24.10.2025
Top-Down Capital Market Analysis
Cross-divisional teams form well-founded opinions on the economy, equities, bonds, alternative investments and currencies. The recommendations from the individual asset class teams are voted on by the investment committee, which acts as the bank’s central investment policy decision-making body and is chaired by the Chief Investment Officer. The uniform capital market opinion with regard to the individual asset classes is reflected in a matrix with characteristics in five steps and forms the bank’s house view. This matrix serves as the basis for tactical asset allocation and investment decisions.
Bottom-up Selection
Based on a tactical assessment of the markets, our asset class specialists select the most promising securities. Our internal expertise is complemented by sophisticated external managers. This open architecture ensures access to global investment opportunities.