REGIONAL INVESTMENT SOLUTIONS
Our regional Quality portfolios are the foundation of our investment approach
Our regional Quality Portfolios include companies with strong balance sheets, sustainable earnings growth, high returns on capital, stable cash flows and quality-driven management.
These companies have a solid financial foundation, have proven they can deliver sustainable earnings growth over time and generate a high return on capital. They have stable and predictable cash flows and are led by experienced and competent management teams.
as of 31.10.2024
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Performance
Summary |
Hérens Quality Global Composite EUR | MSCI World TR |
| YTD | Hérens Quality Global Composite EUR7.7 % | MSCI World TR19 % |
| 1 Year | Hérens Quality Global Composite EUR23.2 % | MSCI World TR30.8 % |
| 3 Year p.a. | Hérens Quality Global Composite EUR2.9 % | MSCI World TR9.2 % |
| 5 Year p.a. | Hérens Quality Global Composite EUR10.4 % | MSCI World TR13.2 % |
| Since Inception p.a. | Hérens Quality Global Composite EUR8.9 % | MSCI World TR7.7 % |
Our Global Quality Equities Portfolio is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality global equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising global companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Global Quality Equities Portfolio is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Global Quality Equities Portfolio fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
Hérens Quality USA Composite | S&P 500 Gross TR Index |
| YTD | Hérens Quality USA Composite11.41 % | S&P 500 Gross TR Index20.97 % |
| 1 Year | Hérens Quality USA Composite31.23 % | S&P 500 Gross TR Index38.02 % |
| 3 Year p.a. | Hérens Quality USA Composite2.38 % | S&P 500 Gross TR Index9.48 % |
| 5 Year p.a. | Hérens Quality USA Composite12.3 % | S&P 500 Gross TR Index15.52 % |
| Since Inception p.a. | Hérens Quality USA Composite11.23 % | S&P 500 Gross TR Index10.35 % |
Our Quality USA Equities Portfolio is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality US equities. In selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising U.S. companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality USA Equity Portfolio is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that quality U.S. companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality USA Stock Portfolio fits your individual investment objectives and financial needs.
as of 31.10.2024
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Performance
Summary |
Hérens Quality Europe Composite | Stoxx (Europe) 600 Gross TR, EUR |
| YTD | Hérens Quality Europe Composite1.87 % | Stoxx (Europe) 600 Gross TR, EUR8.73 % |
| 1 Year | Hérens Quality Europe Composite17.97 % | Stoxx (Europe) 600 Gross TR, EUR20.41 % |
| 3 Year p.a. | Hérens Quality Europe Composite0.1 % | Stoxx (Europe) 600 Gross TR, EUR4.98 % |
| 5 Year p.a. | Hérens Quality Europe Composite7.8 % | Stoxx (Europe) 600 Gross TR, EUR7.68 % |
| Since Inception p.a. | Hérens Quality Europe Composite8.55 % | Stoxx (Europe) 600 Gross TR, EUR6.79 % |
Our Quality Europe Equities Portfolio is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality European equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising European companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Europe Equity Portfolio is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality European companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Europa Equity Portfolio fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
Hérens Quality Switzerland Composite | SPI TR Index CHF |
| YTD | Hérens Quality Switzerland Composite8.6 % | SPI TR Index CHF7.8 % |
| 1 Year | Hérens Quality Switzerland Composite23.83 % | SPI TR Index CHF15.39 % |
| 3 Year p.a. | Hérens Quality Switzerland Composite-1.95 % | SPI TR Index CHF0.21 % |
| 5 Year p.a. | Hérens Quality Switzerland Composite7.08 % | SPI TR Index CHF4.95 % |
| Since Inception p.a. | Hérens Quality Switzerland Composite8.7 % | SPI TR Index CHF6.83 % |
Our Quality Switzerland Equities Portfolio is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality Swiss equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising Swiss companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient even in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Switzerland Equities Portfolio is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that quality Swiss companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Switzerland Equities Portfolio fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity USA Fund USD | S&P 500 Gross TR Index |
| YTD | CEAMS Quality Equity USA Fund USD11.97 % | S&P 500 Gross TR Index20.97 % |
| 1 Year | CEAMS Quality Equity USA Fund USD31.47 % | S&P 500 Gross TR Index38.02 % |
| 3 Year p.a. | CEAMS Quality Equity USA Fund USD0.47 % | S&P 500 Gross TR Index9.08 % |
| 5 Year p.a. | CEAMS Quality Equity USA Fund USD10.01 % | S&P 500 Gross TR Index15.27 % |
| Since Inception p.a. | CEAMS Quality Equity USA Fund USD8.34 % | S&P 500 Gross TR Index10.61 % |
Our Quality USA Equity Fund is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest selectively in a diversified and actively managed portfolio of high-quality U.S. equities. In selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising U.S. companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality USA Equity Fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality U.S. companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality USA Equity Fund fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity USA Fund USD | S&P 500 Gross TR Index |
| YTD | CEAMS Quality Equity USA Fund USD12.48 % | S&P 500 Gross TR Index20.97 % |
| 1 Year | CEAMS Quality Equity USA Fund USD32.18 % | S&P 500 Gross TR Index38.02 % |
| 3 Year p.a. | CEAMS Quality Equity USA Fund USD1.24 % | S&P 500 Gross TR Index9.09 % |
| 5 Year p.a. | CEAMS Quality Equity USA Fund USD10.93 % | S&P 500 Gross TR Index15.27 % |
| Since Inception p.a. | CEAMS Quality Equity USA Fund USD9.41 % | S&P 500 Gross TR Index10.61 % |
Our Quality USA Equity Fund is specifically designed for long-term investors with an appropriate risk tolerance who wish to invest selectively in a diversified and actively managed portfolio of high-quality U.S. equities. In selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising U.S. companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality USA Equity Fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality U.S. companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality USA Equity Fund fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity Europe Fund EUR | STOXX 600 Net TR Index |
| YTD | CEAMS Quality Equity Europe Fund EUR3.28 % | STOXX 600 Net TR Index8.08 % |
| 1 Year | CEAMS Quality Equity Europe Fund EUR19.24 % | STOXX 600 Net TR Index19.66 % |
| 3 Year p.a. | CEAMS Quality Equity Europe Fund EUR-1.37 % | STOXX 600 Net TR Index4.75 % |
| 5 Year p.a. | CEAMS Quality Equity Europe Fund EUR5.85 % | STOXX 600 Net TR Index7.53 % |
| Since Inception p.a. | CEAMS Quality Equity Europe Fund EUR5.55 % | STOXX 600 Net TR Index6.71 % |
Our Quality Europa Aktien fund is specially designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality European equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising European companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Europa Aktien fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality European companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Europa Equity Fund fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity Europe Fund EUR | STOXX 600 Net TR Index |
| YTD | CEAMS Quality Equity Europe Fund EUR3.75 % | STOXX 600 Net TR Index8.08 % |
| 1 Year | CEAMS Quality Equity Europe Fund EUR19.89 % | STOXX 600 Net TR Index19.66 % |
| 3 Year p.a. | CEAMS Quality Equity Europe Fund EUR-0.61 % | STOXX 600 Net TR Index4.75 % |
| 5 Year p.a. | CEAMS Quality Equity Europe Fund EUR6.73 % | STOXX 600 Net TR Index7.53 % |
| Since Inception p.a. | CEAMS Quality Equity Europe Fund EUR6.59 % | STOXX 600 Net TR Index6.71 % |
Our Quality Europa Aktien fund is specially designed for long-term investors with an appropriate risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality European equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising European companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Europa Aktien fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality European companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Europa Equity Fund fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity Switzerland Fund CHF | SPI Index |
| YTD | CEAMS Quality Equity Switzerland Fund CHF7.36 % | SPI Index7.83 % |
| 1 Year | CEAMS Quality Equity Switzerland Fund CHF22.25 % | SPI Index15.39 % |
| 3 Year p.a. | CEAMS Quality Equity Switzerland Fund CHF-4.13 % | SPI Index0.21 % |
| 5 Year p.a. | CEAMS Quality Equity Switzerland Fund CHF3.59 % | SPI Index4.95 % |
| Since Inception p.a. | CEAMS Quality Equity Switzerland Fund CHF5.55 % | SPI Index6.97 % |
Our Quality Switzerland Equities Fund is specifically designed for long-term investors with a reasonable risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality Swiss equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising Swiss companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient even in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Switzerland Equities Fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We firmly believe that high-quality Swiss companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Switzerland Equity Fund fits your individual investment objectives and financial needs.
as of 31.10.2024
|
Performance
Summary |
CEAMS Quality Equity Switzerland Fund CHF | SPI Index |
| YTD | CEAMS Quality Equity Switzerland Fund CHF7.85 % | SPI Index7.83 % |
| 1 Year | CEAMS Quality Equity Switzerland Fund CHF22.91 % | SPI Index15.39 % |
| 3 Year p.a. | CEAMS Quality Equity Switzerland Fund CHF-3.39 % | SPI Index0.21 % |
| 5 Year p.a. | CEAMS Quality Equity Switzerland Fund CHF4.46 % | SPI Index4.95 % |
| Since Inception p.a. | CEAMS Quality Equity Switzerland Fund CHF6.68 % | SPI Index6.97 % |
Our Quality Switzerland Equities Fund is specifically designed for long-term investors with a reasonable risk tolerance who wish to invest specifically in a diversified and actively managed portfolio of high-quality Swiss equities. When selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising Swiss companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient even in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Quality Switzerland Equities Fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We firmly believe that high-quality Swiss companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment carries risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Quality Switzerland Equity Fund fits your individual investment objectives and financial needs.
Aramus Japan Fund (as of 31.10.2024)
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Performance
Summary |
Aramus Japan Fund I JPY | TOPIX Index, JPY |
| YTD | Aramus Japan Fund I JPY6.2 % | TOPIX Index, JPY13.91 % |
| 1 Year | Aramus Japan Fund I JPY16.1 % | TOPIX Index, JPY19.6 % |
| 3 Year p.a. | Aramus Japan Fund I JPY3.21 % | TOPIX Index, JPY10.44 % |
| Since Inception p.a. | Aramus Japan Fund I JPY8.29 % | TOPIX Index, JPY9.84 % |
Our Aramus Japan Equity Fund is specifically designed for long-term investors with a reasonable risk tolerance who wish to invest selectively in a diversified and actively managed portfolio of high-quality Japanese equities. In selecting stocks, we place the greatest emphasis on companies that not only have strong financial strength, but are also leaders in terms of their market positioning, business model and management.
Our team of experts conducts extensive analysis and in-depth research to identify the most promising Japanese companies that can enjoy long-term competitive advantages. These companies are established in their industries and have sustainable business models that remain resilient in challenging market conditions.
Through the targeted use of our active investment strategy, we aim to benefit from market inefficiencies and capture the best opportunities in this dynamic environment. In doing so, we take a disciplined approach and continually adjust the portfolio to retain the most promising stocks in our selection and reduce less attractive positions.
Our goal with the Aramus Japan Equity Fund is to generate long-term capital growth while minimizing risk through diversification and careful risk management. We strongly believe that high-quality Japanese companies, based on sound fundamentals, can provide investors with stable returns over time.
Please note that any form of investment involves risk and that past performance is no guarantee of future results. Before making an investment decision, we recommend that you consult our advisors to ensure that the Aramus Japan Equity Fund fits your individual investment objectives and financial needs.
Including transaction costs; dividends are reinvested; excluding management fees. YTD performance is provisionally calculated as of the end of the reporting period and may be subject to adjustments due to retroactive dividend bookings. More information about Hérens Quality Equity Composites is available upon request.
FAQ
The quality investment style focuses on selecting companies that are considered high quality in terms of their fundamentals and competitive position. In contrast to the value investment style, which looks for undervalued stocks with low price/earnings ratios, and the growth investment style, which focuses on companies with high growth potential, the quality investment style prioritises financial stability, solid business models and consistent earnings and cash flow generation. Quality investors look for companies that demonstrate sustainable growth and resilience, even in uncertain market conditions, and place particular emphasis on strong governance and ethical business practices. Yes, we apply the same quality criteria to all regions because we have a bottom-up approach and it does not matter which country or industry the companies come from. These uniform criteria enable us to include the best quality companies worldwide in our portfolio and ensure long-term growth and stability for our investors. The HQAM Quality investment style has a stand-alone performance and risk character and is independent from Value and Growth.
Yes, we apply the same quality criteria to all regions because we have a bottom-up approach and it does not matter which country or industry the companies come from. Our quality investment style is based on a comprehensive analysis of companies’ fundamentals, financial strength, competitive position, governance and ethical business practices, regardless of their location or industry. These uniform criteria enable us to include the best quality companies worldwide in our portfolios and ensure long-term growth and stability for our investors.
Quality stocks tend to have a more stable behavior in upward and downward phases compared to other types of stocks. In upward phases of the market, quality stocks often benefit from their financial strength, solid business models and sustainable growth prospects. As they are typically well-positioned to gain market share and outperform competitors, they can generate above-average returns.
In downturns, on the other hand, quality stocks usually offer a degree of security and resilience, as their stable business models and consistent cash flow generation make them less vulnerable to economic turbulence. Investors tend to focus more on quality stocks in uncertain times, as these can be seen as a safe haven.
It is important to note that no asset class is immune to market fluctuations, and even quality stocks experience losses in certain market conditions. Nevertheless, historical performance shows that quality stocks tend to deliver more robust total returns over time and may have lower volatility than other types of stocks. Investors who value stability and long-term growth may find quality stocks a useful addition to their portfolios.
Thanks to our research, we cover most regions of the world with our equity and bond solutions. However, if a client wants to cover other asset classes, such as real estate or commodities, we can use third-party products if necessary.
No, our investment process, which takes place monthly, does not mean that investments and changes are only made once a month. In fact, all companies in our portfolios are monitored on an ongoing basis, and the Investment Committee also meets ad hoc to make decisions when the situation calls for it. Investments can therefore be made throughout the month and adjustments to the portfolios are not limited to a single point in time. Rather, the monthly meetings serve to make a comprehensive assessment of the existing positions, analyse new potential investments and, if necessary, decide on strategic adjustments to optimise the portfolio in the long term. This regular process enables us to react flexibly to changing market conditions. It is important to note, however, that changes to portfolio compositions are rarely made outside of the investment rhythm.
Anyone can invest in our publicly traded funds and certificates by purchasing them through their respective custodian bank. Both private and institutional investors have access to our products and can buy them to benefit from our investment strategies. In addition, we offer the option of an asset management mandate, where more attractive conditions can be offered under certain circumstances. Whether private individuals, family offices, companies, or institutional investors – our products and asset management services are open to all interested investors. Our expertise and focus on quality enable us to offer tailor-made solutions for different investment needs and provide our clients with a diversified and successful portfolio over the long term.
HQAM currently works with more than 20 custodian banks. However, as an independent asset manager, we are open to new partnerships and willing to cooperate with new custodian banks if it suits the wishes and needs of our clients. We always strive to offer our customers the best possible solutions and are open to a wide range of cooperation options to meet their individual requirements. Our many years of experience and our network enable us to find flexible and tailor-made solutions for our clients, regardless of which custodian bank they wish to work with.