The Team in the Spotlight Page 4 2 News Surplus 4/2010

bank zweiplus client magazine | 4/2010 | No. 7

Multimanager-Strategies: New ambition Page 2

Economic outlook: Engines are sputtering Page 6

Education: First career move Page 8

The team in the spotlight Page 4 2 News surplus 4/2010

Editorial Renowned specialists engaged in a uni que performance competition bank zweiplus Multimanager-Strategies offer three new portfolio providers

bank zweiplus’s multimanager concept is unique. The strategies ensure the advantages of high-class asset management even for modest investment amounts. The concept now offers a selection of six renowned investment experts (so-called portfolio provider). And there is no comparable product on the Swiss market.

The utmost transparency, unlimited flex- investment experts. Hence, clients have ibility and efficient performance moni- the opportunity to make the best deci- toring – these are the characteristics of sion at all times and adapt the focus of bank zweiplus Multimanager-Strategies the investment strategy precisely to the and thus the asset management of the prevailing market conditions, or changes Dear Clients future. Multimanager-Strategies not only in personal financial situation. offer clients high-class asset manage- What do ice hockey and banking have ment already starting from a one-time With bank zweiplus Multimanager-Strat– in common? Ice hockey is fast-paced, investment amount of CHF 10 000 or egies, portfolio providers face off in passionate, and tough. Banking from CHF 100 per month with a savings direct competition. There is no other is serious, objective and durable. plan, but also provide numerous decisive model on the market in Switzerland that advantages. In fact, the concept enables enables clients to compare the perfor But that’s not all they share. In both wealth accumulation for any invest- mances of highly regarded Swiss port realms of ice hockey and banking, it’s ment need, with the freedom to choose folio providers in such a transparent not just the short-term highlights that the strategy and select the portfolio way as bank zweiplus Multimanager- count, but rather success over time. provider. Clients can swiftly and simply Strategies. Indeed, outstanding performances are change the strategy as well as portfolio only possible through systematically provider at any time, without having to Expanding the number of laying the right groundwork – in the switch their private banking relation- portfolio providers field of ice hockey, just as in the world ship. bank zweiplus, as asset manager Now, bank zweiplus has expanded the of banking. Hence, bank zweiplus and custodian bank, ensures that the number of renowned and trustworthy is sponsoring the ZSC Lions, one of defined investment guidelines are com- investment partners that are ready to Switzerland’s leading ice hockey plied with and implements the invest- enter the transparent performance organizations, from promising young ment recommendations of the special- competition. Clients currently have talent to seasoned professionals. And ists on a monthly basis. At the same the freedom to choose from among six this corresponds to our own time, the Bank acts as contact person portfolio providers, including the three self-concept as well. for the clients for any questions revolv- already active specialists Lombard ing around the multimanager concept. Odier Asset Management, Rieter Fischer What’s in store for the ZSC Lions this Partners and Solitaire Wealth Manage- season? Read an interview with CEO More transparent performance Peter Zahner and Captain Mathias comparison Seger on pages 4 and 5 – we hope you Thanks to identical investment guide- enjoy this issue of “surplus”! lines and fees, clients can compare the performance of their professionally managed strategy with those of other Sincerely portfolio providers at any given time. The performances of the individual investment strategies are reported on the Internet in a transparent format Markus Hadschieff on a monthly basis. With this transpar- Head of Direct Clients ency, bank zweiplus offers its clients an bank zweiplus ltd effective, thorough comparison of performances among several professional surplus 4/2010 News 3

Renowned specialists engaged in a uni que performance competition Interest rates bank zweiplus Multimanager-Strategies offer three new portfolio providers as of 30 September 2010 Paying Private account CHF 0.25 % Private account EUR 0.75 % ment, in addition to the newcomers ty for any risk appetite. In the course of Current account CHF 0.125 % Schroder Investment Management AG, advisory consultations, bank zweiplus Current account EUR 0.25 % Bank Sarasin & Co. Ltd and Falcon determines the target-oriented invest- Private Bank Ltd. The portfolio provid- ment strategy together with the client,

ers, which are subject to systematic re- on the basis of investment goals and Saving (+1% interest bonus*) view by bank zweiplus and specifically desires. Thanks to identical investment Investment savings account CHF 0.50 % integrated into the range of selected in- guidelines for all investment specialists, Youth savings account CHF 0.65 % vestment specialists, exclusively com- clients are able to simply compare and, Student savings account CHF 0.65 % prise successful asset managers with a according to risk profile, easily identify Senior citizen’s savings account CHF 0.65 % proven track record. which portfolio provider is best suited for them.

Simple selection process thanks to Investing identical investment guidelines You can find further information Europarco EUR 1.00 % Wealth accumulation with Multiman- regarding Multimanager-Strategies as ager-Strategies is based on the three well as webcasts featuring individual

risk-return profiles “Conservative,” “Bal- portfolio providers at: Financing anced” and “Growth,” providing an indi- Variable-rate mortgage CHF 2.50 % vidually tailored investment opportuni- www.bankzweiplus.ch/multimanagers Fixed-rate mortgage 3 years CHF 1.42 % Fixed-rate mortgage 5 years CHF 1.83 % Fixed-rate mortgage 10 years CHF 2.57 % LIBOR mortgage 3 months CHF 0.9483 %

Now +1% interest bonus*

* The offer is valid from 1 July to 31 December 2010 for all savings accounts up to a maximum of CHF 100 000 for existing as well as new clients who already hold or open a new savings account. 4 Trends surplus 4/2010

“The team in the spotlight” bank zweiplus sponsors ZSC Lions

From fostering young, up-and-coming talent to promoting professional ice hockey: bank zweiplus is committed to sponsoring the «National League A» team ZSC Lions. Following is an interview with team Captain Mathias Seger and CEO Peter Zahner addressing the pressure, ambition and leadership qualities, as well as the parallels that exist between banking and ice hockey.

ZSC is a brand and a sports club like no other. The ZSC eager to take responsibly and help the team – that’s my Lions are always expected to achieve top rankings, motivation. For me, the team will always be in the spot- even more so in terms of winning the championship light. Indeed, sometimes you have to set aside your title. Is that also the case this year, Mathias Seger? own ego in order to play a role that supports the team. Expectations in Zurich are always very high. What Players who play with egotistical motives in order to tends to be forgotten sometimes is that every team simply show off seldom succeed in achieving a long- wants to be champions too. term career at the top professional level.

Will the ZSC Lions become champions this season? Sometimes you have to set aside We have a team that functions smoothly and has been well-assembled. It’s a well-balanced team with the your own ego in order to play a role right mix between young and old, offensive and de- that supports the team. fensive players. Anything is possible when we play together in harmony. Within the realm of sustainable success, there are Even the championship title? Even the championship also parallels between banking and ice hockey: A title! bank as well as a major ice hockey team must be successful over time and not just occasionally. Against Where does the greatest pressure come from…the the backdrop of this connection between banking fans? the media? the sponsors? Or perhaps from and ice hockey, bank zweiplus is now sponsoring within the club? There is certainly some external the ZSC Lions and continuing to support its young, pressure, but the players just have to know how to deal up-and-coming talent as well. Without sponsors, we with it. The important thing is that the positive pres- would have not been able to play our sport at this level, sure, the drive and determination, come from within. Of of which I am fully aware. Sports such as ice hockey course, our fans want us to be champions, but so do the need ideal sponsors that are able to make long-term players. We strive for personal improvement – that’s our commitments, even in our fast-paced environment. As motivation. players, we know that money doesn’t come from some random source. And we are also aware that we embody Some individuals in a team sport tend to “hide” par- our sponsors while playing on the ice. ticularly when things aren’t going so well. You are the ZSC Lions captain and also recently captain of the Swiss national team during the world champion- Mathias Seger (33), captain and ships. As captain, you can never really hide, can you? defender, has been playing for the No, I can never hide, and I have no intension of doing ZSC Lions since 1999. He was Swiss so. In team sports, there is always a risk of hiding when champion in 2000, 2001 and 2008, things don’t go so smoothly. But as a matter of princi- and with his Zurich teammates he ple, a player should never hide. Particularly those play- won championships at the interna- ers who take responsibility when things aren’t going tional level such as the Champions so well show that they have class. I have always been Hockey League and Victoria Cup in 2009, as well as the IIHF Continental Cup in 2000 and 2002. Trends 5

Contest vs.

You can win 20 x 2 ZSC tickets

On Saturday, 27 November 2010 at 19:45, two ticket winners will enjoy an attractive, lively evening of ice hockey as well as an electrified atmosphere at the Hallenstadion in Zurich, when the ZSC Lions face off against the EV ZUG. Visit us up until Sunday, 21 November 2010 on our website at:

www.bankzweiplus.ch/contest

“We should do everything possible to influence what we can in a goal-oriented way.”

bank zweiplus is acting as sponsor of the ZSC Lions Nevertheless, a clear strategy and serious game plan starting this season. Why are ice hockey and bank- are eminently important. We cannot calculate all the ing compatible; what do they have in common, Peter factors, but we should do everything possible to influ- Zahner? At first glance, there are few similarities. In ence what we can in a goal-oriented way. the banking business discretion plays a very significant role, while in the sport of ice hockey we stand fully in Are there differences between managing a finan- the spotlight. Everyone believes he/she has something cial institution and coaching a sports club? No, not to say on the ice hockey field and in sports in general. in terms of the business skills. The top ice hockey clubs But in banking, you need to have an extensive educa- in Switzerland have long-since become respectable tion. The similarity is that in the world of banking as small- and medium-sized enterprises. In the field of well as realm of ice hockey, we all face tough competi- sports, planning for success is more difficult, and there tion. But in ice hockey, we deal with this at the physi- are more unpredictable factors too. Furthermore, ice cal level. In the wake of three 20-minute periods, we hockey is regarded as a regulated market. For instance, receive an interim report. we have a rule regarding foreigners, which permits us to employ just four foreign players. So we cannot simply ZSC Lions: Facts and ﬁgures field eight foreign players at our own discretion. In light Founding Club: 1930, Ltd: 1997 of these – self-imposed – regulations, the maneuvering Number of team members 16 room is limited. There’s another factor that should not CEO Peter Zahner be underrated: In light of the high public profile and Chairman of Board of Directors Walter Frey emotionality as well as the related media interest that Sports director Edgar Salis ice hockey draws, there are often many people who de- First team coach Colin Muller mand that we abandon our originally chosen strategy First team captain Mathias Seger – even amid success, or failure. A sports club must make Stadium Hallenstadion Zurich decisions very precipitously, perhaps even more so Spectator capacity 10 700 seats than financial institutions. At the same time, however, Swiss championship 1936, 1949, 1961, 2000, 2001, 2008 we cannot allow ourselves to be provoked by momen- Additional sporting achievements Cup winner: 1960, 1961 tary external pressure. Continental Cup winner: 2001, 2002 Champions Hockey League winner: 2009 Victoria Cup winner: 2009 You can find further information about Website www.zsclions.ch the ZSC Lions at:

www.bankzweiplus.ch/zsclions Those who succeed in banking and in ice hockey are able to turn in outstanding performances over time. In the banking business, such performances depend Peter Zahner (49) has been CEO of on strategy and planning. And in the sport of ice ZSC Lions since 2008. He previously hockey? With the playoff system, it is theoretically pos- held the position of Director of the sible to have played a brilliant season up to the very end Swiss Ice Hockey Association. A se- – then be eliminated – and subsequently lose everything vere knee injury prematurely ended the team worked for the entire year. But the opposite is his career as a hockey player. For the also possible: A team could play 50 matches, just “skat- subsequent 25 years, he has worked ing around,” and then even win the Swiss championship. as a coach at various levels. 6 Trends surplus 4/2010

Forecasts Priority on capital preservation

Macro-economy Stocks face cyclical headwinds Global economic growth should undergo a considerable slowdown in the coming Concerns surrounding global quarters. Hence, terms like “double dip” and “deflation” will likely be the main topics growth are mounting of discussion on the financial markets. We are directing the focus of our strategy on preserving capital and prefer cash and secure bonds. + Global economic growth should undergo a severe slowdown in The global economic cycle timates in the coming 2010. Worries over deflation will has traversed its interim months. Since the down- intensify because weak capacity high point. Despite the side risks for stocks are utilization is dampening prices. robust economic data re- noticeably greater than + A “double-dip” recession is unlikely, leased up to now, the lead- the upside potential un- but cannot be ruled out. ing indicators are point- til the end of 2010, we + Central banks will continue to ing to a severe cooldown are taking defensive po- pursue their expansionary in growth that could fuel sitions in our regional monetary policy, with benchmark fears of recession and de- as well as sector strate- interest rates remaining flation toward year-end. A Philipp Bärtschi gy. Notwithstanding the unchanged in 2010/2011. self-sustained economic Chief Strategist at Bank more significant risks of Sarasin & Co. Ltd + Even China will face a cooldown upswing in the USA will recession, the market en- in growth, but could first undergo require stabilization of employment lev- vironment speaks in favor of US stocks, a soft landing. els, lending activity and house prices. which are often in demand amid times The US economy is unlikely to reaccel- of uncertainty. In Europe, we expect to erate until 2011, when the excesses of see a renewed flare-up of the euro cri- Equity markets the credit bubble have been digested. sis in the fourth quarter of 2010 and China may succeed in achieving a “soft are therefore counting on the defen- Stocks harbor significant landing” already somewhat sooner, but sive markets of Switzerland and the UK. potential for setbacks the country’s economy will also be un- The emerging markets will be unable to dergoing a slowdown phase until year- evade the effects of a negative trend + Earnings estimates are overly end. The economic cooldown in Europe on the global equity markets unscathed, optimistic and will likely be will probably commence sometime later, despite the very positive fundamen- revised downward considerably. but then extend even longer into 2011 tal data. Defensive stocks with high + In light of the noticeable as a result. dividend yields should turn in the best uncertainty, risk premiums should performances amid rising risk aversion. increase. The anticipated slowdown in economic We favor the relatively stable consumer + We are underweighting Eurozone growth will lead to substantial down- goods, healthcare and telecommunica- stocks and favor the defensive ward revisions in future earnings es- tions sectors. equity markets in Switzerland and the UK. + US stocks are not cheap, but the equity market is reaping rewards from a defensive bias. + Japanese stocks are strongly dependent on the currency, so we Asset classes remain cautious. Substantially underweight equity allocation + We have a neutral stance on emerging-market equities, Money market Overweight which are robust and attractively Bonds Neutral valued, but still risky. Underweight + We are focusing on defensive Alternatives sectors with steady growth, high Source: Bank Sarasin cash flows and dividends. Equities surplus 4/2010 About us 7

Quality becomes a strategic success factor Further expansion of quality management

Providing clients with noticeable and tangible quality its organizational structure step-by-step, while ex- – in the areas of services, advisory and management: panding its quality management activities. With qual- That is the persistent goal of bank zweiplus. In this re- ity management, which emanates from the Banking gard, the term “services” should precisely correspond Services division led by Fabian Zeier since 1 July 2010, to its origin: The early sense of the verb (mid-19th we ensure that our services are subject to constant century) was “be of service to, provide with a service.” monitoring and continuous optimization. Against this backdrop, bank zweiplus has adjusted

Employee in the spotlight

Fabian Zeier (38) has assumed the position as Head of the Banking Services division at bank zweiplus since 1 July 2010. In the past ten years, he worked in various management positions at Falcon Private Bank, recently as Chief Operating Officer (COO) Asia Pacific and Dep- uty Head of the Hong Kong branch office. In his new function at bank zweiplus, the experienced banker and project manager is responsible at the executive level for the operational execution of the range of banking services as well as operation and further development of IT systems. Fabian Zeier is leading the Bank into the realm of future technology, organizing the processes in a streamlined and efficient way, and ensuring quality management. There is still room for optimization; the Fabian Zeier potential has been determined and steps initiated. One Head of Banking Services of the greatest challenges in the future world of banking stems from the fact that each and every client and partner has different needs. Individual demands and, The focal points of our orientation at the same time, the entitlement to individuality in toward quality are client focus and advisory and support services are increasing, while a certain degree of standardization is inevitable. customer satisfaction. Fabian Zeier

Important information Credits

This publication released by bank zweiplus ltd (hereinafter referred to as “bzp”) has been compiled with publicly ac- Issue 4/2010 Published in German, French and Eng- cessible information and data (hereinafter referred to as “information”) that are deemed to be reliable. Nevertheless, lish Publisher bank zweiplus ltd, CH-8048 Zurich, bzp assumes no representation or warranty, express or implied, as to the accuracy or completeness of the informa- www.bankzweiplus.ch Publishing and editorial bank tion. Any errors in this information constitute no basis for direct or indirect liability on the part of bzp. In particular, zweiplus ltd, P.O. Box, Bändliweg 20, CH-8048 Zurich, bzp assumes no responsibility for any changes in the opinions expressed herein, plans or details about products, [email protected] Editor-in-chief Michaela Alt, the relevant strategies and the economic environment, as well as market, competitive or regulatory conditions, etc. [email protected] Project management Although bzp has done everything within its power to create a reliable publication, we cannot rule out that it may Silvan Franchetto Editorial staff Reto Bruseghini contain errors or is incomplete. Neither the Bank, nor its shareholders or employees, assumes any responsibility (Bruseghini Public Relations), Silvan Franchetto, Dr. regarding the relevance of the opinions, assessments and conclusions conveyed herein. Despite the release of this Jan Amrit Poser (Bank Sarasin & Co. Ltd), Markus Had- publication in connection with an existing contractual relationship, any liability on the part of bzp is limited to gross schieff Layout, art direction metaphor, CH-8003 Zu- negligence or willful intent only. Furthermore, bzp accepts no liability for any immaterial inaccuracies. In such case, rich, www.metaphor.ch Production PrintManagement any liability on the part of bzp is limited to an amount that would normally be expected. bzp explicitly accepts no Schweiz AG, CH-8004 Zurich Subscriptions surplus@ liability for indirect damages. This publication does not constitute a solicitation or an invitation to make an offer to bankzweiplus.ch buy or sell any securities or other specific products. We recommend that you obtain detailed information regarding the respective product prior to making an investment. 8 About us surplus 4/2010

Fostering young talent

Since it was founded, bank zweiplus has invested in the education of its own promising, up-and-coming staff. For instance, two more young vocational trainees kicked off their careers at the beginning of August with considerable commitment and motivation.

Particularly as a young Bank, we take our social responsibility for young people sincerely, offering young talent future prospects with apprenticeships. Hence, this increases the opportunity for vocational trainees to be independent and self-reliant later in life as well as paves the way for their personal development – and ultimately integrate themselves into society and the workforce.

In order to succeed in this first step, experienced specialists from all fields of business provide support to the trainees in their multifaceted basic-training pro- grams. They attend external sector-related courses at From left: Bettina Wachter, Roger Bisig, Maya Aeppli and Newil Bleiker in training at bank zweiplus, with Martina Rombach (Head of Human Resources). Rahn & Bodmer Bank, which imparts the banking the- . ory. The practical experience is further supplemented throughout the entire basic-training process by voca- sight into areas ranging from logistics, to settlement tional school courses, where the trainees acquire their and extending to IT and client services. fundamental business knowledge. A commercial apprenticeship at bank zweiplus guaran- During the entire training period at bank zweiplus, the tees a wealth of relevant practical experience as well trainees receive a well-rounded education and gain in- as attainment of all the requisite skills for a future professional career – all in the context of “fostering Contest young talent.”

You can win 20 x 2 ZSC tattoos Special offer ZSC tattoos from the latest ZSC campaign are not available for sale, but you can win them via Special discount tickets for bank zweiplus. Send an e-mail with the key word (in February 2011) “ZSC tattoo” to [email protected] by Sunday, 21 November 2010 and you can auto– Experience a fascinating fusion of live music and matically participate in our contest. Winners will ice dancing from the world’s best figure skaters, ac- receive these popular tattoos by mail. companied by an extravagant laser show, which are sure to melt the ice. As a “surplus” reader, you can attend this unique extravaganza in either Zurich or Lausanne with a CHF 10 ticket discount. This special offer is limited to 2 000 tickets only. Instruc- tions: Simply fill out the enclosed reply card and send it in the envelope via mail or fax – and you too will be enchanted by Art on Ice.

Tip: Is the reply card missing? Then you can print it out through the online issue of “surplus” via our website at: www.bankzweiplus.ch/art-on-ice