Bergos Annual Report 2025

Foreword Chairman of the Board of Directors

Dear valued clients, business partners, and esteemed colleagues

The 2025 financial year was shaped by a demanding and rapidly evolving environment characterized by macroeconomic uncertainty, geopolitical tensions, and structural changes in the capital markets. For Bergos AG, it was also a year of important strategic decisions, targeted developments, and a leadership transition. Overall, we look back on a solid and forward-looking year.

Macroeconomic environment and capital markets

In 2025, global financial markets operated in a field of tension between persistent uncertainty and selective opportunities. Developments in the US were particularly characterized by an increasing concentration of market capitalization in a small number of highly valued companies. This constellation entails significant risks, as elevated valuations and market concentration can substantially increase vulnerability to corrections.

Another structural risk lies in the persistently high public debt levels in many Western economies. The combination of rising interest burdens, limited fiscal flexibility, and political adjustment pressures makes the risk of a debt trap appear tangible. These developments require investors to maintain a high degree of discipline, diversification, and long-term thinking.

In addition, the US dollar came under increasing pressure in 2025. Political influence, uncertainty regarding the future direction of monetary policy, and the nomination of a new chair of the Federal Reserve led to heightened volatility and questions of confidence. For globally diversified portfolios, active currency management gained further importance.

In this environment, Switzerland once again confirmed its role as a safe haven. The stability of Swiss fiscal and monetary policy, broad political consensus, and high institutional quality sustainably strengthen the confidence of international investors. The Swiss franc appreciated against the vast majority of currencies. Swiss investments, particularly high-quality dividend-paying equities, once again proved to be an attractive component of long-term wealth strategies.

Entrepreneurial focus and client proximity

Bergos is and remains a private bank for entrepreneurial individuals. It is backed by entrepreneurial families and consistently aligns its offering with the needs of entrepreneurs and entrepreneurially minded private clients. This client segment is characterized by complex wealth structures, long-term objectives, and high expectations in terms of individuality and substance.

Our understanding of private banking is not based on short-term trends, but on sustainable relationships, a deep understanding of our clients’ personal and family circumstances, and entrepreneurial thinking at eye level.

People and values in private banking

Even in an increasingly digitalized world, successful private banking remains a deeply human business. Trust, professionalism, respect, empathy, and openness are not abstract values, but essential prerequisites for long-term success.

We are convinced that technological innovations should support and strengthen – not replace –  personal advisory services. The quality of the relationship between client advisors and their clients remains the decisive differentiating factor.

Leadership transition and continuity

At the beginning of 2026, an important leadership transition was prepared. The CEO of Bergos AG, Dr Peter Raskin, decided, in agreement with the Board of Directors and the anchor shareholders, to step down after more than 16 years of service. He will accompany the transition of CEO responsibilities and will remain closely connected to the bank thereafter.

Since assuming office in 2009, Dr Peter Raskin has decisively shaped the development of the bank. Under his leadership, Bergos has grown significantly, sharpened its strategic profile, and successfully navigated numerous market and regulatory phases. The Board of Directors expressly thanks him for his achievements and his lasting contribution to the bank’s long-term sustainability.

From mid-January 2026 onward, the operational management of the bank will be jointly assumed by the three members of the Executive Committee, Till C. Budelmann, Danting Liu, and Simon Wanzenried, who enjoy the full confidence of the Board of Directors and our shareholders. This collective leadership stands for continuity, stability, and a close integration of strategic and operational responsibility.

New developments and initiatives

For the fifth consecutive time, Bergos received the highest rating, summa cum laude, from the renowned “Elite Report.” This award confirms the bank’s consistent focus on quality, individuality, and foresight since becoming independent.

In the 2025 financial year, Bergos implemented several targeted strategic initiatives to further strengthen its position as a leading independent private bank and to consistently align its offering with the evolving needs of sophisticated clients.

• Expansion of the private markets offering

  For the first time, Bergos enabled private clients to gain structured access to selected private market investments that had previously been reserved for institutional investors. This strategically broadened the investment universe and further enhanced portfolio diversification.
• Launch of a dedicated structuring hub

  With the launch of its own structuring hub, Bergos significantly expanded its expertise in structured investment solutions. In cooperation with the structuring hub, tailored investment solutions are offered, enabling the precise implementation of a wide range of market expectations within client portfolios. As guarantor of the products issued by the structuring hub, Bergos also provides investors with the opportunity to specifically reduce issuer risk.
• Consistent strengthening of cybersecurity

  Cybersecurity was comprehensively enhanced and further developed during the reporting year. Through the increased use of automation and the continuous optimization of existing control mechanisms, the security level was sustainably improved. Additional organizational and technical measures further strengthen prevention and the resilience of the IT infrastructure. No successful cyberattacks were recorded during the reporting year.

Opportunities and strategic outlook

These initiatives give rise to significant opportunities:


• Strengthening long-term partnerships with our clients through tailored advisory services
• Continuity and expertise in a dynamic market environment
• Integration of future-oriented technologies into advisory services and processes
• Innovative financial solutions for the next generation of clients


These elements contribute to positioning Bergos as an agile, forward-looking, yet values-based private bank.

Closing remarks and thanks

On behalf of the Board of Directors, I would like to thank our valued clients for their trust, all employees for their commitment, and the Executive Committee for assuming responsibility. Bergos AG is well positioned to create long-term value even in a challenging environment.

Zurich, spring 2026

Dr Peter Schmid

Chairman of the Board of Directors

Bergos AG