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Vontobel Private Banking The magazine for private clients Winter edition 2010

Values

“Values don’t grow on trees, and they don’t sprout up again every spring – they must be renegotiated one against the other.”

Prof. Dr. Ursula Pia Jauch

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Editorial As an independent Swiss Private Bank, we are aware of the responsibility we bear, since our clients not only entrust us with their financial assets but also allow us a glimpse into their lives. For this reason, we have dedicated the first issue of “blue” to the theme of “values”.

Cultural, social and personal values form the guardrails in our lives. What do we choose to orient ourselves by in a globalised world where values mean something different to each one of us? How do you transmit values; how do you cultivate them?

Dear reader, Vontobel Private Banking is enthusiastically embracing the New Year. In spite of an extremely difficult 2009, we were able to successfully benefit from the recovery of the equity markets and post excellent performance for the year. We will be doing everything we can to build on that success this year. Part of that effort is the first-class advice we give to our clients.

Thanks to our independence, our excellence in risk management, and our own “Private Banking Academy”, whose goal is to assure the outstanding advisory competencies of our team, we have a solid basis for achieving excellent performance. Because performance creates trust!

As just one example, our Honorary Chairman Dr. Hans Vontobel calls for a return to primordially Swiss values such as hard work and reliability (see p. 12). In addition, we present to you here some personalities from outside the world of finance who also work intensively with values and their meaning. “blue” intends to be informative and innovative, but also entertaining – simply put, a bit more valuable!

What are the values that you appreciate? Do we, as a Private Bank, live up to them? I look forward to hearing your feedback and suggestions.

Sincerely, Peter Fanconi Head of Private Banking peter.fanconi@vontobel.ch

Table of contents Theme: Values ∙ The dynamic equilibrium of values ∙ Delectable values ∙ Authentic values ∙ It’s people that count – not numbers

4 4 8 10 12

Macro: Outlook for a year of transition

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Opportunities: Six key industries with good future prospects

18

Column: The Life Project

21

Who is who: Regula Wasinger

22

Engagement: fit-4-future

24

Culture and cuisine: Inside Zurich

26

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Values – that is our theme here. But not “values” as in share prices on the stock exchange, but rather the big values in our lives: freedom, justice, tranquility. And it concerns the dynamic equilibrium of these values, which in every age must find its balance anew. A conversation with philosopher Ursula Pia Jauch.

Interview: Johann Thalheimer

Theme: Values

The dynamic equilibrium of values Goethe once said: “There is nothing over which one is harsher with oneself than mistakes one has just made.”

Sometimes values also prove to be mistakes. And yet it seems that without values, nothing works. Why not?

When human beings act, they always act in accordance with some pre-conceived idea, that is, they know what they would like to achieve and which values are important to them in the process. No one acts without values. Oftentimes we’re not aware how strongly our actions have been codetermined by our values. It is important that we align our actions with our values and allow them to lead us. Of course, mistakes are made, as they always are wherever human beings act. Still, I am convinced that there are fundamental values within every culture and within every person, which cannot be displaced.

Which values are you thinking of?

The philosopher Immanuel Kant spoke of “human universals.” Certainly we need to work out in detail which values belong to these universals. For example, I believe that all people have the desire to live free of pain, to be treated fairly by others, and to live a free and selfdetermined life. In addition, there is no one who prefers war to peace. Values such as these bind us together and can be shared by everyone.

What do we actually need values for?

People are sensing, suffering and feeling beings. They have an interest in meaning and seek the meaningfulness of their lives. Without this meaning, they cannot exist. On this point mankind differs from the animals. Man demands to know the meaning of his existence and formulates a conception of the objectives he wants to reach. And that is good.

Is this then the main function of values – to give meaning to life? Or are they simply important for us because they provide us with a guide to social orientation?

Values have a wide range of functions. Without doubt they are important for people to be able to live together socially, as life is organised in accordance with our attitudes toward certain values. Just ten years ago, the general sentiment was that we were living in a period of decaying values. Today, I think, we are living in a time when values are experiencing a renaissance. The excesses that came to light during the recent financial and economic crisis have fertilized the ground for a new discussion on values. Every generation has to revisit this discussion anew, to decide which binding values should be valid, where there is room for manoeuvre and where the brakes should be applied. If you think that values were defined once and for all in the Enlightenment, you are mistaken. Values don’t grow on trees, and they don’t sprout up again every spring – they must be renegotiated one against the other. And afterwards they have to be implemented via family, school, society and political decisions.

If each creed, each Weltanschauung, has its own values, this must mean that values are atomizing, not coalescing.

Do you agree?

You could think that, but it is not the case. Even the three allegedly different religions Christianity, Islam and Judaism – and not only these three – have a completely similar concept of values. It can be summarized in the golden rule: “Do unto others as you would have them do unto you.” This golden rule makes it possible to establish a common standard of values, one that can even be shared by people who otherwise think and feel completely differently.

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Philosopher and writer Ursula Pia Jauch lectures in philosophy at the University of Zurich, focusing especially on cultural-historical issues. Starting in 1987, she established at the University the first Swiss Ethics Research Institute (ERI). She was awarded a scholarship at the Getty Center for Art and Humanities in Los

Prof. Dr. Ursula Pia Jauch

Angeles, and is a Fellow of the Institute for Advanced Study in Berlin.

The majority of Western societies are pluralistic, individualistic and consumerist. Can common values be found on this basis? Or have the things that we formerly considered valuable quietly evaporated?

Since the 18th century, Western, modern society has continuously diverged. In the meantime, the Kulturkampf between Protestants and Catholics is over; today, religious freedom is a widely recognised value. Modern society is without doubt a very secular society: in terms of faith, everyone can believe what he wants to. What is very fundamental for a secular society are liberal values, that is to say everyone can strive for his own idea of happiness, in whatever way appears reasonable to him, as long as it doesn’t restrict someone else’s rights. Freedom is doubtless one of Western society’s very high values. In my opinion, there is consensus in every camp on that point.

invent values – but I do expect that afterward, we would cultivate our values more consciously, more actively.

Is that our largest problem – insufficient cultivation of our values?

That is certainly one problem. We forget too easily that the values of the Enlightenment are not simply God-given. We must live them and pass them on to the next generation.

In 1784, Immanuel Kant wrote that there is no guaranty that lived reason is eternal. Kant says that enlightenment occurs only where the individual dares to avail himself of his reason. That means that enlightenment has to begin fresh with each person and each generation. Possibly we’ve become too comfortable and too “denkfaul” – a word Kant invented: we’ve become lazy thinkers.

What do you mean by that?

I’m thinking that brands are not values: The Coca-Cola culture is not a value-based culture. The simple fact that we can exercise free trade today does not mean that we are therefore already a values-based society. The liberal economist Wilhelm Röpke, whom I greatly appreciate, asked himself this question already more than half a century ago. His answer: A market-based society does not create values, but rather consumes values.

For just this reason, in a society that is economically prospering, we have to cultivate this dialogue about our values. It is not sufficient to point to the three great values – freedom, equality, justice – and then sit back, content with ourselves. The big question to address is what these mean in the particular.

“Every generation has to revisit this discussion anew, to decide which binding values should be valid, and where there is room for manoeuvre.”

And where is dissent?

At the point of friction between the two values freedom and equality. For example, freedom can collide with basic social rights. Every generation therefore has to measure and define once again the relationship between freedom and social rights. What I mean by this is that values are not fixed quantities; rather, they are influenced by constantly changing realities. For example, globalisation affects values, and our new mobility changes people’s attitudes toward them as well. That’s why we need to have a continuing debate on values. I don’t expect such a debate to result in new values being created – you cannot

And what would that entail?

It means first asking ourselves the right questions. Some people are successful professionally, others aren’t. Does it follow from this that everyone forges his own happiness? Or should the state take it upon itself in certain circumstances

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to equalize the differences? What is justice? What is equality? Is there such a thing as natural inequality?

Should we take something away from the people who are successful and redistribute it to those who are less successful, or not successful at all? These are all questions that must be asked – and they are not easily answered.

Such questions as these indicate that values are always evolving. They change and search for new dynamic equilibria. But they never disappear from people’s lives.

To think for oneself, and decide for oneself, is an ideal. It was so during the Enlightenment and is still so today. Yet if you engage with values, you commit yourself and thus relinquish some of your autonomy in thinking and acting.

Is that a contradiction?

I do not believe that by doing this, you give up autonomy in thinking. Values are not fixed quantities; they are always relational, existing in relationship to something else. Freedom can never be discussed in the abstract. For that reason, the slogan “More freedom, less state” is also wrong. We can only be “free” in reference to something else. We are free from something, for example free from slavery. Or we are free to do something, for example free to start a business. But there’s more to it as well: Justice, as a value, is an orientation principle. That means that we can never – ever – implement justice 100 percent. We can only approximate justice. That is why, in the strictest sense, there is never a definitively fair society. Nevertheless, we must strive to make conditions as fair as possible.

The twentieth century has tragically shown us several instances where it can lead if you want to install absolute, “total” justice. Dictatorial and totalitarian societies were established that neither functioned nor were fair.

In other words: whoever strives to achieve absolute goodness brings about the opposite?

That is what historical experience demonstrates. Whoever wants absolute justice or absolute freedom, as a rule ends up in bondage, or unleashes other horrors. Today as well, we should take care to avoid fundamentalist exaggerations. An example: today there is an intensive discussion going on concerning environmental values.

This is a very reasonable debate, as we cannot simply use up all our natural resources with no consideration for the generations to come. But here too we must admit to ourselves that it will not be possible to build an absolutely perfect green society – unless we are aiming to achieve a new fundamentalism. Values are always only variables of orientation, not of definition. In determining our values, we should let reason reign, respect different positions, and sound out the areas in the discussion where we can find a consensus. That, after all, is the process of democratization and secularization to which we are condemned in modern society. There is no infallible “values commission” to tell us what is right and what is wrong. We have to find out ourselves and agree on them with each other.

Let’s talk about changing values. What is changing, and what is staying the same?

I think there is a core stock of values that endure and which all people are able to share. But new ideas do arise, and other emphases as well, which have an influence on our attitudes toward values. I remember, for example, how 30 years ago the question of generational justice arose for the first time. Up to then, the notion of fairness between the generations had never been postulated. However,

these discussions have had a long-lasting impact on our understanding of values. Today the idea of generational justice is taken up more and more in political decision making.

Our final question: Are there too many values today, or only too much moralising?

Rather the latter. We are clearly living in a society that moralises very strongly. I consider that problematic. I believe there is a big difference between living an ethos and constantly moralising about the behaviour of others.

The relationship between the two is like chalk and cheese.

I find it unproductive that someone can capriciously take it upon himself to judge what is good or not good about someone else. In the case of environmental questions, too, which are actually very important to me, I sense that we have arrived at a point very close to moralising. An example: in Switzerland the word “Minergie” is a quality label to denote energy-saving building methods, such as “controlled” ventilation. All well and good, except that I personally find it intolerable to imagine that I can no longer decide myself to open a window and hear the birds singing. To put it another way: In the case of each individual value, we must carefully think about where the benefits are, and where are the costs. When is a value humane, and when has it become an obsession? Even with values, it all depends on the dosage and finding the right dynamic equilibrium.

Theme

As a rule, established family businesses behave completely differently from new startups. They have often developed their own special understanding of such concepts as quality, values and responsibility. This is definitely the case with the Zurichbased confectioner Sprüngli. Here, long-standing tradition is maintained and cultivated – a tradition that manifests itself in the form of quite delectable values. Since 1836.

Text: Heike Isselhorst

Theme: Working with values

Delectable values If you walk into the Confiserie Sprüngli at Paradeplatz in Zurich, the first thing that hits you is the soft, seductive aroma of chocolate. With the finest pralinés set out before you in rows, the excited tangle of voices all around in the shop hints at the clientele’s exquisite anticipation. And yet, with Sprüngli there isn’t exactly “a clientele.” Lovers of their delicious works of art come from all over the world and from every layer of society.

“Nearly without exception, our clients are convinced Sprüngli fans,” says Tomas Prenosil, who together with his brother Milan, members of the sixth generation, manages the family enterprise. “The people who buy at Sprüngli value quality and tradition and appreciate excellent products,” he continues. “Our customers are epicures.

And they are willing to pay for their pleasure.” It’s not only on account of their price that these small delights are valuable. For decades, Sprüngli has stood for the high art of chocolaterie, made in Switzerland.

It has been a long path, with much hard work and even more passion invested along the way. One of Sprüngli’s truffles du jour or Luxemburgerlis weighs only a few grammes; the pleasure lasts but a moment; and there is plenty of competition to challenge their reputation. So what is the secret behind their 170-year old success?

Tradition is more than just a long history The traditions handed down in this family business are important components of the total “Sprüngli experience.”

But values and attitudes do not automatically arise from traditions and history. Prenosil understands the responsibility that he bears as co-owner and CEO. “It is my task to exemplify the values our company stands for

and anchor them in the hearts and minds of our staff.”

If such attitudes exist only on paper, they are quickly forgotten. For that reason, says Prenosil, Sprüngli sets great store in the idea that members of its management team should not only internalize the firm’s current values, but also develop them further. In other words, the company’s values must be shaped in such a way that they can be transmitted from one period in the firm’s history to the next. That is because people, clients and even tastes are all alive, dynamic, and changing over time. This is what Prenosil is thinking of when he says “We always want to remain relevant for our customers, without losing sight of our traditions and values.”

Creating and safeguarding company values is only one tile in the mosaic of the company’s long-term success. “Values are closely linked to expectations. Our customers place a great deal of confidence in us. We believe we have a duty not to disappoint them.” In order to preserve their selfimage and credibility, Sprüngli has for example become more engaged in sustainability and environmental issues.

“The things that our customers treat themselves to in

Sprüngli at a glance • Founded in 1836, headquartered on Zurich’s Paradeplatz • 19 retail outlets in Switzerland • More than 1000 employees • The “Luxemburgerli” was first introduced in 1957 • Over 500 kg of Luxemburgerlis produced daily in 50 different flavours • Product range includes over 60 kinds of pralinés and 30 kinds of truffles

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Sprüngli,” says Prenosil, “must be valuable in every way.

We have to live up to this expectation each day.”

In order to turn customers into long-term lovers of their products, the quality must be 100 percent right. For Prenosil, this begins with the ingredients. “The perceived value of a Sprüngli product depends on where the cocoa, eggs and flour have come from, and how the ingredients were processed. If you take shortcuts here and make concessions there, you will lose more than you can possibly gain.” Quality is also a question of attitude. “First-class ingredients and careful production go without saying for us. They are part of our philosophy and our aspiration to create something that can’t be compared with anything else.” That presupposes extensive knowledge of the entire production process on the part of all their employees.

“Only if everybody is pulling on the same rope,” Prenosil says emphatically, “will every single truffe corresponds to our quality requirements at the end of the day. In the long run, our customer can feel that.”

The whole is more than the sum of its parts A visit to Sprüngli is an experience – not only for the palate. It appeals to all the five senses. The self-image of this very traditional firm is reflected in its innovations, the

presentation of its products, in the elegant packaging, the decor and customer service. Also part of it is the fact that the employees identify with the company. You encounter mutual respect and loyalty. Thanks to their many years of working together, everyone pulls on the same rope and gazes together into the future. “This is what makes the Confiserie Sprüngli and our values so distinct. If the big picture is right, and it fits the product, then the perceived value is perfect,” says Prenosli. “If you look at it that way, one little truffle stands at the beginning of a fantastic and long-lasting customer relationship.”

The Sprüngli CEO wants to create sustainable value with his products: The true value lies in the product itself.

“Three hundred and sixty-five days a year, we make our living creating fresh, high-quality products – and putting them to the test. That is the challenge and, finally, it’s the critical point.” Then he adds confidently, “Our products speak for themselves.”

What does Prenosil himself think about all the sweet temptations around him? “Our pralinés are the embodiment of tradition and Swissness, but actually I prefer a small truffle du jour, which tastes simply wonderful. Especially when I pinch one directly off the production line!”

Tomas Prenosil has managed the Zurich-based firm with his brother Milan since 1994. As CEO, the nephew of Richard

Tomas Prenosil

Sprüngli is also responsible today for marketing and development.

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Text: Heike Isselhorst

Theme: Designing values

Authentic values Stamps serve as receipts for postage paid. The sender of a letter pays the post office for a service; the stamp affixed to the letter proves the payment was made. In spite of this mundane purpose, a great deal of time and effort is invested in the design of postage stamps. And with good reason: All round the world, people take delight in these tiny works of art. Including those from designer Bernadette Baltis.

In an electronic age, where more and more mail is zapped off as an e-mail or SMS, a hand-written letter is a sign of real personal appreciation. Just as the contents of such a letter are individual and unique, so too are the stamps.

They guarantee the safe and punctual delivery of the letter and are available in the widest range of motifs. In Switzerland alone, dozens of commemoratives are issued every year to highlight many different topics and causes.

One woman who has designed numerous stamps over the past twenty years is Bernadette Baltis from Uerikon.

Bernadette Baltis Over the years, this graphic designer has created numerous postage stamps, receiving several international awards for her designs.

The value of the motif Working as an independent designer, Baltis focuses mostly on motifs featuring domestic flora and fauna as well as Swiss national treasures. “I like most of all to design stamps whose subjects have their own history or tradition,” she says. “If the subject already has some worth in and of itself – if it has a soul – then in the end, the stamp will exude this value.” Regularly invited by the Swiss Post Office to enter competitions for new special issues or definitive stamps, Baltis invests a great deal of time afterward on elaborating her design. She says she begins to develop a special relationship with her stamps.

“As a designer, you’re faced in the beginning with this tiny blank surface, barely eight square centimetres, and in that small space you have to find a way to reflect the entire depth and richness of the subject. That’s the real challenge.”

Working on assignment Even if stamps can be considered small works of art, the work of a designer differs considerably from that of an artist, explains Baltis. “An artist creates a work primarily for himself. It may not matter to him at all whether the public understands it or not.” When it comes to creating a stamp design, however, the designer receives a clear brief. “For the Swiss Post Office, I have to design stamps that not only elaborate a given topic but which will also be understood by the man on the street.” For this reason, research is vital when developing an idea for an image. A stamp cannot simply be a pretty little picture, she says. “It has an informative as well as a creative side,” she explains.

Millions of Swiss stamps are sent around the world, so there is no room for error, even in the details.

Focus on the essential Transmitting detailed information on a few square centimetres is no easy task. “After conducting research often lasting a few weeks, I get completely absorbed in the topic. Then, sifting through the mountain of information I’ve gathered, I try to identify those elements that represent the true core of the subject.” This process of reduction is absolutely necessary, she says, because there is simply no more room on a stamp. “The phase when I’m searching for ideas always makes me impatient,” says Baltis. “Sometimes I seem to come up totally empty. And yet there comes a moment when I catch my breath and realise that the idea and the assignment are finally taking shape in my mind. That’s when my inspiration really takes off, and I can begin the actual design work.” Imagination alone isn’t enough, however. Rather, it is a kind of visual

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logic that determines how the image will be composed.

Certain characteristics of the subject have to be set down in graphical language; only through such metaphors can the subject be interpreted authentically and distinctly. It is not possible to simply take an existing image and reduce it down to the stamp’s dimensions. What’s more, the image also has to be technically reproducible for the printer; it is crucial that the image doesn’t lose its impact through the process of compressing and reducing it. Baltis does not think highly of altering a subject just to make it fit better into the limitations of the format. “To me, that would be disrespecting the subject,” says the designer. “At the end of the day, it’s this respect for the history of a cultural asset, or for the perfection of nature, that gives the stamp its true value.”

Precious collectors’ items All over the world, enthusiastic stamp collectors are always on the lookout for rare items. It’s a hobby that can get expensive – the highest-ever price paid at auction for a postage stamp, a misprint of the Swedish Tre Skilling Banco from the year 1855, was just under 2.5 million Swiss francs, paid by an anonymous buyer. And how much are Bernadette Baltis’ stamps worth? “Normally, stamp prices these days don’t reach such astronomical levels,” she

In its entirety, the design must fit into a space of just eight square centimetres.

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explains. “Modern printing technology means there are hardly any printing errors any more. And don’t forget, the print runs back in the early days were much lower.” Even so, stamp collectors still hunt down special items. Most stamp collections concentrate on quite specific themes, for example insects. “I receive letters from collectors in many different countries who tell me that acquiring one of my stamps helped complete their collection. This makes us both very happy!”

The joy of creation Baltis is sure about one thing: You need to take pleasure in this work. “I think it’s wonderful that I have the opportunity to work with such interesting themes and with objects that have been created with love and passion – things that have tradition behind them. It’s a privilege to design stamps. It makes me feel that I’m doing something meaningful.” Such enthusiasm is obvious from just looking at her fascinating stamps.

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Interview: Johann Thalheimer

Theme: Preserving values

It’s people that count – not numbers Only very few people have an overview of an entire century. Hans Vontobel is one of them. He belongs to those Swiss private bankers who have never hidden their understanding of values. A conversation.

In the business of finance, it’s all about hard, material values. For this reason, many people believe that in this sector, it’s enough to have clear rules of the game. No special values are necessary. You think otherwise. Why? Rules alone are not sufficient. In banking you need decent, fair people who have a deep understanding of human nature, who can openly approach clients, competitors or discussion partners. I’m often asked what is more important in banking, people or numbers. For me, the answer is clear: It’s people.

Was it always understood for you that the focus should be on people and not purely material assets?

It is a mistake of the age we’re living in, and one of the causes of today's crisis, that numbers determine everything. You cannot lead a company by focusing only on the numbers. Numbers are important, but they are not sufficient. You also need ethical convictions and values.

Does a medium-sized Swiss Private Bank have a different understanding of values compared to a British or American major bank?

Absolutely. Over the past years and decades, many large banks, without proper reflection, have borrowed quite a lot from the American understanding of values, instead of basing their actions on their own established values.

Are you making a case for independent Swiss values?

Can there still be such a thing in a globalised world?

It’s precisely in difficult times that every country and people must fall back on its own values and traditions.

That is valid also for Switzerland. We all know the values that have stood for Switzerland’s success since long ago: diligence, punctuality, reliability, quality, decency, discretion. Perhaps to some people those may sound corny. But I am convinced that values such as these deserve to be held high, also in the future.

As a financial centre, Switzerland is presently living through a complex period. Competing financial centres look askance at transacting business that up to now

was always done in Switzerland. Foreign countries are putting pressure on our country and the assets placed here. How do you see the future of Swiss Private banking?

As a Private Bank, you must always have faith in yourself and your strengths. Otherwise you won’t convince anybody. We should look at today's turbulences from a historical point of view; they appear less dramatic if examined in perspective. In the past, Switzerland and our financial centre have never had it easy – not in the 19th century, nor after 1945. We repeatedly went through phases where we were put under strong foreign pressure. But these should not tempt us to sacrifice our fundamentally liberal convictions and little by little reduce the protection we provide to our clients’ financial privacy.

The external pressure we’re experiencing now is perceived by many observers as a threat to Switzerland’s financial centre. I see it differently: The pressure should serve to stimulate the banks, and Switzerland as a financial centre, to face up to the challenges and look for new and innovative solutions. The Swiss financial centre was always good at that.

Sustainability is often a subject of conversation today.

Sustainability belongs in the set of values of both individuals and businesses. The world of business and finance today is often too strongly subject to US ways of thinking, which from my point of view are not always sustainable, because they are geared too much to shortterm quarterly and annual results. In banking, a certain portion of the clients became infected by this way of thinking, too. However, good managers and successful investors must be able to look beyond December 31st of the current year. I see it as my task to encourage as many people as possible to think long-term and sustainably.

How can Bank Vontobel assure that its employees maintain a living understanding of values and traditions?

Quite simply: By constantly striving to do so, and by learning from our mistakes. The Vontobel Group has grown continuously in the last few years and decades.

Many new employees have joined us. Many of these people had another understanding of values; some had none at all. At Vontobel, we try to impart an intact, sustainable set of values to all of our employees. Based on these values, they should orient themselves in their dayto-day life.

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Is a person who, like you, has a clear understanding of his values, more likely to be a pessimistic or an optimistic person?

I believe I am fundamentally an optimist. But not always.

Back when I had professional responsibilities, it rarely took me much effort to make decisions quickly. But it could happen that I woke up in the middle of the night afterwards and was caught up by doubts: “Did I make the right decision?” “What happens if things develop completely differently than planned?” What I mean by that is that even I have, and had, my disputes. A banker who is an entrepreneur should therefore have both optimistic and pessimistic sense organs. The optimistic ones in order to grasp opportunities, and the pessimistic ones to anticipate risks.

You are 93 years old and seem to be unfamiliar with the general concept of “retirement.” Practically every day, you are active for the bank in some way. One assumes this is because you have a sense of duty – something you don’t see very often any more. Is duty a high value for you?

Yes, certainly. But I must add something. My work is not primarily an obligation for me, but a pleasure. It has always filled me with satisfaction to complete something. And another thing: I am engaging myself for a family, because Bank Vontobel is something like my extended family. The fact that I can still be working today makes me feel grateful.

Do attitudes toward values prevent a banker from achieving ambitious goals?

No. But it doesn’t make his work easier. Because whoever maintains his values, is always taking the harder path.

You spoke earlier of gratitude. That’s a value that isn’t highly regarded everywhere these days.

If you have had a lot of happiness in your life – and I have – then you should develop a feeling for gratitude and humility, and also show it.

Is gratitude the antidote then to today's self-indulgence?

The older I become, the more I realise that only a few things are really important in life. Most assuredly, gratitude and humility belong in this group. In the past few months and years, I’ve often been asked what I think about the excessive bonuses that many managers are pocketing.

Certainly, everyone tries to grab all the happiness they can, for as long as they live in this world. But happiness is something different from money. As a banker, I don’t mean to downplay the importance of money in any way – money is very important; it provides security if you are ill or old. And still: Money cannot be equated with happiness. Money can make you happy, above all, if you spend it meaningfully on others. That, anyhow, is my experience with my foundations or with those of the Vontobel family.

In this interview, the Honorary Chairman of the Vontobel Group discusses his personal understanding of values. The conversation Dr. Hans Vontobel

took place in his favourite restaurant, the Kronenhalle in Zurich.

Photo: Corbis

Observing the night sky above the desert in New Mexico.

The stars appear to revolve around Polaris in this five-hour and 45-minute time exposure.

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In December of last year, the crisis in Dubai clearly demonstrated that the financial crisis can still unsettle investors any time. It shows us once again how serious the consequences can be of an exaggerated degree of liquidity.

Text: Dr. Thomas Steinemann, Chief Strategist of the Vontobel Group

Macro

Outlook for a year of transition Whilst the 1st quarter of 2009 still entirely reflected the global financial market crisis, with both the economy and the stock markets continuing to contract substantially, a recovery of the economic situation regained the spotlight starting in the third quarter. Bank Vontobel already assumed at the beginning of the year that the massive monetary and fiscal policy measures being undertaken would show some effect in the second half of the year and lead to a stabilization of the global economy. Accordingly, we began to systematically raise our engagements in equities starting in the second quarter.

The year 2010 should be a year of transition. As from the second half of the year, the world’s central banks will cautiously return to a normalised monetary policy with initial interest rate hikes, which will tend to increase interest rates on government bonds. At the same time, the debt problem facing the Western world will intensify in 2010. The stock markets this year will increasingly be driven by earnings and no longer by the recognition of the fact that the financial system was successfully stabilized.

Arising from this scenario, positive but smaller gains can be expected compared to 2009.

2009 equity markets: on top of the world one minute, in the dumps the next The stock market nose-dive which began in the year 2008 continued up to the middle of March 2009. As if in unison, every economic sector posted losses. Only when it became apparent that, following the extraordinary monetary and fiscal policy measures taken in 2008/2009 across the globe, there were no more systemic risks, the market trend began to reverse, starting in mid-March. Consequently, for equity markets, 2009 developed not only well, which was expected, but even very well. Nevertheless, the rapid stock market recovery, which began in the middle of March, is

relative to the dramatic decline in the previous period, when the markets rapidly and dramatically dropped in an initial, and comprehensible, reaction to the uncertain prospects of the global financial system. Accordingly, prices in the financial markets were factored in which were comparable to those in the Great Depression. The significant increase in share prices following this phase reflects the rebound once it was determined that no more banks would go bankrupt that could make the entire system wobble. Besides this, rising share prices also mirrored the expectation of future positive economic developments once again. A large part of the rally is therefore due less to earnings expectations than to sheer relief that a deep depression had been avoided.

Although we had reduced the equities proportion of our portfolios at the beginning of the year, we assumed that the enormous monetary and fiscal policy measures being undertaken would bear fruit in the second half of the year, the economy would stabilise and in the equity markets, these factors would be priced in some six months in advance. Thus the logical consequence was to get back into equities at the beginning of April and to raise the quota again in the summer, anticipating positive economic developments in the course of 2010.

The big winners in equities in 2009 were the emerging market regions of Asia, Eastern Europe and Latin America.

In the industrialised countries, at the sector level, cyclical industries such as raw materials, technology as well as cyclical consumer goods were among the winners.

Other attractive investments included the recommended investment focus “future and renewable resources� plus shares in real estate companies and commodities.

Bond markets: a mixed picture While net interest rates rose on US-Dollar-denominated bonds and their prices declined, Swiss-franc- and Euro-

denominated bonds posted excellent price gains. In particular, Swiss franc bonds benefited from the relatively scarce supply of investment options following Switzerland’s decision not to undertake comprehensive economic stimulus programmes. Contrasting with these, US Dollar bonds suffered due to the economic recovery, the sharply increasing level of government debt and a reawakened appetite for risk. Meanwhile, 2009 will go into the record

Investing in 2010: the three biggest risks

Currencies: In the shadow of the weak US Dollar As a result of the worldwide economic recovery, the Swiss franc – a refuge in times of crisis – weakened against the Euro. The Dollar lost its status as a “safe haven.” On the one hand, it suffered because of the outlook for sharply increasing government debt, and on the other hand, investment opportunities outside the USA were once again in demand. China continued its artificial link to the US Dollar, which led to a corresponding decline in the value of the Yuan against the Euro – and to red faces for the Europeans.

Outlook: 2010 as a year of transition In our primary scenario we are • Equity and corporate bond markets undergo a correction in the spring, as looking at 2010 and 2011 as a period 2011 shows signs of sliding back into recession. of positive, albeit below-average, • The problems of government indebtedness escalate, and interest rates on economic growth. The basis for the government bonds rise faster and higher than expected. upturn remains the expansionary • The risks of deflation and thus of a “Japanese scenario” increase. In spite monetary and fiscal policies being of the high degree of liquidity created by the central banks, capital does implemented worldwide. As is well not flow into the economy. known, it will only be in 2010 that the largest part of the American stimulus package will be implemented. books as one of the best years ever for corporate bonds, Accordingly, government debt will also rise significantly although it bears noting – as in the case of share prices in 2010. Nevertheless, as long as investors’ risk tolerance – the outstanding performance of bonds this past year doesn’t increase yet, they will only demand a small reflects the massive price collapse of the year before. premium to purchase government bonds. Interest

The Vontobel Group’s Chief Strategist anticipates a positive

Dr. Thomas Steinemann

development of the world economy in 2010 and 2011.

Macro blue 16/17

Inflation and capital market interest rates in the European Currency Union Source: Vontobel 5% 4.5% 4% 3.5% 3% 2.5% 2% 1.5%

Consumer price inflation in the

1%

European Currency Union

0.5%

Yield on 10-year government bonds, Germany

0% Jan 06

Jul 06

Jan 07

Jul 07

Jan 08

Jul 08

rates on government debt should therefore rise only marginally. The risk of inflation remains moderate, since manufacturing capacity is not being fully utilised, and the financial sector has not changed its reserved stance toward lending. This scenario, attractive for the financial markets, would lead to gently rising interest rates in the capital markets, a somewhat weaker Swiss franc, as well as moderately increasing share prices. However, other economic scenarios are also thinkable, although we consider them less likely. One positive scenario assumes a rapid, V-shaped economic development; its negative counterpart foresees a slide back into recession in 2011.

In this scenario, the negative effects on the financial markets would be felt as from spring of the coming year.

In particular, this could be the case if central banks were to raise interest rates too quickly, or if passing the baton from an economy on “artificial respiration” to a self-functioning one were to fail.

Based on the assumption that our primary scenario applies, we have developed the following three investment themes for 2010.

Equities to remain attractive; shift into defensive sectors in the course of the year The global equity markets are not overvalued, even after the positive performance in 2009, so they continue to offer the chance of good earnings. Share prices are no longer being driven primarily by the “hope principle” but increasingly by actual earnings growth. A 20 percent growth in returns – as the markets are currently expecting – should be relatively easy to achieve, following the enormous plunge in profits in 2009. We are therefore counting on a transition from earnings declines to earnings growth.

For the equities markets in 2010, this means a return to positive earnings, although less than in the previous year. In addition, more defensive, value-orientated sectors, which hung back in 2009, should increasingly gain in importance during the course of the year. The emerging markets will remain an area of focus; as will renewable and future-orientated resources and infrastructure.

Jan 09

Jul 09

The 2010 investing year should enter into the books as a year of transition. Transitions are always associated with uncertainties. In spite of enormous challenges, the probability that the transition succeeds is realistic.

What will be important is that the economy is outfitted with certain guard rails; the benefits of a liberal market economy should not be frivolously tossed overboard. We should not forget that the origin of the current crisis was an intervention into the markets, namely the subsidising of American mortgages in the 1990s.

Government bond interest rates to rise slowly; corporate bonds preferred Inflation will not yet be a significant theme in 2010.

Nevertheless, central banks will slowly shift over to a normalised monetary policy in the second half of the year, which will generally push rates up gently.

The threat of excessive government debt levels and the menace of payment defaults should also have a rate-raising effect. Corporate bonds, in spite of their outstanding performance in 2009, remain attractive because of their interest rate advantage and should be preferred over government bonds where possible.

Raw materials cycle not over yet; commodities remain a focus Since 2002, commodities have been in a clear upwards trend. This has now reached a certain maturity. However, in view of the enormous pent-up demand that exists in the emerging markets, the upward trend should not be over yet. This is true for all three of the core areas in commodities: energy, industrial and precious metals, and agricultural products. Because of the expected price increases for traditional fuels and energy resources, alternatives will increasingly be in demand. This makes renewables an interesting investment theme for next year as well.

Opportunities

The key industries of the future will be tomorrow’s value drivers.

By orientating their portfolios in this direction today, investors should be able to generate commensurate earnings.

Text: Pascal Dudle, Portfolio Manager International Equities, Vontobel Asset Management

Opportunities: Added value in your portfolio

Six key industries with good future prospects From 7 to 18 December 2009, the 15th United Nations Climate Change Conference (COP-15) took place in Copenhagen. At the centre of this international climate summit were a series of negotiations focused on an extended climate convention and a new climate agreement, which were to become effective following the Kyoto protocol.

In this follow-up to Kyoto, industrialised and emerging economies were to commit themselves to concrete emission reduction goals, in line with their capabilities, and to agree on what means would be necessary for reaching these goals.

The world is experiencing a dynamic change, characterised by rapid population growth and rising standards of living. These developments are leading to increasing industrialisation and urbanisation, and thanks to the ever

The low emission house is on the way Since houses and apartments account for the largest portion of worldwide water and energy consumption, a sector with a promising future is the construction of buildings that lose as little energy as possible. Recognising the scope of the savings to be made, policy makers are beginning to issue ever more stringent building regulations.

To some extent, this may require extensive renovation and insulation work. What is needed, therefore, are technologies and materials which reduce the environmental impact during the entire life cycle of a house. This presents opportunities for companies that offer innovative solutions in such areas as insulation, glass, heating, ventilation and efficient household appliances. An interesting investment candidate in the sector of building technology is the French company St-Gobain. Thanks to its early efforts addressing the issue of low emission houses, the company has a head-start in efficient building materials compared with its competition.

“Economic development over the next few years focuses on the potential for efficiencies, driven by increasing urbanization.” greater consumption of natural resources, bringing about many negative consequences for the environment. Higher living standards however are increasing the importance of a clean environment in the industrialised nations, and particularly in the developing countries of Asia.

Against this challenging new backdrop, new industries and business models are coming into existence. In this context, Vontobel has identified six “key industries” with particularly high growth potential: building technology, life cycle management, transportation and logistics, clean water, efficient manufacturing, and clean energy.

Energy from waste On the other hand, the amount of waste produced is also rising worldwide, making new concepts for product recycling attractive.

In so-called “product life cycle concepts,” the eventual disposal of a product is already taken into consideration in its development phase. Thanks to waste management and recycling, resources can therefore be redirected back into the value chain. China Everbright, for example, is focusing on processing waste water, producing energy from waste, and disposing of waste in an environmentally compatible manner. The currently low degree of waste preparation, combined with an 8-fold rise expected in government spending on the problem, promise an enormous growth potential. Its regional dominance also secures an additional project flow and above-average margins.

blue 18/19

Photo: Corbis

Workers testing solar cells in a factory in Taizhou in Zhejiang Province in eastern China. Today’s world leaders in solar power equipment, for example Trina Solar and Yingli, are based in China.

by industry – technological solutions addressing efficient water use, waste water purification and processing are required. For example, Duoyuan Global Waters, one of the leading quoted companies in the water purification sector in China, can profit from this rising demand for investment. Over the past few years, the company has grown on average around 40% and is highly profitable.

Rail makes it happen The transportation and logistics sector causes a large part of the world’s emissions. There is great promise in innovative solutions and technologies that can support a world that is growing ever-closer through improved logistics as well as by means of transportation methodologies that can save time and resources as well as pollute less. For example, Hong Kong’s Mass Transit Railway (MTR) is successful in finding solutions for mobility and traffic problems in large cities. Among other urban markets, MTR’s model is being transferred now to other major cities in China, since the Chinese government has recognised the urgency of solving its traffic problem and is feverishly driving forward the development of the country’s infrastructure. For 2009 alone, China’s stimulus package contained some 60 billion Euros for the development of the railway network – the largest expenditure item in the programme.

Increasing efficiency pays off Efficient manufacturing processes also reduce energy and materials consumption while at the same time increasing production output, in order to keep up with rising demand.

For example, the Austrian company Andritz manufactures efficient production facilities for the energy-intensive cellulose-based paper industry and is one of the leading suppliers of machinery for hydroelectric power plants.

Currently, incoming orders from Latin America are providing for a solid order book in an economically turbulent phase.

Water is becoming a political issue Lack of “clean water” for agriculture, industry and households is one of the main problems for the political leadership in Beijing. For example, the significant increase in water consumption in the course of the country’s rapid industrialization, in conjunction with insufficient water reserves relative to the size of the population, have already led to a nine-fold increase in the price of drinking water in Beijing since 2001. Indispensable investments in water purification plants, pumping systems, etc. are reflected in the fact that the Chinese stimulus package earmarks USD 31 billion for these projects. In order to meet the rising demand for water – in particular in urban centres and

A new wind is blowing “Clean energy” has finally become a sector with a promising future as well. It is not only European governments that have understood that investment in renewable energies must be promoted by the state if they are to become an important component of the power supply. The steps China is taking to support wind energy will presumably make this country the largest net installer of wind energy plants worldwide this year. Western companies such as Vestas, one of our top portfolio companies, are also trying to benefit from this development. In the solar energy sector as well, the leading manufacturers of solar installations come from China, too – for example Trina Solar and Yingli.

You don’t want to miss the opportunity to make an active commitment to protecting the climate and securing a livable environment. With the Vontobel Fund – Global Trend Clean Technology, you are investing in companies that contribute to the reduction of CO2 emissions through their technologies.

A pressing topic that was on the agenda at the Copenhagen Climate Conference, with results that are hopefully more than

hot air.

Vontobel Fund – Global Trend Clean Technology Sec. No. B 4513015 (EUR) Performance 2009

40,3 % 1/1 to 31/12/2009

Important disclaimer: The present publication does not constitute an offer to purchase or subscribe to investment fund units. Investors can subscribe to units of sub-funds of the Luxembourg-domiciled Vontobel Fund SICAV based only on the prospectus, simplified prospectus and by-laws, as well as the annual and semi-annual report (in Italy together with the Documento Integrativo and Modulo di Sottoscrizione). In addition, we recommend that you contact your Client Advisor, or other qualified advisor, before making any investment, The aforementioned documents, as well as information concerning the composition of benchmarks, may be obtained from Vontobel Fonds Services AG, Gotthardstrasse 44, CH-8022 Zurich, as Representative in Switzerland; from Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zürich, as Paying Agent in Switzerland; from Bank Vontobel Österreich AG, Rathausplatz 4, A-5024 Salzburg as Paying Agent in Austria; from B. Metzler seel. Sohn & Co. KGaA, Grosse Gallusstrasse 18, D-60311 Frankfurt/Main as Paying Agent in Germany; from our authorised sales offices; from the domicile of the fund at 69, route d'Esch, L-1470 Luxembourg; or at www.vontobel.com. Historical performance is not an indicator of current or future performance. Performance data are not considered in the calculation of commissions and costs upon purchase or redemption of investment fund units.

The return on the fund may rise or fall as a consequence of currency fluctuations.

Opportunities/Column blue 20/21

Column: Dr. phil. Manuel Bachmann

The Life Project All of us, in our lives, align ourselves with our values.

One thing is certain in this regard: We also want to make these values a reality, each in our own way. This realisation becomes visible and tangible in the life project. We all have a life project; it is what gives our life meaning and makes it unique.

Dr. phil. Manuel Bachmann is a Lecturer and the Head of Studies of the Executive Master’s Programme “Philosophy and Management” at the University of Lucerne, as well as an Instructor at the University of St. Gall. He publishes a monthly

What is a life project? We examine our life and want to find some sense in it. We want to know what it is we get out of bed for in the morning. We have a vision – perhaps only a nebulous one, but surely one that exists in the form of wishes and goals we have for our life. And if we look back, we see that we actually do work on our life project, and that one day it will be the legacy we leave behind us.

e-magazine for decision-makers called “absolutum”.

The life project is the dream that has followed you for a long time, perhaps ever since you were a child.

Read the whole article in German “Job or life project”at www.absolutum.ch

What a life project is becomes clear when we look at Goethe, the writer and artist who was also a political consultant and manager, a scientist and bon vivant. In each of his many and varied activities, he was pursuing his life’s goal of using the products of his intellect to make a contribution to a better world. As a visionary of mankind’s goodness and nobility, he has gone down in history.

How do you find, like Goethe, your life project? There are many possibilities. Your life project may be the dream that has followed you for a long time, perhaps ever since you were a child. It is only a question of finally taking this dream seriously. Or one day you have an idea that you can no longer shake off – an idea that demands a re-orientation of your life.

Or the life project is hidden among life’s everyday coincidences, and you just aren’t aware how close it actually is. You advance toward it, step by step, by giving up the things that don’t belong to your concept of yourself. In the end, what is left of this process of letting go is your life project. It possesses an enormous power of attraction in every case.

Nevertheless, your life project exists under a permanent condition of threat: mostly, the threat of remaining undiscovered, postponed and unlived.

Those who have found theirs should work on it every day – undeterred by other urgent distractions or by the pressure we all live with to be a success, or by getting bogged down in the everyday details of life.

It’s worth it.

Our team leader for international asset and tax planning in Private Banking studied law at the University of Zurich and joined the bar in

Regula Wasinger

the Canton of Zurich in 1999.

Who is who blue 22/23

Originally she wanted to study medicine; biology was also a possibility. Although today she works as a lawyer, the advice she gives clients is imbued with the joy of scientific exactitude. What she enjoys most, however, is direct contact with people.

Text: Jacqueline B. Etter

Who is who: Regula Wasinger

A promise is a promise Regula Wasinger develops solutions for international private clients regarding matters of asset and tax planning. Asking delicate questions concerning family and property matters is also a part of this work – a task that comes easy to her, as a lawyer and mother.

In our current advertising campaign, she is one of seven staff members to gain the attention of readers through subtle wordplay in the copy. If you sit across the desk from Regula Wasinger, however, it is her blue eyes that you notice: how concentrated they seem when she is looking at you, and how they sparkle when she laughs.

“The nicest compliment I ever received was when a client said I was an atypical lawyer,” she explains, beaming. It is easy to imagine that instead of writing book-length legal briefs, Regula Wasinger prefers being in direct contact with people. When you talk to her, you receive her undivided attention. And suddenly you realise with a start how openly and gladly you are also divulging personal information to her.

Without doubt, Regula has a good feeling for people.

Yet the lawyer within is also unmistakable: precisely formulated questions and answers that are also just as clear, without a trace of forced legalese. Together with five other lawyers, and in close collaboration with her colleagues, Regula establishes individual asset and tax plans for private clients. To develop the right solution, she first needs extensive information concerning family and property matters. “Sometimes I feel like Sherlock Holmes,” she says. “Only when you put all the pieces of the puzzle together do you get a clear picture. That depends in turn on an open dialogue, something that can only take place in an atmosphere of trust.”

In the past few months, the financial world has experienced many upheavals. What’s needed now is farsightedness:

What political and economic policies are just being decided at the moment? What new laws and treaties are about to be introduced? Maintaining an overview of so many details and data is not easy. Yet as the mother of a little girl as well as a career woman, Regula knows what it all comes down to: “Organisational talent and efficiency,” she confirms without a moment’s hesitation. It’s a privilege to combine a career and a family life, she believes, and accordingly, has learnt to manage her time realistically. And she needs to: she has set high standards for herself. “For me, a promise is a promise,” she says. “The people around me have to be able to depend on me.” This reliability is a quality she appreciates, both professionally and in her private life. She has no reason to fear that her day-to-day life could become too regimented – her daughter Selina, soon to turn three years old – sees to that.

“My daughter has taught me to become more tolerant.

I have learnt that values and principles are important and reasonable in your professional life. But at home I can let things slide a bit now – which itself is an enriching experience,” she explains, smirking. “As she grows up, I’d like to teach my daughter how incredibly exciting life is, that there is so much to discover and enjoy. Part of that is to contribute something yourself and treat others with respect.

My father, who was a former tennis pro in the National League “A”, taught me that as a child. Now I’m happy to be able to pass this wisdom on to my daughter.”

Engagement

Text: Pascale Vögeli

Engagement: Promoting children’s health

fit-4-future “Our future depends on the health of our children today; that’s why it’s a matter of concern for us all,” says Hans-Dieter Cleven, co-founder of the Cleven-Becker Foundation, an institution which has been committed to promoting children’s health since its inception in 2004.

During the last four years, the foundation’s “fit-4-future” project has involved some 250,000 children in Germany and Switzerland.

Working out with role models Bopping around with playmates is fun, but it’s even more exciting when you’re doing it in the company of sports stars such as Maria Anesini-Walliser, Ricardo Cabanas and Tanja Frieden, three of fit-4-future’s ambassadors. In three other partnership projects, the foundation works together with a number of downhill skiing champions: in the “Bruno Kernen Snowcamp” and Bernhard Russi’s “Snow For Free”, kids can practise their favourite winter sports cost-free. “Junior Tigers,” a project started by Maria Walliser, focuses on promoting up-and-coming athletes and receives financial support from the foundation.

It doesn’t take much to stay healthy and fit: children need frequent and varied movement. They just have to have the opportunity.

The hard facts: Between the ages of six and twelve, one child in every five is overweight. On their first day of school, six kids out of ten are unable to do a somersault.

For these children, lack of activity, inadequate nutrition and insufficient motor and coordination skills all point to a lower quality of life and higher risk of accidents as they grow older. For Hans-Dieter Cleven and Boris Becker, this was reason enough to establish a foundation with the objective of helping integrate sports and movement as early as possible into the day-to-day life of young children – and to make it all happen without any costs involved for the kids.

A comprehensive programme The fit-4-future programme is based on three fundamental pillars – movement, nutrition and brain fitness (memory training). Upon enrolling in the project, every school receives a bright red barrel full of equipment for a wide range of games and sports. What’s important, though, is the programme’s comprehensive concept. Children are familiarized with the different games and are accompanied on so-called “activity days,” allowing them to discover on their own the joys of movement, and to learn about what their bodies need to stay healthy. Teachers receive coaching, and practical training tools for them are also part of the programme. Parents play an important role, too.

Thanks to presentations and brochures, they gain more awareness of such topics as nutrition and movement, and are actively involved in the project.

The sustainability of its success is important to the foundation. Since it was established, it has been working in close collaboration with the Institute for Sport and Sport Sciences at the University of Basel.

The Swiss Society for Nutrition has also made significant contributions to the foundation’s nutrition model. These scientific partners are also responsible for evaluating the programme.

The founders For more than 35 years, Hans-Dieter Cleven was active in the Metro-Konzern, one of the largest trading companies in the world. He has been living in Switzerland for over 30 years. Boris Becker is the youngest player to have won tennis’ Grand Slam, reaching the top ranking in the world in 1991. Together with Hans-Dieter Cleven, he established the Cleven-Becker Foundation in 2004. He and his company are also domiciled in the Canton of Zug. www.cleven-becker-stiftung.com; www.fit-4-future.com

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Photo: Istockphoto.com

Young people’s health is the most important concern of the Cleven-Becker Foundation. Sports and movement promote mental and physical development. What’s more, by playing with other children, they chalk up valuable social experiences.

Culture and cuisine blue 26/27

Culture and cuisine: January – March 2010

Inside Zurich Stars Sol Gabetta Tonhalle, Sunday, 24th January 2010, 7.30 p.m. Tickets: Tel. +41 (0)44 206 34 34 With her rare and precious cello, crafted by master instrument maker G.B. Guadagnini in the year 1759, Sol Gabetta enchants her audiences time and again. Now powerful and passionate, now sensitive and sensuous – this talented young artist plays with great devotion and bravura technique.

Abdullah Ibrahim, “Ekaya“ Tonhalle, Saturday, 13th March 2010, 8.00 p.m. Tickets: Tel. +41 (0)44 206 34 34 With Ekaya – a word meaning ”homeland” – the pianistcomposer Abdullah Ibrahim transmits the anthemic power of South African vocal music to a seven-man jazz ensemble consisting of a trio accompanied by a horn section.

Restaurants Restaurant Mesa Weinbergstr. 75, 8006 Zurich, Tel. +41 (0)43 321 75 75, info@mesa-restaurant.ch Scoring 18 points in the latest Gault-Millau, Marcus Lindner’s “Mesa“ in Zurich’s Kreis 6 is the “rising star of the year in German-speaking Switzerland.“ Gault-Millau describes him as an inventive perfectionist.

Hotel Baur au Lac – Restaurant Pavillon Talstrasse 1, 8001 Zurich, Tel. +41 (0)44 220 50 20, www.bauraulac.ch Now that the renovation work at the Hotel Baur au Lac is completed, one of Zurich’s most popular restaurants is re-opening, starting immediately in the new year – this time it is not open only during the warm part of the year,

but all year long. Star architect Pierre-Yves Rochon has developed a grandiose design concept, and in the kitchen, the resourceful chefs match it from a gastronomic point of view (15 Gault-Millau points).

Museums Teotihuacan Mysterious City of Pyramids Museum Rietberg, 21st February to 30th May 2010, open Tues – Sun 10 a.m. – 5 p.m., Wed + Thurs 10 a.m. – 8 p.m., closed Mondays.

Teotihuacan was once the largest city in pre-Columbian America – a cosmopolitan metropolis boasting many unique and monumental structures. This exhibition presents about 450 objects from the site in Mexico: colourful murals, precious clay vessels, stone sculptures, obsidian figurines and stunning jewellery. Supported by the Vontobel Foundation.

Van Gogh, Cézanne, Monet The Bührle Collection on loan at the Zurich Kunsthaus Kunsthaus, 12th February to 16th May 2010, open Sat/ Sun/Tues 10 a.m. – 6 p.m., Wed/Thurs/Fri 10 a.m. – 8 p.m.

Closed Mondays.

This unique collection of some 180 paintings and scupltures, brought together into a foundation, comprises one of the most important private art collections in the world. After more than 50 years, the entire collection is being exhibited again in the large gallery that Emil Bührle (1890–1956) donated to the Kunsthaus and the city.

Events NZZ Podium NZZ Foyer, Falkenstrasse 11, 8008 Zurich Tickets: Two weeks prior to event Tel. +41 (0)44 258 17 80 4th February 2010 The Future of Capitalism – The market economy between self-responsibility and state intervention With Hans-Olaf Henkel, former manager and Honorary Professor, University of Mannheim 4th March 2010 The Flexible Man – How does the stronger sex assert himself?

With Prof. Gerhard Amendt, University of Bremen, Sociologist Partners: Bank Vontobel, Swiss Re Moderated by Dr. Martin Meyer

Locations

Masterhead

Bank Vontobel AG Gotthardstrasse 43, CH-8022 Zürich Telephone +41 (0)58 283 71 11, Telefax +41 (0)58 283 76 50

Editor Bank Vontobel AG Gotthardstrasse 43, CH-8022 Zurich Telephone +41 (0)58 283 71 11

Bank Vontobel AG Schweizerhofquai 3a, P.O. Box 2265, CH-6002 Lucerne Telephone +41 (0)41 249 31 11, Telefax +41 (0)41 249 31 50 Banque Vontobel SA Place de l'Université 6, CH-1205 Geneva Telephone +41 (0)22 809 90 90, Telefax +41 (0)22 809 90 91 Bank Vontobel Europe AG Alter Hof 5, D-80331 Munich Telephone +49 (0)89 411 890 0, Telefax +49 (0)89 411 890 30 Bank Vontobel Europe AG, Hamburg Sudanhaus, Grosse Bäckerstrasse 13, D-20095 Hamburg Telephone +49 (0)40 638 587 0, Telefax +49 (0)40 638 587 230 Bank Vontobel Österreich AG Kärntner Strasse 51, A-1010 Vienna Telephone +43 (0)1 513 76 40, Telefax +43 (0)1 513 76 402 Bank Vontobel Österreich AG Rathausplatz 4, A-5024 Salzburg Telephone +43 (0)662 8104 0, Telefax +43 (0)662 8104 7

Contact blue@vontobel.com www.vontobel.com/blue Printing Climate-neutral printing by Schellenberg Druck AG. Published four times per year in German and English. Reproduction, in part or in whole, is strictly prohibited without written permission from Bank Vontobel AG. Photographers and Illustration Vera Hartmann (Prof. Dr. Ursula Pia Jauch and Dr. Hans Vontobel), Maurice Haas (Tomas Prenosil), Anne Morgenstern (Bernadette Baltis), Sandro Diener (cover and Dr. Thomas Steinemann), Roth and Schmid (Regula Wasinger). Illustration on page 21 by Jürgen Willbarth.

English version James Wade, Hurst & Freelancers

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Thema blue 8/X

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