Annual Review 2008 - Hyposwiss Privatbank AG

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Annual review 2008 will certainly go down in history as one of the weakest and most challenging investment years ever. The markets succumbed to sharp price fluctuations, especially in September and October. After a number of global financial institutions collapsed, the financial markets were plagued by uncertainty. Share prices plummeted, triggering compulsory liquidations of securities positions held on credit and placing the markets under further strain. Most equity markets lost nearly 50% of their value in 2008. The Swiss share market got off comparatively lightly with a loss of 34%. This was mainly thanks to its defensive orientation, focusing on pharmaceuticals and foodstuffs. Some emerging markets, however, such as China and Russia, lost two-thirds or more of their market capitalisation. Meanwhile, many investors fell foul of tumbling bond markets, losing even more than in equities. The catastrophe we had previously seen in subprime paper spread to bonds, which suffered on the back of rampant uncertainty and the insolvency of some reputable borrowers, resulting in growing mistrust, dwindling liquidity and rising credit spreads. Board of Directors Roland Ledergerber Chairman Dr. Franz Peter Oesch 6 Hyposwiss Annual Review 2008 Dr. Rico Jenny Vice-Chairman Stefan Klinger Such an environment also spawned massive shifts in currency prices, largely to the benefit of the US dollar and, in particular, the yen. The euro, however, and the pound sterling lost considerable ground in the rapidly deteriorating economy. For the first time in quite a number of years, our portfolio managers underperformed the benchmark in their management mandates in 2008. This was mainly due to the use of certain products that suffered disproportionately from the collapse of market liquidity. However, despite the adverse conditions, no mandates suffered complete losses on any investment. 2008 was also a testing time for SGKB Group investment funds administered by Hyposwiss Zurich. Some of these took quite a beating in terms of performance, with investments falling accordingly from 1.6 billion to 0.6 billion Swiss francs. Nonetheless, despite the bleak environment, two funds maintained their positions in the top half of the ranking. Theodor Horat
Bank governing bodies Board of Directors Expiry Roland Ledergerber, St. Gallen, Chairman 2011 Dr. Rico Jenny, Erlenbach, Vice-Chairman 2009 Theodor Horat, Obfelden 2011 Dr. Franz Peter Oesch, St. Gallen 2009 Stefan Klinger, St. Gallen 2011 Executive Board Siegfried R. Peyer, CEO Anton Schaad, Deputy CEO, Managing Director Alexander Iten, Managing Director Dr. Thomas Stucki, Managing Director Stefan Betschart, Managing Director Auditors PricewaterhouseCoopers AG Executive Board Siegfried R. Peyer CEO Dr. Thomas Stucki Investment Center Anton Schaad Products Stefan Betschart Services/Logistics Members of senior management Managing Director Hans Bucher Executive Directors Jürg Althaus, Christoph Angster, Gabriele Bosshard, Georg Hoheneck, Markus Holenstein, Dr. Milan Kormanak, Guido Lustenberger, Caterina Minelle, Andreas Moser, Rolf Müller, Alfred Rüttimann, Daniel Schibli, Roland Schneiter, Giuseppe Stella, Heinz von Dach, René Wyss Directors Hansjürg E. Christen, Oliver Egli, Hans Peter Ehrler, Philipp Ess, Kurt Frischknecht, Ernst Gfeller, Yves Guenot, Giacomo Hagenbuch, Birgit Heim, Roger Hugentobler, Doris Ingold, Marc Jungi, Karl R. Keller, Adrian D. Koller, Ueli Lott, Oliver Lyhs, René Merz, Gregor Neidhart, Daniel Reichmuth, Alex Rinderknecht, Roger Stalder, Günter Stessel, Alfred Steininger, Barbara Voegeli, Michael von Mecklenburg, Anneliese Weber, Konstantin Zalad Alexander Iten Private Banking Hyposwiss Annual Review 2008 7
Page 1 and 2: Annual Review 2008
Page 3 and 4: Annual Review 2008
Page 5: Contents Editorial Annual review Ba
Page 9: Editorial Dear Customers Ladies and
Page 15: Organisation as at 1 March 2009 * M
Page 19: Key figures 2008 Key figures 2008 i
Page 23 and 24: Finance section Overview The last f
Page 25 and 26: Liabilities Customer deposits grew
Page 27 and 28: Net interest income fell in the yea
Page 29 and 30: Income statement 2008 Income and ex
Page 31: Liabilities in 1 000 CHF 2008 2007
Page 35 and 36: Appropriation of disposable profit
Page 37 and 38: Auditor’s report The following Au
Page 40: Hyposwiss Private Bank Ltd. Bahnhof

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