ANNUAL REPORT 2017 :18 Ethics & Professionalism for the Finanzplatz swiss.cfa 2

CFA Switzerland aims to be the leader in fostering the highest standards of knowledge, professionalism, and integrity in the investment management business in Switzerland.

It represents more than 3’100 Members to promote the values represented by the CFA® designation, provide continuing education, support CFA candidates, and strengthen the network between Members. SPONSORSHIP 3

CFA Switzerland proudly acknowledges sponsorship from the following partners. They give us the means to do what we do. Please consider them, we are happy to make introductions.

CONFERENCE SPONSORS: SPONSORING PARTNERS:

KNOWLEDGE PARTNERS: 4 TABLE OF CONTENTS

The Annual Report has three parts – the Activity Report, the Society Financials and the Ballot Materials.

ACTIVITY REPORT The Big Picture 5 Message from the President 6 Membership 8 Highlights 9 Board of Directors 10 Advocacy 12 Society Volunteers Hall of Fame 13 153 Volunteers 14 Public Awareness & Communication 16 Conferences 18 Continuing Education 19 University Relations 20 Social Events 21 Society Outlook 22

SOCIETY FINANCIALS Treasurer’s Report 23 Auditor’s Report 28 Investment Report 29

BALLOT MATERIALS Notice of Annual General Meeting 30 Ballot Form 32

ACTIVITY REPORT 5 THE BIG PICTURE

CFA Switzerland is the alumni organisation of CFA Institute in Switzerland, representing everything that CFA stands for in the Swiss market.

CFA Institute rests on three pillars: the Board of Governors, manage­ CFA Societies Society Members ment and member societies. Societies keep their autonomous struc­ by Members: 5 1 New York 10,710 tures even after the merger in 1990 of its precursor institutions into exclusive of Society 6 what is now known as CFA Institute. specific membership 2 UK 10,166 categories, such as 3 Toronto 9,959 8 It is important to know that CFA Switzerland – like all 151 local socie­ Candidate Members, 4 Hong Kong 6,757 9 ties – is a separate entity of CFA Institute, which shares visions with table values 5 Boston 5,788 CFA Institute, while at the same time ensuring that there is true as of 1 July 2018 10 local content & flavour. CFA Institute now has over 160’000 Members 6 Chicago 4,577 12 and cannot reach its vision and missions without the support of local 7 San Franciso 3,487 societies. 13 8 Singapore 3,429 14 Societies and CFA Institute have principles that are common to both. 9 Switzerland 3,073 For instance, CFA Institute and CFA Switzerland share a primary obli­ 10 Montreal 2,696 16 gation to serve the lifelong professional needs of our collective mem­ 18 bership by delivering products and services of the highest quality and communicating directly with our respective Members. Further, 19 CFA Institute and CFA Switzerland strive collectively and individually Global Pioneers: Society Year 20 to maintain and advance the standards of ethics and professional First three Societies 1 Bermuda 1989 conduct in the investment community globally, regionally and locally admitted­ to CFA Institute 21 in Switzerland. outside of Americas 2 Hong Kong 1994 22 by year of admission 3 Switzerland 1997 At the same time, it is important not to forget the differences. Primarily, CFA Institute is global and is responsible for the CFA® programme as well as other certifications and credentials (e.g. CIPM and CFA Insti­ tute Investment Foundations). CFA Switzerland on the other hand fo­ 23 cuses on the local market, local Members and educational products 28 and services that place the emphasis on local issues, regulations and needs and provides local Members an opportunity to volunteer 29 to develop their skills further and to network.

30 32 6 MESSAGE FROM THE PRESIDENT

Dear Members,

We are closing another successful year for CFA Society Switzerland. We continue to extend our reach with candidates, Members as well as the broader community while improving as a CFA organisation.

Let me share a couple of highlights. I would like to start with an amazing success story about the CFA Institute Global Investment Research Challenge. The Swiss team from the University of Lausanne won against over 140 CFA societies and more than 5,700 students from over 1,000 universities. For the first time ever, a Swiss team managed to win the regional finals and as well the global prize. Sam Wagner, Jonathan Pavillard, Natalia Grudina, Jeroen Zandbergen and Mark Temnikov from HEC Lausanne stood out in the Swiss local competition in February and were the selected team to represent Switzerland in the regional finals (already leaving 30 Swiss teams behind). The team was coached by Professor Norman Schürhoff, Peter Neumann CFA who has already successfully prepared other winning HEC Lausanne President teams to perform excellently in the Swiss local competition. In April the Swiss team managed to carry the regional finals in Dublin against 40 other teams. This already was a first for Switzerland. But the story continued … three weeks later, the Swiss team won the hearts of the jury not just with their brilliant analysis of VAT, but also thanks to their confident presentation and Q&A session. Obviously this deserved a celebration and we were able to clink glasses with the team and celebrate with well-wishers from CFA Institute, Credit Suisse, SFAMA and Swiss Finance Institute in Zurich in June. It is also a great success story as the Swiss edition of the Research Challenge has grown in size and number of participating teams over the past years. I want to say an enormous ‘thank you’ to Credit Suisse as sponsor and Olivier Müller CFA and his team of volunteers which has gradually grown over the past nine years to well over 50 CFA volunteers as graders, team mentors as well as judges / event coordinators.

Let me highlight another record – the Swiss Society has passed the 3000 Members mark. By year end, the Society had 3012 Regular (or Retired), 35 Affiliate and 76 Candidate Members for a total of 3123. And looking at a candidate base of more than 1500 candidates registered for CFA exams over the past years we need to set new stretch growth goals for us as Society. We also believe that our growth will bring significant benefits for all our members; it will enable us to provide a larger variety of value propositions that is much more tailored to individual needs and obviously a larger community and network to tap in as needed. 7

In line with this growth, we also made significant progress in strengthening and developing the organisation of the Society. We have added a staff member (Mirjana Wojtal) to coordinate execution of larger initiatives with excellence. Her structure, communication and project management skills were essential to make the Swiss Pension Conferences as well as the Generations Conference a success. While the Swiss Pensions Conference is well established with over 100 participants for each event in Zurich and Geneva, it was great to see the success of the Generations Conference with a wide representation of family offices. Clearly after the initial success we want to repeat these events in 2019.

At the CFA Institute level, we progressed further to move to ONE CFA community with CFA Institute operating and coordinating activities at the global level, while CFA Switzerland (with its 150 sister societies) creates Members value for members in the Swiss market. This broad strategic conversation between CFA Institute and its societies runs under the working title of Societies 2.0. At its core, it means that societies are the clearest route to members and local investment communities while all societies leverage shared infrastructure and relationships, enhanced resourcing and appropriate governance across CFA Institute globally and local CFA societies. The closer collaboration also helped to put the society on a more solid financial funding structure by confirming financial support from the CFA institute. This will ensure we can continue building new value propositions while at the same time remaining financially break-even as per our status as non-profit organisation. In the fiscal year just ended, our Society managed to deliver a small profit again to accrue to reserves, something that is really appreciated by all of our Members.

Last but not least. I want to use as well the opportunity to once again thank our Society and Institute volunteers. They are the backbone of the Society day-in and day-out, thanks to their initiative, energy, passion and invaluable time commitments. None of our propositions would be possible without their hard and dedicated work. The list of volunteers is long and the variety of activities going on really large, but every single one of them provides an indispensable contribution to the success of a specific initiative. Thank you!

As I am coming up to the end of my two-year term as the President Celebrating Member #3000 at the Roche tower in Basel of the Board, I am looking forward to another exciting year with CFA Switzerland as its immediate Past President.

Yours,

Peter Neumann CFA President 8 MEMBERSHIP

PROXIES SENT AND VOTES RECEIVED

PROXIES SENT VOTES RECEIVED

PARTICIPATION %

The big news in membership in the past fiscal year was that the Soci­ CFA Institute polls Members annually for their satisfaction with their ety finally broke its 3000 Members mark, which was duly celebrated at membership experience. The Society’s Net Promoter Score remained the 2017 AGM in Basel. unchanged at +11% (+11%). 60% (59%) of Members report paying membership dues out of their own pockets. AGM participation con­ The main driver of membership growth continued to be the success of tinues its upward path, albeit at a normalised trajectory. This can be the CFA Charter in Switzerland. The Society’s compound annual growth interpreted as a proxy of perceived ownership of the Society by its rate of membership for the last five years stands at 5.6% p.a.. Candi­ Members. According to the CFA Institute annual membership survey, date Members tend to be cyclical by nature, as they would hopefully 35% (29%) of Members report to be proud or happy to be a member, mature into regular Members upon completing Level III and their work whereas the share of indifferent Members has fallen to 22% (29%). experience requirements. The total share of Members employed by the top 10 employers has de­ Last year’s renewal cycle have seen a 93% (93% previous year) mem­ creased to 37.5% (38.9%) of total membership. bership retention, compared to 90% (91%) in EMEA West. There are 581 (471) members of CFA Institute living in Switzerland who are not af­ The Membership Value Pack available to Members has been improved filiated with CFA Switzerland. This is a significant reservoir of poten­ significantly again. Sponsors Credit Suisse and Saxo Bank both offer tial Society Members, provided we can convince them of the value of banking services at very attractive preferential rates, tailored to their membership. The number of Candidates who have successfully com­ respective areas of speciality. Finally, thanks to its significantly ex­ pleted all three levels, but do not yet have the required work experi­ panded Zurich presence, we have been able to negotiate a preferential ence (“Charters pending”) stands at 276 (293). subscription to Monocle, the global news and lifestyle magazine.

TOP 10 EMPLOYERS 1200 OF MEMBERS 2018 (2017) 1000 UBS 384 (358) CREDIT SUISSE 267 (300) 800 PICTET & CIE 98 (91) JULIUS BAER 68 (67) 600 VONTOBEL 64 (62) ZKB 59 (64) 400 LODH 58 (63) PWC 50 200 LGT GROUP 49 (46) SAFRA GROUP 39 (45) 0 2015 2016 2017 2018 HIGHLIGHTS 9

AND THE WINNER IS … Sabine Döbeli (SSF) The University of Lausanne, Switzerland! This announcement made and Chris Dreyer CFA in Kuala Lumpur, Malaysia on 27 April 2018 was the most satisfactory proudly brandishing the conclusion of the 2018 cycle of the CFA Institute Global Investment new handbook, with Research Challenge. The Swiss team made up of Natalia Grudina, speakers Kaspar Hohler, Jeroen Zandbergen, Mark Temnikov, Sam Wagner and Jonathan Alexander Zanker CFA, Pavillard (left to right) carried the day. We are grateful to the team, Rainer Baumann CFA their supporters and all the volunteers who made this culmination of and Joachim Klement CFA the first nine years of CFA Switzerland’s participation in the Challenge (Research Foundation) possible! A MOST EXCELLENT HANDBOOK

We came across Swiss Sustainable Finance’s (SSF) Handbook on Sustainable Investments which has been published in French and German only. This severely constrained the potential reach of this wonderful publication with many case studies. That’s why we reached out to SSF and the CFA Institute Research Foundation (RF) with the idea to have it updated, translated into English and co-published by the Research Foundation. An unintended, but no less welcome consequence of this initiative came later in the MONEY, MONEY, MONEY … year when the RF presented a Society Excellence Award to CFA Switzerland. Was for once not an objective, but an object of observation at the conference “Our money, our banks, our country” hosted by CFA Switzerland in cooperation with the Global Interdependence Center and the Gottlieb Duttweiler Institute on 5 February 2018 at the GDI in Ruschlikon. Attracted by a host of names like Martin Wolf, Larry Kotlikoff, William White, Ruedi Noser and others, more than 200 delegates from all walks of life found their way to the Conference, making it the biggest conference yet. 10 BOARD OF DIRECTORS

The Board guides the Society’s strategy in pursuit of its mission. It is composed of volunteers serving for a term of one year. Re-election is possible without limits except for the President and the Vice President, whose tenures are limited to two consecutive terms.

PABLO AMUCHASTEGUI CFA, He is active in other foundations too. His main areas of interest include: PRESIDENT equity derivatives, alternative investments, high frequency trading, Pablo is a Financial Analyst for the World Trading transfer pricing and big data. He serves on the Board since 2014. Group of Cargill International SA. In the past he worked as a research analyst in the construction of global equity indices for MSCI, both in the USA and PETER NEUMANN CFA, Switzerland. Pablo started his career at Ford Credit Argentina’s Finance PAST-PRESIDENT department. He holds a bachelor degree in Business Administration Peter is Global Commercial Finance Director at from University of Buenos Aires, a Master Degree in International Markem-Imaje in Geneva. Previously he has been Management from HEC Lausanne and a Quantitative Finance Certificate regional CFO at Ansell in Brussels leading the (CQF). Pablo is a Swiss from abroad and Argentine citizen, and has two EMEA & APAC Finance & Accounting organization. children. A Charterholder since 2007, Pablo is serving the Society as a Before, he held various senior finance positions at Procter & Gamble, volunteer since 2009 and joined the Board in 2013. including managing the global supply chain Finance team, the business planning group for one region, the finance team for one major luxury brand, the M&A strategy for P&G’s luxury business and global ULRIKE KAISER-BOEING CFA, controlling of the packaging purchasing organization. He started his VICE PRESIDENT career at J.P. Morgan in 1994 where he completed a banking training Ulrike Kaiser-Boeing CFA is in charge of Client program leading to the German banking degree “Bankkaufmann”. Relations at Carnegie Fund Services Limited in Peter also holds two degrees from the University of Passau: an MBA Geneva. Prior to this, she worked at Bank SYZ as well as a Master of Computer Science. He is a German citizen and as product specialist for alternative funds and has two daughters. Peter serves on the Board since March 2011. covered UK-based global distributors for the long-only and alternative funds of SYZ. Before joining SYZ Group she was heading the Swiss Branch of Candriam (formerly Dexia AM), in charge of the business development RAFAELA BICHUETTE CFA for institutional and wholesale clients. Prior to this, she worked as an Rafaela is a Senior Investment Advisor for equity analyst and later as a relationship and project manager in the the Latin American and Iberian clientele at institutional business at Lombard Odier. She started her career as a CA Indosuez Wealth Management in Geneva, project manager in the International Finance and Commodities Institute where she is responsible for multi-asset class (IFCI) in Geneva. Ulrike holds a degree in Business Administration from advisory. Previously, she held the same position the University of Cologne and is a CFA Charterholder since 2003. She at Lloyds TSB Private Banking. Rafaela also worked at the Latin American previously served on the Board of CFA Switzerland from 2005 to 2011 and Commercial Team at Société Generale Private Banking and as a Fund joined the Board again in 2014. From 2009 to 2015 she was a member Analyst at Ferrier Lullin S.A. Rafaela, a Brazilian national, moved to of the Standards of Practice Council of CFA Institute and holds the CAIA Switzerland to complete a Master’s degree in International Economics at (Chartered Alternative Investments Analyst) designation. the Graduate Institute of International and Development Studies. Rafaela is a CFA Charterholder since 2010. She started to volunteer for the CFA Society Switzerland in 2014 and joined the Board in 2016. She is married PATRICK RANZIJN CFA, and has two sons. SECRETARY Patrick is Managing Partner at Orange Cherry Venture Capital, a boutique VC with an active ANTHONY CAGIATI CFA role in its portfolio companies, e.g. Patrick is CEO/ Anthony is a Partner at Sound Capital Ltd., CFO of several companies, as well as actively Zurich, and a Member of the Executive Board engaged with numerous other investments. He is on the Advisory at Alliance of Swiss Wealth Managers. Anthony Board of FGN Capital, a family office with offices in Monaco, Moscow has in-depth know-how in the area of private and London, advises on their funds, strategy, crypto- trading and crypto banking in Switzerland as he served for many fund. He was global co-­lead of products and finance education at UBS years in senior positions at Bank Leu / Clariden Leu. In 2012 he played (authoring their books for several business divisions and programs). He a crucial role in the set-up of Metropol Partners / Sound Capital Ltd., an previously served as MD, CEO and senior trader at All Options Helvetia independent asset manager. Anthony was engaged with CFA Society AG with over two decades of trading and capital markets experience. Switzerland and CFA Institute in various functions including founding Patrick is Vice President of the Dutch Business Round Table, chair of the member of the board of and later President of CFA Switzerland and CAIA Switzerland chapter, member of the Education Advisory Committee member of the Board of Governors at CFA Institute. Anthony holds an of CFA Institute and chair of its Standards & Advocacy subcommittee. MBA from Babson College. He joined the Board in 2016. 11

DANIEL RITZ CFA JIAN SHI CORTESI CFA Daniel is a director in the institutional clients Jian is a fund manager of Asian equities at department of Unigestion since 2011. Daniel GAM Investment Management (Switzerland) in began his career in 1991 as assistant in the Zurich, and is responsible for two China / Asia asset management department of UBS in Zu­ equity funds. Jian was educated in China and rich. In 1993, he became Sales and Relationship the United States, and has worked in China, Manager for Swiss institutional clients. In 1998, he joined Bank Leu the United States and Switzerland. For most of her career, She has as Head of Asset Management before becoming Head of Institutional worked on Asia / China investing, first as an equity analyst, then as Clients in 2003, a position he kept after Clariden Leu was formed. Dan­ an investment strategist and a fund manager. She started her career iel is Swiss, married and has three children. He graduated in Econom­ as an assistant editor at Dow Jones in Beijing. Jian Shi Cortesi holds a ics from the University of St. Gallen and completed an MBA at the Uni­ Bachelor degree in International Business from Beijing Foreign Studies versity of Rochester NY. He has been a CFA Charterholder since 1996. University in China and an MBA from the University of Tennessee in He has served as a volunteer since 2010 and joined the Board in 2013. the United States. She obtained her CFA Charter in 2005 in the United States. She has been living in Ticino since 2009 after marrying her husband, a CFA Charterholder whom she met at the CFA Annual SHEILA OHLUND CFA Conference. Jian has been a volunteer with CFA Switzerland since 2012. Sheila is the Founder and Managing Director of Grove Financial Services GmbH, which focuses on improving the investment decision making EUGENE SKRYNNYK CIPM, process. Previously, she was a Partner at SBC TREASURER Brinson, and following its merger with UBS, was Eugene is a Director in Business Risk at UBS. a portfolio manager and research strategist. Prior to this, she was Previously he was a client advisor working with Executive Director and Head of Research at Rothschild Bank. She had high net worth individuals and also manager of earlier been a member of the global equity thematic investment team special projects at two family offices. Before this at the American Express international asset management in London. Eugene worked for Ernst & Young advising clients in Europe and Africa Sheila began her career at Price Waterhouse as a Certified Public on the GIPS Standards and AEI/FATCA regulations. He was also a lead Accountant (CPA). Sheila received a Master’s degree in Economics from analyst for relative return investment programs at UBS in Switzerland the London School of Economics and a Master’s degree in Finance at and worked as a credit analyst at Bank of America in Canada. Eugene the Sloan School of Management at the Massachusetts Institute of holds a Bachelor of Commerce degree from the University of Toronto Technology (MIT), and a Entrepreneurship and Innovation Certificate and a Master of International Law and Economics from the University of from Stanford University . She has served on the Board since 2014. Berne. Eugene started to actively volunteer for CFA Switzerland in 2008 in the Continuing Education Committee and then project managed the first Swiss Pensions Conference and the Generations Conference in Switzerland. He is a Level III candidate in the CFA program. PHILLIP SUNDQUIST CFA Phillip is the founder and Managing Director of SUNDQUIST ADVISORY Sàrl, an asset MATTHIAS TEIG CFA management consultancy based in Nyon, Matthias is a founding partner at Rothorn Switzerland. Phillip has over 25 years of Partners, a Geneva based research and advisory experience in asset management and finance both in Europe and firm. After starting his professional career with the US. He previously held executive investment management Allianz Global Investors in 2001, he moved into roles at leading private banks and worked as fund manager and a structured products sales role with Barclays investment strategist at the Credit Suisse Group. Phillip earned an Capital in 2005. Later, he had a position in the Key Clients team of MBA from the Michael G. Foster School of Business of the University Barclays Wealth, where his role was to originate investment banking of Washington in Seattle. He has been a Charterholder since 2000 business from the largest and most sophisticated private banking and is on the Board since 2012. He also serves as a member of the clients. At Rothorn Partners, Matthias focuses on fundamental research CFA Institute’s Annual Conference Advisory Group. to identify idiosyncratic investment ideas with an asymmetric risk return profile. The firm advises a Luxembourg domiciled alternative investment fund. Matthias has a Diploma in Economics, Languages and Cultural Area Studies from Passau University and is a CFA Charterholder. He has been a volunteer for CFA Switzerland since 2014 and Co-Chair of the Continuing Education Committee since Jan 2018. 12 ADVOCACY

By Henrik Grethe CFA

CFA Institute defines Advocacy at the Society level by three cate­ CRYPTO VALLEY ASSOCIATION’S CODE OF CONDUCT: gories of activity: The Crypto Valley Association’s (CVA) mission is to develop the 1) Member Education and awareness regarding various themes “World’s Best Ecosystem for Blockchain” and other Distributed Ledger such as ethics, standards, and regulation Technologies and Businesses. We commend the CVA for its adoption 2) Industry and Media Outreach of a Code of Conduct. This is a crucial and laudable first step in self- 3) Policy Maker Engagement and Advocacy regulating the growing distributed ledger industry. Given the long tradition CFA Institute has had in promoting Ethical Standards, we CFA Switzerland’s Advocacy Committee is staffed by volunteers whose have taken this as an opportunity to congratulate the CVA for their diverse backgrounds reflect the broad areas of expertise required for action and to provide our suggestions for improvements to their code. this work. CURRENT PROJECTS WITH A NEW STRUCTURE: In its last meeting, the advocacy group reviewed its performance and ADVOCACY PROJECTS 2017/2018: processes and looked for ways to further improve its effectiveness and impact. One important observation is that our Society’s 3’000+ UCITS FUNDS AUTHORIZATION PROCESSES IN EUROPE: Members provide a great knowledge base which, if properly This is our flagship project led by James Burgunder CFA with support leveraged, could result in win-win situations for the Society and from CFA Institute. A “Proof of Concept” phase of the project ran from May its Members. Some advocacy projects might help some Members 2017 until February 2018, in which representatives of seven European enhance their own knowledge and provide networking opportunities countries shared first-hand experiential data about the cost, effort with peers on specific topics. At the same time, the Society might and time required to authorize UCITS equity funds in their jurisdictions. benefit by working with specialised project groups instead of a Afterwards, society leaders from several European CFA Societies met fix advocacy group. In a first trial, we sent our Society Members a this year in Basel to analyse the results and to begin planning the next request to participate in one of the four projects listed below. The project phases. The project group has issued their first draft report, participation will be incentivized with 8 CE credits (SER) for the CFA which has now become the starting point for the launch of the next Institute Continuing Education (CE) Program. Those four projects are: phase to be conducted in close collaboration with CFA Institute. • FIDLEG / FINIG ordinance SIX CONSULTATION ON THE DIRECTIVE ON ALTERNATIVE • Changes to the banking ordinance: Simplified authorisation PERFORMANCE MEASURES: requirements for FINTECHs. We participated in a Consultation by the Swiss Exchange about • Changes to the Swiss Banking Act: The federal government the regulation of Alternative Performance Measures (APMs). APMs plans to adjust the rules about Solvency and deposit protection are non-GAAP performance measures other than those financial to international standards. measures defined or specified in the applicable financial reporting • Changes to the Swiss Insurance Act: New rules about framework (such as IFRS or US GAAP). Examples of APMs include investors’ protection and rules of conduct. EBITDA, EBIT, Adjusted Earning or Free Cash Flow. Many investors, portfolio managers and analysts heavily rely on APMs and we have The FIDLEG / FINIG project received the greatest number of responses recognised a global trend to regulate these measures to enhance (33), followed by the FINTECH project (20), the Banking Act on their quality, reliability and comparability. Two key points we have solvency and deposit protection (5) and the Insurance Act for investor advocated for include (1) a mandatory reconciliation statement as protection (4). it helps investors to understand the underlying calculation of APMs, and (2) robust requirements for disclosures related to APMs. The We thank all Members who responded for their willingness to help detailed statement is available on the Society website. bring these projects to fruition.

CFA SWITZERLAND COMMENTS ON THE RULES If you have any comments, questions or if you want to join a project CHANGES FOR CFA INSTITUTE’S PROFESSIONAL group please do not hesitate to drop us an email: [email protected]. CONDUCT PROGRAM: Our advocacy group participated in a consultation of CFA Institute I would like to thank our advocacy group Members as well as about the enhancements of the CFA Institute Disciplinary Process. everybody involved in our projects for their effort and great work! Given the importance the CFA Code of Ethics and the Standards of Professional Conduct for all CFA members and candidates, this Henrik Grethe CFA consultation was another key activity for our advocacy group. Advocacy Chair SOCIETY VOLUNTEERS 13 HALL OF FAME

CFA Switzerland’s Annual Volunteer Award has been granted to the following Members for their outstanding contributions to the Society as volunteers:

Walter Bareiss CFA is one of those people who prefer to avoid the limelight, yet who 2009 Tanweer Ali CFA are always there and available Geneviève Lincourt-Gheyssens CFA in times of need if the Society calls upon them. This is why the Board has decided to put 2010 Mary Cait McCarthy CFA Walter in the lime­light for once, because we could not do without volunteers Olivier Müller CFA like him.

Walter’s focus of volunteer activity is in the 2011 Christian Dreyer CFA creation of conference agendas that are both Agata Kozerska relevant and interesting for their target audienc­ es. Not only has he been a founding team mem­ ber of the Swiss Pensions Conference, to which 2012 Pablo Amuchastegui CFA he has contributed to in every vintage. His ex­ perience on the agenda team of CFA Institute’s European Investment Conferences in Copen­ 2013 Elaine Kassanos CFA hagen, Paris, Prague, London and Amsterdam enables him to cross-fertilise the often intense Sheila Ohlund CFA discussions about formats and speakers with great insights into what works well and what doesn’t. 2014 Jian Shi Cortesi CFA (volunteer of the year) Fabrice Moore CFA (nominated) Thank you, Walter! Eugene Skrynnyk (nominated) Christian Takushi (nominated) Nevil de Tscharner CFA (nominated)

2015 Olivier P. Müller CFA (volunteer of the year) Alison Arthurs CFA (nominated) Peter Blum CFA (nominated) Christian Nauer CFA (nominated) Leonor Vereda CFA (nominated)

2016 Anne-Katrin Scherer CFA

2017 Walter Bareiss CFA 14 153 VOLUNTEERS

Society Governance Stakeholders

BOARD UNIVERSITY RELATIONS / RESEARCH CHALLENGE Pablo Amuchastegui CFA Rafaela Bichuette CFA JUDGES Anthony Cagiati CFA Peter Bänziger MENTORS Florian Esterer CFA Florian Esterer CFA Bettina Baur CFA Ulrike Kaiser-Boeing CFA Katrin Hita Camargo CFA Fabio Bertoni CFA Peter Neumann CFA Michael Inauen Alfi Catalano CFA Patrick Ranzijn CFA * Olivier P. Müller CFA Eric Chassot CFA Daniel Ritz CFA Peter A. Romanzina CFA Tobias Crettenand CFA Sheila Ohlund CFA Thomas Schneckenburger CFA Qimin Fei CFA Phillip Sundquist CFA * Marek Grochowski CFA (*INVESTMENT COMMITTEE) GRADERS Jonathan Horlacher CFA Jerôme Arthur CFA Milan Ivica CFA Fabrizio Basile CFA Jean-Paul Jeckelmann CFA Tetyana Bazylevska CFA Alex Klopfer CFA AUDITORS Elad Ben-Am CFA Thomas Kühne CFA Laura Prina Cerai CFA Pascale Boyer Barresi CFA Alex Marc CFA Dimitri Senik CFA Midge Brown CFA Jonathan Martin CFA André Dietlin CFA Martin Moeller CFA Dominic Faber CFA Patrick Oberhänsli CFA Raquel Feito CFA Rainer Ott CFA Amy Ils CFA Angela Palacin CFA Daniel Jaedig CFA Jacqueline Ruedin Rüsch CFA Raphael Kirschstein CFA Robert Schuchna CFA Markus Matuszek CFA Patrick Schüepp CFA Aurélien Michaud CFA Miroslava Subenikova CFA Pierre C. Moser CFA Ricardo Tancini CFA Christophe Ollier CFA Matthias Teig CFA Andreas Plattner CFA Georg Toelkhaus CFA Laura Prina Cerai CFA Alexandra A. Tischendorf CFA Frederik von Ameln CFA ADVOCACY Reinhard Zimmermann CFA Lidia Bolla CFA Dominique Braeuninger CFA James Burgunder CFA Deniz Erkus CFA GENERATIONS CONFERENCE GC18 SPC18 ZURICH Alessandro Farsaci CFA Beatrice Anton CFA Walter Bareiss CFA Georges Gamma Nicholas Bernard Peter Blum CFA Henrik Grethe CFA Walter Bareiss CFA Sinikka Demaré CFA Karin Jans CFA Peter Cingros Michael Frei CFA Christian Nauer CFA Raimondo del Balzo di Presenzano CFA Michael Haene CFA Martin Ploom Thomas Fischer Daniel Ritz CFA Benjamin Schoch CFA Marius Holzer CFA Jan-Ulrich Salchow CFA Robert Schuetz CFA Christian Lepple CFA Jürg Schiller CFA Chang Solèr CFA Jürg Schiller CFA Markus Strauch CFA Eugene Skrynnyk Christian Takushi 15

Members

UNIVERSITY RELATIONS / RESEARCH CHALLENGE CFA INSTITUTE ROLES MARKETING & COMMUNICATIONS SOCIAL EVENTS Giuseppe Ballocchi CFA Jan Hartmann CFA Pablo Amuchastegui CFA Eelco Fiole CFA Daniel Jaedig CFA Mojtaba Bastani Frederic Lebel CFA Thomas Trauth CFA Rafaela Bichuette CFA Anne-Katrin Scherer CFA Jian Shi Cortesi CFA Dimitri Senik CFA Raimondo del Balzo di Presenzano CFA Petula Gibson CFA EDITORS OF THE CHARTER Lei Gong CFA Marcus Bain CFA Giulia Gramola CFA CANDIDATES Heikki Luoma CFA David Grimaud CFA Adrian Cachinero Vasilievic CFA Thomas Parmentier CFA Lars Helfenstein CFA Lars Helfenstein CFA Leonor Vereda CFA Daniel Hoffmann CFA Peter Ibbotson CFA Peter Hristov Mussie Kidane CFA Jesse Ng CFA Jakub Lesniowski CFA Morgane Picard CFA Adam Lorincz CFA TECHNOLOGY Eugene Skrynnyk Peter Neumann CFA Marcel Burgunder Thomas Steller CFA Roopa Rughoobur CFA Eugeniu Ciobanu CFA Phillip Sundquist CFA Samuel Weissen CFA Shanshan Zhang

CAREERS PENSIONS COMMITTEE Dominique Braeuninger CFA CONTINUING EDUCATION Walter Bareiss CFA Frederic Guibaud CFA Jérôme Arthur CFA Peter Blum CFA Guillaume Legendre CFA Thomas Bender CFA Henrik Grethe CFA Dekin O’Sullivan CFA Rafaela Bichuette CFA Oliver Grimm CFA Pierre Petit CFA Dessislava Boneva CFA Daniel Hutter CFA Laura Prina Cerai CFA Nicolas Bornitz CFA Jürg Schiller CFA George Psarianos CFA Hendrik Croce André Siegrist CFA Roopa Rughoobur CFA Timoteo Gandolfi CFA Ruslan Tenev CFA Lei Gong CFA Leonor Vereda CFA Kim Henriksen CFA Alex Klopfer CFA SPC18 GENEVA Christophe Künzler CFA Pablo Amuchastegui CFA Christian Mathis CFA Ioana Basca CFA Mary Cait McCarthy CFA Maxime Corbaz CFA Georg Merholz CFA Dominique Grandchamp CFA Ojha Mighlesh Grégoire Haenni Jesse Ng CFA Fabrice Moore CFA Sheila Ohlund CFA Christian von Roten CFA Bruno Pellier CFA Adrien Veillard CFA Morgane Picard CFA Danilina Polidori CFA Markus Strauch CFA Volunteering is Phillip Sundquist CFA Matthias Teig CFA networking Julien Terragnolo CFA with a purpose 16 PUBLIC AWARENESS & COMMUNICATION

CFA Switzerland continues to receive disproportionate attention in the media.

MEDIA ATTENTION SOCIAL MEDIA

Media attention persists at a higher level in the wake of the monthly The Twitter handle CFA_CH currently has 2808 followers (+12%), Credit Suisse – CFA Switzerland Financial Market Report launched in whereas 2031 people follow the LinkedIn page (+21%). The Society’s January 2017. This has a particularly favourable impact on the tier Youtube channel has almost doubled its public subscribers to 770 composition of media mentions, i.e. the top tier share has improved (+86%). Its 246 videos (+32%) have been viewed 23’700 times (+167%) significantly. with an average view duration of a massive 11:37 minutes (+77%).

NEWSLETTER CONGRATULATIONS CAMPAIGN

The PDF newsletter The Charter has continued its almost monthly Thanks to CFA Institute’s continued branding support, the Society production schedule, led by a volunteer team of editors who can be has been able to expand its annual campaign to congratulate new reached on [email protected]. We are grateful to Marcus Bain CFA, CFA Charterholders in the Swiss market. In addition to the customary Heikki Luoma CFA, Thomas Parmentier CFA and Leonor Vereda CFA full page print ads in Le Temps and Neue Zürcher Zeitung, new for their contributions! CFA Charterholders were able to find their freshly adorned name on microsite which was the linchpin of an online congratulations campaign on a number of websites. 17

ARTICLES BY MEDIA TIER 100

TIER 1 80 NEUE ZÜRCHER ZEITUNG, FINANZ UND WIRTSCHAFT ETC. 60 TIER 2 FINEWS.CH, 40 HANDELSZEITUNG ETC. 20 TIER 3 ROMANDIE.CH, 0 ADVISORWORLD.CH ETC. Q3 17 prior Q4 17 priorQ rQ1 18 prior Q2 18 prior

© 2017 CFA Institute. All rights reserved. #CFAdifference CONGRATULATIONS TO THE 261 NEW SWISS CFA CHARTERHOLDERS.

You are now part of a community of 142,000 CFA charterholders worldwide. Join CFA Society Switzerland by visiting swiss.cfa/nzz.

Line Abrahamme, CFA Romain André Jean Philippe Evrard, CFA Eva Olga Marone, CFA Maria de los Angeles Solis Amodio, CFA David Thomas Adomat, CFA Cyrill Fischer, CFA Alexandre Marquis, CFA Michel Alain Sommer, CFA Daniel Affolter, CFA Martin Fischer, CFA Gerald Meier, CFA Daniel Spring, CFA Philip Shami Akram, CFA Peter Fleischmann, CFA Ricardo Filipe Morgado de Oliveira Meneze Jean-Alexandre St-Louis, CFA Dimitrios Andreakis, CFA Fabian Oliver Forrer, CFA Cordeiro, CFA Michael Stadelmann, CFA Marco Anthenien, CFA Santiago Luis Fossati, CFA Fabio Michienzi, CFA Philippe Stäheli, CFA Andreas Baidinger, CFA Denis Fotiou, CFA Andrea Mognon, CFA Stanescu Raluca, CFA Jamie Matthew Barrow, CFA Alexis Freyeisen, CFA Elwin Gerardus Molenbroek, CFA Andrea Barbara Staudacher, CFA Andreas Baur, CFA Adrien Thomas Gagnebin, CFA Dario Mollet, CFA Reto Stauffacher, CFA Nejra Bazdarevic, CFA Stella Galis, CFA Adrian Jorg Mom, CFA Anton Peter Steidl, CFA Tetyana Bazylevska, CFA Timoteo Stefano Gandolfi, CFA Daniel Moreno de Liche, CFA Christian Steigleder, CFA Alexandra Daniela Beiner, CFA Geissmann Matthias, CFA Alexandre Pierre Rene Moser, CFA Gabriel Stoll, CFA Olivier Belleri, CFA Petula Lyzette Gibson, CFA Marc Moser, CFA Markus Strauch, CFA Seraina Caroline Elisabeth Benz, CFA David Owen Gilhawley, CFA Adrian Müller, CFA Christian Roland Strebel, CFA Tobias Bertschinger, CFA Sehmuz Görmez, CFA Sebastian Neu, CFA Nicolas Sascha Studhalter, CFA Andreas Betschart, CFA Dominik Gottet, CFA Olasunkanmi Olubunmi Obanubi, CFA Henrik Aslak Stutz, CFA Nicola Lorenzo Biasio, CFA Thomas Daniel Jakob Grimm, CFA Roman Wisel Ochsner, CFA Valentin Suberville, CFA Marc Birkinshaw, CFA Riccardo Grisa, CFA Marco Oeggerli, CFA Edoardo Tagliavini, CFA Philippe Blum, CFA Romano Lucca Gruber, CFA Edyta Orawski, CFA Terragnolo Julien, CFA Thierry Jean-François Olivier Borgeat, CFA Beat Adrian Gubelmann, CFA Matthieu Patrice, CFA Simon Thalmann, CFA Nicolas Victor Bornitz, CFA Joel Marc Gubser, CFA Nivesh Pawar, CFA Theis Christoph Rainer, CFA Dominique Pascal Bräuninger, CFA Michael Alexandre Gueniat, CFA Cristian Pérez Rodriguez, CFA Arvis Tilgalis, CFA Daniel Breitenstein, CFA Patrice Bruno Guesnet, CFA Detlef Peter, CFA Lajos Daniel Torok, CFA Andrea Brueckner, CFA Vojo Gunevski, CFA Guillaume Marc Petitprez, CFA Ernesto Turnes, CFA Stephan Büchi, CFA Ronny Gwerder, CFA Pierre Piatti, CFA Nathalie Alicia Audrey Tuyns, CFA Brian Ivo Buchmann, CFA Valere Henrotte, CFA Morgane, Tina Picard, CFA Ural Ünsur, CFA Sandra Buchmann, CFA David Akira Hofer, CFA Christophe André Cédric Piller, CFA Norbert Varesco, CFA Lionel Buchs, CFA David Hoffmann, CFA Andre Pinto, CFA Jorge Veiga Juiz, CFA Manuel David Bütikofer, CFA Justine Anne J Hubert, CFA Fabien Piotet, CFA Andres Roger Venzin, CFA Romain Xavier Vincent Marie Cardinaux, CFA Philipp Hutter, CFA Michael Plavinski, CFA Julien Verron, CFA Helvio Carvalho, CFA Siamak Izadkia, CFA Slaven Popovic, CFA Rafael Vicario Perez, CFA Guillem Castro, CFA Thomas Jäckle, CFA David Paul Popp, CFA Jose Maria Vidal Pastor, CFA Dario Cathomen, CFA Jonas Jeandupeux, CFA Marco Michele Porro, CFA Dominic Vincenz, CFA Audrey Charmant, CFA Joël Jeanrenaud, CFA Erich Portmann, CFA Fabien Visinand, CFA Deena Chauhan, CFA Kristi Joeleht, CFA Pascal Alain Probst, CFA Srdan Vlaski, CFA Laura Alice Choulat, CFA Larissa Françoise Johanson, CFA Ilija Protic, CFA Niklaus Roman Voellmy, CFA Renato Christ, CFA Benjamin Philipp Jonen, CFA Puhr Raphaël Serge, CFA Sean Vogel, CFA Nadja Christen, CFA Anissa Kadi, CFA Gian Raffainer, CFA Pavle Vučković, CFA Enrico Giovanni Citterio, CFA Mike Chris Kaiser, CFA Ivana Rajkovic, CFA Philipp Waeber, CFA Maxime Florent Corbaz, CFA Alexander Philipp Keller, CFA Ramsden Bevan, CFA Sebastian Walter, CFA Carolina Andrea Tu Minh Corvalan, CFA Guillaume Kintz, CFA Anikó Ribàrszki, CFA Gilles Jonathan Otto Walther, CFA Costa Yanik Cyrill, CFA Felix Werner Kneubühler, CFA Tobias Rickenbach, CFA Arushi Wanchoo Kaul, CFA Thomas Antony Donatien Costerg, CFA Tatyana Kobler, CFA Taufiq Rinawi, CFA Huan Wang, CFA Paul Richard Czaj, CFA Markus Kowalczyk, CFA Matouš Ringel, CFA Lijun Wang Kälin, CFA Alessandro D’Amico, CFA Lukas Johannes Kräuliger, CFA Patrick Rissi, CFA Jan-Philipp Weber, CFA Paul Francois d’Aurelle de Montmorin de Saint- Damian Kuenzi, CFA David Rodriguez Guerreiro, CFA Vincent Weber, CFA Herem, CFA Thomas Kühne, CFA Frank Rolli, CFA Dominique Roman Weissen, CFA Bruno Filipe da Silva Marreiros Venda Matias, CFA Sarah Kumpf, CFA Dominic Rossel, CFA Yann Wermeille, CFA Onur Dalliag, CFA Sylvain Philippe Lambelet, CFA Rossi Alessandro, CFA Patrik Simon Widmer, CFA Raoul de Foestraets, CFA Steffen Lauer, CFA Niklaus Rudin, CFA Alex William Wiederkehr, CFA Thomas de Meijer, CFA Audrey Laurencet, CFA Anastazja Salou, CFA Boris Edgar Willems, CFA De Riz Farrah Elisa, CFA Geon Seung Lee, CFA Isabella Brigitta Schatz, CFA David Willi, CFA Camille Pierre Valery Denis, CFA Benjamin Johannes Lehmann, CFA Marie-Laure Schaufelberger, CFA Lukas Benjamin Willi, CFA Franz Derler, CFA Tomas Lehotsky, CFA Robin Schmidli, CFA Christoph Winter, CFA Nataša Đorovic, CFA Gerasimos Liaropoulos, CFA Roman Schmidt, CFA Christian Wolf, CFA Andrew Grant Douglas, CFA Michal Lichvár, CFA Daniel Schnyder, CFA Tanja Dominique Wrosch, CFA Diego Dufour, CFA Viktor Lir, CFA Jan-Thomas Schöps, CFA Leila Yahyaeian, CFA Moritz Dullinger, CFA Silvan Othmar Maeder, CFA Hjalmar Hartmut Schröder, CFA Beinan Ye, CFA Alexandre Dunod, CFA Christophe Pierre Thierry Magnin, CFA Schroeder Robert, CFA Ersin Yorulmaz, CFA Pascal Echser, CFA Charles Malafosse, CFA Nicolas Schuepbach, CFA Ksenia Zakharova, CFA Viviana Dania Sophia Ehrenzeller Garcia, CFA Aliaksei Malashonak, CFA Pascal Dominique Schuler, CFA Nicola Carlo Zorzi, CFA Adrien El Karoui, CFA Guillaume Dominique, Phillipe Malfait, CFA Johannes Schwan, CFA Christian Alexander Zschiesche, CFA Frederik Stefan Elbers, CFA Margaux Anne Marie Louise Mangin, CFA Schwarz Bjoern Christoph, CFA Stefan Claudio Zumsteg, CFA Márton Manó Erdei, CFA Edoardo Michele Mango, CFA George Simmons, CFA Marc Alexander Zurkinden, CFA Patrick Etter, CFA Chetan Maringanti, CFA Sarah Simon, CFA Samuel David Zwicky, CFA Daniel Ettlin, CFA Laurent Marmy, CFA Dionysios Sinanos, CFA

CFA-Switzerland-Charterholder-NZZ-291x440mm-w_names.indd 1 15/11/2017 13:50 18 CONFERENCES

The reporting period was the busiest yet in the Society’s history. We question whether Swiss pension funds use strategic asset allocation conducted the usual set of a Geneva and Ruschlikon edition of the in the best possible way. Swiss Pensions Conference #SPC18 with the annual motto focused on strategic asset allocation. We also launched the Generations The Society is greatly indebted to partners, sponsors and volunteers, Conference, an annual one-day conference format tailored to an without whom none of these activities would be possible! increasingly important audience of family / private investment office professionals in the Swiss market.

But the kick-off to this busy conference cycle was delivered with a one-off event the Society held in cooperation with the Global Interdependence Center (GIC), a non-profit organisation based at the Federal Reserve Bank of Philadelphia, and the Gottlieb Duttweiler Institute. The GIC approached us with the idea for a conference on the occasion of the upcoming Sovereign money referendum (“Vollgeld Initiative”) Switzerland. We jumped at the chance of holding a current- events based conference with a slate of international high-profile speakers, such as Larry Kotlikoff, William White and Martin Wolf.

Thus, on 5 February 2018, more than 200 conference delegates from Contributors to the Vollgeld Conference with Martin Wolf, David around the globe converged upon Ruschlikon to discuss money Bosshart, Larry Kotlikoff, William White and others creation in the modern economy to standing room only at the GDI. Exactly one month later, the inaugural Generations Conference was launched, which brought more than 100 delegates to Ruschlikon SPC SATISFACTION ANALYSIS COMING BACK again, albeit the SwissRe Centre for Global Dialogue this time. While NET PROMOTER SCORE the conference was aimed at family office professionals in the Swiss market, participants arrived from as far afield as Iran, the USA as well 100 % as neighbouring countries to listen to speakers like Denise Kenyon (IMD), Morten Bennedsen (INSEAD), Kurt Moosmann, Peter Brock and 75 % HSH Prince Phillipp of Liechtenstein.

While the Zurich branch of #SPC18 was again held at SwissRe, the 50 % Geneva edition was conducted at a new venue this year: centrally located Hotel Le Richemond gave conference delegates a warm 25 % welcome, which certainly contributed to the top rating the event received from delegates. Both volunteer teams did an outstanding job at assembling relevant speakers from near and far on the challenging 0 % 2012 ZH 2014 ZH 2014 GE 2015 ZH 2016 GE 2016 ZH 2017 GE 2017 ZH 2018 GE 2018 ZH

160

SPC AUDIENCE 120 ANALYSIS

80 SPEAKERS, SPONSORS, MEMBERS 40 PF DECISION MAKERS, ADVISORS 0 2011 ZH 2012 ZH 2014 ZH 2014 GE 2015 ZH 2016 GE 2016 ZH 2017 GE 2017 ZH 2018 GE 2018 ZH CONTINUING 19 EDUCATION

By Christophe Kuenzler CFA and Matthias Teig CFA

The Continuing Education (CE) offering is one of the most valuable benefits of Society membership. The CE Committee strives to provide We greatly appreciate the new Continuing Education Members a broad range of topics and formats to allow them to Partners Saxo Bank (Schweiz) AG and Principal Global deepen and broaden their knowledge while networking with other Investors (Zurich only). CE events in Geneva and Zurich participants. During the 17:18 year, we held a total of 43 Continuing are now regularly conducted at Saxo’s centrally located Education events (excluding social events, Forecast Dinners and premises in both cities. conferences): 24 events were held in Zurich, 15 in Geneva, 2 in Lausanne, 1 in Lugano and 1 as a webinar via the internet. We counted almost 1400 attendees in CE events last year. Roughly three quarters of attendees were CFA Charterholders and one quarter were guests. Notable speakers in the 17:18 year were Prof. Aswath Damodaran and Prof. Edward Altman, both of NYU Stern School of Business. Attendance varies depending on the speaker, the topic and the location, but in general, there was high demand for events on fintech, cryptocurrencies and ESG as measured by the number of attendees. To reach as many members as possible, events were organised in different formats, in different locations and while usually at lunch time, some were arranged in the evening.

Halfway through the year, long standing volunteers Mary Cait McCarthy CFA and Rafaela Bichuette CFA stepped down from their roles as co-chairs of the Continuing Education committee. Christophe Kuenzler CFA took over as the co-chair for Zurich and Matthias Teig CFA as the co-chair for Geneva. The Society and the new co-chairs would like to express their gratitude to Mary Cait and Rafaela for their contribution over the recent years!

The new co-chairs will strive to maintain the high benchmark of quality of the CE program set by their predecessors. They have also started working on a few new ideas including broader sourcing of topics and speakers, a structured planning process to ensure a diversity of topics and additional event formats like investor roundtables and special interest groups. The new co-chairs want to emphasise the motto “Learn how” instead of “Learn what” in future events.

Upcoming legislation will lead to a bigger role of Continuing Education Standing room only at Prof. Damodaran’s thought provoking and in financial services and the CFA Switzerland aims to play its role in entertaining presentation on 7 November 2017 in Zurich providing a diverse and stimulating agenda of educational events. All Members are invited to contribute ideas for speakers and topics to the email address [email protected]. 20 UNIVERSITY RELATIONS

By Olivier P. Müller CFA, Chair University Relations

CFA is an important element of the educational landscape

The CFA designation is well established as a brand as well as a course of education at the two target groups of university relations in Switzerland: professors and students. This is especially true for universities, but increasingly also at universities of applied sciences such as ZHAW (Zürcher Hochschule für Angewandte Wissenschaften). We continue to notice high demand for students registering for the CFA exams soon after graduation.

Four Partner Universities in Switzerland

After CFA Institute reshaped its University Affiliation Program, Switzerland now counts four Partner Universities being EPFL (Master in Financial Engineering), University of Lausanne de Lausanne, University of Neuchâtel and University of St. Gallen. We continue to work on more universities and universities of applied sciences to join. We University of Lausanne team, global champion: Natalia Grudina, Jona­ enjoy particular close relationships with the Universities of Lausanne, than Pavillard, Mark Temnikov, Sam Wagner and Jeroen Zandbergen Neuchâtel and especially Zurich.

Switzerland named global Champion of the CFA Institute Research Challenge

Switzerland’s University Relations activities are centered around the CFA Institute Research Challenge which was particularly successful the past year. The team from University of Lausanne, taught by Prof. Dr. Norman Schürhoff (a Senior Chair at Swiss Finance Institute which is partnering up with CFA Society Switzerland) won the CFA Institute Research Challenge in Switzerland, was among the best two teams at the EMEA Regional Finals in Dublin, Ireland, and was named global champion at the Global Final in Kuala Lumpur, Malaysia. This was a great satisfaction for CFA Society Switzerland its University Relations team who has been running the challenge since 2009.

CFA Institute Research Challenge is the main activity

Switzerland’s University Relations activities remain centered around the CFA Institute Research Challenge. It is a large and resource-intensive Swiss volunteers being the jury of the Swiss challenge: Michael In­ activity in Switzerland, almost exclusively driven and executed by auen, Olivier P. Müller CFA, Peter Bänziger, Florian Esterer CFA, Peter Ro­ Society volunteers. Teams from 7 universities have participated, manzina CFA, Michel Gerber (Head of Investor Relations at VAT), Peter including Liechtenstein for the second time. For the 2017/2018 Schneckenburger CFA, Christian Dreyer CFA and Katrin Hita Camargo CFA challenge, there were a record number of 31 teams whose goal was to analyse VAT, the leading global developer, manufacturer and supplier of high-performance high-end vacuum valves headquartered in Haag, Canton of St. Gallen. This year, we had 21 graders, 24 mentors and 6 judges contributing to the success of the challenge. We are immensely grateful to them for their continuing support. Credit Suisse has been sponsoring the CFA Institute Research Challenge from the beginning and Finanz + Wirtschaft has been a longstanding media partner. SOCIAL EVENTS 21

By Jian Shi Cortesi CFA

A variety of social networking events are organized by the society Dr. Peter Westaway from Vanguard, discussing global financial throughout the year to bring Society Members together in a social market outlook and a forecast game where participants competed setting, where they network with fellow members and share fun for the best forecasters. Another flagship event were the Award experiences outside work. In the reporting period, the Social Events Ceremonies in the autumn, where successful new Charterholders Committee has hosted 23 social events (3 Basel, 12 Geneva, 6 Zurich, got together to celebrate passing all CFA exams and accept their 2 Lausanne) with 620 overall participants. charters. In addition, a number of local events were hosted in various cities throughout the year, including After Work drinks, Networking One of the most-attended flagship events was the Forecast Dinners Luncheons and summer barbecue. Among the many memorable at the beginning of the year, hosted in Zurich and Geneva with moments … 43 participants in Geneva and 88 in Zurich. The dinner featured

Above: Zurich Class 2018 Left: Geneva Class 2018 22 SOCIETY OUTLOOK

By Christian Dreyer CFA

“Most people overestimate what they can do in one year and underestimate what they can do in ten years.” Bill Gates

“Compound interest is the most powerful force in the universe.” attributed to Albert Einstein

No matter whether the smartest man in the universe really said what Given the differences between CFA societies around the world, no is attributed to him, it is evident to me that the development of CFA one approach will fit all circumstances. However, there will be a few Switzerland is shaped by what both the smartest and the richest shared services and resources which are indispensable in fulfilment man each commented on: Time flies, but if you patiently keep making of the mission. One of them is a shared information platform, on the small steps in the direction of your lodestar, it will make a difference basis of which societies communicate with their members. This plat­ in the end. form should help them become better at tailoring the offering to geo­ graphical, topical and other dimensions of preferences in an increas­ The Society has come a long way in its over 20 years of existence. ingly crowded event space. On the back of the success of the CFA designation in the Swiss market, we have now become the largest non-profit association of With the new Wordpress website available at swiss.cfa, we have finance professionals in the country, with a clear mission of pro­ dipped our toe into the huge ocean of opportunity, from which we will moting Ethics and Professionalism for the Finanzplatz. pull many additional features over the next few months. Importantly, many of these will be integrated with the CFA Institute member da­ Yet the Society’s impact in that mission is resource constrained, de­ tabase in the background. That said, CFA Institute is working hard to spite the unparalleled access to 150+ incredibly energised and com­ replace its digital core with an up-to-date data architecture that is petent individuals contributing our Volunteer Force. fit to serve its global base of stakeholders. Which you may read as a roundabout way of saying that it might take time. When my predecessor Anne-Katrin Scherer CFA started building the staffed office of the Society some 8 years ago, it was always with We will however invest a lot of time and attention into augmenting a view to achieving economic autonomy of the Society. While the resource base with which we hope to multiply the CFA footprint we have achieved that goal in the recent past, it is always under in Switzerland. I hope to be able to tell you more about the outcome the implicit premises of sustained operational and other project of this in the next edition of the Society outlook. related funding provided by CFA Institute. On top of that, there can be no doubt that the CFA designation is the primary driver of mem­ Until then, keep well! ber growth. Thus, true economic autonomy is probably not a realistic Chris Dreyer goal anytime soon.

However, that is neither news nor is specific to Switzerland. Hence a CFA Institute wide conversation has been launched about the rôle of CFA Societies within the CFA system. This conversation is running under the fashionable moniker Societies 2.0. The goal of the initiative is to unify the Member facing value proposition through local socie­ ties, recognising that they are the only part of the CFA system that really knows their market intimately. Thinking globally while acting lo­ cally is also perfectly in line with CFA Institute’s mission to lead the investment profession globally. SOCIETY FINANCIALS 23 TREASURER’S REPORT

By Ulrike Kaiser-Boeing CFA

CFA Society Switzerland’s financial objective as a professional non- Total Expenses increased by 19% from CHF 771’770 to CHF 914’962. profit organisation is to use revenues to fund activities offering the Events related cost were higher due to the Generations Conference greatest benefit to current and future Members. We strive to maintain organized for the first time. Staff expenses increased by 14%, but a strong financial position in order to provide value-added activities remained below budget due to insurance payments for the sick to Members and to ensure the Society’s long-term financial and leave of a staff member. In addition, the new staff for the conference operational health. management was only hired during the financial year. Other administrative expenses were higher due to the expenses linked to The 2017:18 results present our activities from an economic the CFA Institute’s branding campaign and the development of the perspective and show the Society’s financial position as a going new website. concern in accordance with the Swiss Code of Obligations. As introduced two years ago, we are reporting a full set of financials Earnings Before Taxes (EBT) came to a profit of CHF 80’583 and the with balance sheet, profit & loss accounts and cash flow statement. Net Period Result posted a profit of CHF 108’207 compared to a profit Given our positive experience in the last two years, we continued in of CHF 17’402 for the previous period. The Extraordinary Gain of CHF 2017:18 to work with the same external accounting firm. 27’926 is mainly linked to the growth support funding payment, which was granted by CFA Institute for the last financial year, but only paid We finished the year ending June 30th 2018 with a profit of CHF in this financial year. In addition, CFA Society Switzerland won the 108’207. Total revenues grew by 37% to CHF 999’570. This growth was, CFA Foundation Award prize money of USD 2’500 for the “Handbook on one hand, due to the increase in sponsorship and delegate fees. of Sustainable Investments” published in cooperation with Swiss Especially the two Pension Conferences in Zurich and Geneva, and Sustainable Finance. the Generations Conference, organized for the first time in Zurich, were the main contributors. On the other hand, CFA Institute The Society’s balance sheet remains strong. With Cash and Cash increased its operational funding for Societies being active in Equivalents of CHF 425’551 and Marketable Securities of CHF several locations, as the CFA Society Switzerland in Zurich, Geneva, 300’689, which together represent 84% of Total Assets. The Equity Basel and Lausanne. In addition, we received growth support position was strengthened and the Net Equity Capital increased to funding of CHF 107’000 from CFA Institute for an additional staff for CHF 557’144. Given our solid financial position, we remain favourably conference management and the development of a new website, positioned to provide increasing value to our members and to make as well as CHF 49’198 for the CFA Institute’s branding campaign in further strides in the professionalization of the Society. Switzerland. During this year our Membership base grew by 5.4%, reaching 3123 members. Growing the Member base is a key success factor for the Society since Member Dues and generate stable revenue and represent a reliable source of income for budgeting purposes. 24 TREASURER’S REPORT

Balance Sheet

BALANCE SHEET per 30 June 2018 Notes 30.06.18 30.06.17 % Change

ASSETS Current assets Cash and Cash Equivalents CHF 425’551 CHF 242’499 75,5% Marketable securities 1 CHF 300’689 CHF 303’163 -0,8% Recoverable withholding tax CHF 0 CHF 378 -100,0% Accounts receivable CHF 17’146 CHF 56’884 -69,9% Deferred assets & accruals CHF 111’321 CHF 321 34601,0% Total current assets CHF 854’706 CHF 603’245 41,7% Non-current assets Equipment CHF 2’975 CHF 2’575 15,5% Rent Deposit CHF 5’000 CHF 5’000 0,0% Total non-current assets CHF 7’975 CHF 7’575 5,3% Total assets CHF 862’681 CHF 610’820 41,2%

LIABILITIES Current liabilities Accounts payable 2 CHF 89’981 CHF 2’070 4246,6% Deferred liabilities & accruals 3 CHF 215’556 CHF 160’098 34,6% Total current liabilities CHF 305’537 CHF 162’168 88,4% Non-current liabilities Long-term provisions CHF 0 CHF 0 0,0% Total non-current liabilities CHF 0 CHF 0 0,0% Total net assets CHF 557’144 CHF 448’652 24,2%

EQUITY

Equity at beginning of period CHF 448’938 CHF 431’250 4,1% Period result CHF 108’207 CHF 17’402 521,8% Equity at end of period CHF 557’144 CHF 448’652 24,2% 25

Profit & Loss Statement

PROFIT & LOSS STATEMENT Notes 2017:18 2016:17 % Change Member dues CHF 304’618 CHF 296’669 2,7% Delegate fees CHF 81’612 CHF 50’248 62,4% Sponsorship contributions CHF 294’706 CHF 189’276 55,7% Candidate education CHF 20’811 CHF 26’663 -21,9% CFA Institute support 4 CHF 297’823 CHF 173’488 71,7%

Total revenue CHF 999’570 CHF 736’344 35,7%

Event rents & catering CHF -306’843 CHF -211’007 45,4%

Total event expenses CHF -306’843 CHF -211’007 45,4%

Staff salaries CHF -408’562 CHF -357’444 14,3%

Total staff expenses CHF -408’562 CHF -357’444 14,3%

Marketing 5 CHF -123’303 CHF -85’842 43,6% Administration CHF -62’448 CHF -57’189 9,2% Charges, premiums CHF -8’125 CHF -6’408 26,8% Board expenses CHF -5’681 CHF -8’723 -34,9%

Total other admin expenses CHF -199’557 CHF -158’163 26,2%

EBITDA CHF 84’608 CHF 9’731 769,5%

Depreciation & amortisation CHF -1’918 CHF -1’587 20,9%

EBIT CHF 82’690 CHF 8’144 915,4%

Return on investments CHF -1’260 CHF 9’953 N.M. Investment expenses CHF -848 CHF -685 23,9%

Net investment return CHF -2’108 CHF 9’268 N.M.

EBT CHF 80’583 CHF 17’412 362,8%

Extraordinary profit 6 CHF 27’926 CHF 292 9456,5% Extraordinary loss CHF 0 CHF 0 N.M. Direct taxes CHF -302 CHF -302 0,0%

Net period result CHF 108’207 CHF 17’402 521,8% 26 TREASURER’S REPORT

Cash-Flow Statement

Not reviewed

CASH FLOW STATEMENT 12-Month Cash Flow 1.7.17–30.6.18 1.7.16–30.6.17 % Change Cash at Beginning of Period CHF 545’662 CHF 525’372 3,9% Cash at End of Period CHF 726’239 CHF 545’662 33,1% Net Cash Flow CHF 180’577 CHF 20’291 789,9%

OPERATIONS Cash receipts from Member dues CHF 319’452 CHF 296’669 7,7% Delegate fees CHF 81’612 CHF 51’048 59,9% Sponsorship contributions CHF 330’822 CHF 206’638 60,1% Candidate education CHF 20’811 CHF 26’663 -21,9% CFA Institute support CHF 190’823 CHF 252’488 -24,4% Cash paid for Event rents & catering CHF -194’752 CHF -299’950 -35,1% Staff salaries CHF -393’562 CHF -358’381 9,8% Office & Infrastructure CHF -15’000 CHF -15’459 -3,0% Insurances CHF -642 CHF -642 -0,1% Administrative cost CHF -24’918 CHF -25’915 -3,8% IT / communications cost CHF -7’483 CHF -5’766 29,8% Marketing and advertising cost CHF -123’303 CHF -94’629 30,3% Expenses Board / CEO CHF -28’210 CHF -21’732 29,8% Net Cash Flow CHF 155’650 CHF 11’032 1’410,9% from Operations INVESTING ACTIVITIES Cash receipts from Sale of investment securities CHF 0 CHF 0 0,0% Cash paid for Purchase of investment securities CHF 0 CHF 0 0,0% Net Cash Flow CHF 0 CHF 0 0,0% from Investing Activities FINANCING ACTIVITIES Cash receipts from return on investments CHF 55 CHF 10’065 -99,5% Cash paid for investment expenses CHF -2’751 CHF -796 245,6% Net Cash Flow CHF -2’696 CHF 9’269 -129,1% from Financing Activities NON-OPERATING ACTIVITIES Cash receipts from non-operating income CHF 27’926 CHF 292 N.M. Cash paid for non-operating expenses CHF 0 CHF 0 0,0% taxes CHF ­302 CHF ­302 Net Cash Flow CHF 27’624 CHF -10 N.M. from Non-Op’ Activities Net Cash Flow CHF 180’577 CHF 20’291 789,9% 27

Notes

NOTES TO THE FINANCIAL STATEMENTS 2017:18

Reporting Entity Notes on Individual Line Items

CFA Society Switzerland has been founded as the Swiss Society of 1. Marketable securities are held in broadly diversified collective Investment Professionals on 8 March 1996 in Zurich, Switzerland. investment schemes. For details see the Investment Report. It is incorporated as an Association under Swiss law and is domiciled in Zug, Switzerland. The Association is registered in the commercial 2. Accounts payable are: register voluntarily since 17 March 2006 with Enterprise ID CHE- - CFA Growth Support Funding not paid yet: CHF 107’000 112.828.176. The average count of full-time employees is below 10 - Vollgeld Conference: CHF 4’000 for the reporting period. CFA Society Switzerland holds no material - Insurance payment for Financial Year 2018:19: CHF 320.80 direct or indirect shares in other entities. The provisions on own shares are not applicable to CFA Society Switzerland. CFA Society 3. Deferred liabilities are : Switzerland is not party to any material leasing contracts. For its - Prepaid member dues : CHF 84’556 retirement obligations CFA Society Switzerland has joined VZ LPP - Expected invoices not yet received : CHF 86’000 Collective Foundation effective 1 January 2016, which maintains a - Accrued staff compensation : CHF 45’000 separate pension scheme. The total of assets used to collateralise third parties’ claims is CHF 5’000. No assets are encumbered by 4. CFA Institute supports its member societies financially in several any property reservations (« Eigentumsvorbehalt »). There are no ways : Operational funding is versed as a function of the number conditional liabilities (« Eventualverbindlichkeiten »). The provision of society members, candidates, as well as the number of regarding share rights and options granted to management is not locations, where the Society is active. In this financial year we applicable. have received for the first time an additional CHF 20’000 for the locations in Zurich, Geneva and Basel. In addition, Growth Support and Project Funding are granted on the basis of specific project Summary of Significant Accounting Policies applications. Included in this position is the financing of the CFA Institute branding campaign in Switzerland of CHF 49’198, as The present accounts have been prepared in accordance with well as the growth support funding for the development of the Swiss law, in particular with the Swiss Code of Obligations. They new website and one additional staff in charge of conference are based on an economic perspective to adequately represent management in total of CHF 107’000. the Society’s true financial situation as going concern. There are no hidden reserves, nor have there been any created or released. 5. Marketing expenses include the cost of the CFA Institute branding These accounts forgo segment reporting. The Society does not campaign in Switzerland of CHF 49’198. export any goods or services. It is a member society of CFA Institute, headquartered in Charlottesville VA, USA and operates under a 6. Extraordinary items: Member Society License Agreement, which is renewed annually. - CFA Institute Growth Support Funding for the Financial Year Assets are recorded at historic cost with adequate consideration 2016:17 paid in the Financial Year 2017:18: CHF 26’000 of amortisation and value adjustments. Marketable securities are - CFA Research Foundation Award for the “Handbook of recorded at their period closing price. Liabilities are recorded at par Sustainable Finance” published in cooperation with Swiss and comprise operationally required positions only. Provisions are Sustainable Finance: CHF 2’478.93 (USD 2’500) recorded for all positions recognisably at risk. - Adjustment for two accounting errors, which happened at the end of the last fiscal year: CHF -552.98 28 AUDITOR’S REPORT

By Laura Prina Cerai CFA and Dimitri Senik CFA INVESTMENT 29 REPORT

By Phillip Sundquist CFA and Patrick Ranzijn CFA

For the fiscal year ending 30 June 2018, the investment portfolio remaining constant, including sizable exposure to alternatives reported a slight loss of -0.82%. This performance was satisfactory (18%). Precious metals represented the best performing asset in light of increasing market volatility and nearly matched the with a positive return of 3.65% during the year. Going forward, SMI, which fell -0.33% during the same period. We continued we are seeking opportunities to deploy some of our cash position our balanced asset allocation strategy with portfolio holdings (30%) by taking advantage of expected further market volatility.

Total % Return (CHF) after Cost

6 %

4,5 %

3 %

1,5 %

0 %

­1,5 %

­3 %

­4,5 %

2008 2009 2010 2011 2012 1H 2013 2013:14 2014:15 2015:16 2016:17 2017:18 -3,40% 4,30% 0,25% -1,50% 1,70% 5,90% 4,20% 1,65% -4,29% 3,23% -0,82%

Note: CFA Switzerland changed its fiscal year-end to June 30th beginning with Fiscal Year 2013:14. For this one-time 18-month reporting cycle (January 2013 to June 2014), results are split up into two separate periods: 1H 2013 (January to June 2013) and 2013:14 (July 2013 to June 2014).

Asset Allocation Weighting in % Cash Bonds Equities Non- FX non- FX non- Trad* CHF CHF/EUR Minimum 0 30 15 15 Long-Term Strategy 0 50 25 25 30 20 Maximum 100 70 35 35 Current portfolio 30 30 22 18 0 0

* Non-traditional assets represent Precious Metals and Alternatives. 30 BALLOT MATERIALS NOTICE OF ANNUAL GENERAL MEETING

DATE: Wednesday, 26 September 2018, 1700h VENUE: Welle 7, Schanzenstrasse 5, Bern

PURPOSE: I. To approve the Minutes of the 2017 Annual General Meeting II. To exonerate the Board of Directors of CFA Society Switzerland based on this annual report and financial results III. To approve the budget of the Society for 2018 :19. IV. To elect the Board of Directors for a one (1) year term beginning 27 September 2018 and ending the day of the 2019 Annual General Meeting. V. To elect an internal auditor for a two (2) year term beginning 1 July 2018 and ending the day of the 2020 Annual General Meeting. VI. To transact such other business as may properly come before the meeting or any adjournment thereof.

This Notice was sent to all Members on 24 August 2018.

AD I AD II

The Minutes of the 2017 Annual General Meeting are The Board of Directors responsible during the reporting available on the Society website swiss.cfa. period consisted of the following Members:

• PABLO AMUCHASTEGUI CFA • RAFAELA BICHUETTE CFA • ANTHONY CAGIATI CFA • FLORIAN ESTERER CFA • ULRIKE KAISER-BOEING CFA • PETER NEUMANN CFA • SHEILA OHLUND CFA • PATRICK RANZIJN CFA • DANIEL RITZ CFA • PHILLIP SUNDQUIST CFA 31

AD III AD V

For a discussion of the Society strategy represented by the Art. 8 of the Bylaws of CFA Switzerland states that there are two below projections, please refer to outlook section. internal auditors, who must be Regular Members and who serve for a term of two years commencing at the beginning of the fiscal year and until their successors are chosen and qualified. The board Revenues k CHF Expenses k CHF proposes to re-elect Dimitri Senik CFA for a final two year term, Member dues 310 Overhead 630 beginning on 1 July 2018. Continuing Education 45 Continuing Education 140 DIMITRI SENIK CFA, FCCA Social Events 35 Social Events 60 Qualifications: Conferences 265 Conferences 180 • University degree in the International Banking and Finance Candidate Education 20 Candidate Education 35 • CFA Charterholder CFA Institute 404 Other 42 • Chartered Certified Accountant Other 23 Total Expenses 1087 Dimitri Senik CFA has been with PwC for Total Revenue 1102 Profit / Loss 15 21 years. He leads the Investment Perfor­ mance Services of PwC Switzerland and specialises in assurance and advisory services to banks, asset managers and institutional AD IV investors in the areas as investment performance, investment risk, GIPS® compliance, investment management process, derivative ELECTIONS: financial instruments and internal controls reporting. Dimitri Senik is also a member of the Investment Committee of the Pension In the wake of Florian Esterer’s withdrawal from the Board after 9 Funds of PwC Switzerland. Dimitri has been involved for many years years of service, the Nominating Committee, consisting of Daniel in the standard-setting committees of CFA Institute for the Global Jaedig CFA, Florian Esterer CFA and Julien Froidevaux CFA proposes Investment Performance Standards (GIPS®), currently he is the to fill the vacant position and to add two new Board members with Chair of the GIPS Interpretations Subcommittee and member of the a view to future expected term expirations. GIPS Technical Committee. Dimitri is also member of the GIPS Group of Experts of the Swiss Funds & Asset Management Association • PRESIDENT: PABLO AMUCHASTEGUI CFA (SFAMA). Dimitri Senik is member of the CFA Society Switzerland • VICE PRESIDENT: ULRIKE KAISER-BOEING CFA and the CFA Society Liechtenstein and a fellow of the Association of • TREASURER: EUGENE SKRYNNYK Chartered Certified Accountants. • PAST PRESIDENT: PETER NEUMANN CFA • SECRETARY: PATRICK RANZIJN CFA • MEMBER: SHEILA OHLUND CFA • MEMBER: DANIEL RITZ CFA AD VI • MEMBER: PHILLIP SUNDQUIST CFA • MEMBER: ANTHONY CAGIATI CFA • MEMBER: RAFAELA BICHUETTE CFA Please inform the Secretary in writing of any other business you wish • MEMBER: JIAN SHI CORTESI CFA to discuss no later than 20 September 2018, noon. • MEMBER: MATTHIAS TEIG CFA

32 BALLOT FORM

All Regular Members of CFA Society Switzerland on record as of 12 August 2018 have received an emailed ballot to cast their votes online. If you have opted out of Society surveys via Surveymonkey earlier, or if you prefer to cast your vote using this form or in person at the AGM, you are free to do so. Note that the confidentiality of the vote can only be sustained by voting online.

This form needs to reach the Society offices before 1200h on 24 September 2018.

NAME:

CFA INSTITUTE PERSON ID:

Annual General Meeting 2018 Annual General Meeting 2018

You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018. Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018. your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon). your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of However, you can change your vote at any time until the ballot closes by using the link you have followed to the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon). arrive on this form. However, you can change your vote at any time until the ballot closes by using the link you have followed to arrive on this form. ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE AT THE AGM. ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE AT THE AGM. If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please register following this link: https://swiss.cfa/events/annual-general-meeting-2018/ If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please register following this link: https://swiss.cfa/events/annual-general-meeting-2018/ * 1. Do you approve the Minutes of the 2017 Annual General Meeting?

* 1. DoYes you approveNo Abstain the Minutes of the 2017 Annual General Meeting?

Yes No Abstain * 2. Do you exonerate the Board of Directors of CFA Society Switzerland?

* 2. DoYes you exonerateNo Abstain the Board of Directors of CFA Society Switzerland?

Yes No Abstain * 3. Do you approve the budget for the current fiscal year 2018:19?

* 3. DoYes you approveNo Abstain the budget for the current fiscal year 2018:19?

Yes No Abstain Annual General Meeting 2018

You receive this ballot as a Regular Member of CFA Society Switzerland on record as of 12 August 2018. Please do not forward the link to this ballot as this is for your personal use only. Note also that by submitting your vote on this ballot, you are deemed to have voted at the AGM. In order to maintain the confidentiality of the vote, there is no way to change your vote once the online ballot closes (24 September 2018, noon). However, you can change your vote at any time until the ballot closes by using the link you have followed to arrive on this form.

ONLY REGULAR MEMBERS WHO DO NOT VOTE THIS BALLOT WILL BE ABLE TO CAST THEIR VOTE AT THE AGM. 33

If you would like to attend the AGM in person (irrespective of whether you've voted already or not), please register following this link: https://swiss.cfa/events/annual-general-meeting-2018/

* 1. Do you approve the Minutes of the 2017 Annual General Meeting?

Yes No Abstain

* 2. Do you exonerate the Board of Directors of CFA Society Switzerland?

Yes No Abstain

* 3. Do you approve the budget for the current fiscal year 2018:19?

Yes No Abstain

* 4. Do you elect the nominated Board Members for a one year term, beginning 27 September 2018 and ending on the day of the 2019 AGM?

Yes No Abstain

Pablo Amuchastegui CFA, President

Ulrike Kaiser- Boeing CFA, Vice President

Patrick Ranzijn CFA, Secretary

Eugene Skrynnyk, Treasurer

Peter Neumann CFA, Past President

Sheila Ohlund CFA, Member

Daniel Ritz CFA, Member

Phillip Sundquist CFA, Member

Rafaela Bichuette CFA, Member

Anthony Cagiati CFA, Member

Jian Shi Cortesi CFA, Member

Matthias Teig CFA, Member

* 5. Do you re-elect Dimitri Senik CFA as internal auditor for a term of two years?

Yes No Abstain 34

Pictures in this report were taken at events of CFA Switzerland. They are courtesy of Nevil de Tscharner CFA, Carole Fleischmann and others. Cover image © thekopmylife/istock p.22 Albert Einstein, © Orren Jack Turner, Wikimedia Commons p.22 Bill Gates, © World Economic Forum - Severin Nowacki, Wikimedia Commons Editing was completed and believed correct on 20 September 2018. 35

Pictures in this report were taken at events of CFA Switzerland. They are courtesy of Nevil de Tscharner CFA, Carole Fleischmann and others. Cover image © thekopmylife/istock p.22 Albert Einstein, © Orren Jack Turner, Wikimedia Commons p.22 Bill Gates, © World Economic Forum - Severin Nowacki, Wikimedia Commons Editing was completed and believed correct on 20 September 2018. CFA SOCIETY SWITZERLAND PO BOX 3437 CHAMERSTRASSE 79 6303 ZUG SWITZERLAND

+41 41 741 00 74 SWISS.CFA