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Alternative Market Briefing

Swiss investors take fund seeding and acceleration into their own hands

Friday, February 24, 2017

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Steve Métrallet
Benedicte Gravrand, Opalesque Geneva:

Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of seed or as acceleration capital. They created a pool and called it Bonhote Fund Solutions.

Today, this community includes 12 partners, including Bonhoete (Bonhote means "good host"), who regularly share ideas, meet altogether twice a year, and invest in whom they chose. The pool amounts to CHF30bn, and they have already invested a total of CHF100m.

"It's a philosophy of cooperation and collectivism," said Steve Metrallet, head of Bonhote Fund Solutions, who calls himself the "animator" of the group.

"We put our resources together, we share ideas and we invest as equals. There are no veto, no need for unanimity," he told Opalesque.

"We did not want to take the marketing push route," he continued. "We wanted to add value, deliver something that promoters can't bring. Our first objective is to support talents.

"Fund promoters, if you leave aside the large fund house that eat up most of the fund market, have 8% of the market share. We work with a few of those. So our portfolio does not look like a typical UBS portfolio."

A recent Swiss Data study shows that UBS, Credit Suisse and Swisscanto, three large banks, account for about 51% of ......................

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