches-juillet-2017","de":"marketubersicht-juli-2017","es":"market-outlook-july-2017","pt":"market-outlook-july-2017"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-7-17-204-ckDbCXl1RJCbjUwQ5zcU.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":140,"title":"LE TEMPS: NICOLAS GONET INTERVIEW","content":"<p><strong><span style=\"font-size: 18px;\">Le propri\u00e9taire de la petite banque priv\u00e9e genevoise explique pourquoi Gonet va se frotter aux g\u00e9ants al\u00e9maniques sur leur terrain. Et apporte des pr\u00e9cisions sur les millions que la ma\u00eetresse du roi Juan Carlos a voulu d\u00e9poser dans sa banque.<\/span><\/strong><span style=\"font-size: 18px;\"><\/span><br><\/p>\n<p><em>Par S\u00e9bastien Ruche, Le Temps<\/em><\/p>\n<p><br>Comptant 5 milliards de francs sous gestion et 130 employ\u00e9s, la banque Gonet annonce sa future implantation \u00e0 Zurich. Nicolas Gonet, propri\u00e9taire et patron de l\u2019\u00e9tablissement genevois qui c\u00e9l\u00e8bre cette ann\u00e9e ses 175 ans, d\u00e9crit la strat\u00e9gie qui doit permettre \u00e0 son groupe de se diff\u00e9rencier.<\/p>\n<p><br><strong>Le Temps&nbsp;: Pourquoi ouvrez-vous une entit\u00e9 \u00e0 Zurich&nbsp;? Zurich a-t-elle vraiment besoin de Gonet&nbsp;?<br><\/strong><\/p>\n<p><strong><br>Nicolas Gonet&nbsp;:<\/strong> Zurich est une place incontournable pour la gestion de fortune en Suisse. A Gen\u00e8ve et Lausanne, nous avons une forte proportion de client\u00e8le locale, les r\u00e9sidents en Suisse repr\u00e9sentant 40% de notre client\u00e8le totale. Zurich nous permettra d\u2019atteindre dans un premier temps une nouvelle client\u00e8le internationale, notamment du nord et de l\u2019est de l\u2019Europe. La client\u00e8le al\u00e9manique sera vis\u00e9e \u00e0 moyen terme, le temps de montrer notre valeur ajout\u00e9e.<br><\/p>\n<p><br><strong>Comment comptez-vous vous diff\u00e9rencier sur le tr\u00e8s comp\u00e9titif march\u00e9 zurichois&nbsp;?<br><\/strong><\/p>\n<p><br>Dans notre m\u00e9tier, le gestionnaire de client\u00e8le fait la diff\u00e9rence. Apr\u00e8s avoir envisag\u00e9 d\u2019acheter une banque \u00e0 Zurich, nous avons cherch\u00e9 des \u00e9quipes de banquiers et nous avons rencontr\u00e9 des personnalit\u00e9s partageant notre philosophie d\u2019entrepreneur. Notre entit\u00e9 zurichoise sera dirig\u00e9e par Stephan Keiser, qui \u00e9tait CEO <em>ad interim<\/em> de la banque Cramer, apr\u00e8s avoir \u00e9t\u00e9 responsable de la gestion de fortune chez EFG et de la gestion priv\u00e9e internationale chez Vontobel. Nous voulons atteindre une douzaine de collaborateurs \u00e0 Zurich d\u2019ici \u00e0 fin 2021.<br><\/p>\n<p><br><strong>Recruter des gestionnaires locaux en esp\u00e9rant attirer leur client\u00e8le: vous appliquez \u00e0 Zurich la m\u00eame recette que celle adopt\u00e9e pour Singapour, d\u2019o\u00f9 Gonet s\u2019est retir\u00e9 en 2014, apr\u00e8s trois ans seulement sur place. Pourquoi pensez-vous que le r\u00e9sultat sera diff\u00e9rent \u00e0 Zurich&nbsp;?<br><\/strong><\/p>\n<p><br>Ce n\u2019est pas comparable. A Singapour nous avons r\u00e9alis\u00e9 tr\u00e8s rapidement que notre approche \u00e0 long terme ne correspondait pas aux besoins de la client\u00e8le asiatique, alors que notre installation \u00e0 Zurich s\u2019inscrit dans une logique de renforcement de notre positionnement suisse, autant en termes de pr\u00e9sence que d\u2019offre.<br><\/p>\n<p><br><strong>De mani\u00e8re g\u00e9n\u00e9rale, quelle est votre strat\u00e9gie pour que Gonet se distingue face \u00e0 la concurrence&nbsp;?<br><\/strong><\/p>\n<p><br>Pour un \u00e9tablissement de notre taille, la diff\u00e9renciation repose sur la proximit\u00e9 avec le client et la gestion sur mesure. Nous sommes un groupe ind\u00e9pendant, qui ne subit pas de pression de ses actionnaires [Nicolas Gonet d\u00e9tient 100% du capital, ndlr] et qui pratique l\u2019architecture ouverte, sans conflit d\u2019int\u00e9r\u00eats. Nous avons par ailleurs lanc\u00e9 des services compl\u00e9mentaires \u00e0 la gestion de fortune d\u00e8s 2010&nbsp;: comptabilit\u00e9, fiscalit\u00e9, conseil en financement hypoth\u00e9caire notamment. Nous avons initi\u00e9 une plateforme pour la pr\u00e9voyance il y a deux ans&nbsp;: des acteurs du secteur s\u2019y agr\u00e8gent et nous sommes l\u2019un des deux g\u00e9rants d\u2019actifs habilit\u00e9s \u00e0 g\u00e9rer les avoirs de pr\u00e9voyance qui y sont abrit\u00e9s (libre passage, partie surobligatoire et 3e pilier).<br><\/p>\n<p><br><strong>Cette activit\u00e9 est-elle rentable&nbsp;?<br><\/strong><\/p>\n<p><br>Elle doit \u00eatre \u00e0 l\u2019\u00e9quilibre. Nous souhaitons, avec trois ans de <em>track record<\/em> en 2021, attirer davantage d\u2019investisseurs pour notre gestion qui met un accent particulier sur la minimisation des frais, un aspect crucial dans ce domaine.<br><\/p>\n<p><br><strong>Les grandes banques continuent \u00e0 se s\u00e9parer de clients qu\u2019elles jugent trop risqu\u00e9s. Ces derniers se retrouvent souvent dans de petits \u00e9tablissements, qui ont besoin d\u2019augmenter leurs revenus pour faire face \u00e0 des co\u00fbts croissants. En tant que petite banque, \u00eates-vous condamn\u00e9 \u00e0 prendre davantage de risques&nbsp;?<br><\/strong><\/p>\n<p><br>Absolument pas. Tout d\u2019abord, notre taille est suffisante vu notre mod\u00e8le d\u2019affaires de <em>pure player,<\/em> et nos ratios financiers le prouvent. Ensuite, les grands \u00e9tablissements se retirent de certains march\u00e9s pour des questions de strat\u00e9gie internationale, pas forc\u00e9ment \u00e0 cause de pr\u00e9tendus risques avec telle ou telle client\u00e8le. N\u00e9anmoins, ces probl\u00e8mes existent et il faut les g\u00e9rer. Il y a quelques ann\u00e9es, beaucoup de portefeuilles de clients paraissant plus risqu\u00e9s \u00e9taient effectivement \u00e0 vendre. Les banques qui se concentreraient aujourd\u2019hui sur ce type de client\u00e8le prendraient de grands risques. Par ailleurs nous avons beaucoup investi dans les fonctions de <em>compliance<\/em>, et nous avons fortement r\u00e9duit le nombre de march\u00e9s que nous couvrons.<br><\/p>\n<p><br><strong>Pourquoi la ma\u00eetresse de l\u2019ex-roi d\u2019Espagne s\u2019est-elle adress\u00e9e \u00e0 Gonet lorsqu\u2019elle a voulu d\u00e9poser aux Bahamas les quelque 65 millions qu\u2019elle a re\u00e7us de Juan Carlos&nbsp;? Cette somme provenait des 100 millions qu\u2019il avait lui-m\u00eame re\u00e7us du roi d\u2019Arabie saoudite, et d\u00e9pos\u00e9s chez Mirabaud.<br><\/strong><\/p>\n<p><br>Nous respectons naturellement le secret bancaire sur ce type de questions. Cela \u00e9tant, en se r\u00e9f\u00e9rant aux PV d\u2019audience parus dans les m\u00e9dias, deux choses sont constat\u00e9es&nbsp;: d\u2019une part le souverain espagnol n\u2019a jamais \u00e9t\u00e9 client de la banque, d\u2019autre part nous ne figurons pas parmi les pr\u00e9venus.<br><\/p>\n<p><br><strong>En plus d\u2019\u00eatre banquier, vous \u00eates sponsor du tournoi de tennis professionnel de Gen\u00e8ve et restaurateur, propri\u00e9taire de la brasserie Le Lyrique depuis 2016. Comment vivez-vous la pand\u00e9mie dans la restauration&nbsp;?<br><\/strong><\/p>\n<p><br>Il s\u2019agit plus d\u2019une passion \u00e9picurienne que d\u2019un m\u00e9tier. En plus du Lyrique, je me suis associ\u00e9 cette ann\u00e9e dans deux restaurants proches de la gare des Eaux-Vives, en face de la Nouvelle Com\u00e9die, avec mon cousin Yves Grange, actif dans l\u2019immobilier. Nous avons inaugur\u00e9 l\u2019un de ces restaurants deux jours avant la mise en place du confinement, mi-mars\u2026 Nous comprenons donc la situation difficile qu\u2019\u00e9prouvent beaucoup d\u2019entrepreneurs. Une autre cons\u00e9quence du coronavirus est que nous sommes fr\u00e9quemment approch\u00e9s par des restaurateurs qui souhaitent vendre leur commerce ou acqu\u00e9rir les n\u00f4tres. Ce n\u2019est pas \u00e0 l\u2019ordre du jour.<br><br><\/p>\n<p><strong>Souhaitez-vous qu\u2019un de vos quatre enfants reprenne la banque&nbsp;?<br><\/strong><\/p>\n<p><br>En tant que repr\u00e9sentant de la cinqui\u00e8me g\u00e9n\u00e9ration, je pourrais souhaiter que la tradition se poursuive dans ma famille. Mais le plus important pour moi est que la banque conserve son ind\u00e9pendance et que quelqu\u2019un de comp\u00e9tent me succ\u00e8de le jour venu. Ceci dit, rien ne presse, je suis encore jeune [51 ans, ndlr].<br><\/p>","slug":"le-temps-nicolas-gonet-interview","slugs":{"fr":"le-temps-interview-de-nicolas-gonet","de":"le-temps-interview-mit-nicolas-gonet","es":"le-temps-nicolas-gonet-interview","pt":"le-temps-nicolas-gonet-interview"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"24\/11\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-3-23-15-37-34-993-g1n7jl7Ilg3yBGdADm1r.jpg","alt":null,"title":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-28-11-16-1-694-eVdDCJU1MCRzyUKJETuU.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":3,"title":"GONET & CIE SA OPENS AN OFFICE IN ZURICH","content":"<p><strong>Already present in Geneva and Lausanne, the private bank Gonet&nbsp;&&nbsp;Cie SA is strengthening its presence in Switzerland by opening a new entity in Zurich and appointing Stephan Keiser as its new head.<\/strong><\/p>\n<p><br><strong><\/strong>Gonet & Cie SA is pleased to announce that it is expanding its presence in its home market by opening an entity in Zurich. This new strategic initiative by the Bank, which is celebrating its 175th anniversary this year, is in line with its growth ambitions, which at this stage focus on strengthening its presence in Switzerland. For <strong>Nicolas Gonet<\/strong>, CEO and representative of the fifth generation at the helm of the family bank: \u201c<em>Zurich is a strong centre for international private banking, with marked access to fast-growing foreign markets and a dynamism that is no longer to be proven. Anyone with ambitions in Swiss wealth management should be there.<\/em>\u201d<\/p>\n<p><br>The entity, which has already been operational for several weeks, will be headed by <strong>Stephan Keiser<\/strong>, who will join the Bank on 1 February 2021 at the latest. Stephan Keiser, an experienced banker who has spent his entire career in Zurich, joins Gonet from Banque Cramer, where he was CEO since 2019, after having been Head of Private Banking at EFG (2014-2018) and Head of International Private Banking at Vontobel (2002-2013), having also worked previously at UBS and Julius Baer. Stephan Keiser comments: \u201c<em>I am particularly pleased to join Gonet, a genuinely Swiss and firmly rooted private bank with a strong entrepreneurial spirit, to contribute to its development in the German-speaking part of Switzerland. After a period in management, I like to be back at the front in order to be there for the clients in a focused way.<\/em>\u201d<\/p>\n<p><br>Following the arrival of Stephan Keiser, Gonet's Zurich office will employ half a dozen people, with the aim of doubling the workforce in the first year and then expanding as opportunities arise. Stephan Keiser and his team will focus on very wealthy clients (UHNWI) in Private Banking.<br><br><\/p>","slug":"gonet-cie-sa-opens-an-office-in-zurich","slugs":{"fr":"gonet-cie-sa-ouvre-une-entite-a-zurich","de":"gonetcie-sa-eroffnet-buro-in-zurich","es":"gonet-cie-sa-opens-an-office-in-zurich","pt":"gonet-cie-sa-opens-an-office-in-zurich"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"date":{"id":1,"name":"date","label":"Date","value":"24\/11\/2020"},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p><\/p>\n<p>Already present in Geneva and Lausanne, the private bank Gonet & Cie SA is strengthening its presence in Switzerland by opening a new entity in Zurich and appointing Stephan Keiser as its new head.<\/p>\n<p><\/p>"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-3-18-34-23-770-1v0sHVpIoU5Ob9qE6tfG.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-37-34-993-g1n7jl7Ilg3yBGdADm1r.jpg"}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"title":null,"alt":null,"url":"\/uploads\/2021-4-27-9-44-52-483-cUFp2Qufj3zSSujX4rF3.pdf","caption":null,"link":null,"newFile":"2021-4-27-9-44-52-483-cUFp2Qufj3zSSujX4rF3.pdf"}]},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""}},"collection_type":"news"},{"id":90,"title":"MARKET OUTLOOK APRIL 2017","content":"<p>MARKET OUTLOOK<br>APRIL 2017<\/p>","slug":"market-outlook-april-2017","slugs":{"fr":"revue-des-marches-avril-2017","de":"marketubersicht-april-2017","es":"market-outlook-april-2017","pt":"market-outlook-april-2017"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-6-58-709-2ZfQeU9N3e9lCmu2bRW4.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":49,"title":"Semi-institutional wealth management","content":"<p><strong>Manage your private savings with the same rigour as your occupational pension assets.<\/strong><\/p>\n<p>Our semi-institutional wealth management mandate follow an efficient indexing management strategy and are made available to you as a robust way to capitalise your private investments.<\/p>\n<p><br><\/p>\n<p><strong>GONET 30 MANDATE<br><\/strong>For optimal risk-adjusted performance.<\/p>\n<p>The Gonet 30 semi-institutional mandate adopts a strategic long-term index approach, which can incorporate an SRI component, and seeks capital appreciation.<br><br><\/p>\n<p><strong>Did you know?<\/strong><br><\/p>\n<p><\/p>\n<p>The Bank manages the collective savings of the persons insured by its pension fund through its Gonet 30 mandate, thereby confirming perfect alignment of its needs and those of its clients.<br><\/p>\n<p><br><\/p>\n<p><strong>MULTI-STRATEGY PENSION MANDATE<\/strong><br>For a broader diversification of risks.<\/p>\n<p>By choosing a multi-strategy approach for your private savings, you benefit from diversified and robust asset management based on the Swiss franc with the objective of long-term capital growth.<\/p>\n<p><\/p>\n<p>Thanks to a rigorous funds selection process, your assets are invested with several fund managers while maintaining full control of your risk budget.<\/p>","slug":"semi-institutional-wealth-management","slugs":{"fr":"gestion-semi-institutionnelle","de":"semi-institutionelle-vermorgensverwaltung","es":"gestion-semiinstitucional","pt":"gestao-semi-institucional"},"tags":[],"model_type":"page","fields":{"show_solutions_pages":{"id":58,"name":"show_solutions_pages","label":"Show Solutions Pages","value":""}},"collection_type":"solutions"},{"id":51,"title":"GONET 30","content":"<p>By choosing to adopt an individual investment strategy with discretionary management of your private savings or pension, you benefit from a semi-institutional approach based on a core-satellite approach using LPP indices for a benchmark.<strong><br><br>Did you know?<\/strong><\/p>\n<p>Tax-efficient management is achieved through the bias of this discretionary mandate offer with consolidated management of \u201cenvelopes\u201d of private savings and pensions.<br><br>Advantages of the <strong>Single Strategy Management Pension<\/strong> strategy<br>\u2022 Management for private clients<br>\u2022 Allocation grid with 25% equities and compliant with the legal provisions of the OPP2 regulation (vested benefits)<br>\u2022 Allocation grid with 40% equities and compliant with the legal provisions of the OPP2 regulation (vested benefits)<br>\u2022 Attractive institutional rates (\u201call-in\u201d)<br>\u2022 Tax-efficient management<br>\u2022 Effective tactical management via the bank's management committee (TAA)<\/p>","slug":"gonet-30","slugs":{"fr":"gonet-30","de":"gonet-30","es":"gonet-30","pt":"gonet-30"},"tags":[],"model_type":"page","fields":{"image":{"id":56,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-20-11-3-20-69-JgavJ9U82NV4ghvVb98Q.jpeg","title":null,"alt":null,"caption":null,"link":null}]},"show_popup":{"id":150,"name":"show_popup","label":"Show Popup","value":""}},"collection_type":"strategy"},{"id":48,"title":"Advisory mandate","content":"<p>Do you wish to play an active role in managing your financial assets by seeking the expertise and advice of our team?<br><br>We help you identify and select investment products consistent with your management profile. The final investment decision is always yours. You have on-going access to our specialists and recommendations.<\/p>\n<p><br><\/p>\n<p><strong>PREMIUM<\/strong><\/p>\n<p>The most complete mandate for the most advanced investors to assist you in your investment decisions.<\/p>\n<p><br><\/p>\n<p><strong>SMART<\/strong><\/p>\n<p>A mandate for proactive and personalised advice according to your needs in order to assist you in your investment decisions.<\/p>\n<p><br><\/p>\n<p><strong>BASIC<\/strong><\/p>\n<p>Reactive advice according to your specific requests in order to assist you in your investment decisions.<\/p>","slug":"advisory-mandate","slugs":{"fr":"mandats-de-conseil","de":"beratungsmandat","es":"mandatos-de-asesoramiento","pt":"mandatos-consultivos"},"tags":[],"model_type":"page","fields":{"show_solutions_pages":{"id":58,"name":"show_solutions_pages","label":"Show Solutions Pages","value":""}},"collection_type":"solutions"},{"id":92,"title":"MARKET OUTLOOK OCTOBER 2016","content":"<p>MARKET OUTLOOK<br>OCTOBER 2016<\/p>","slug":"market-outlook-october-2016","slugs":{"fr":"revue-des-marches-octobre-2016","de":"marketubersicht-oktober-2016","es":"market-outlook-october-2016","pt":"market-outlook-october-2016"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-4-36-992-h5zW4tcElJuRvzDmWhbr.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":137,"title":"CIO LETTER ISSUE 3 - OCTOBER 2020","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>When it comes to economic and financial forecasting, uncertainty is quite common. It is part of our core business to incorporate it into our interpretations and scenarios. Its omnipresence is clear at the beginning of the fourth quarter of an unprecedented year: US elections with a highly anticipated and uncertain outcome, low visibility on the Covid-19 crisis exit point as well as its medium and long-term economic consequences, a never-ending Brexit and worrying geopolitical tensions.<\/p>\n<p><br><\/p>\n<p>The third edition of our quarterly CIO Letter \u2013 which reflects our Investment Policy and was launched last April at the height of the pandemic \u2013 integrates this very particular context and presents the explanations and convictions of our investment teams.<\/p>\n<p><br><\/p>\n<p>For our Establishment, which is celebrating its 175<sup>th<\/sup> anniversary this year and has therefore observed and managed many exceptional periods in the financial markets, such an exercise is permanent and constitutes one of the pillars of the relationship that unites us.<\/p>\n<p><br><\/p>\n<p>Happy reading to all!<br><\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-3-october-2020","slugs":{"fr":"cio-letter-n-3-octobre-2020","de":"cio-letter-issue-3-october-2020","es":"cio-letter-issue-3-october-2020","pt":"cio-letter-issue-3-october-2020"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/10\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-19-10-45-153-fVVrVPBjEPAHw19QVESx.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":47,"title":"Discretionary management mandate","content":"<p>Do you want to devote yourself fully to your activities and spare time, freeing yourself of the significant burden of managing your financial assets?<br><br><!--StartFragment--><\/p>\n<p>You entrust the management of your assets to the Bank and benefit from fully delegated management.<br><br><\/p>\n<p><strong>CLASSIC MANDATE<\/strong><\/p>\n<p>You entrust the management of your assets to the Bank and benefit from fully delegated management. Within this mandate, you may select variants with socially responsible investments.<\/p>\n<p><br><\/p>\n<p><strong>SEMI-INSTITUTIONAL MANDATE<\/strong><\/p>\n<p>You entrust the management of your assets to the bank and benefit from a management methodology traditionally reserved for institutional investors.<\/p>\n<p><br><\/p>\n<p><strong>THEMATIC MANDATE<\/strong><\/p>\n<p>You entrust the management of your assets to the bank and benefit from fully delegated management incorporating a tactical model enabling you to adjust in the short term to changing economic cycles.<\/p>\n<p><br><\/p>\n<p><strong>CUSTOMISED MANAGEMENT MANDATE<\/strong><\/p>\n<p>You gain access to a high level of customisation in defining your management mandate with the help of the Bank's experts. A customisable mandate.<\/p>\n<p><\/p>\n<p><a href=\"https:\/\/www.gonet.ch\/en\/private-clients\/investments\/process\" class=\"animatedLink\">See also Process<\/a><\/p>","slug":"discretionary-management-mandate","slugs":{"fr":"mandats-de-gestion-discretionnaire","de":"verwaltungsmandat","es":"mandatos-de-gestion-discrecional","pt":"mandatos-de-gestao-discricionaria"},"tags":[],"model_type":"page","fields":{"show_solutions_pages":{"id":58,"name":"show_solutions_pages","label":"Show Solutions Pages","value":""}},"collection_type":"solutions"},{"id":93,"title":"MARKET OUTLOOK JULY 2016","content":"<p>MARKET OUTLOOK<br>JULY 2016<\/p>","slug":"market-outlook-july-2016","slugs":{"fr":"revue-des-marches-juillet-2016","de":"marketubersicht-juli-2016","es":"market-outlook-july-2016","pt":"market-outlook-july-2016"},"tags":[],"model_type":"page","fields":{"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-3-58-209-um3UFjy7qD0fCIruA7wk.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":94,"title":"MARKET OUTLOOK MARCH 2016","content":"<p>MARKET OUTLOOK<br>MARCH 2016<\/p>","slug":"market-outlook-march-2016","slugs":{"fr":"revue-des-marches-mars-2016","de":"marketubersicht-marz-2016","es":"market-outlook-march-2016","pt":"market-outlook-march-2016"},"tags":[],"model_type":"page","fields":{"seo_title":{"id":118,"name":"seo_title","label":"seo_title","value":""},"file":{"id":47,"name":"file","label":"File","value":[{"url":"\/uploads\/2021-4-26-17-1-34-293-BQ8MVCUN7hw4cR1wfdL6.pdf","title":null,"alt":null,"caption":null,"link":null}]},"seo_description":{"id":119,"name":"seo_description","label":"seo_description","value":""}},"collection_type":"publications"},{"id":147,"title":"SPH\u00c8RE: ADN COMMUN AUX GFI, TAILLE HUMAINE ET SENS DU SERVICE","content":"<!--StartFragment--><p><em><em>PUBLISPHERE<\/em><\/em><\/p>\n<p><em>Maryline Stiegler, Responsable du D\u00e9partement GFI<br><br><\/em><\/p>\n<p><strong>Le Covid est le sujet incontournable de 2020. Comment l\u2019avez-vous appr\u00e9hend\u00e9 ?<br><br><\/strong><\/p>\n<p>On ne peut \u00e9videmment pas se r\u00e9jouir des cons\u00e9quences sanitaires et \u00e9conomiques du Covid. Cela dit, en ce qui concerne la gestion de cette crise, notre agilit\u00e9 et notre capacit\u00e9 de r\u00e9action nous ont permis \u00e0 la fois de valider un dispositif de continuit\u00e9 des affaires \u00e9prouv\u00e9 et test\u00e9 depuis plusieurs ann\u00e9es - notamment en mati\u00e8re de technologie - et de maintenir une qualit\u00e9 de service constante et sans aucune rupture. Cet \u00e9pisode a \u00e9t\u00e9 r\u00e9v\u00e9lateur d\u2019une aptitude que certains ne pr\u00eatent pas intuitivement \u00e0 des \u00e9tablissements \u00e0 taille humaine : la fiabilit\u00e9. Esp\u00e9rons cependant que 2021 ne sera pas alt\u00e9r\u00e9 par la persistance du virus.<br><br><\/p>\n<p><strong>En mati\u00e8re de technologie pr\u00e9cis\u00e9ment, et de digitalisation en particulier, avez-vous des projets ?<br><br><\/strong><\/p>\n<p>L\u2019int\u00e9gration des derni\u00e8res technologies dans nos process est un sujet d\u2019attention permanente. La digitalisation fait partie de ces vecteurs de croissance que nous veillons \u00e0 d\u00e9velopper pour faciliter le quotidien de nos partenaires GFI et leur client\u00e8le. A titre d\u2019exemple, nous travaillons sur des modules d\u2019ouvertures de comptes \u00e9lectroniques, qui fonctionnent d\u00e9j\u00e0 en mati\u00e8re de pr\u00e9voyance et d\u2019enveloppes d\u2019assurance-vie.<br><br><\/p>\n<p><strong>Cela laisse-t-il de la place pour une v\u00e9ritable diff\u00e9renciation ?<br><br><\/strong><\/p>\n<p>La digitalisation est un formidable acc\u00e9l\u00e9rateur en termes op\u00e9rationnels, cela \u00e9tant elle est un moyen mais pas une fin en soi. D\u00e8s lors, et plus que jamais m\u00eame, nos fondamentaux persistent et s\u2019en trouvent renforc\u00e9s. Nous assumons encore et toujours trois caract\u00e9ristiques, dont la combinaison fait notre attrait&nbsp;: ADN commun au GFI, taille humaine et sens du service. Nous partageons les m\u00eames valeurs que les g\u00e9rants ind\u00e9pendants. Notre culture d\u2019entreprise est tr\u00e8s proche de la leur, alliant esprit d\u2019entreprise, ind\u00e9pendance et dynamisme. Nous sommes d\u00e8s lors rapidement sur la m\u00eame longueur d\u2019onde, ce qui permet de d\u00e9velopper des relations \u00e0 long terme, dans un cadre naturellement rigoureux mais empreint de toute la flexibilit\u00e9 n\u00e9cessaire. Notre taille constitue un avantage appr\u00e9ciable, qui permet une grande r\u00e9activit\u00e9, un engagement fort et une disponibilit\u00e9 de tous les instants des diff\u00e9rents services de la Banque ainsi que de la Direction. Le sens du service enfin, qui est au c\u0153ur de notre offre.<br><br><\/p>\n<p><strong>D\u00e9j\u00e0 pr\u00e9sente dans la voile, la Banque s\u2019associe au Geneva Open de tennis d\u00e8s 2021. Pour quelles raisons ?<\/strong><br><br><\/p>\n<p>Cet \u00e9v\u00e9nement - d\u00e9sormais labellis\u00e9 Gonet Geneva Open - fait partie du patrimoine sportif romand. Dans un moment d\u2019incertitude g\u00e9n\u00e9r\u00e9 par le Covid, nous avons souhait\u00e9 contribuer \u00e0 sa p\u00e9rennisation et \u00e0 son d\u00e9veloppement. Il est en phase totale avec les valeurs de performance et d\u2019esprit d\u2019entreprise que nous souhaitons partager avec nos clients. C\u2019est \u00e9galement une d\u00e9cision forte qui accompagne notre c\u00e9l\u00e9bration des 175 ans de la Banque, comme un engagement sur le futur\u2026<\/p>\n<!--EndFragment-->","slug":"sphere-adn-commun-aux-gfi-taille-humaine-et-sens-du-service","slugs":{"fr":"sphere-adn-commun-aux-gfi-taille-humaine-et-sens-du-service","de":"sphere-adn-commun-aux-gfi-taille-humaine-et-sens-du-service","es":"sphere-adn-commun-aux-gfi-taille-humaine-et-sens-du-service","pt":"sphere-adn-commun-aux-gfi-taille-humaine-et-sens-du-service"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"01\/09\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-4-12-10-6-249-iERpZKmaM3I17UQ2UrLc.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-5-4-12-10-20-355-NAtDZ4HZUMO5ItKasbs9.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":38,"title":"Gonet Conseils Finances SA","content":"<figure style=\"max-width: 239px;\"><img src=\"\/uploads\/fZYbh.6a0762da8241c1fe177c04ac215ec016.png\" data-image=\"9802e05063436a7bac7a69efdb9a1357\" width=\"239\" height=\"67\" style=\"width: 239px; max-width: 239px; height: 67px;\"><\/figure>\n<p><\/p>\n<p>Founded in 2010, Gonet Conseils Finances SA provides advice and services in insurance, provision for retirement, mortgage financing, and fiduciary services. For clients of Gonet & Cie SA in particular, its offering complements the Bank\u2019s services in an open-architecture global wealth approach.<br><br>Find out more on <a href=\"http:\/\/www.gonetconseils.ch\/\" target=\"_blank\"><span style=\"color: rgb(217, 0, 13);\">www.gonetconseils.ch<\/span><\/a><\/p>","slug":"gonet-conseils-finances-sa","slugs":{"fr":"gonet-conseils-finances-sa","de":"empty","es":"gonet-conseils-finances-sa","pt":"gonet-conseils-finances-sa"},"tags":[],"model_type":"page","fields":[],"collection_type":"groupe"},{"id":162,"title":"CIO LETTER ISSUE 6 - JULY 2021","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>The beginning of the summer has been marked this year by the strength of the world's stock markets, which matched the positive expectations that the financial markets had already integrated into their prices throughout the first half of the year. The economic recovery is well underway and has accelerated in all areas.<\/p>\n<p><br><\/p>\n<p>However, the threat of inflation is beginning to loom over investors as we enter the second half of the year. The impact of inflation on the global economy and stock markets will be a major concern for growth oriented investors. The second half of the year is likely to be marked by periods of high volatility in the stock markets. We are therefore closely monitoring the development of central bank policies and the level of interest rates. In this context, we have slightly adapted our investment policy, while remaining confident in our strategic asset allocation.<\/p>\n<p><br><\/p>\n<p>Enjoy the reading!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\/\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-6-july-2021","slugs":{"fr":"cio-letter-n-6-juillet-2021","de":"cio-letter-issue-6-july-2021","es":"cio-letter-issue-6-july-2021","pt":"cio-letter-issue-6-july-2021"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"29\/06\/2021"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-14-58-35-264-pNTfIYIRG1n0ppLjF2rC.jpg","title":null,"alt":null,"caption":null,"link":null}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":37,"title":"gonet bank & trust ltd","content":"<p>Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc odio leo, luctus ut nunc eget, ullamcorper bibendum leo. Morbi vel libero neque. Proin porta placerat mollis. Suspendisse potenti. Quisque sodales ligula ante, eu tempus mauris gravida aliquet. Quisque faucibus cursus lacinia. In at libero nec velit rutrum elementum non ac purus. Praesent eros neque, commodo eget est sodales, varius dapibus odio. Suspendisse sed semper magna.<\/p>","slug":"gonet-bank-trust-ltd","slugs":{"fr":"gonet-bank-trust-ltd","de":"empty","es":"gonet-bank-trust-ltd","pt":"gonet-bank-trust-ltd"},"tags":[],"model_type":"page","fields":[],"collection_type":"groupe"},{"id":141,"title":"CIO LETTER ISSUE 2 - JULY 2020","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>At this beginning of the summer, the second edition of our CIO Letter comes during a period marked in Europe and the United States by an overall easing of health measures related to Covid-19 and consequently the reopening of the economies of these two major geographical areas.<\/p>\n<p><br><\/p>\n<p>Likewise, in Switzerland where the Swiss Federal Council reclassified the situation in June from an \u201cextraordinary\u201d to a \u201cspecific\u201d health crisis, life is gradually returning to normal. On the financial markets, however, it is certain that the coming months will represent a delicate period that will be difficult to address \u201cnormally\u201d as a simple crisis recovery. Whether we are private or professional investors, it will be critical in this second part of the year to be attentive to the economic developments as a result from the unprecedented state financial aid to global economies.<\/p>\n<p><br><\/p>\n<p>We hope that this new edition of our CIO Letter will help you in your financial reflections this summer.<\/p>\n<p><br><\/p>\n<p>Enjoy the&nbsp;reading!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-2-july-2020","slugs":{"fr":"cio-letter-n-2-juillet-2020","de":"cio-letter-issue-2-july-2020","es":"cio-letter-issue-2-july-2020","pt":"cio-letter-issue-2-july-2020"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"date":{"id":1,"name":"date","label":"Date","value":"01\/07\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-19-10-45-153-fVVrVPBjEPAHw19QVESx.jpg","title":null,"alt":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":1,"title":"COVID MESSAGE FROM NICOLAS GONET, CEO","content":"<h2>COVID-19<\/h2>\n<p><br>For more than a month now, we have all had to deal with an unprecedented and particularly troubled situation, of which we can still only partially glimpse the social, economic and financial consequences.<\/p>\n<p><br>We wish to assure you through this message that our teams are fully mobilised, within a wellfunctioning Business Continuity Management (BCM) system that has been tested over a number of years, guaranteeing the protection of our employees - the vast majority of whom have been working from home for several weeks - as well as the high level of security and reliability of our IT systems and our banking transactions. This system will be in operation for as long as necessary, while maintaining our usual high quality standards.<\/p>\n<p><br>In terms of portfolio management, which is the core of our business, our prudent approach both allows us, as far as possible, to withstand the violent shocks registered by the financial markets, and also to adopt appropriate positions in anticipation of a future recovery.<\/p>\n<p><br>This is not the first crisis our company has experienced, nor will it be the last: with 175 years of experience behind us, we are confident in our ability to support our clients, in the good and the bad times. Our conservative business model, focused on wealth management, avoids the potentially adverse consequences of activities entailing a share of risk that is naturally amplified during a period of financial crisis. The solidity of our equity and the quality of our Tier 1 ratio are also helping us remain calm and stable in this uncertain times.<\/p>\n<p><br>Take care of yourselves and your loved ones.<\/p>\n<p style=\"text-align: right;\"><br><\/p>\n<p style=\"text-align: right;\">Nicolas Gonet<br>CEO <\/p>\n<p><br><\/p>\n<p><\/p>","slug":"covid-message-from-nicolas-gonet-ceo","slugs":{"fr":"message-covid-de-nicolas-gonet-ceo","de":"covid-message-from-nicolas-gonet-ceo","es":"covid-message-from-nicolas-gonet-ceo","pt":"covid-message-from-nicolas-gonet-ceo"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"03\/04\/2020"},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-17-42-51-240-ntuidYF4kDLEfWuw3082.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-9-53-56-145-DBNpVbuD6kfZEIDwrfA6.pdf","title":null,"alt":null,"caption":null,"link":null}]},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>For more than a month now, we have all had to deal with an unprecedented and particularly troubled situation, of which we can still only partially glimpse the social, economic and financial consequences. We wish to assure you through this message that our teams are fully mobilised, within a wellfunctioning Business Continuity Management (BCM) system that has been tested over a number of years, guaranteeing the protection of our employees - the vast majority of whom have been working from home for several weeks - as well as the high level of security and reliability of our IT systems and our banking transactions. This system will be in operation for as long as necessary, while maintaining our usual high quality standards.<\/p>"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""}},"collection_type":"news"},{"id":36,"title":"gonet & cie sa","content":"<p>Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc odio leo, luctus ut nunc eget, ullamcorper bibendum leo. Morbi vel libero neque. Proin porta placerat mollis. Suspendisse potenti. Quisque sodales ligula ante, eu tempus mauris gravida aliquet. Quisque faucibus cursus lacinia. In at libero nec velit rutrum elementum non ac purus. Praesent eros neque, commodo eget est sodales, varius dapibus odio. Suspendisse sed semper magna.<\/p>","slug":"gonet-cie-sa","slugs":{"fr":"gonet-cie-sa","de":"empty","es":"gonet-cie-sa","pt":"gonet-cie-sa"},"tags":[],"model_type":"page","fields":[],"collection_type":"groupe"},{"id":134,"title":"CIO LETTER ISSUE 1 - APRIL 2020","content":"<h2>EDITORIAL<\/h2>\n<p><br><\/p>\n<p>When it comes to economic and financial forecasting, uncertainty is quite common. It is part of our core business to incorporate it into our interpretations and scenarios. Its omnipresence is clear at the beginning of the fourth quarter of an unprecedented year: US elections with a highly anticipated and uncertain outcome, low visibility on the Covid-19 crisis exit point as well as its medium and long-term economic consequences, a never-ending Brexit and worrying geopolitical tensions.<\/p>\n<p><br><\/p>\n<p>The third edition of our quarterly CIO Letter \u2013 which reflects our Investment Policy and was launched last April at the height of the pandemic \u2013 integrates this very particular context and presents the explanations and convictions of our investment teams.<\/p>\n<p><br><\/p>\n<p>For our Establishment, which is celebrating its 175<sup>th<\/sup>&nbsp;anniversary this year and has therefore observed and managed many exceptional periods in the financial markets, such an exercise is permanent and constitutes one of the pillars of the relationship that unites us.<\/p>\n<p>Happy reading to all!<\/p>\n<p><br><br><\/p>\n<p><a href=\"\/en\/private-clients\/investments\/publications\" class=\"animatedLink\"><span style=\"color: rgb(217, 0, 13);\">Read more<\/span><\/a><\/p>","slug":"cio-letter-issue-1-april-2020","slugs":{"fr":"cio-letter-n-1-avril-2020","de":"cio-letter-issue-1-april-2020","es":"cio-letter-issue-1-april-2020","pt":"cio-letter-issue-1-april-2020"},"tags":[{"id":2,"name":"Investments","slug":"investments","order":2,"type":null},{"id":10,"name":"CIO Letter","slug":"cio-letter","order":6,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"01\/04\/2020"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-19-10-45-153-fVVrVPBjEPAHw19QVESx.jpg","alt":null,"title":null,"caption":null,"link":null}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null},"external_news_link_text":{"id":169,"name":"external_news_link_text","label":"External News Link Text","value":""},"open_in_new_tab":{"id":186,"name":"open_in_new_tab","label":"Open in New Tab","value":""}},"collection_type":"news"},{"id":113,"title":"GONET, NEW TITLE SPONSOR OF THE GENEVA OPEN","content":"<h2><strong>The Geneva Open tennis tournament to return with a new title sponsor<\/strong><\/h2>\n<p><br><\/p>\n<p><strong>Geneva Trophy Promotion Sa\u0300rl, the company that has owned and operated the Geneva Open since 2014, is pleased to announce its partnership with private bank Gonet & Cie SA as title sponsor of what will now be known as the \u201cGonet Geneva Open\u201d, which will next be held from 15 to 22 May 2021 at the Parc des Eaux-Vives in Geneva. This new partnership follows the withdrawal of the previous title sponsor announced in March.<\/strong><\/p>\n<p><br><\/p>\n<p>Thierry Grin, tournament director, comments:<\/p>\n<ul><li><em>We are particularly delighted to be returning next year with a local sponsor with such a strong commitment to Geneva as Gonet Bank. We are beginning an exciting partnership with people who are passionate about sport and who want to contribute to the influence of the tournament.<\/em><\/li><\/ul>\n<p><br><\/p>\n<p>Classified as an ATP 250 tournament since 2015, under the umbrella of Geneva Trophy Promotion Sa\u0300rl, the Geneva Open is played in the unique setting of the Tennis Club of the Parc des Eaux-Vives in Geneva, offering a unique environment and conditions that make it one of the most popular tournaments among players on the European circuit. Its usual place in the calendar, the week before the Roland- Garros Grand Slam Tournament, ensures it attracts special attention from the tennis community. Recognised champions include two-time winner Stan Wawrinka (2016 and 2017) and Alexander Zverev, 2019 winner.<\/p>\n<p><br><\/p>\n<p>The Geneva tournament has a rich and memorable history, as it enjoyed a first incarnation from 1980 to 1991, also at the Parc des Eaux-Vives, with numerous prestigious winners including Bjo\u0308rn Borg, Mats Wilander, Marc Rosset, Henri Leconte and Thomas Muster.<\/p>\n<p><br><\/p>\n<p>Nicolas Gonet, CEO of Gonet & Cie SA, representing the fifth generation of the family bank, says:&nbsp;<br><\/p>\n<ul><li><em>We are committed to contribute to the future of an event which is an integral part of French-speaking Switzerland and Genevan sports heritage and which is fully in line with the values of performance and entrepreneurship that we express on a daily basis in the service we provide to our clients.<\/em><\/li><\/ul>\n<p><br><\/p>\n<p>Gonet&nbsp;&&nbsp;Cie SA \u2013 which has already committed to the 2021, 2022 and 2023 tournaments \u2013 is therefore marking its 175th anniversary in a particularly striking way.<\/p>","slug":"gonet-new-title-sponsor-of-the-geneva-open","slugs":{"fr":"gonet-nouveau-sponsor-titre-du-geneva-open","de":"gonet-new-title-sponsor-of-the-geneva-open","es":"gonet-new-title-sponsor-of-the-geneva-open","pt":"gonet-new-title-sponsor-of-the-geneva-open"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"date":{"id":1,"name":"date","label":"Date","value":"17\/06\/2020"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-17-19-54-37-AAKdX3o0UJhESBFpXQHl.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>Geneva Trophy Promotion Sa\u0300rl, the company that has owned and operated the Geneva Open since 2014, is pleased to announce its partnership with private bank Gonet & Cie SA as title sponsor of what will now be known as the \u201cGonet Geneva Open\u201d, which will next be held from 15 to 22 May 2021 at the Parc des Eaux-Vives in Geneva. This new partnership follows the withdrawal of the previous title sponsor announced in March.<\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-9-46-53-588-sa0VXjIVUqylTTOqyR1j.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":121,"title":"Investment process","content":"<p>Once we have determined your personal risk-return profile, we put it into practice through the two followings steps:<\/p>\n<p><strong><br><\/strong><strong>The core-satellite approach<\/strong><\/p>\n<p><strong><\/strong>This step determines, within a given portfolio, the strategic core investments, which are the fundamental choices made based on the risk-return profile, and the satellite investments, selected to add value through careful targeting. The core comprises securities or funds that will perform, over time, in line with the general trend in the assets classes chosen. The satellite portion aims at outperforming the core, by concentrating on growth stocks or undervalued stocks, or alternative assets such as precious metals, structured products, real estate or hedge funds.<\/p>\n<p><strong><br><\/strong><strong>Selection of the stocks, bonds, precious metals or currencies in the portfolio is a very precise process that considers the following:<\/strong><br><br>\u2022    Macroeconomic conditions<br>\u2022    The economic cycle<br>\u2022    Fundamentals<br>\u2022    Quantitative analysis<br>\u2022    Technical analysis<\/p>\n<p><br>Our methods are based on thorough analysis of the prevailing macroeconomic conditions, followed up and confirmed by technical analysis of the short-, medium- and long-term picture, to detect trends and cycles. By integrating all these data, we obtain precise indications of the highest potential returns.<\/p>\n<p><br>Securities and funds are selected internally, based on a study of the quantitative and qualitative data. Our open architecture gives us access to the best products available on the market without any conflicts of interest. Similarly, we choose or assemble structured products by comparing different first-class issuers, to capture the best prices.<\/p>","slug":"investment-process","slugs":{"fr":"processus-dinvestissement","de":"anlageprozess","es":"proceso-de-inversion","pt":"processo-de-investimento"},"tags":[],"model_type":"page","fields":[],"collection_type":"processus"},{"id":10,"title":"SPH\u00c8RE: INTERVIEW WITH NICOLAS GONET","content":"<h2>\u201cWE MUST EMBRACE NEW TECHNOLOGIES AND NEW USES\u201d<\/h2>\n<p><em>By J<\/em><em>\u00e9r\u00f4me Sicard<\/em><em> - Sph\u00e8re Magazine - July 2017<\/em><\/p>\n<p><br>In the spring, the Gonet Group published its results for the first time, clearly highlighting the strong growth recorded over the course of these past ten years and the substantive work carried out to achieve it. Nicolas Gonet, its CEO, discusses the key points.<\/p>\n<p><br><strong>How did you feel about publishing the Gonet Group\u2019s results for the first time?<\/strong><\/p>\n<p><br><strong>Nicolas Gonet: \"<\/strong>To tell the truth, I felt a certain sense of relief. For 170 years, we did not communicate a single figure, and I began to find that a bit anachronistic in a time when we were demanding more and more transparency of our clients.<\/p>\n<p>Beyond these considerations, there is also a certain pride in finally being able to highlight the work accomplished in the past few years. These first results demonstrate all that we have achieved. In the end, this allows us to communicate more clearly to our clients, prospective clients and business partners, as well as to managers who may be interested in working with us. We can position ourselves more easily in relation to them, and there are advantages to this transparency.\"<\/p>\n<p><br><strong>When these results are read, how would you like Gonet bank to be perceived from the outside?<\/strong><\/p>\n<p><br>\"Just as it is. On the one hand, as a serious and reassuring bank. For example, it was important for us to show in black and white that our equity is well above the norms set by regulatory requirements. On the other hand, these results are concrete evidence of a growth dynamic that we hope will maintain its momentum.\"<\/p>\n<p><br><strong>You say, for that matter, that you now have a foundation that will allow you to embark on a new phase of development. In what form?<\/strong><\/p>\n<p><br>\"It\u2019s helpful to remember that the bank entered a growth phase about ten years ago. In 2008, we managed only a few hundred million Swiss francs. We will soon manage more than 4.5 billion, and it would be even more if we hadn\u2019t decided to leave Monaco and Singapore. If we\u2019ve made this much progress, it is because we adopted a highly entrepreneurial business model with asset managers \u2013 currently around 25 \u2013 at the heart of our system. Thanks to this model, which has demonstrated its relevance and which we have perfectly implemented, we are ready to integrate new managers in order to accelerate our growth.\"<\/p>\n<p><br><strong>Are you talking about acquisitions?<\/strong><\/p>\n<p><br>\"Yes, certainly. We can work with individual managers and teams, but we can also integrate existing structures. We only buy, of course, provided that the price is fair and there is a convergence of cultures and market complementarity. The wealth management profession is transforming, the changes are accelerating, and we are determined to make the most of the opportunities that will surely present themselves. We are organised and structured to this end.\"<\/p>\n<p><br><strong>How do you approach external managers who might want to work with you?<\/strong><\/p>\n<p><br>\"Independent wealth managers are professionals; they know the field as well as we do. It's important to them to work with people who can quickly understand their work and make their business easier. Our interests are completely aligned with theirs. Like us, they are savvy entrepreneurs who want to grow while maintaining their independence. We have adopted a service mindset rather than a product mindset, and we have no internal product range to impose on them. Like them, we work with an open architecture policy in order to identify the best opportunities on the markets. For example, we have an advisory division within the bank that carries out research, and managers in particular appreciate this. Moreover, we offer them all the services that we provide within the bank. I am thinking in particular of Gonet Conseils Finances, which is specialised in areas such as mortgage advisory, and insurance and tax management advisory. Finally, our size allows us to be very responsive, and we are completely available to them because we have implemented a dedicated structure that is simple, light and fluid.\"<\/p>\n<p><br><strong>Alexandre Michellod will head the \"Occupational Benefits & Wealth Solutions\u201d department. Can you discuss this in more detail?<\/strong><\/p>\n<p><br>\"The creation of such a department was the result of a twofold observation. On the one hand, the importance of retirement planning as part of an individual or corporate wealth scheme has become critical: on the individual scale, it is a variable to be adjusted earlier and earlier \u2013 we should no longer wait until after we are 60 years old to start addressing it \u2013 and at the company level, it is a result of healthy management, in terms of derisking, for example, or professional attractiveness. On the other hand, as I already mentioned, this expertise was the missing link in our goal of offering a truly global approach to the Group\u2019s wealth planning for our clients residing in Switzerland, as a sort of \u201cone-stop-shop\u201d. Alexandre Michellod, who will join us on 1 November at the latest, is known for his talent in the field. His appointment also demonstrates that our project is logical and convincing.\"<\/p>\n<p><br><strong>What does the Switzerland-based clientele represent for Gonet?<\/strong><\/p>\n<p><br>\"At the Group level, nearly 40% of our clients reside in Switzerland; you see, we are truly at the heart of the subject when it comes to this domestic market that is known for stirring up a great deal of competition.\"<\/p>\n<p><br><strong>If you had to expand your Board of Directors, what type of profile would you like to see join the Board of Directors?<\/strong><\/p>\n<p><br>\"Our Board of Directors is currently expanding; it will eventually grow from three to five members. The important thing is the complementarity between profiles and the diversity of input. It is no doubt essential to have lawyers and people trained in audit and risk; it\u2019s even better to have people who are very close to activity on the ground, able to experience and see trends in our industry directly.<\/p>\n<p>Nicholas Hochstadter, who has just joined the Board, is a finance entrepreneur. I am thrilled about what he will bring to the Gonet Group, which will benefit from his experience and views, especially as regards the current movement towards transparency in asset management and the FinTech sector. The next Director will have a strong banking profile.\"<\/p>\n<p><br><strong>You are currently one of the very few private banks that have agreed to take part in the evaluation and comparison of portfolio management with Performance Watcher, developed by Nicholas Hochstadter himself. What was your motivation?<\/strong><\/p>\n<p><br>\"If we want to be transparent, we must be completely transparent. For my part, I was eager to know where we stand compared to other players. And I understood how much our clients wanted to know the real worth of the manager who was handling their account. On this point, at the risk of seeming a bit avant-garde, I prefer for us to be completely open. In any case, we have to embrace new technology and the new uses that it facilitates. When you look at how Orange, and perhaps soon Swisscom, are designing banking services, you don\u2019t want to lag too far behind\u2026\"<\/p>\n<p><br><strong>But aren\u2019t Swisscom and Orange working in a more retail-based context?<\/strong><\/p>\n<p><br>\"Perhaps, but I also believe that we must prepare ourselves for a new generation of consumers that might prefer to consume banking services via mobile devices. I do not think that private banking can avoid these kinds of considerations.\"<\/p>\n<p><br><strong>In terms of a business model, how should a private bank arm itself today in order to adapt to the new banking environment?<\/strong><\/p>\n<p><br>\"I think it\u2019s important to define a business model that stands out from the competition and to remain true to it, so that your clients know exactly why they\u2019re choosing you and not another bank, and to do so consistently, rigorously and with determination. Beyond this, the new situation pushes us to think outside of the box and to demonstrate agility. \"<br><\/p>\n<p><\/p>","slug":"sphere-interview-with-nicolas-gonet","slugs":{"fr":"sphere-interview-nicolas-gonet","de":"sphere-interview-with-nicolas-gonet","es":"sphere-interview-with-nicolas-gonet","pt":"sphere-interview-with-nicolas-gonet"},"tags":[{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"28\/07\/2017"},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-5-3-18-51-10-103-YtsxTXa84SyDadOoo2z6.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>In the spring, the Gonet Group published its results for the first time, clearly highlighting the strong growth recorded over the course of these past ten years and the substantive work carried out to achieve it. Nicolas Gonet, its CEO, discusses the key points.<\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-10-13-32-17-cnZ2J96AgjTtlLqgN0BL.pdf","title":null,"alt":null,"caption":null,"link":null}]},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""}},"collection_type":"news"},{"id":104,"title":"LE TEMPS: BANQUIERS HISTORIQUES GENEVOIS","content":"<p>C\u2019est sur les flots du lac Le\u0301man que la banque Gonet a pris naissance. L\u2019e\u0301tablissement genevois trouve son origine dans une banque cre\u0301e\u0301e a\u0300 Nyon en 1842, pour financer le commerce de l\u2019arrie\u0300re-arrie\u0300re-arrie\u0300re grand-pe\u0300re du dirigeant actuel de Gonet, Nicolas. Faute d\u2019avoir pu reprendre L\u2019\u00e9tablissement familial, des repre\u0301sentants de la quatrie\u0300me ge\u0301ne\u0301ration se sont associe\u0301s dans une autre banque, a\u0300 Gene\u0300ve, qui finira par porter leur nom.<\/p>\n<p><br>Dans la premie\u0300re moitie\u0301 du XIXe sie\u0300cle, Louis Abraham Gonet dirige un commerce transfrontalier de pierres de construction. Etablie a\u0300 Nyon, son entreprise utilise une flotte de barques a\u0300 voiles latines pour transporter des mate\u0301riaux entre la Haute-Savoie et Gene\u0300ve, ou\u0300 ils e\u0301taient utilise\u0301s pour la construction de ba\u0302timents.&nbsp;<\/p>\n<p><br>Comme il e\u0301tait tre\u0300s courant a\u0300 l\u2019e\u0301poque, l\u2019entreprise fournit aussi parfois des services de nature financie\u0300re. Par exemple du change ou du financement lorsque d\u2019autres commerc\u0327ants ou des contreparties en ont besoin. Le mode\u0300le d\u2019affaires e\u0301volue progressivement et en 1842, Louis Abraham Gonet pose donc les bases d\u2019un e\u0301tablissement bancaire, toujours a\u0300 Nyon.<\/p>\n<p><br><strong>Forte e\u0301volution des placements<\/strong><\/p>\n<p><br>La seconde moitie\u0301 du XIXe sie\u0300cle correspond a\u0300 une pe\u0301riode de forte modification des placements des riches familles genevoises. L\u2019essor de l\u2019industrie offre des opportunite\u0301s qui se\u0301duisent de plus en plus d\u2019investisseurs. En conse\u0301quence, les destinations des placements genevois se multiplient, e\u0301crit Olivier Perroux, dans&nbsp;<em>Les investissements genevois au XIXe sie\u0300cle: l\u2019apport des de\u0301clarations de successions (1846-1887)<\/em>.<\/p>\n<p><br>\u00abLes capitaux sont en nombre tellement important qu\u2019ils n\u2019he\u0301sitent pas a\u0300 traverser la terre entie\u0300re pour trouver un placement ade\u0301quat\u00bb, jusqu\u2019en Australie, pre\u0301cise l\u2019auteur, sur la base de 192 de\u0301clarations de successions de l\u2019e\u0301poque. L\u2019Angleterre et les Etats-Unis sont aussi tre\u0300s recherche\u0301s. L\u2019objectif de performance financie\u0300re joue un ro\u0302le central dans ces tendances, de me\u0302me que les re\u0301seaux cultive\u0301s par les anciens bourgeois de Gene\u0300ve. Par des relations familiales ou d\u2019affaires, ils disposent de canaux d\u2019information su\u0302rs, \u00abqui permettent de faire confiance a\u0300 une entreprise ou un gouvernement fort distants\u00bb, analyse Olivier Perroux.<\/p>\n<p><br>La Suisse disparai\u0302t comple\u0300tement des de\u0301clarations e\u0301tudie\u0301es dans les anne\u0301es d\u2019agitation politique a\u0300 Gene\u0300ve puis dans le pays, entre 1846 et 1852 (re\u0301volutions radicales, guerre du Sonderbund). Le pays retrouve ensuite un niveau moyen d\u2019environ 15% des transactions, mais demeure moins recherche\u0301 que la France sur cette pe\u0301riode.<\/p>\n<p><br>Cette dernie\u0300re perd du terrain, passant de 40% des placements dans les anne\u0301es 1840, a\u0300 15% en 1886. Malgre\u0301 le krach provoque\u0301 par la Re\u0301volution franc\u0327aise sur la place financie\u0300re genevoise, l\u2019Hexagone demeure longtemps un partenaire privile\u0301gie\u0301. Notamment parce que des e\u0301tablissements bancaires e\u0301taient pre\u0301sents a\u0300 la fois au bout du Le\u0301man et dans la capitale franc\u0327aise.<\/p>\n<p><br>L\u2019immobilier n\u2019est pas particulie\u0300rement appre\u0301cie\u0301 des Genevois durant la pe\u0301riode e\u0301tudie\u0301e. Cette classe d\u2019actifs repre\u0301sente 22% de la fortune moyenne des hommes, qui est investie a\u0300 62% dans des placements financiers. Chez les femmes, les ratios sont de 28% et 47% respectivement.<\/p>\n<p><br>Apre\u0300s la re\u0301volution radicale, les placements genevois s\u2019orientent davantage vers les nouvelles technologies de l\u2019e\u0301poque, au de\u0301triment des emprunts d\u2019Etat. Avec un dilemme pour les investisseurs: soit ils placent leurs capitaux dans l\u2019industrie du gaz et le chemin de fer a\u0300 l\u2019e\u0301tranger, ce qui est plus re\u0301mune\u0301rateur; \u00absoit ils financent des entreprises qui entrent sur de nouveaux marche\u0301s\u00bb, explique encore Olivier Perroux. La premie\u0300re option est largement conside\u0301re\u0301e comme plus prudente, sachant aussi que la taille de la Suisse limite les possibilite\u0301s de gains.<\/p>\n<p><br>Le percement du canal de Suez et les investissements dans la Compagnie du gaz parisien attirent ainsi d\u2019importants capitaux genevois, mais de la part d\u2019un petit nombre d\u2019investisseurs (18 et 19 respectivement). Apre\u0300s le canal de Suez et les emprunts publics russes, l\u2019Europe fournit les 18 investissements les plus appre\u0301cie\u0301s des Genevois du XIXe sie\u0300cle.&nbsp;<\/p>\n<p><br><strong>Prudence dans les temps agite\u0301s<\/strong><\/p>\n<p><br>A la fin du XIXe sie\u0300cle, Louis Abraham Gonet accueille dans la banque son fils Auguste-Edouard, qui devient associe\u0301 en 1892, puis grand patron en 1908. Dans l\u2019Europe agite\u0301e des anne\u0301es pre\u0301ce\u0301dant la Premie\u0300re Guerre mondiale, Auguste-Edouard adopte une politique tre\u0300s prudente, re\u0301partissant les risques sur des entreprises et des individus de la re\u0301gion qu\u2019il connai\u0302t personnellement \u2013 commerc\u0327ants, agriculteurs et viticulteurs notamment.<\/p>\n<p><br>En 1922, son fils Alfred rejoint a\u0300 son tour l\u2019e\u0301tablissement familial et l\u2019oriente vers la gestion de fortune. Son propre fils ne se destinant pas a\u0300 la carrie\u0300re bancaire, Alfred Gonet tente d\u2019y attirer ses neveux Pierre et Bernard. Mais le banquier de\u0301ce\u0300de avant que ceux-ci acquie\u0300rent l\u2019expe\u0301rience et les capitaux ne\u0301cessaires pour reprendre la banque. Elle sera vendue a\u0300 Credit Suisse en 1964. La ligne\u0301e historique des banquiers Gonet ne s\u2019e\u0301teint pas pour autant.<\/p>\n<p><br>En 1959, Bernard rejoint la banque genevoise Barrelet, Pidoux & Cie, fonde\u0301e en 1845 et qui occupe de\u0301ja\u0300 les locaux actuels de la banque Gonet, au boulevard du The\u0301a\u0302tre.<\/p>\n<p><br>Devenu associe\u0301 en 1968, Bernard est rejoint par son fre\u0300re Pierre, cadre chez Merrill Lynch, qui acce\u0300de lui aussi au rang d\u2019associe\u0301. Au gre\u0301 des retraits des autres dirigeants, la banque devient Pidoux, Gonet & Cie, puis Gonet & Cie. Bernard de\u0301ce\u0300de en 1980, Pierre de\u0301veloppe l\u2019e\u0301tablissement, notamment avec la cre\u0301ation d\u2019une entite\u0301 aux Bahamas. Son fils Nicolas le rejoint en 1997 et deviendra associe\u0301 en 2003, reprenant progressivement les re\u0302nes de l\u2019e\u0301tablissement. Gonet ge\u0301rait 4,4 milliards de francs d\u2019avoirs fin 2018, une anne\u0301e marque\u0301e par la fusion-absorption effectue\u0301e avec la petite banque prive\u0301e Mourgue d\u2019Algue.&nbsp;<\/p>\n<p><br>L\u2019amour de la voile de Louis Abraham s\u2019est transmis jusqu\u2019a\u0300 la 5e ge\u0301ne\u0301ration de banquiers Gonet. Au de\u0301but des anne\u0301es 2000, Nicolas est devenu proprie\u0301taire d\u2019un multicoque D35, qui gagnera le Bol d\u2019or en 2006, puis plus re\u0301cemment d\u2019un monocoque a\u0300 foils. Sans les pierres que transportait son ai\u0308eul.<\/p>\n<p><\/p>\n<p><br><\/p>","slug":"le-temps-banquiers-historiques-genevois","slugs":{"fr":"le-temps-banquiers-historiques-genevois","de":"le-temps-banquiers-historiques-genevois","es":"le-temps-banquiers-historiques-genevois","pt":"le-temps-banquiers-historiques-genevois"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":8,"name":"In the media","slug":"in-the-media","order":4,"type":null}],"model_type":"page","fields":{"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"date":{"id":1,"name":"date","label":"Date","value":"05\/08\/2019"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-17-51-16-751-35DaWAAF4payESVK1gXa.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>C\u2019est sur les flots du lac Le\u0301man que la banque Gonet a pris naissance. L\u2019e\u0301tablissement genevois trouve son origine dans une banque cre\u0301e\u0301e a\u0300 Nyon en 1842, pour financer le commerce de l\u2019arrie\u0300re-arrie\u0300re-arrie\u0300re grand-pe\u0300re du dirigeant actuel de Gonet, Nicolas. Faute d\u2019avoir pu reprendre L\u2019\u00e9tablissement familial, des repre\u0301sentants de la quatrie\u0300me ge\u0301ne\u0301ration se sont associe\u0301s dans une autre banque, a\u0300 Gene\u0300ve, qui finira par porter leur nom.<\/p>"},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-10-1-39-337-GGja1S3Hj6PFLfn80JSh.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":105,"title":"THE GONET MONOFOIL ENJOYS SPECTACULAR SEASON","content":"<p><strong>The impressive flying monohull created by Eric Monnin achieved a number of significant goals in\n2018, proving the accuracy of the concept, and leaving plenty of room for further development.<\/strong><br><\/p>\n<p><br>Swiss sailor, Eric Monnin\u2019s gamble has paid off. The Gonet Monofoil, an innovative new foiling monohull,\ndesigned alongside Damien Weiss and Simon Bovay has enjoyed an impressive first season. And there is\nplenty of room for further development...\n<\/p>\n<p><br>\u201cThe most positive take away from the season is that we have managed to validate our foiling monohull\nconcept,\u201d explained Monnin. \u201cFrom day one, we were able to sail consistently at high speed. \u201cWhen\nconditions allow, the Monofoil is the fastest monohull on Lake Geneva. It is also a solid boat that goes well\nin strong conditions.\u201d\n<\/p>\n<p><br>Launched in spring 2018, the Gonet Monofoil did not notch up any victories or records in its first season due\nto it being a light air year for the Lake Geneva classics. The foiling boat needs a bit more breeze to perform\nto its full potential. Two Ruban Violet (Lake Geneva record, run on the Bol d\u2019Or course) attempts were aborted\ndue to unfavourable weather conditions, but both outings proved to the team that the boat has ample potential\nto smash the record. The Ruban Violet has stood at 7h32m10s since 2007, set by the Psaros 40, Tilt.\n<\/p>\n<p><br>\u201cThanks to our experience this season, we estimate that we should be able to knock a good hour off the\nrecord. The simulations are even more optimistic; however, the simulator runs calculations based on ideal\nconditions,\u201d said Monnin. With a wealth of information gleaned from their first season, Monnin and his\nteammates plan to further lighten the boat this winter and to increase the size of the foils by 20%. Next year,\nthe Gonet Monofoil team will race the Lake Geneva classics again, will attempt to break the Ruban Violet\nrecord and will compete in the Lake Garda Centomiglia, a 100-mile race. Predating the wave of flying\nmonohulls promoted by the next America\u2019s Cup, the Gonet Monofoil is at the very leading edge of cutting-\nedge technology.\n<\/p>\n<p><br>The project is supported by Gonet & Cie SA, present in Switzerland (Geneva and Lausanne) and in The\nBahamas (Nassau).\n<\/p>\n<p><strong><br><\/strong><\/p>\n<p><strong>Gonet Group in brief\n<\/strong><\/p>\n<p><br>Gonet Group is present in Switzerland (Geneva and Lausanne) and in The Bahamas (Nassau). Founded in\n1845, it has always been involved in wealth management for Swiss and international private clients. It also\nincludes Gonet Conseils Finances SA, a company specializing in pension planning, insurance, mortgage\nfinancing and fiduciary services, as well as the funds distribution company Gonet La Franc\u0327aise Advisors SA.\n<\/p>\n<p><br>Gonet & Cie SA is a member of the Association of Swiss Private Banks (ABPS) and the Swiss Bankers\nAssociation (SBA).\n<\/p>\n<p><br><\/p>","slug":"the-gonet-monofoil-enjoys-spectacular-season","slugs":{"fr":"tres-belle-saison-inaugurale-pour-le-monofoil-gonet","de":"the-gonet-monofoil-enjoys-spectacular-season","es":"the-gonet-monofoil-enjoys-spectacular-season","pt":"the-gonet-monofoil-enjoys-spectacular-season"},"tags":[{"id":3,"name":"Releases","slug":"releases","order":3,"type":null},{"id":9,"name":"Sponsoring","slug":"sponsoring","order":5,"type":null}],"model_type":"page","fields":{"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"date":{"id":1,"name":"date","label":"Date","value":"11\/12\/2018"},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-17-55-50-135-OhtXEJKwR4VpIeyWcg15.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>The impressive flying monohull created by Eric Monnin achieved a number of significant goals in 2018, proving the accuracy of the concept, and leaving plenty of room for further development.<\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-10-2-34-123-0c7IfP1W0iINgh0mNcEh.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"},{"id":115,"title":"GONET LEGAL STRUCTURE","content":"<p><strong>Gonet, private bankers, announced that it is changing its legal structure from a limited partnership to a public limited company, effective pending approval from the regulatory authorities. Intended to usher in a new phase in the group\u2019s development, this decision was also incited by a wider pattern of great change in the wealth management industry in Switzerland and around the globe. <\/strong><\/p>\n<p><br>A new umbrella legal structure, Gonet S.A., has been established and it will cover the business divisions in Switzerland and abroad. Its consolidated annual financial statements will be published for the first time in 2017 (for fiscal year 2016). Gonet&Cie, the current banking entity active in Switzerland, will become Gonet&Cie S.A. <\/p>\n<p><br>In recent years, wealth management has been trending towards types of structures expected by third parties. This is due to the combined effect of new regulations and changes in the banking environment. <\/p>\n<p><br>Nicolas Gonet, Gonet&Cie Partner and CEO of the future entity explained: <em>\u201cMajor changes have been occurring in this new era of wealth management, including in terms of transparency. That is why we are confidently moving forward with this decision, positioning ourselves in this rapidly changing environment.\u201d <\/em><\/p>\n<p><br>The new entity will have significant equity \u2013 twice the regulatory requirements - and will be held by the Gonet family and an entity in which certain senior executives will have carried interest. The independent and entrepreneurial spirit as well as the long-term vision will continue to guide and set apart Gonet\u2019s core values, while serving as the basis for the steady growth that the company has achieved in the past several years. <\/p>\n<p><br>This change in legal structure will not have any impact whatsoever on the services provided, on Gonet\u2019s organisation and management or on its personnel in a spirit of unbroken continuity of service for its clients. The Bank thus reaffirms its intention to continue focusing primarily on wealth management. <\/p>\n<p><br>The boards of directors of Gonet S.A. and Gonet&Cie S.A shall be made up of professionals recognised in their fields of expertise and top banking and finance specialists. These board members include Edgar Brandt, chairman and founder of Edgar Brandt Advisory S.A., who will chair the boards, Jean-Blaise Eckert, partner at the Lenz&Staehlin international law firm and Henric Immink, Group General Counsel for the EFG banking group from 2011 to 2015, who will join the boards on 1 July. Nicolas Gonet added: <em>\u201cWe are delighted that we will be able to benefit from the vast experience that they bring to our boards of directors, which will make an invaluable contribution to the group\u2019s governance and future growth.\u201d <\/em><\/p>\n<p><br>This announced change should be effective by the end of the first half, pending approval from the regulatory authorities (FINMA). <br><\/p>\n<p><br><\/p>","slug":"gonet-legal-structure","slugs":{"fr":"gonet-devient-une-sa","de":"gonet-legal-structure","es":"gonet-legal-structure","pt":"gonet-legal-structure"},"tags":[{"id":1,"name":"Corporate","slug":"corporate","order":1,"type":null},{"id":3,"name":"Releases","slug":"releases","order":3,"type":null}],"model_type":"page","fields":{"date":{"id":1,"name":"date","label":"Date","value":"03\/02\/2016"},"video_link":{"id":134,"name":"video_link","label":"Video Link","value":""},"show_on_home":{"id":4,"name":"show_on_home","label":"Show On Home","value":""},"gallery":{"id":32,"name":"gallery","label":"Gallery","value":null},"seo_title":{"id":64,"name":"seo_title","label":"seo_title","value":""},"seo_description":{"id":65,"name":"seo_description","label":"seo_description","value":""},"image":{"id":2,"name":"image","label":"Image","value":[{"url":"\/uploads\/2021-4-27-18-24-45-206-EkRfEI2JgipZmhWbsIeG.jpg","title":null,"alt":null,"caption":null,"link":null},{"title":null,"alt":null,"caption":null,"link":null,"url":"\/uploads\/2021-3-23-15-31-39-633-qvxk8nRwx7vpbCJBMvsq.jpg"}]},"video_cover":{"id":135,"name":"video_cover","label":"Video Cover","value":null},"preview_text":{"id":5,"name":"preview_text","label":"Preview text","value":"<p>Gonet, private bankers, announced that it is changing its legal structure from a limited partnership to a public limited company, effective pending approval from the regulatory authorities. Intended to usher in a new phase in the group\u2019s development, this decision was also incited by a wider pattern of great change in the wealth management industry in Switzerland and around the globe.<\/p>"},"pdf":{"id":3,"name":"pdf","label":"Pdf","value":[{"url":"\/uploads\/2021-4-27-10-20-39-534-fJGa2GbJG1Qy4fAVJMQ3.pdf","title":null,"alt":null,"caption":null,"link":null}]},"video_date":{"id":136,"name":"video_date","label":"Video Date","value":""},"video_title":{"id":137,"name":"video_title","label":"Video Title","value":""},"external_news_link":{"id":168,"name":"external_news_link","label":"External News Link","value":""},"seo_image":{"id":166,"name":"seo_image","label":"Seo Image","value":null}},"collection_type":"news"}]