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ANNUAL REPORT 2017 :18 Ethics & Professionalism for the Finanzplatz Swiss.Cfa 2

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ANNUAL REPORT 2017 :18 Ethics & Professionalism for the Finanzplatz Swiss.Cfa 2 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 ad mitted 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 well­wishers 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 break­even as per our status as non­profit 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 day­in and day­out, 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 two­year 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.
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