ANNUAL REPORT 2018 :19Ethics & Professionalism for the Finanzplatzswiss.cfa

Ethics & Professionalism for the Finanzplatzswiss.cfa

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CFA Society 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 3’200 Members to promote the values represented by

the CFA® designation, provide continuing education, support CFA candidates, and

strengthen the network between Members.

Pictures in this report were taken at events of CFA Society Switzerland. Cover image © istock/wutwhanfoto

Society Outlook Image © istock/leonid_tit

Editing was completed and believed correct on 16 August 2019.

3 SPONSORSHIP

CFA Society 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:

Pictures in this report were taken at events of CFA Society Switzerland. Cover image © istock/wutwhanfoto

Society Outlook Image © istock/leonid_tit

Editing was completed and believed correct on 16 August 2019.

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© 2018 CFA Institute. All rights reserved.

LET’S BUILD A BETTER WORLD FOR INVESTING. LET’S MEASURE UP.Let’s make the financial world as diverse as the one we live in. Let’s put ethics at the heart of everything we do.Let’s always put investors’ needs above our own.Let’s deliver real value for the investment fees we charge.Let’s create jobs, build bridges, ensure prosperity.

Let’s do our part. Let’s start today. Let’s measure up. Get started at swiss.cfa

5 TABLE OFCONTENTS

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

ACTIVITY REPORT

Highlights

The Big Picture

Message from the President

Board of Directors

Advocacy

Society Volunteers Hall of Fame

170 Volunteers

Membership

Candidates

Public Awareness & Communication

Continuing Education

Conferences

Social Events

University Relations

Careers

Society Outlook

SOCIETY FINANCIALS

Treasurer’s Report

Auditor’s Report

Investment Report

BALLOT MATERIALS

Notice of Annual General Meeting

Ballot Form

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6

HIGHLIGHTS

CFA INSTITUTE RESEARCH CHALLENGE EMEA FINALS

The EMEA region finals of the CFA Institute Research Challenge brought no less than 43 teams with 197 students from 60 countries to Zurich on 10 and 11 April 2019. Those teams were the top performers from 2100 participants overall, studying at 400 universities.

The friendly competition was co-hosted by CFA Institute and CFA Society Switzerland. We are grateful to Brian Stype and team for their meticulous preparation and flawless execution as well as to the volunteer judges who made the presenters sweat and shine with the deep knowledge of their research objects. The Asset Management Platform Switzerland sponsored the event with a view to raising the profile of Switzerland as a center of excellence for asset management among the next generation of asset management professionals. André Frei CFA, Co-CEO of Partners Group left a lasting impression among the audience when he represented the Asset Management Platform in his keynote.

All teams were dispatched home again the following day by the happy winning teams from HEC Lausanne and Moscow State University, waving their good-byes in a multi-day campaign of digital billboards at the Lausanne and Zurich train stations to thousands of passers-by.

ACTIVITY REPORT

Experts interviewed for this report unanimously agree that the required talent and

know-how to ensure that Swiss investment management can be at the forefront of

financial innovation versus other innovation hubs such as the United States is locally

available.

Switzerland has the necessary resources to drive innovation in investment manage-

ment but one expert interviewed for this study highlighted that Swiss investment

managers are less innovative than many of the global competitors. More could be

done to drive innovation in Swiss investment management.

The Swiss government must, however, maintain liberal immigration laws to give

Swiss-based investment managers the necessary access to talent that it requires.

6.3 Innovation in Swiss investment management drives the allocation of high

volumes of assets to alternative financial products

Traditional asset classes continue to dominate asset allocation, however, experts

agree that as investors continue to seek yield in a low interest rate environment, the

allocation of assets to non-traditional, illiquid assets is likely to increase.

Over 20 percent of the investment managers who responded to a survey for this

report revealed that they allocate real estate, hedge fund, commodity and private

equity assets to collective investment schemes or mandates on behalf of clients.

Swiss investment management’s willingness to allocate assets to alternative asset

classes is supported by the substantial pool of institutional and non-institutional

assets to be invested.

Insurance-linked securities (including catastrophe bonds) and infrastructure assets

are also present but are still less pervasive in Swiss asset allocation.

Experts interviewed for this report agree that businesses are increasingly accessing

debt and equity capital through private markets, which implies that a larger pool of

private equity and debt assets will require management going forward.

Switzerland is the 9th largest CFA Society by members globally (2017: 2,894 mem-

bers), which illustrates the level of know-how available in the industry. According to

a study done by the CFA Institute in 2016 measuring the CFA charterholder pene-

tration in core investment management activities, Swiss investment management

has the fourth position in CFA charterholder penetration globally and is the leader

in Europe.

0 % 10 % 20 % 30 % 40 % 50 % 60 %

Fig. 11

Source: CFA Institute 2016

CFA charterholder market penetration in core functions of investment

management

In percent

Note: Swiss investment management is the fourth market in CFA charterholder penetration globally and the leader in Europe.

Members Candidates

CanadaHong Kong

United StatesSwitzerland

United KingdomUnited Arab Emirates

SingaporeNetherlands

AustraliaBrazil

GermanySpainPeru

ArgentinaKoreaIndiaItaly

FranceTurkey

MexicoChinaJapanRussia

Indonesia

28

11122222

333444

57

1213

1414

1618

1923

53

212

97

52

2217

1034

84

1210

1917

301513

1222

4746 SBA and BCG | Switzerland – A strong hub for investment managementSBA and BCG | Switzerland – A strong hub for investment management

Switzerland is a hub for innovation in the investment management industry6

SWISS BANKERS ASSOCIATION USES CFA MARKET SHARE AS PROXY FOR INVESTMENT IQ

The Swiss Bankers Association, the country’s preeminent trade asso ciation of banks, used the high concentration of CFA Char-terholders in Switzerland com-pared to other international (and especially European) financial centers as a proxy for the high investment IQ that Switzerland may deploy for the benefit of its global clientèle. This metric was quoted as among those receiv-ing the highest degree of atten-tion from readers of the study „Switzerland – A strong hub for investment management“ pub-lished on 6 December 2018.

CHART: CFA charterholder market penetration in core functions of investment management – In percent, Source: Switzerland – A strong hub for investment management

Experts interviewed for this report unanimously agree that the required talent and

know-how to ensure that Swiss investment management can be at the forefront of

financial innovation versus other innovation hubs such as the United States is locally

available.

Switzerland has the necessary resources to drive innovation in investment manage-

ment but one expert interviewed for this study highlighted that Swiss investment

managers are less innovative than many of the global competitors. More could be

done to drive innovation in Swiss investment management.

The Swiss government must, however, maintain liberal immigration laws to give

Swiss-based investment managers the necessary access to talent that it requires.

6.3 Innovation in Swiss investment management drives the allocation of high

volumes of assets to alternative financial products

Traditional asset classes continue to dominate asset allocation, however, experts

agree that as investors continue to seek yield in a low interest rate environment, the

allocation of assets to non-traditional, illiquid assets is likely to increase.

Over 20 percent of the investment managers who responded to a survey for this

report revealed that they allocate real estate, hedge fund, commodity and private

equity assets to collective investment schemes or mandates on behalf of clients.

Swiss investment management’s willingness to allocate assets to alternative asset

classes is supported by the substantial pool of institutional and non-institutional

assets to be invested.

Insurance-linked securities (including catastrophe bonds) and infrastructure assets

are also present but are still less pervasive in Swiss asset allocation.

Experts interviewed for this report agree that businesses are increasingly accessing

debt and equity capital through private markets, which implies that a larger pool of

private equity and debt assets will require management going forward.

Switzerland is the 9th largest CFA Society by members globally (2017: 2,894 mem-

bers), which illustrates the level of know-how available in the industry. According to

a study done by the CFA Institute in 2016 measuring the CFA charterholder pene-

tration in core investment management activities, Swiss investment management

has the fourth position in CFA charterholder penetration globally and is the leader

in Europe.

0 % 10 % 20 % 30 % 40 % 50 % 60 %

Fig. 11

Source: CFA Institute 2016

CFA charterholder market penetration in core functions of investment

management

In percent

Note: Swiss investment management is the fourth market in CFA charterholder penetration globally and the leader in Europe.

Members Candidates

CanadaHong Kong

United StatesSwitzerland

United KingdomUnited Arab Emirates

SingaporeNetherlands

AustraliaBrazil

GermanySpainPeru

ArgentinaKoreaIndiaItaly

FranceTurkey

MexicoChinaJapanRussia

Indonesia

28

11122222

333444

57

1213

1414

1618

1923

53

212

97

52

2217

1034

84

1210

1917

301513

1222

4746 SBA and BCG | Switzerland – A strong hub for investment managementSBA and BCG | Switzerland – A strong hub for investment management

Switzerland is a hub for innovation in the investment management industry6

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THE BIG PICTURE

CFA Society 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-ment and member societies. Societies keep their autonomous struc-tures even after the merger in 1990 of its precursor institutions into what is now known as CFA Institute.

It is important to know that CFA Society Switzerland – like all 157 local socie ties – is a separate entity of CFA Institute, which shares visions with CFA Institute, while at the same time ensuring that there is true local content & flavour. CFA Institute now has over 165’000 Members and cannot reach its vision and missions without the support of local societies.

Societies and CFA Institute have principles that are common to both. For instance, CFA Institute and CFA Society Switzerland share a pri-mary obligation to serve the lifelong professional needs of our collec-tive membership by delivering products and services of the highest quality and communicating directly with our respective Members. Further, CFA Institute and CFA Society Switzerland strive collectively and individually to maintain and advance the standards of ethics and professional conduct in the investment community globally, re-gionally and locally in Switzerland.

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 Society Switzerland on the other hand focuses on the local market, local Members and educational products and services that place the emphasis on local issues, reg-ulations and needs and provides local Members an opportunity to volunteer to develop their skills further and to network.

CFA Societies by Members: exclusive of Society specific membership categories, such as Candidate Members, table values as of 1 July 2019

Global Pioneers: First three Societies ad mitted to CFA Institute outside of Americas by year of admission

Society Members

1 New York 11’082

2 Toronto 10’261

3 UK 10’253

4 Hong Kong 6’681

5 Boston 5’960

6 Chicago 4’570

7 Singapore 3’611

8 San Franciso 3’421

9 Switzerland 3’063

10 Montreal 2’817

Society Year

1 Bermuda 1989

2 Hong Kong 1994

3 Switzerland 1997

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High standards of entry and professionalism.

Educated, ethical members at the top of their profession.

Regulations that align firms and clients.

Develop Future Professionals Through relevant and accessible

credentialing programs.

Deliver Member Value That accelerates the professional

success of our members.

Build Market Integrity That benefits investors and our

members that serve them.STR

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CFA Institute 1

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MESSAGE FROM THE PRESIDENT

Dear Members,

While Society activities have been driven by volunteers and the office, the Board has been concentrating on the preparation for Societies 2.0.

In 2018 the CFA Institute decided that local Societies will play a key role both in fulfilling its mission of leading the investment profession by fostering the highest standards of integrity, knowledge and professionalism, and in executing the below strategy:

The Societies 2.0 initiative is about improving the future state of global membership, where all members receive the full spectrum of benefits of a global organization through the single interface of their local society, underpinned by a strong infrastructure and good governance and enabled through a shared digital platform (see more on https://connexions.cfainstitute.org/societies-2-0). This will lead to a significant increase in the CFA Institute’s support to CFA Society Switzerland: our current structure is expected to double improve our delivery.

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Pablo Amuchástegui CFAPresident

During FY 2018:19, the Board of Directors of the CFA Society Switzerland actively worked on this challenging opportunity by:

1. Governance: improving capabilities through formal training and revising the Board manual2. Strategy: setting the Society Strategic Plan for the coming 4 years3. Structure: defining

a. the human resources needed and how they should be structured b. the way the board is organized in a more demanding environment

In FY 2019:20 we expect to increase the Society’s capacity, starting with strengthening its team through a Chief Operating Officer to ensure operational excellence. In 4 years we aim to double member satisfaction by:

1. Supporting members’ efforts to better serve their clients and their professional development (member value);2. Developing long-term professional relationships with employers, universities, and other professional associations to enhance the CFA brand (advance professional recognition); and3. Advocating for professional excellence (build market integrity).

Volunteers were, are and will remain the backbone of the Society. A professional structure can only support volunteers to better achieve the objectives of the committees they are part of, but it can never replace them. Volunteering allows to live the profession outside our daily work and results in a community of qualified professionals in a variety of interest areas.

Lastly, I wish to thank Phillip Sundquist CFA and Rafaela Bichuette CFA, both soon leaving the Board, for their dedication during their years of service, and to welcome our new Board member Sandra Cafazzo CFA, your support permitting.

Yours faithfully,

Pablo Amuchástegui CFA President

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,PRESIDENT Pablo is a Financial Analyst for the World Trading 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 Switzerland. Pablo started his career at Ford Credit Argentina’s Finance department. He holds a bachelor degree in Business Administration from University of Buenos Aires, a Master Degree in International Management from HEC Lausanne and a Quantitative Finance Certi ficate (CQF). Pablo is a Swiss from abroad and Argentine citizen, and has two children. A Charterholder since 2007, Pablo is serving the Society as a volunteer since 2009 and joined the Board in 2013.

ULRIKE KAISER-BOEING CFA,VICE PRESIDENT Ulrike Kaiser-Boeing, CFA is the Country Head Switzerland for Degroof Petercam Asset Ma-nage ment. Prior to this she worked in different business development and client rela tions roles

at Carnegie Fund Services Limited in Geneva, at Bank SYZ, and at Candriam (formerly Dexia AM) heading the Swiss Branch. She started her career as an equity analyst and later as a relationship and project manager in the institutional business at Lombard Odier. After earlier turns on the Board, she rejoined the Board in 2014.

JIAN SHI CORTESI CFA,SECRETARY Jian is a fund manager of Asian equities at GAM Investment Management (Switzerland) in Zurich, and is responsible for two China / Asia equity funds. Jian was educated in China and

the United States, and has worked in China, the United States and Switzerland. For most of her career, she has worked on Asia / China investing, first as an equity analyst, then as an investment strategist and a fund manager. She started her career as an assistant editor at Dow Jones in Beijing. Jian Shi Cortesi holds a Bachelor degree in International Business from Beijing Foreign Studies University in China and an MBA from the University of Tennessee in 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 Conference. Jian has been a volunteer with CFA Society Switzerland since 2012. She joined the Board in 2018.

EUGENE SKRYNNYK CIPM,TREASURER Eugene is a Director in Business Risk at UBS. Previously he was a client advisor working with high net worth individuals and also manager of special projects at two family offices. Before

this Eugene worked for Ernst & Young advising clients in Europe and Africa on the GIPS Standards and AEI/FATCA regulations. He was also a lead analyst for relative return investment programs at UBS in Switzerland and worked as a credit analyst at Bank of America in Canada. Eugene holds a Bachelor of Commerce degree from the University of Toronto and a Master of International Law and Economics from the University of Berne. Eugene started to actively volunteer for CFA Society Switzerland in 2008 in the Continuing Education Committee and then project managed the first Swiss Pensions Conference and the Generations Conference in Switzerland. He passed level II of the CFA program. He joined the Board in 2018.

PETER NEUMANN CFA, PAST-PRESIDENT Peter is Global Commercial Finance Director at Markem-Imaje in Geneva. Previously he has been regional CFO at Ansell in Brussels leading the EMEA & APAC Finance & Accounting organization.

Before, he held various senior finance positions at Procter & Gamble, 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 controlling of the packaging purchasing organization. He started his career at J.P. Morgan in 1994 where he completed a banking training program leading to the German banking degree “Bankkaufmann”. Peter also holds two degrees from the University of Passau: an MBA as well as a Master of Computer Science. He is a German citizen and has two daughters. Peter serves on the Board since March 2011.

SHEILA OHLUND CFA,OFFICE & STAFF OFFICER Sheila is the Founder and CEO of Attavita Finan-cial Services GmbH, which focuses on estab-lishing the appropriate investment risk levels for individual investors. Previously, she was

a Partner at SBC Brinson, and following its merger with UBS, was a strategist and portfolio manager. Prior to this, she was Executive Di-rector and Head of Research at Rothschild Bank. She had earlier been a member of the global equity investment team at American Express Global Asset Management in London. Sheila began her career at Price Waterhouse as a Certified Public Accountant (CPA). Sheila has a Mas-ter’s degree in Economics from the London School of Economics, a Master’s degree in Finance from the Sloan School of Management at

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the Massachusetts Institute of Technology (MIT), and an Entrepre-neurship and Innovation Certificate from Stanford University. She has served on the Board since 2014.

ANTHONY CAGIATI CFA Anthony is a Partner at Sound Capital Ltd., Zurich, and a Member of the Executive Board at Alliance of Swiss Wealth Managers. Anthony has in-depth know-how in the area of private banking in Switzerland as he served for many

years in senior positions at Bank Leu / Clariden Leu. In 2012 he played a crucial role in the set-up of Metropol Partners / Sound Capital Ltd., an independent wealth manager. Anthony was engaged with CFA Society Switzerland and CFA Institute in various functions including founding member of the board of and later President of CFA Society Switzer-land and member of the Board of Governors at CFA Institute. Anthony holds an MBA from Babson College. He joined the Board in 2016.

SANDRA CAFAZZO CFA Sandra Cafazzo is a Senior Vice President at PIMCO in Zurich where she is responsible for servicing institutional clients. Prior to joining PIMCO in 2013, she was a derivatives sales-person at Merrill Lynch in London. Earlier in her

career, Sandra serviced continental European clients at Wellington Management and was an associate portfolio manager for absolute return solutions at UBS Asset Management. She has 15 years of financial industry experience, holds an MBA from London Business School and a Bachelor from University of Applied Sciences in Zurich (HWZ). Sandra is a CFA Charterholder since 2012.

PATRICK RANZIJN CFA Patrick is Managing Partner at Orange Cherry Venture Capital, a boutique VC with an active role in its portfolio companies, e.g. Patrick is CEO/CFO of several companies, as well as actively engaged with numerous other investments. He

is on the Advisory Board of FGN Capital, a family office with offices in Monaco, Moscow and London, advises on their funds, strategy, crypto-trading and crypto fund. He was global co- lead of products and finance education at UBS (authoring their books for several business divisions and programs). He previously served as MD, CEO and senior trader at All Options Helvetia AG with over two decades of trading and capital markets experience. Patrick is Vice President of the Dutch Business Round Table, chair of the CAIA Switzerland chapter, member of the Education Advisory Committee of CFA Institute and chair of its Standards & Advocacy subcommittee. He is active in other foundations too. His main areas of interest include:

equity derivatives, alternative investments, high frequency trading, transfer pricing and big data. He joined the Board in 2014.

DANIEL RITZ CFADaniel works as an institutional sales and rela-tionship manager. He began his career in 1991 as assistant in the asset management depart-ment of UBS in Zu rich. In 1993, he became Sales and Relationship Manager for Swiss institutional

clients. In 1998, he joined Bank Leu as Head of Asset Management before becoming Head of Institutional Cli ents in 2003, a position he kept after Clariden Leu was formed. In 2011 he joined Unigestion as a director in the institutional clients department. Daniel is Swiss, married and has three children. He graduated in Economics from the University of St. Gallen and completed an MBA at the Univer sity of Rochester NY. He has been a CFA Charterholder since 1996. He has served as a volunteer since 2010 and joined the Board in 2013.

MATTHIAS TEIG CFA Matthias is a founding partner at Rothorn Partners, a Geneva based research and advisory firm. After starting his professional career with Allianz Global Investors in 2001, he moved into a structured products sales role with Barclays Capital in 2005.

Later, he had a position in the Key Clients team of Barclays Wealth, where his role was to originate investment banking business from the largest and most sophisticated private banking clients. At Rothorn Partners, Matthias focuses on fundamental re search to identify idiosyncratic investment ideas with an asymmetric risk return profile. The firm advises a Luxembourg domiciled alter native 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 Society Switzerland since 2014 and Co-Chair of the Continuing Education Committee since Jan 2018. He joined the Board in 2018.

BOARD MEETING PRESENCE 2018 :19 M1 M2 M3 M4 Total

Pablo Amuchastegui CFA X X X X 4

Anthony Cagliati CFA 0 X X X 3

Jian Shi Cortesi CFA X X X X 4

Ulrike Kaiser-Boing CFA X X X X 4

Peter Neumann CFA 0 X X X 3

Sheila Ohlund CFA X X X X 4

Patrick Ranzijn CFA X X X X 4

Daniel Ritz CFA X X X X 4

Eugene Skrynnyk CIPM X X X X 4

Matthias Teig CFA X X X X 4

12 ADVOCACY

CFA Institute defines advocacy at the Society level by three cate-gories of activity:

1. Member education and awareness regarding various themes such as ethics, standards, and regulation2. Industry and media outreach3. Policy maker engagement and advocacy

CFA Society Switzerland’s Advocacy Committee is staffed by volunteers whose diverse backgrounds reflect the broad areas of expertise required for this work. During the last 12 months, it participated in three important consultations, working with a new structure.

New Structure:We shifted our structure from a fix working group to a project oriented approach. We invited members to participate in projects. The advantage from our point of view is that every member can join a project is relevant for them and reflects their area of knowledge, experience and skills. Participants earned 8 CE credits SER for their contributions.

ADVOCACY PROJECTS 2018/2019:

BANKING ORDINANCE ON FINTECH:

From our point of view fintech is a key component and of vital interest to the position of the Swiss financial center for the future. This ordinance specified in detail the regulations implemented in the law we already commented in a separate consultation letter a year ago. We expressed some concerns about the strategy in general as well as about some points in the ordinance such as why capital requirements differ from OR or why foundations should not be suitable legal form for fintechs. We further believe that the consumer credit information system should be updated to allow (anonymised) access to credit information for crowd lenders to allow for a level playing field with commercial lenders.

FIDLEG / FINIG ORDINANCES:

The group supported the content of the ordinance in general. But we expressed concerns about the equivalence with the framework of the EU. The questions about the standards for documentation and reporting we linked to the GIPS Standards of CFA Institute. Last but no least we promoted the CFA Institute Code of Ethics and Standards of Professional Conduct.

We thank all members who responded for their willingness to help bring these projects to fruition. If you have any comments, questions or if you want to join a project group please do not hesitate to drop us an email: advocacy@swiss.cfa.

I would like to thank our advocacy group members as well as everybody involved in our projects for their effort and great work!

By Henrik Grethe CFA

13 SOCIETY VOLUNTEERSHALL OF FAME

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

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Tanweer Ali CFA

Geneviève Lincourt-Gheyssens CFA

Mary Cait McCarthy CFA

Olivier P. Müller CFA

Christian Dreyer CFA

Agata Kozerska

Pablo Amuchastegui CFA

Elaine Kassanos CFA

Sheila Ohlund CFA

Jian Shi Cortesi CFA (volunteer of the year)

Fabrice Moore CFA (nominated)

Eugene Skrynnyk CIPM (nominated)

Christian Takushi (nominated)

Nevil de Tscharner CFA (nominated)

Olivier P. Müller CFA (volunteer of the year)

Alison Arthurs CFA (nominated)

Peter Blum CFA (nominated)

Christian Nauer CFA (nominated)

Leonor Vereda CFA (nominated)

Anne-Katrin Scherer CFA

Walter Bareiss CFA

Peter Blum CFA

Peter Blum CFA

After an apprenticeship and first professional experience in the electronics industry, Peter obtained his Master’s and Doctoral degrees in mathematics from ETH in Zurich. He has been a CFA Charterholder since 2008, and he is also a fully qualified actuary in the Swiss Actuarial Society. His professional career in the financial industry started in reinsurance, where he dealt with asset / liability management. After joining Suva in 2005, Peter held various positions in the asset management function. In 2011, he became Chief Risk Officer in the finance department with responsibility for both actuarial and financial risks. In this quality, he was also heavily involved in the management of the pension fund for the employees of Suva. Peter has been a member of the agenda committee for the Swiss Pensions Conference of CFA Society Switzerland since 2013 and has chaired the Pensions Committee. Moreover, he has participated in various working parties, mainly related to topics of pensions and institutional asset management.

14 170 VOLUNTEERS ARE NETWORKING WITH PURPOSE

BOARD Pablo Amuchastegui CFA*Rafaela Bichuette CFAAnthony Cagiati CFAJian Shi Cortesi CFAUlrike Kaiser-Boeing CFAPeter Neumann CFASheila Ohlund CFAPatrick Ranzijn CFA Daniel Ritz CFAEugene Skrynnyk CIPMPhillip Sundquist CFA Matthias Teig CFA

JUDGESPeter BänzigerFlorian Esterer CFAChristoph Gretler CFAMarkus Matuszek CFAOlivier P. Müller CFA *Peter A. Romanzina CFAEugene Skrynnyk CIPM

EMEA JUDGESPeter BänzigerMirko Ballmer CFAFlorian Esterer CFAChristian Gattiker CFAJaco Geldenhuys CFASylvie Golay Markovich CFAFiras-Nadim Habach CFAFabian Haecki CFAReto Hess CFA Katrin Hita Camargo CFAMarkus Matuszek CFAClaudia Meier CFAOlivier P. Müller CFA *Philippe G. MüllerFilippo Rima CFAPeter A. Romanzina CFAThomas Schneckenburger CFAPeter Schweighofer CFARahul Sen Gupta CFARoger Signer CFAEugene Skrynnyk CIPM

EXPERTSCameron Dewey CFAFlorian Esterer CFADiego FöllmiLouis Ghaleb CFAMarcel Hermann CFAJean-Paul Jeckelmann CFAOlivier P. Müller CFA *

GRADERSJerôme Arthur CFAChristiane Bahlo CFAFabrizio Basile CFATetyana Bazylevska  CFADessislava Boneva CFAPascale Boyer Barresi CFAMidge Brown CFAAram Compton CFAAndré Dietlin CFADominic Faber CFAJustine Hubert CFAAmy Ils CFAChristophe Ollier CFAAndreas Plattner CFAMina Protich CFA Anne-Katrin Scherer CFACiprian Teasca CFAFrederik von Ameln CFAReinhard Zimmermann CFA

MENTORSIoana Basca CFA Fabio Bertoni CFADominique Braeuninger CFAAlfi Catalano CFAChristophe ChevalierTobias Crettenand CFABenoit De Courcelles CFAChris Gheorghe CFAMilan Ivica CFAJonas Jeandupeux CFAJean-Paul Jeckelmann CFAAlex Klopfer CFAThomas Kühne CFAAlex Marc CFAMartin Moeller CFAAndrea Mognon CFAAdrian Mom CFAMithlesh Ojha CFA Rainer Ott CFABruno Pellier CFARobert Schuchna CFAPatrick Schüepp CFAGregoire Serre CFAMiroslava Subenikova CFARicardo Tancini CFAGeorg Toelkhaus CFA

ADVOCACY COMMITTEEWalter Bareiss CFAStefan Berger CFA Lidia Bolla CFA Dominique Braeuninger CFAJames Burgunder CFAAnthony Cagiati CFADeniz Erkus CFAEnrico Giacoletto-Roggi CFAHenrik Grethe CFA *Thomas GrossoFiras-Nadim Habach CFA Karin Jans CFAMartin PloomDaniel Rubenov CFABenjamin Schoch CFARobert Schuetz CFAChang Solèr CFAMichael Sommer CFAMarkus Strauch CFA

AUDITORSLaura Prina Cerai CFADimitri Senik CFA

CFA INSTITUTE ROLESPetri-Mikael Alder CFA Gregory Allegro CFA Giuseppe Ballocchi CFAWalter Bareiss CFAAneta Marta Brzozowska CFAMarco Fassora CFAMarco Freiermuth CFAPetula Gibson CFAFrederic Lebel CFATomasz Piotr LukaMaurice Martignier CFAMaurizio Parenti CFARobert Scott Richards CFABenjamin Schoch CFA Severin Martin Schütz CFADimitri Senik CFAPhillip Sundquist CFAGeorg Toelkhaus CFA

Society Governance Stakeholders

UNIVERSITY RELATIONS

* COMMITTEE CHAIR

15

#GC19 COMMITTEEWalter Bareiss CFA Boris Battistini PhDDominique Braeuninger CFAPeter CingrosRaimondo del Balzo di Presenzano CFAThomas FischerMarius Andre Holzer CFAChristian Lepple CFAFernando Messineo Libano CFAJürg Schiller CFAEugene Skrynnyk CIPM *

ADVOCACY COMMITTEEWalter Bareiss CFAStefan Berger CFA Lidia Bolla CFA Dominique Braeuninger CFAJames Burgunder CFAAnthony Cagiati CFADeniz Erkus CFAEnrico Giacoletto-Roggi CFAHenrik Grethe CFA *Thomas GrossoFiras-Nadim Habach CFA Karin Jans CFAMartin PloomDaniel Rubenov CFABenjamin Schoch CFARobert Schuetz CFAChang Solèr CFAMichael Sommer CFAMarkus Strauch CFA

#SPC19 GENEVACOMMITTEEPablo Amuchastegui CFAMaxime Corbaz CFAGrégoire Haenni PhDUlrike Kaiser-Boeing CFAAdrien Veillard CFAChristian von Roten CFAReinhard Zimmermann CFA

#SPC19 ZURICHCOMMITTEEWalter Bareiss CFAPeter Blum CFAReto Fass CFAMichael Frei CFARens Götz CFAOliver Grimm CFADaniel Ritz CFAJan-Ulrich Salchow CFAJürg Schiller CFA

SOCIAL EVENTSCOMMITTEE Pablo Amuchastegui CFAJian Shi Cortesi CFAPetula Gibson CFALei Gong CFAGiulia Gramola CFA David Grimaud CFALars Helfenstein CFA Peter HristovMorgane Picard CFAJan-Ulrich Salchow CFAEugene Skrynnyk CIPMThomas Steller CFAPhillip Sundquist CFAShanshan Zhang CFA

CONTINUING EDUCATIONCOMMITTEEJose Antonio Arias Trejo CFAJérôme Arthur CFAThomas Bender CFARafaela Bichuette CFADessislava Boneva CFAHendrik CroceTimoteo Gandolfi CFAPetula Gibson CFALei Gong CFAKim Henriksen CFAStavroula Kouri CFA Christoph Künzler CFA *Thomas Lanfranconi CFAGeorg Merholz CFAJesse Ng CFASheila Ohlund CFABruno Pellier CFAMorgane Picard CFADanilina Polidori CFASteve Rodgers CFAMarkus Strauch CFAPhillip Sundquist CFAMatthias Teig CFA *Julien Terragnolo CFA

CANDIDATESCOMMITTEEKarol Brodzinski CFA Michael Gschwend CFATimo GuseLars Helfenstein CFA Peter Ibbotson CFAMussie Kidane CFAJakub Lesniowski CFA *Adam Lorincz CFAPeter Neumann CFAMark TemnikovSamuel Weissen CFA

EDITORS OF THECHARTERJared Bibler CFAThomas Parmentier CFAGrensy Quintero

CFA INSTITUTE ROLESPetri-Mikael Alder CFA Gregory Allegro CFA Giuseppe Ballocchi CFAWalter Bareiss CFAAneta Marta Brzozowska CFAMarco Fassora CFAMarco Freiermuth CFAPetula Gibson CFAFrederic Lebel CFATomasz Piotr LukaMaurice Martignier CFAMaurizio Parenti CFARobert Scott Richards CFABenjamin Schoch CFA Severin Martin Schütz CFADimitri Senik CFAPhillip Sundquist CFAGeorg Toelkhaus CFA

CAREERS COMMITTEEKarol Brodzinski CFA *Raphaël Lambin CFADekin O’Sullivan CFALaura Prina Cerai CFA George Psarianos CFASteve Rodgers CFALeonor Vereda CFA

PENSIONS COMMITTEEWalter Bareiss CFA Peter Blum CFA *Henrik Grethe CFAOliver Grimm CFADaniel Hutter CFA Jürg Schiller CFAAndré Siegrist CFA

Members

Volunteering isnetworking

with a purpose

16

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2014 2015 2016 2017 2018 2019

423946

41

384341

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484963

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5237 4951

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6164

10283

9180

7680

257270

300271237238

278310358341335321

MEMBERSHIP

The main driver of membership growth continued to be the success of the CFA Charter in Switzerland. The Society’s compound annual growth rate of membership for the last five years stands at 5.7% p.a.. Candidate Members tend to be cyclical by nature, as they would hopefully mature into regular Members upon completing Level III and their work experience requirements.

Last year’s renewal cycle have seen a 89% (94% previous year) mem-bership retention, compared to 88% (90%) in EMEA West. There are 730 (581) members of CFA Institute living in Switzerland who are not affiliated with CFA Society Switzerland. This is a significant reservoir of potential Society Members, provided we can convince them of the value of membership. The number of Candidates who have success-fully completed all three levels, but do not yet have the required work experience (“Charters pending”) stands at 292 (276).

CFA Institute polls a random sample of Members periodically for their satisfaction with their membership experience. Across the last few prints, the Net Promoter Score has varied between 27 and 11. AGM participation has reverted to its historic level of ca 20%.

The total share of Members employed by the top 10 employers has con-tinued its downward trajectory from 33.2% to 31.9%. It is noteworthy that Credit Suisse and UBS have lost Members, whereas the mid tier banks have retained or increased the number of Members among their staff.

The Membership Value Pack available to Members has been improved significantly again. In addition to important discounts on our collec-tive supplemental health insurance plans, media subscriptions, banking packages and access to periodic bulk purchasing schemes for laptops etc, Members may now benefit from double digit fleet dis-counts on new cars from brands such as Audi, BMW, Jaguar, Mer-cedes, Maserati, Mini, Volvo and others.

PROXIES SENTAND VOTES RECEIVED

PROXIES SENT

VOTES RECEIVED

PARTICIPATION %

TOP 10 EMPLOYERS OF MEMBERS 2019 (2018)

UBS 278 (310)

CREDIT SUISSE 257 (270)

PICTET & CIE 102 (83)

JULIUS BAER 66 (60)

VONTOBEL 55 (56)

ZKB 54 (59)

PWC 49 (51)

LODH 48 (49)

SAFRA GROUP 43 (41)

LGT GROUP 42 (39)

17 CANDIDATES

As the CFA exams are quite an unusual experience on which much rests, CFA candidates may want to take advantage of the opportunity to sit live mock exams. CFA Society Switzerland has been offering these exams for many years before switching to offer two mocks per exam cycle. The CFA exams take place in June (all levels in Geneva and Zurich exam centers) and December (Level I only, Zurich only).

Live mock exams are offered accordingly with all 3 levels in Geneva and Zurich for June and level 1 only for December in Zurich only. Mock exams are offered twice per exam cycle: 5 weeks ahead of the exam with a view to identifying gaps in the preparation and 2 weeks ahead with a view to building confidence for the real exam. The chart shows the number of mock exams sat per center. As the 2019 number would also include the December 2019 exam cycle for Level I, we do not have that comparable number, yet.

For the June 2018 exam cycle, we launched the CFA Exam post-mortem sessions. With this initiative, the society facilitates 30 minutes 1:1 meetings between candidates who failed one of the CFA exams in Switzerland in June and volunteer CFA Charterholders. The meeting serves to discuss and review the candidate‘s exam results from the perspective of the individual‘s preparation strategy. The goal of the session is 1) to give the candidate a perspective from somebody who‘s been there, done that and give them pointers about where to tweak the strategy to perform better at the next exam cycle. Secondly, they would be receiving a motivational boost from the conversation to encourage them to actually sit the exam again rather than drop it. The process applied included a call for CFA volunteers, which was taken up rather enthusiastically (72 volunteers). The society prepared a scheduling platform, on which each volunteer entered their available time slots. Next, CFA Institute sent a personal invite to all failed candidates a few days after the results were published. This invite includes a link to the scheduling platform, where they could pick one of 3 cities or a phone 1:1. Then, available times slots would be displayed, from which they could pick and be assigned to a volunteer automatically. Volunteer and candidate would then meet to have their conversation. After the end of the last meetings (matching activity can be monitored on the platform), we surveyed participants for feedback.

CFA candidates tend to be virtually invisible to our society. We are constantly looking for ways to improve engagement with them to raise pass rates and lower program exits. This initiative performed very well on engagement as we were able to facilitate 40 1:1 meetings. Furthermore, we were able to recruit an important group of society volunteers who are willing to give back and support the next generation of CFA candidates. The feedback from both candidates and volunteers was overwhelmingly favourable with a Net Promoter Score of 67.

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Video testimonial about the exam post-mortem from one of the participants

LIVE MOCK EXAM DELIVERIES

GENEVA

ZURICH

18

Datum: 22.05.2019

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PUBLIC AWARENESS & COMMUNICATION

CFA Society Switzerland continues to receive disproportionate attention in the media.

MEDIA ATTENTION

Media attention persists at a higher level in the wake of the monthly Credit Suisse – CFA Society Switzerland Financial Market Report launched in January 2017. This has a particularly favourable impact on the tier composition of media mentions, i.e. the top tier share has improved significantly.

NEWSLETTER

The PDF newsletter The Charter has been replaced by the eponymous blog for more frequent and timelier coverage. It continues to be led by a volunteer team of editors who can be reached on editors@swiss.cfa. We are grateful to Grensy Quintero, Jared Bibler CFA and Thomas Parmentier CFA for their careful curation!

SOCIAL MEDIA

The Twitter handle CFA_CH currently has 3059 followers (+9%), whereas 3634 people follow the LinkedIn page (+79%). The Society’s Youtube channel continues to grow its subscriber base rapidly at 1208 (+57%). Its 295 videos (+20%) have been viewed 26’400 times (+11%). The average view duration has continued its upward trend to arrive at 12.5 minutes (+8%). The recently launched Instagram profile currently has 248 followers.

CONGRATULATIONS CAMPAIGN

Thanks to CFA Institute’s continued branding support, the Society has been able to expand its annual campaign to congratulate new CFA Charterholders in the Swiss market. In addition to the customary full page print ads in Le Temps and Neue Zürcher Zeitung, new 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.

ARTICLES BY MEDIA TIER

TIER 1 NEUE ZÜRCHER ZEITUNG, FINANZ UND WIRTSCHAFT ETC.TIER 2 FINEWS.CH, HANDELSZEITUNG ETC.TIER 3 ROMANDIE.CH, ADVISORWORLD.CH ETC.

Articles by media tier

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Q3 18 Prior Q4 18 Prior Q1 19 Prior Q2 19 Prior

31292423

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Datum: 02.08.2018

Le Temps1002 Lausanne021 331 78 00www.letemps.ch

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Datum: 01.04.2019

Neue Zürcher Zeitung8021 Zürich044/ 258 11 11https://www.nzz.ch/

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Members of the CFA Society Switzerland, they are now part of a community of 155,000 CFA charterholders worldwide.Join our congratulations by visiting join.swiss.cfa/nzz.

Ugur Aksoy, CFACesar Alcazar Santos, CFAKayhan Alci, CFASerghei Alexeenco, CFAAydin Dino Alic, CFAAnchal Sharon Amirtham, CFAPhilipp Andris, CFAJose Antonio Arias Trejo Sr., CFAJouko Erik Arranto, CFADominic Michael Atzenweiler, CFAXavier Aumagy, CFAChristiane Bahlo, CFAStephan Balmer, CIPMChristian Markus Balzli, CFARonny Bamert, CFAAndreea Banica, CFAIvan Basile, CFASandro Niccolo Valentino Basso, CFADominique Cristian Baumann, CFATis Baumer, CFAFabian Wolfgang Berr, CFAAli Youssef Beydoun, CFAMarco Bieri, CFAPascal Bigler, CFADavid Gyurika Bernard Biro, CFASalvador Blanco Fernandez, CFAArnaud Sébastien Blaser, CFAHolger Hans Bloos, CFAIris Barbara Bodenmann, CFAClément Robert Henri Boisson, CFASeverin Marcel Bolt, CFANicola Sebastian Bonfanti, CFAMartin Paul Jean-Marie Bonnet, CFAAleksandar Borislavov Borisov, CFAVittorio Bosio, CFALabinot Brahimi, CFAIvo Brändle, CFAStephen Nicholas Brewer, CFAFlorian Henri Raymond Brobecker, CFAKarol Aleksander Brodziński, CFARamona Nadja Brüesch, CFAOlga Budovnits, CFAClemens Martin Buenger, CIPMTristan Buffet, CFAStephanie Mareen Buschle, CFADiego Alejandro Camacho Clavijo, CFADavid Capitao Morais, CFAMarco Casna, CFAJonathan Castella, CFASanto Centineo, CFA, CIPMChristoph Pius Christen, CFAMichail Chronopoulos, CFAGuillaume Thibaut Louis Compeyron, CFAGiuseppe Consoli, CFAMathias Cotting, CFARoman Dalcher, CFABourguinet Damien, CFAGuilherme Kupper Pacheco de Aguirre, CFAArnoud Nicolaas de Hoog, CFAArnauld Marie Nicolas Guillaume de Lassus Saint-Genies, CFA

Fabrizio De Notaris, CFADario De Notaristefano, CFAArne Deihle, CFAFrederic Delsol, CFAHeemanshu Virendra Dhruv, CFALeandro Javier Diaz Santillan, CFADickhoff Stephan, CFAOlivier Dittli, CFAJannick Dousse, CFADario Dubach, CFA, CIPMThomas Dubach, CFABernd Eberle, CFAFabienne Géraldine Ecabert, CFAOmar El Ashker, CFABenoît Alexander Elliott, CFAMarc Yves-Eric Elongnam, CFANicolas Etchepareborda, CFAReto Florian Faas, CFADavid Michel Faria, CFAAlessia Favotto, CFAElena Fehr, CFARemy Fenichel, CFACarlos Fernandez Martinez, CFADario Fernández Schmied, CFAPatrice Ferrier, CFAMichaël Fontaine, CFAJonathan Steven Ford, CFAMatthias Michael Friedli, CFASimon Fritschi, CFAClaudio Fuchs, CFAAnnalena Fuerer, CFAOliver Manuel Fuerer, CFAMatthias Frank Fuhrer, CFAJulian Thomas Gabrisch, CFANadia Gharbi, CFAJiven Sébastien Singh Gill, CFARalph Goldener, CFAChristoph Grädel, CFADominik Graf, CFAKarin Greber-Böschenstein, CFAStephen Philip Green, CFANiccolo’ Gregoratti, CFAStephan Fabian Grueber, CFAGerd Guba, CFAChristoph Sebastian Haas, CFAFiras Nadim Habach, BSC, CFAPatrick Frederick Hasler, CFALars Ivan Helfenstein, CFAFrank Martin Helm, CFAChristian Hiller, CFAMarco Ignaz Hofmann, CFAJoël Eric Hübscher, CFAJoerg Hunziker, CFAJana Hürlimann, CFARomain Armand Georges Jean Ivaldi, CFAMuralikrishnan Jagennath, CFASylvain Jalu, CFAJan Michael Jungi, CFABalazs Mihaly Kakuk, CFANorman Vincent Kasten, CFAAnna-Kathrin Barbara Keller, CFA

Wischiro Keo, CFANirav Manoj Khatri, CIPMStefanie Kluge, CFABenedikt Koedel, CFADaniel Korn, CFAFabian Hansruedi Albert Kruetli, CFALalit Kumar, CFAOlivier Eric Lachambre, CFAPatrick Robert Lang, CFAGavin Ian Lanz, CFAMax Werner Lanz, CFAErica Lanzi, CFAMarco Georg Laubli, CFATrong Tin Le, CFAPierre-Yves Thomas Legris, CFAAndre Lehmann, CFAThies Lehmann, CFAAnatoli Likhatchev, CFARenan Lopes Sena Bernardino, CFAJoël Lötscher, CFAJean-Baptiste Luccio, CFANicolas Magnien, CFADavis Manganiello, CFAChristian Mannoni, CFASpyros Marinis, CFAEduardo Marti Bofill, CFAPedro Miguel Mascarenhas, CFAYordana Rumenova Mavrodieva, CFAIvo Meier, CFA, CIPMEduard Melli, CFAJean-Alexandre Jules Jean-Claude Mery, CFAAram Mkrtoumian, CFAFrank Muggli, CFAYannick Muller, CFAAndreas Christian Müller, CFATimo Musiol, CFASebastian Walter Nagele, CFAMikkel Bjerre Nielsen, CFAJonas Per Lars Nihlén, CFAVincent Nippel, CFALuzi Andrea Nold, CFAMarius Obrist, CFATommaso Michele Operto, CFAMarilu Teresita Ortega Calderon, CFAValérie Géraldine Pagnier, CFAVarun Behram Pardiwalla, CFAJuan Pablo Pedre Ramírez, CFAHadrien Victor Pennequin, CFAYoel Yoaf Perez, CFALouis Alistair Perrot, CFAManuel Maria Zuzarte Reis Piedade, CFAGabriele Pinana, CFADavide Marcello Pinna, CFAGion Donat Daniel Piras, CFATimo Predöhl, CFAPatrick Prinz, CFAAndrea Puenchera, CFAMaëlle Reichenbach, CFAAndreas Christopher Resch, CFASergey Reynov, CFAChristina Maria Richard, CFA

Holger Alfred Ridinger, CFATania Romero Avila, CFASilvan John Roth, CFACarlos Felix Ruiz Pinter, CFALaurent Marc Rust, CFANicolas Samyn, CFAPatrick Schaad, CFAMatthias Schaffer, CFAAndré Schäfferling, CFAThomas Schär, CFAMarc Schelker, CFARoland Scherrer, CFANils Sven Schinasi, CFAMiguel Schmid Moura, CFAAndres Sevilla Arias Sr., CFAJoel Pema Sidler, CFAAlexandre Richard Sigg, CFAPhilip Signer, CFAMatthias Lukas Sigrist, CFAFabian Simon Sigron, CFAVadim Sobolev, CFAMichael Martin Sommer, CFALeonardo Roberto Spangaro, CFAJohann Carl-Philipp Spitta, CFADominic Yves Sprecher, CFASamuel Martin Spühler, CFAEric Artur Stockburger, CFARadovan Studník, CFAReto Danilo Taborgna, CFAArmand Takfor, CFALucien Thomkins, CFAMichael Thommen, CFAMartijn Hendrik Tielens, CFAOlivier Luc Tinguely, CFAMatthias Tlapak, CFADaniel Trum, CFAWilliam Anthony Cesare Turner, CFASimon Philipp Umher, CFAMarco Vogel, CFADavid Franz Vogt, CFASimone Kathrin Vonmoos, CFABarbara Vriens-Bernecka, CFASven Mathias Wagner, CFABenjamin Walter, CFAAlf Werrmann, CFACasper Erik Wilbers, CFAAndika Carolus Willyanto, CFAMathias Gabriel Winzeler, CFAMario Peter Wirz, CFAMiriam Franziska Wyss, CFAHicham Youssoufi Alaoui, CFAHai Zhang, CFAShanshan Zhang, CFAChristine Irene Zingg-Graf, CFAChristian Alexander Zschiesche, CFA, CIPMMarc Alexander Züllig, CFA

Congratulations to the 238 new Swiss CIPM and CFA Charterholders.®

© 20

18 C

FA Institute. All rights reserved.

19

By Christophe Künzler 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 Members a broad range of topics and formats to allow them to deepen and broaden their knowledge while networking with other participants. During the 18:19 year, we held a total of 33 Continuing Education events (excluding social events, Forecast Dinners and conferences): 15 events were held in Zurich, 13 in Geneva, 3 in Lausanne, 1 in St Gallen and 1 in Basel. In total, we counted almost 1000 attendees in our CE events last year. More than 70% of attendees were CFA Charterholders.

The most popular events during the last year were a joint event with CAIA on “The State of Alternative Investments” and a joint event with Swiss Sustainable Finance on ESG Integration in Investment Management. Other notable events, which attracted a relatively large number of participants included a presentation by Vitali Kalesnik from Research Affiliates on Factor Investing, an event on Pricing Strategies in Financial Services with consultancy Simon-Kucher & Partners and an Asset & Liability Management Study for a notional Swiss pension fund presented by Philippe Schlumpf. Attendance varies depending on the speaker, the topic and the location and in order to reach a maximum number of participants, events were organized in different formats, in different locations and while usually at lunch time, some were arranged in the evening.

In order to improve the CE offering, the CE committee co-chairs Christophe Künzler and Matthias Teig are trying to source ideas for topics and speakers from a wider group of contributors. All members are invited to contribute ideas for speakers and topics to the email address CE-submissions@swiss.cfa. A larger emphasis is placed on pro-actively managing topics in a way to capture timely “trendy” topics as well as a broad range of investment related and non-investment topics like regulation, ethics and social skills.

Volunteers play an important role for the successful organisation of events, in advance and during the actual events. From regular brainstorming on potential topics with the committee, contacting potential speakers to onsite management of an event like welcoming participants, introducing the speaker or filming the presentation, there are various ways how volunteers contribute to active CE program. Members who are interested in becoming volunteers for CE should also email to CE-submissions@swiss.cfa.

CONTINUING EDUCATION

Datum: 22.05.2019

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Datum: 22.03.2019

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Datum: 23.04.2019

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20

SPC AUDIENCE ANALYSIS

SPEAKERS, SPONSORS, MEMBERS

PF DECISION MAKERS, ADVISORS

CONFERENCES

#GC GENERATIONS CONFERENCE

The very successful “conference spring 2019” started with the Generations Conference. It’s a passion for investing with a purpose that we tried to capture in the second edition of the Generations Conference 2019, “Private Equity – Investing for Generations?”.

Almost 80 delegates gathered at the Swiss Re Center for Global Dialogue in Rueschlikon on 25 March to hear world-reknown experts on private equity, global venture capital, crypto investing, investment opportunities in Asia and impact investing. Particularly interesting for the audience were two ‘niche’ topics on art and shipping/logistics investments.

Two outstanding speakers Prof. Claudia Zeisberger, an INSEAD business professor, and Justin Rockefeller, the fourth generation

of the Rockefeller family, talked about a private equity landscape in the family office context and impact investing for future family generations, respectively.

#SPC SWISS PENSIONS CONFERENCE

The eighth installment of what is becoming an industry standard with the topic “Sustainable investing: real impact or hypocracy?” took place on 7 May in Geneva and 27 June in Rueschlikon. With more than 110 participants at each conference and very high NPSs (a record 56 for SPC Zurich!), these proved to be Society’s flagship events. With a range of excellent speakers, heated discussions and practical examples, the Swiss Pensions Conference offered an insight and guidance to pension fund and insurance practitioners as well as their advisors on this very important and timely topic.

SPC SATISFACTION ANALYSIS

COMING BACK

NET PROMOTER SCORE

By Mirjana Wojtal

2012 ZH 2014 ZH 2014 GE 2015 ZH 2016 GE 2016 ZH 2017 GE 2017 ZH 2018 GE 2018 ZH 2019 GE 2019 ZH

100 %

75 %

50 %

25 %

0 %

0

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150

2011 ZH 2012 ZH 2014 ZH 2014 GE 2015 ZH 2016 GE 2016 ZH 2017 GE 2017 ZH 2018 GE 2018 ZH 2019 GE 2019 ZH

CONFERENCES

21 SOCIAL EVENTS

CFA Society Switzerland has a long tradition of organizing social events throughout the year to bring Society Members together in a social setting, where they network with fellow members and share fun experiences outside work. In the reporting period, the Social Events Committee has hosted 25 social events (12 Geneva, 11 Zurich, 2 Lausanne) with 731 overall participants.

This year we rebranded the tried and tested Forecasting Dinner into the Bulls and Bears dinner, hosted at the beginning of the year in Zurich and Geneva with 43 participants in Geneva and 78 in Zurich. The dinner featured two speakers discussing global financial market outlook and a forecast game where participants competed for the best forecasters. Event sponsors were Saxo Bank and Vanguard.

Another flagship event was the annual Award Ceremonies in the autumn, where the Society welcomed new CFA Charterholders to congratulate them upon their successful completion of the CFA Program. 238 new Charterholders in Switzerland received their charter during the 2018:19 financial year. For the first time, the Society also welcomed the new CIPM certificants among its number.

Another first was the Polo tournament that Members of CFA Society Switzerland participated in. The Geneva Polo Club hosted its annual Copa San Martin on a beautiful autumn Sunday, 2 September 2018. It was a networking opportunity for the whole family and their dogs, too.

In addition, a number of local events were hosted in various cities throughout the year, including after work drinks, networking luncheons and summer barbecue. Among the many memorable moments … including networking drinks sponsored by CME Group.

By Jian Shi Cortesi CFA

22 UNIVERSITY RELATIONS

By Olivier P. Müller CFA

CFA is an important element of the educational landscape

In Switzerland, the CFA designation is well established as an educational program and as a brand with the two target groups professors and students. Awareness also gradually increases at universities of applied sciences. We continue to notice high demand from students to register for the CFA examinations soon after graduation or sometimes even before. Hence, the impact of brand marketing at universities is limited.

Four Partner Universities in Switzerland Two years ago, CFA Institute reshaped its University Affiliation Program to partner-up with universities that embed a significant portion of the CFA Program Candidate Body of Knowledge (CBOK) —including the Code of Ethics and Standards of Professional Conduct — into their curriculum. Switzerland counts four Partner Universities: EPFL, University of Lausanne, University of Neuchâtel and University of St. Gallen HSG. We continue to work on more universities and universities of applied sciences to join.

Switzerland hosted the CFA Institute Research Challenge EMEA Regional Finals

Switzerland’s University Relations acti-vities are centered on the CFA Institute Research Challenge, which is the flag-ship activity since 10 years. The team from University of Lausanne, taught by Prof. Dr. Norman Schürhoff (a Senior Chair at Swiss Finance Institute, which is collaborating with CFA Society Switzer-land) again carried the day at the CFA

Institute Research Challenge in Switzerland. In April 2019, Switzer-land hosted the CFA Institute Research Challenge EMEA Regional Finals. André Frei CFA, Co-CEO of Partners Group and representative of the regional Silver Sponsor Asset Management Platform, de-livered the keynote motivational speech, extolling the virtues of Switzerland as a center for asset management to students and faculty from the EMEA region. Forty-three teams from the entire EMEA region travelled to Zurich and competed in the semifinal and final rounds. The teams from University of Lausanne representing CFA Society Switzerland and Moscow State University representing CFA Association (Russia) were named EMEA Regional champions and travelled to the Global Finals, which took place at the end of April in New York.

Strong support from volunteer base and sponsors

In Switzerland and Liechtenstein, we now have 8 universities parti-cipating. For the 2018:19 challenge, 28 student teams analysed Landis & Gyr. This time, we had 21 graders, 28 mentors, 6 judges and countless industry experts contributing to the success of the Challenge. We are immensely grateful to all volunteers for their continuing support. Credit Suisse has been sponsoring the CFA Institute Research Challenge in Switzerland from the beginning and Finanz + Wirtschaft has been a longstanding media partner, while Asset Management Platform Switzerland sponsored the EMEA Regional Finals.

Electronic billboards at Zurich main station welcoming all 43 teams to Switzerland to the CFA Institute Research Challenge EMEA Regional Finals

The winning team from HEC Lausanne: John Cody Zimmermann, Alexandre Axilais, Nicolas Bregnard (front left to right), Henri Enguerran Badoux, Karine Chammas (back)

23

0

100

200

300

400

Jan-2019 Feb-2019 Mär-2019 Apr-2019 Mai-2019

No of visible Profiles No of Profiles

CAREERS

By Karol Brodzinski CFA

The Careers Committee acts based on the clearly voiced needs of members of our Society. The Committee tries to support Members in their career progression in several dimensions, i.e. in their job search, career development, improving their employability and supporting their networking activities. During the 2018:19 period, CFA Society Switzerland’s Careers Committee engaged in multiple projects.

Career CenterThe Career Center is a job advertisement board created by CFA Institute and now launched across the world in cooperation with individual societies. The platform was officially launched on 8 January in cooperation with a number of local partnering companies that filled the job board with advertisements. After the launch we continued to search for potential job advertisers to provide a strong source of job offerings for our Members. We observe a steady increase of Members using the platform as of the end of May 2019 314 CFA Members and Candidates from Switzerland had a profile on the platform.

Career Events 2019Apart from the launch of the Career Center, in January 2019 the Committee hosted 2 career events. The first one took place in Zurich (on 8 January) and the second one in Geneva (on 10 January). The structure of both events aimed at improving knowledge of potential career opportunities in Switzerland as well as suppor ting employability. We also wanted to give Members additional chance to network and get to know potential employers.

Mentoring ProgramThe Mentoring Program supports Members’ career development. Members participating in the Program were paired as mentors and

mentees with an aim to create a relationship that supports their career development. The Program started off with 2 events – in Geneva and Zurich, on 8 and 9 April, respectively. Paul Donovan of UBS was the keynote speaker at both events. We created 36 pairs of mentees and mentors so far but there are still remaining mentees waiting for a mentor.

Ongoing projectsCareers Committee understands the importance of support in career progression for Society Members. That is why we continue our efforts. In the coming year, we are planning to continue to work on the Career Center. We aim at making the platform offer stronger through acquisition of new job advertisers as well as through maintenance of the current ones. We are also working on the Mentoring Program with an aim to deliver an improved 2nd edition of the Program in 2020. Finally, the lion’s share of our efforts is currently aimed at the 2020 edition of the career event. We aim to broaden the service part of the event and to create more possibilities of getting acquainted with job opportunities for finance professionals.

We would like to thank all the Members who supported activities of our Committee and we would welcome any comments or suggestions regarding our initiatives. Please, do not hesitate to reach us at: careers@swiss.cfa.

I would like to thank members of the Careers Committee and every-body involved for their effort and hard work!

NUMBER OF PROFILES CREATED ON THE CAREER CENTER PLATFORM

JOB ADVERTISEMENTS AND VIEWS OF JOB POSTINGS ON THE CAREER CENTER PLATFORM

-1000

250

1500

2750

4000

Jan-2019 Feb-2019 Mär-2019 Apr-2019 Mai-2019

No of views (rhs) Total no of job postings (lhs)

70 27 82 62 27

3.339 3.363

2.2971.779 1.929

NO. OF PROFILES

NO. OF VISIBLE PROFILES NO. OF VIEWS (RHS) TOTAL NO. OF JOB POSTINGS (LHS)

24 SOCIETY OUTLOOK

If change were indeed a sufficient condition for survival, then I would not be worried even a little bit for this fiscal year: we are having it in spades. The most basic and hopefully least obtrusive part is going to be the office relocation. After some 8 years in Chamerstrasse 79 in Zug, we are moving to Baarerstrasse 11, a mere stone’s throw (ok, with a slingshot) away from the Zug train station. The red brick building we used to inhabit since the staffed office’s inception will undergo renovation. Expect a housewarming party invite some time in the late Fall!

While being forced to relocate is typically a major nuisance, it is actually a blessing in this instance because it comes at the perfect time, given our other plans. We have spent the better part of last year with preparations for Societies 2.0 (more about that in the Message from the President). This year, implementation begins to bite. Implementing that strategy comes with expanding the Society’s staff. Since we already are at capacity at the Chamerstrasse office, relocation was merely a question of time.

To lay the foundation for the next stage of growth, we are currently recruiting a Chief Operating Officer. This new colleague will be responsible for focusing the efforts of the Society’s staff and volunteers on flawless and effective execution. In due course, we are planning on adding further resources in community management, content creation and communication. These additional resources will allow me in turn to concentrate on outreach, stakeholder management and innovation.

Technology has been a bit of a mixed bag in the past year, as we have not been progressing as fast as I was hoping we would. That

said, CFA Institute has made crucial course adjustments in its society technology strategy over the past year, which makes me a lot more confident about achieving our goal of a reasonably well designed, integrated Member and user experience across multiple platforms in the near future.

Survival may be optional, but it is barely at stake for the immediate future. My main worry is about creating and maintaining a value proposition of the Society that has legs for the next 3000 Members. Our past and present focus on delivery almost exclusively through in-person meetings is unlikely to cut it. Novel, network-centric approaches will be required which have the delivery and development of recognised competencies at their core. After all, the raison-d’être of our Society and CFA Institute is to assist Members in their career advancement. In an environment of rapidly changing peak finance, this is a monumental task indeed.

Which is not to say that we will discontinue in-person events any-time soon. They are the crucible in which personal relationships are forged. I am looking forward to meeting you at one of the Society’s upcoming events!

Until then, keep well!Chris Dreyer CFA

Survival is optional.No one has to change.

W. Edwards Deming

25 SOCIETY FINANCIALS

TREASURER’S REPORT

By Eugene Skrynnyk CIPM

Treasurer’s FY2018:19 in Summary

Financially, CFA Society Switzerland performed well in the FY ended 30 June 2019 and finished with a profit of CHF 78’719.02.

Revenue increased 11% to CHF  1’112’181.41  (FY2017:18 CHF 999’569.70) mainly as a result of increased CFA Institute support funding, a new CFA Institute brand awareness campaign, contributions from the EMEA Research Challenge Final held for the first time in Zurich as well as overall higher conferences delegate sales. Despite these positive developments, we faced an overall decline of 19% in spon-sorship revenues.  

Expenses finished at CHF 1’041’638.51, up 14% from CHF 914’962 in FY2017:18 due to the CFA brand awareness and Research Challenge events and also partly higher overall actual than budgeted events related costs.

As a result, EBITDA finished the year at CHF 70’542.90, down 17% from CHF 84’608.46 in FY2017:18.

Total assets were CHF 917’775 as at 30 June 2019, up 6% from CHF 862’680.83 in FY2017:18.

At 30 June 2019, the Society held CHF 763’354.89 in total cash (FY2017:18 CHF 726’239.28). This amount included CHF 312’949.11 (FY2017:18 CHF 300’688.65) in investments such as liquidity, fixed income and equity part of which have generated an unrealised gain to date of CHF 12’635.44 (FY2017:18 CHF -1’260.00) due to well performing markets.

With an overall good financial position and CFA Institute’s continued support, CFA Society Switzerland is well positioned to continue to provide increasing value to its Members.

26 TREASURER’S REPORT

Balance Sheet

BALANCE SHEET per 30 June 2019

Notes 30.06.19 30.06.18 % Change

ASSETSCurrent assets

Cash and Cash Equivalents 450’406 425’551 5,8%

Marketable securities 1 312’949 300’689 4,1%

Recoverable withholding tax 0 0 N.M.

Accounts receivable 145’261 17’146 747,2%

Deferred assets & accruals 984 111’321 -99,1%

Total current assets 909’600 854’706 6,4%

Non-current assets

Equipment 3’175 2’975 6,7%

Rent Deposit 5’000 5’000 0,0%

Total non-current assets 8’175 7’975 2,5%

Total assets 917’775 862’681 6,4%

LIABILITIESCurrent liabilities

Accounts payable 2 46’286 89’981 -48,6%

Deferred liabilities & accruals 3 235’626 215’556 9,3%

Total current liabilities 281’912 305’537 -7,7%

Non-current liabilities

Long-term provisions 0 0 0,0%

Total non-current liabilities 0 0 0,0%

Total net assets 635’863 557’144 14,1%

EQUITY

Equity at beginning of period 557’144 448’938 24,1%

Period result 78’719 108’207 -27,3%

Equity at end of period 635’863 557’144 14,1%

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

CHF CHF

27

Profit & Loss Statement

PROFIT & LOSS STATEMENT

Notes 2018:19 2017:18 % Change

Member dues CHF 327’420 CHF 304’618 7,5%

Delegate fees CHF 73’096 CHF 81’612 -10,4%

Sponsorship contributions CHF 237’963 CHF 294’706 -19,3%

Candidate education CHF 20’122 CHF 20’811 -3,3%

CFA Institute support 4 CHF 453’581 CHF 297’823 52,3%

Total revenue CHF 1’112’181 CHF 999’570 11,3%

Event rents & catering CHF -365’416 CHF -306’843 19,1%

Total event expenses CHF -365’416 CHF -306’843 19,1%

Staff salaries CHF -492’465 CHF -408’562 20,5%

Total staff expenses CHF -492’465 CHF -408’562 20,5%

Marketing 5 CHF -111’268 CHF -123’303 -9,8%

Administration CHF -57’793 CHF -62’448 -7,5%

Charges, premiums CHF -4’998 CHF -8’125 -38,5%

Board expenses CHF -9’699 CHF -5’681 70,7%

Total other admin expenses CHF -183’757 CHF -199’557 -7,9%

EBITDA CHF 70’543 CHF 84’608 -16,6%

Depreciation & amortisation CHF -2’131 CHF -1’918 11,1%

EBIT CHF 68’412 CHF 82’690 -17,3%

Return on investments CHF 12’635 CHF -1’260 N.M.

Investment expenses CHF -775 CHF -848 -8,6%

Net investment return CHF 11’861 CHF -2’108 N.M.

EBT CHF 80’272 CHF 80’583 -0,4%

Extraordinary profit CHF 0 CHF 27’926 N.M.

Extraordinary loss 6 CHF -1’334 CHF 0 N.M.

Direct taxes CHF -219 CHF -302 -27,5%

Net period result CHF 78’719 CHF 108’207 -27,3%

28 TREASURER’S REPORT

Cash-Flow Statement

CASH FLOW STATEMENT

12-Month Cash Flow 2018:19 2017:18 % ChangeCash at Beginning of Period CHF 726’239 CHF 545’662 33,1%

Cash at End of Period CHF 763’355 CHF 726’239 5,1%

Net Cash Flow CHF 37’116 CHF 180’578 -79,4%

OPERATIONSCash receipts from Member dues CHF 357’989 CHF 319’452 12,1%

Delegate fees CHF 76’832 CHF 81’612 -5,9%

Sponsorship contributions CHF 241’227 CHF 330’822 -27,1%

Candidate education CHF 20’122 CHF 20’811 -3,3%

CFA Institute support CHF 384’581 CHF 190’823 101,5%

Cash paid for Event rents & catering CHF -398’435 CHF -194’752 104,6%

Staff salaries CHF -492’465 CHF -393’562 25,1%

Office & Infrastructure CHF -15’000 CHF -15’000 0%

Insurances CHF -1’788 CHF -642 178,7%

Administrative cost CHF -22’576 CHF -24’918 -9,4%

IT / communications cost CHF -3’210 CHF -7’483 -57,1%

Marketing and advertising cost CHF -111’268 CHF -123’303 -9,8%

Expenses Board / CEO CHF -29’916 CHF -28’210 6,0%

Net Cash Flow from Operations

CHF 6’093 CHF 155’650 -96,1%

INVESTING ACTIVITIESCash receipts from Sale of investment securities CHF 35’598 CHF 0 N.M.

Cash paid for Purchase of investment securities CHF -2’331 CHF 0 N.M.

Net Cash Flow from Investing Activities

CHF 33’267 CHF 0 N.M.

FINANCING ACTIVITIESCash receipts from return on investments CHF 84 CHF 55 53,7%

Cash paid for investment expenses CHF -775 CHF -2’751 -71,8%

Net Cash Flow from Financing Activities

CHF -691 CHF -2’696 -74,4%

NON-OPERATING ACTIVITIESCash receipts from non-operating income CHF 0 CHF 27’926 N.M.

Cash paid for non-operating expenses CHF -1’334 CHF 0 N.M.

taxes CHF -219 CHF -302 -27,4%

Net Cash Flow from Non-Op’ Activities

CHF -1’553 CHF 27’624 N.M.

Net Cash Flow CHF 37’116 CHF 180’578 -79,4%

Not reviewed

29

NOTES TO THE FINANCIAL STATEMENTS 2018:19

Reporting Entity

CFA Society Switzerland has been founded as the Swiss Society of Investment Professionals on 8 March 1996 in Zurich, Switzerland.

It is incorporated as an Association under Swiss law and is domiciled in Zug, Switzerland. The Association is registered in the commercial register since 17 March 2006 with Enterprise ID CHE-112.828.176. The average count of full-time employees is below 10 for the reporting period.

CFA Society Switzerland holds no material direct or indirect shares in other entities. The provisions on own shares are not applicable to CFA Society Switzerland.

CFA Society Switzerland is not party to any material leasing contracts. For its retirement obligations CFA Society Switzerland has joined VZ LPP Collective Foundation effective 1 January 2016, which maintains a separate pension scheme.

The total of assets used to collateralize third parties’ claims is CHF 5’000. No assets are encumbered by any property reservations («Eigentumsvorbehalt»).

There are no conditional liabilities («Eventualverbindlichkeiten»). The provision regarding share rights and options granted to management is not applicable.

Summary of Significant Accounting Policies

The present accounts have been prepared in accordance with Swiss law, in particular with the Swiss Code of Obligations. They are based on an economic perspective to adequately represent the Society’s true financial situation as going concern. There are no hidden reserves, nor have there been any created or released. These accounts forgo segment reporting. The Society does not export any goods or services. It is a member society of CFA Institute, headquartered in Charlottesville VA, USA and operates under a Member Society License Agreement, which is renewed annually. Assets are recorded at historic cost with adequate consideration for amortization and value adjustments. Marketable securities are recorded at their period closing price. Liabilities are recorded at par and comprise operationally required positions only. Provisions are recorded for all positions recognizably at risk.

Notes on Individual line items

1. Marketable securities are held in broadly diversified investments. For further details see the Investment Report.

2. Accounts payable include: - Open sponsorship invoices: CHF 42’212.50

3. Deferred liabilities are:- Prepaid member dues: CHF 115’125.62 - Funding received for office move and new furniture: CHF 30’000 - Accrued staff compensation: CHF 45’000- Expected invoices not yet received: CHF 45’500

4. CFA Institute supports its member societies financially in several ways and we received the following funding from CFA Institute in FY2018:19 :- Operational funding (versed as a function of the number

of society members, candidates as well as the number of locations where the Society is active): CHF 257’320.04 for CFA Society Switzerland key member locations in Zurich, Geneva, Lausanne and Basel.

- Confirmed/contingent funding (confirmed funds are primarily directed towards covering additional operating and investment projects costs while contingent funds are funds drawn only when investment projects do not cover costs): CHF 54’000 was confirmed funding from CFA Institute and another CHF 45’000 was part of contingent funds in light of the losses incurred on the Generations Conference 2019 for a total of CHF 99’000 in confirmed/contingent funding drawn in FY2018:19.

- Project Funding (granted on the basis of specific project applications): included in this position is the so-called ‘branding’ financing for the CFA Institute brand awareness campaign (CHF 49’000), the EMEA Research Challenge Final held for the first time in Zurich (CHF 29’261) as well as the new CFA Charterholders campaign (CHF 47’000) for a total of CHF 127’261.

5. Marketing and advertising expenses include the costs of the CFA

Institute branding campaign in Switzerland of CHF 49’000.

6. Out of period adjustments due to social security audit.

Notes

30 AUDITOR’S REPORT

By Laura Prina Cerai CFA and Dimitri Senik CFA

31 INVESTMENT REPORT

By Phillip Sundquist CFA and Patrick Ranzijn CFA

For the fiscal year ending 30 June 2019, the investment portfolio reported a net return of +4.08%. This solid performance occurred during a period of ongoing market turbulence and is confirmation that our long-term investment strategy of maintaining a balanced asset allocation with a focus on low portfolio volatility continues to deliver positive results. In terms of portfolio changes during the period, we were forced to sell our holding in the Swisscanto (CH) Alternative Fund due to a new requirement from our deposit bank

prohibiting investments in this product by non-profit organisations. At year-end our asset allocation now stands at 30% bonds, 25% equities, 5% alternatives (precious metals) and 40% cash. The best performing asset classes during the year were equities (+15.63%) and precious metals (+10.42%). Going forward, we plan to deploy some of our sizable cash position, especially in non-traditional assets in order to bring our holdings within the long-term strategic asset allocation guidelines.

Total % Return (CHF) after Cost

Note: CFA Society 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).

Weighting in % Cash Bonds Equities Non-Trad*

FX non-CHF

FX non-CHF/EUR

Minimum 0 30 15 15

Long-Term Strategy 0 50 25 25 30 20

Maximum 100 70 35 35

Current portfolio 40 30 25 5 0 0

Asset Allocation

* Non-traditional assets represent Precious Metals.

Total % Return (CHF) after Cost

-6 %

-4,5 %

-3 %

-1,5 %

0 %

1,5 %

3 %

4,5 %

6 %

2008 2009 2010 2011 2012 1H 2013 2013:14 2014:15 2015:16 2016:17 2017:18 2018:19

4,08 %

-0,82 %

3,23 %

-4,29 %

1,65 %

4,2 %

5,9 %

1,7 %

-1,5 %

0,25 %

4,3 %

-3,4 %

32 BALLOT MATERIALS

NOTICE OF ANNUAL GENERAL MEETING

AD I

The Minutes of the 2018 Annual General Meeting are available on the Society website swiss.cfa.

AD II

The Board of Directors responsible during the reporting period consisted of the following Members:

• PABLO AMUCHASTEGUI CFA • RAFAELA BICHUETTE CFA• ANTHONY CAGIATI CFA• JIAN SHI CORTESI CFA • ULRIKE KAISER-BOEING CFA • PETER NEUMANN CFA • SHEILA OHLUND CFA • PATRICK RANZIJN CFA • DANIEL RITZ CFA• EUGENE SKRYNNYK CIPM • PHILLIP SUNDQUIST CFA• MATTHIAS TEIG CFA

DATE: Wednesday, 18 September 2019, 1800h VENUE: Warwick Geneva, Rue de Lausanne 14, Geneva

PURPOSE:

I. To approve the Minutes of the 2018 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 2019:20.

IV. To elect the Board of Directors for a one (1) year term beginning 18 September 2019 and ending the day of the 2020 Annual General Meeting.

V. To elect an internal auditor for a two (2) year term beginning 1 July 2019 and ending the day of the 2021 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 16 August 2019.

33

AD III

For a discussion of the Society strategy represented by the below projections, please refer to outlook section.

AD IV

ELECTIONS:

The Nominating Committee, consisting of Ulrike Kaiser-Boeing CFA, Peter Neumann CFA, Daniel Ritz CFA and Anne-Katrin Scherer CFA proposes to fill the vacant positions with one new board member for the following list of nominee: • PRESIDENT: PABLO AMUCHASTEGUI CFA • VICE PRESIDENT: ULRIKE KAISER-BOEING CFA• TREASURER: EUGENE SKRYNNYK CIPM • PAST PRESIDENT: PETER NEUMANN CFA • SECRETARY: JIAN SHI CORTESI CFA• MEMBER: SHEILA OHLUND CFA • MEMBER: PATRICK RANZIJN CFA • MEMBER: DANIEL RITZ CFA • MEMBER: ANTHONY CAGIATI CFA• MEMBER: MATTHIAS TEIG CFA• MEMBER: SANDRA CAFAZZO CFA

Please refer to the section “Board of Directors” for the biographies and pictures of all proposed board members.

AD V

Art. 8 of the Bylaws of CFA Society Switzerland states that there are two 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 proposes to re-elect Laura Prina Cerai CFA for a final two year term, beginning on 1 July 2019.

LAURA PRINA CERAI CFA is a senior portfolio manager and equity analyst at Altrafin AG in Zurich. Laura has 13 years investment experience in managing discretionary and advisory mandates for institutional and private clients. Prior to joining Altrafin, she held the position of Senior Investment Advisor at Rothschild in Zurich for 5 years. Laura started her investment career in 2006 as an equity analyst at Financiere de L’Echiquier Asset Management in Paris and Salt Lake City, Utah. She holds a Master’s Degree in International Business from The Rotterdam School of Management (2006) and a Bachelor’s Degree in Economics & Finance from the Bocconi University in Milan (2004). Laura is a CFA Charterholder.

AD VI

Please inform the Secretary in writing of any other business you wish to discuss no later than 10 September 2019, noon.

Revenues k CHF

Member dues 341

Continuing Education 40

Social Events 40

Conferences 300

Candidate Education 20

CFA Institute 634

Other 50

Total Revenue 1’425

Expenses k CHF

Overhead 663

Continuing Education 95

Social Events 80

Conferences 210

Candidate Education 14

Other 336

Total Expenses 1’398

Profit / Loss 27

34 BALLOT FORM

All Regular Members of CFA Society Switzerland on record as of 31 July 2019 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 16 September 2019. The postal address until 30 September 2019 is CFA Society Switzerland, PO Box 3437, Chamerstrasse 79, 6303 Zug.

NAME:

CFA INSTITUTE PERSON ID:

Annual General Meeting 2019

You receive this ballot as a Regular Member of CFA Society Switzerland on record per 31 July 2019. 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 (16 September 2019, 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.

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-2019/

1. Do you approve the Minutes of the 2018 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 2019:20?*

Yes No Abstain

Annual General Meeting 2019

You receive this ballot as a Regular Member of CFA Society Switzerland on record per 31 July 2019. 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 (16 September 2019, 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.

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-2019/

1. Do you approve the Minutes of the 2018 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 2019:20?*

Yes No Abstain

35

Yes No Abstain

Pablo Amuchastegui

CFA, President

Ulrike Kaiser-

Boeing CFA, Vice

President

Jian Shi Cortesi CFA,

Secretary

Eugene Skrynnyk

CIPM, Treasurer

Peter Neumann CFA,

Past President

Sheila Ohlund CFA,

Member (appointed

by the board as Office

& Staff Officer)

Daniel Ritz CFA,

Member

Patrick Ranzijn CFA,

Member

Anthony Cagiati CFA,

Member

Sandra Cafazzo CFA,

Member

Matthias Teig CFA,

Member

4. Do you elect the nominated Board Members for a one year term, beginning 18 September 2019

and ending on the day of the 2020 AGM?

*

5. Do you re-elect Laura Prina Cerai CFA as internal auditor for a term of two years?*

Yes No Abstain

Annual General Meeting 2019

You receive this ballot as a Regular Member of CFA Society Switzerland on record per 31 July 2019. 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 (16 September 2019, 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.

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-2019/

1. Do you approve the Minutes of the 2018 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 2019:20?*

Yes No Abstain

CFA SOCIETY SWITZERLANDBAARERSTRASSE 11

6300 ZUG, SWITZERLAND+41 41 741 00 74 | SWISS.CFA