FormADVPart2A–Brochure
Cover Page
CRD Number: 149431
SEC File Number: 801-70234
Freigutstrasse 16, 8002 Zurich, Switzerland
www.kaiserpartner.financial
+41 44 752 51 52 (Phone)
+41 44 752 51 53 (Facsimile)
If you call from the United States: (011) 41 44 752 51 52
9 December 2024
This Brochure on Form ADV Part 2A (“Brochure”) provides information about the qualifications and business practices of Kaiser Partner Financial Advisors Ltd (“KP FA”). KP FA is registered as an investment adviser (“RIA”) with the U.S. Securities and Exchange Commission (“SEC”) under the U.S. Investment Advisers Act of 1940, as amended (“Advisers Act”). If you have any questions about the contents of this Brochure, please contact us at +41 (0)44 752 51 52 and/or financial.advisors@kaiserpartner.com. Registration with the SEC as an investment adviser does not imply a specific level of skill or training
The information in this brochure has not been approved or verified by the SEC or by any state securities authority.
This Brochure provides information for the U.S. clients of KP FA.
Additional information about KP FA is also available on the SEC’s website at: www.adviserinfo.sec.gov.
2. Material Changes
ThelastupdateofthisBrochurewasmadeon20August2024 Wearereportingthefollowingchangessincethelastamendment: Solicitor Agreement
OnDecember5,2024,KPFAsignedawrittenpromoter(solicitor)agreement.SeemoreinformationunderItemXIV.
KP FA is Swiss investment management firm, established in the Canton of Zurich Switzerland, in April 2009 KP FA has five employeesandiswhollyownedbyKaiserPartnerPrivatbankAG,aLiechtensteinbank,whichisaRelatedPerson.Itisownedby KBBHoldingAG,Liechtenstein,whichisownedbyKBBStiftung,Liechtenstein
KP FA provides customized investment advisory services, i.e., discretionary portfolio management, non-discretionary portfolio advisoryandnon-discretionaryholdonlyservicestohighnetworthindividuals,individualsand(associated)trusts,estatesand otherlegalentities.
KPFAexercisesdiscretiontoinvestclientassets,oradvisesclientstoinvest in,specificallyselecteddomesticandinternational equities,bonds,andexchangetradedfunds(“ETFs”).Otherkindsofinvestmentsareinvestedoradvisedinaccordancewiththe client’sinvestmentprofileandinconsultationwithKPFA’sadvisorystaff.KPFA’sadviceislimitedtothetypesofsecuritiesand transactionssetforthinitem8
Discretionary portfolio management meansthat KP FAworkswith each client toestablish anappropriate personalinvestment profile.Foreachclient,themostsuitableinvestmentstrategyisdefinedbasedontheclient’sneedsandinvestmentprofile.KPFA managesdiscretionaryportfolioswiththefollowinginvestmentstrategies:fixedincome;yield;balanced;andgrowth(seeItem8, below) Clients may impose restrictions on KP FA’s management of their accounts. After defining the investment strategy and signinganagreement,KPFAwillobtainaLimitedPowerofAttorneytoactontheclient’sbehalfwhensendingorderstothetrading deskoftheclient’scustodianbankorabrokerselectedbythecustodian Investmentdecisionswithinthedefinedstrategywillbe atthediscretionofKPFA.Asperclientrequest,KPFAcanhelpdesignatailor-madediscretionarymanagedportfoliotocaterto specific individual needs or circumstances of a client. Such a strategy would be referred to as an “individual” strategy. The compositionandmanagementofsuchan“individual”portfoliodifferconsiderablyfromthemanagementoftheportfoliosmanaged accordingtotheinvestmentstrategiesmentionedabove.
KPFAprovidesnon-discretionaryportfolioadvisoryserviceswherebytheultimatedecisiononwhenorwhattopurchaseorsell (ortotakenoimmediateinvestmentactionatall)remainssolelywiththeclient.
KPFAoffersnon-discretionaryholdonlyserviceswherebytheportfolioisnotmanagedonadiscretionarybasisnordoesKPFA provide investment recommendations thereto. This service only applies to accounts in which cash, precious metals and commoditiesaremaintained.Nosecuritiesareheldintheseaccounts.Noadvisoryand,inparticular,nooverallriskmonitoringis provided on the underlying positions The client retains the responsibility for determining the asset allocation. Investment decisionsareatthesolediscretionoftheclient
AsofDecember31,2023,KPFAhasassetsundermanagementofUSD 563.8million,ofwhichUSD211.7millionweremanaged underdiscretionarymandates,andUSD352.1millionweremanagedonanon-discretionarybasis
KPFAdoesnotparticipateinwrapfeeprograms.
5. Fees and Compensation
Investment advisory services
KPFAchargesaninvestmentadvisoryfee(“fee”)foritsservices Thefeeischargedquarterlyandiscalculatedasapercentageof theaveragequarterlyassetsundermanagement,whichisequaltothearithmeticmeanoftheassetsundermanagementonthe fifth value day prior to the end of each month. Assets under management for these purposes include all funds subject to the investmentadvisoryservices.Notwithstandingtheforegoing,aminimumannualfeeofCHF10’000(orcurrencyequivalent)will apply.Theinvestmentadvisoryservicescanbecancelledatanytimebytheclient.Inthiscase,theaccruedfeesshallbeborneby theclient.
KPFAreservestherighttoaggregaterelatedclientaccountsforfeecalculationpurposes.Feesvarydependingontheassetsunder management,thenatureoftheaccountandotherarrangementsthattheclientcanconsentto Incertaincircumstances,Feesare waived,discountedand/ornegotiatedatthediscretionofKPFA.KPFAreservestherighttochargeadditionalfeesforservices outsidethescopeofservicesdescribedbelow.
KPFAreliesonthecustodianbanksofitsclientstovaluetheassetsineachrespectiveclientaccountanddirectlydebitsunderthe client’sauthorityitsfeesfromeachclient’saccountproportionallyor,whereagreedotherwisewiththeclient,fromoneaccount. Feesarenotpayableinadvance.
Inanypartialcalendarquarter,thefeewillbeproratedbaseduponthenumberofdaysthattheagreementwasactiveduringthe quarter.
Discretionary Portfolio Management Service
Non-Discretionary Portfolio Advisory Service
Non-Discretionary Hold Only Service
Thefeecoverssolelytheinvestmentadvisoryservicesdescribedherein Additionalfeescanincurforservicesbeyondthat,which willbechargedonanhourlybasis Theseinclude,amongothers,feesforreclaimofwithheldtaxes,feesforexpensesrelatedtothe closingofthebusinessrelationshipandfeesforduediligencechecksintheEuropeanpropertymarket Rateswillvarydepending onthetypeofserviceandpersonnelassignedwiththework.
Custodian fees, fees for trade settlement and other fees will be charged by the custodian bank chosen by the client and/or the broker-dealer used for tradingsecurities andforeignexchange The fee doesnot includemanagement or other feescharged by exchange-tradedfundsorotherproductsinwhichclientfundscouldbeinvested.
FeesaresubjecttoVATattheprevailingrateatthetimetheyaredue.
KPFAdoesnotchargeperformance-basedfees.
7. Types of Clients
KPFAprovidesinvestmentadvisoryservicestonon-U.S.aswellasU.S.clientsthatarehighnetworthindividuals,individualsand (associated) trusts, estates and other legal entities. A minimum of USD 500’000 is required from clients, although this may be modifiedbyKPFA.
8. Methods of Analysis, Investment Strategies and Risk of Loss
Methods of Analysis
Investmentmanagementisadynamicactivitythatrequiresongoinganalysisof theclient’sportfolio.Ourportfoliomanagerand client advisers are mindful of each client’s unique financial situation and investment objectives when analyzing investment environment in order to evaluate, propose and make securities recommendations or managing clients’ portfolios, and always complywithanyclientimposedinvestmentrestrictions.
KPFA’sinvestmentmanagementprocessfollowsastructuredapproachthatintegratesbothtop-downandbottom-upanalyses.
1. Top-DownApproach
KPFAbeginsbyanalyzingbroadmacroeconomicfactors,includingglobaleconomiccycles,geopoliticaldevelopments,business trends,marketconditions,andsecuritiesvaluations.Thisanalysisinformstheconstructionandoptimizationofassetallocations, emphasizingdiversificationacrossassetclasses,regions,sectors,andinstruments.
2. Bottom-UpAnalysis
Followingthetop-downassessment,KPFAconductsadetailedbottom-upevaluationtoidentifyandanalyzeindividualsecurities forpotentialinvestment.
3. Research
Tosupportitsdecision-making,KPFAutilizesacombinationofitsownresearchmethodologiesandinsightsderivedfromexternal andthird-partyresearchtools,suchasBloomberg,ResearchPartner,ReutersandFuW.
4. OngoingMonitoringandReview
KP FA’s investment strategy undergoes regular reviews to ensure its continued alignment with investment objectives and risk managementframeworks.Assetallocationsarecloselymonitoredtoadapttochangingconditionsandmaintainfocusonachieving clientgoals.
Investmenttarget,risktargetandreturnexpectations Investmentvehicles
Fixedincome preservation of asset value low risk
Seeks income by interest payments
Yield
long term moderate asset growth low to moderate risk
Seeks income by interest and dividend payments and capital appreciation
Balanced long term balanced asset growth
moderate risk
Seeks income generated by interest and dividend payments and capital appreciation
Growth
long term considerable asset growth
high volatility
Seeks income generated by interest and dividend payments and capital appreciation
Investment Selection
bonds and short term investments
convertible bonds alternative investments no investment in equities
bonds and short term investments convertible bonds alternative investments equities
bonds and short term investments
convertible bonds alternative investments equities
bonds and short term investments
convertible bonds alternative investments equities
KP FA offers investment advisory services on the following types of securities and transactions: exchange-listed securities, securitiestradedover-the-counter,securitiesissuedbynon-US issuers,corporatedebtsecurities(andothercommercialpapers), certificatesofdeposit,investmentcompanysecuritiessuchasUS orforeigngovernmentsecurities,exchange-tradedfundsand foreignexchangetransactions Someoftheseinstruments,particularlythoseissuedbynon-U.S.issuersthatarenotregisteredwith theSECorcertainofferingsbyU.S.entities,likewisenotSECregistered
KPFAwillrelyontheaccuracyofaclient’srepresentationsinmakingcorrespondingrepresentationsregardingtheinvestment restrictionsonbehalfofaclient’sportfolioinconnectionwithcertainderivative,privatefundorothersimilarinvestmentswith qualificationrestrictions.KPFArequiresnotificationbytheclientiftheclient’srepresentationsbecomeinaccurate.
Incertaincases,KPFAwillrecommendandinvestinpreciousmetals.KPFAdoesnotinvestdirectlyinrealestate/propertiesor structuredproducts
KPFAdoesnotengageinthefollowinginvestmentpractices:
• ShortSelling:KPFAdoesnotsellsecuritiesshortaspartofourinvestmentstrategy;
• MarginTrading:KPFAdoesnotusemarginaccountsorleverageinmanagingclientportfolios;or
• Hedging:KPFAdoesnotimplementhedgingstrategiesoremployderivativesforriskmanagementorspeculativepurposes.
Material Investment Risks
Clientsshouldbearinmindthatinvestinginsecurities,preciousmetalsandforeigncurrenciesandanyotherinstrumentsinvolves a risk of loss and even total loss. Among other risks, investments will be subject to market risk, liquidity risk, credit and counterparty risk, interest rate risk, risk in fluctuations of commodity pricing, risk of loss due to political and economic developmentsinforeignmarketsandriskinvolvingmovementsinthecurrencymarkets.Clientsshouldbepreparedtobearthe riskoflosingtheirinvestmentinsecurities.Inaddition,pastperformanceisnotanindicationastofutureresults.
Dependingonthespecificinvestmentsheldwithintheclient’saccount,aclientwillfacethefollowinginvestmentrisks:
MarketRisk
Marketriskreferstotheriskoflossarisingfromgeneraleconomicandmarketconditions,suchasinterestrates,availabilityof credit, inflation rates, commodity prices, economic uncertainty, changes in laws and national and international political circumstances.Eachaccountissubjecttomarketrisk,whichwillaffectvolatilityofsecuritiespricesandliquidity.Suchvolatility orilliquiditycouldimpairprofitabilityorresultinlosses.
CurrencyRisk
Whenaclient’saccountisinvestedinsecuritiesandotherinvestmentsthataredenominatedincurrenciesotherthanU.S.Dollars, or in a currency other than a base account currency, the value of such assets could be influenced favorably or unfavorably by fluctuationsincurrencyrates.Whilstincertaincasesweseektolimittheforeigncurrencyexposureinfavoroftheclient’sselected reference currency,suchhedgingstrategiesmight not necessarily be available or effective andare notalways employed.Client accountsgenerallyareroutinelysubjecttoforeignexchangerisksandbearariskoflossarisingfromfluctuationsinvaluebetween theU.S.Dollarandsuchothercurrencies.
RisksrelatedtoNon-US Investments
Investmentsinnon-U.S.securitiesexposetheclient’sportfolioto risksinadditiontothoserisksassociatedwithinvestmentsin U.S. securities. Such risks include, among other things, economic policies of various foreign governments, exchange control regulations,withholdingtaxes,potentialfornationalizationofassetsorindustriesandthepoliticalinstabilityofforeignnations.
RiskRelatedtoEquityInvestments
Investmentsinequitysecuritiesgenerallyinvolvesahighdegreeofrisk.Pricesarevolatileandmarketmovementsaredifficultto predict.Thesepricemovementsresultfromfactorsaffectingindividualcompaniesorindustries.Pricechangescanbetemporary orlastforextendedperiods.Thevalueofspecificequityinvestmentsobviouslycorrelatestothefundamentalsofeachparticular security.Pricesofequityinvestmentscanfallorfailtoappreciateregardlessofmovementsinsecuritiesmarkets.
RisksRelatedtoFixedIncomeInvestments
Investments in fixed income securities (i.e. bonds) represent numerous risks such as credit, interest rate, reinvestment, and prepaymentrisk,allofwhichaffectthevalueofthesecurityandvolatilityofsuchvalue.Ingeneral,securitieswithlongermaturities aremoresensitivetopricechanges.Additionally,thepricesofhighyield,fixed-incomesecuritiesfluctuatemorethanhighquality debtissues.Pricesareespeciallysensitivetodevelopmentsaffectingthecompany’sbusinessandtochangesintheratingsassigned byratingagencies.Pricesareoftencloselylinkedwiththecompany’sstockprices.Highyieldsecuritiescanexperiencesuddenand sharppriceswingsduetochangesineconomicconditions,stockmarketactivity,largesalesbymajorinvestors,defaultorother factors.Developmentsinthecreditmarketcanhaveasubstantialimpactonthecompaniesweinvestinandwillaffectthesuccess ofsuchinvestments.Intheeventofadefault,theinvestmentcouldsufferapartialortotalloss.
RisksRelatedtoInvestmentsinFunds
For purposes of this discussion, the term “funds” means exchange-traded funds (“ETFs”). Investments in funds carry risks associatedwiththeparticularfund.Eachfundandtherespectivefundmanagerwillchargetheirownmanagementandotherfees, whichwillresultinaclientbearinganadditionalleveloffeesandexpenses.Investmentsincertainnon-U.S.fundsbyU.S.Persons resultinU.S.taxandreportingobligationsandfailingtocomplywithsuchrequirementscanresultinsignificantpenalties.Funds generallyhaveuniquerisksoflossasdescribedintheirofferingdocuments.
9. Disciplinary Information
KPFAanditsdirectors,officersandemployeeshavenotbeeninvolvedinanylegalordisciplinaryeventsthatwouldbematerial toaclient’sevaluationofthecompanyoritspersonnel.
10. Other Financial Industry Activities and Affiliations
KPFAisregisteredwiththeSwissFinancialMarketSupervisoryAuthorityFINMA(www.finma.ch)andisamemberoftheSwiss Association of Asset Managers. KP FA is not an SEC registered broker-dealer or registered (or exempt from registration) as a commoditypooloperatororacommoditytradingadviser.Nosuchapplicationshavebeenfiledorpending.
KPFAisownedbyKaiserPartnerPrivatbankAG KaiserPartnerPrivatbankAGservesascustodianformanyofKPFA’sU.S.clients ItisaRelatedPersonand,assuch,KPFAisdeemedtohavecustodyundertheAdvisersActcustodyrule.KPFAreceivesareport onFormADV-EfromErnst&YoungLtd.,Zurich,withrespecttocompliancewiththecustodyrule,whichareavailableonIAPD. KaiserPartnerPrivatbankAGalsoprovidesfurtheroutsourced services:humanresources,dataprotectionservices,legalservices, riskmanagementservicesaswellasbookkeepingservices.Additionally,onerepresentativeofKaiserPartnerPrivatbankAGacts asBoardmemberinKPFA’sBoardofDirectors.Toaddresstheseconflictsofinterest,noneoftheBoardofDirectorsmembersare membersofcommitteesorparticipateinmeetingswhereinvestmentdecisionsaremade. KPFAonlyrecommendsorexercises discretionoversecuritiesthatcomplywithwhichareinlinewiththeclient’sneeds,investmentobjectives,andrisktolerance,and adherestostrictbestexecutionprocedures KPFAdisclosestherelationshipwithKaiserPartnerPrivatbankAGtoitsclientsand offersthemachoiceofseveralindependentthird-partycustodians.Additionally,KPFAobtainsfromKaiserPartnerPrivatbankAG awritteninternalcontrolreportpreparedbyanindependentpublicaccountant
KP FA's Board of Directors hold mandates with companies other than KP FA. These external engagements create conflicts of interestastheseindividualscouldprioritizetheinterestsoftheotherorganizations,theyserveoverthoseofKPFAoritsclients. NoneoftheBoardofDirectorsmembersaremembersofcommitteesorparticipateinmeetingswhereinvestmentdecisionsare made.KPFAonlyrecommendsorexercisesdiscretionoversecuritiesthatcomplywiththeclient’sneeds,investmentobjectives andrisktolerance,andadherestostrictbestexecutionprocedures.
KPFAhasoutsourceditsComplianceduties,includingtheroleoftheChiefComplianceofficer,toPQSolutionsLLC AsCompliance personnelareemployedbyPQSolutionsLLC,theirloyaltylieswiththeiremployerratherthanKPFA.Thisarrangementcreates risksandisaconflictofinterest.Toaddressthisriskandconflictofinterest,KPFAhasappointedanin-houseComplianceOfficer who retainresponsibility for compliance and performs oversight over thisfirm and monitoringactivities toensure compliance withrelevantlegalandregulatoryrequirements.Hewillactinplaceofthemwhenandasnecessary.
11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading
KPFAhasadopteda Codeof Ethics(“Code”) withpolicies andproceduresgoverningpersonalsecuritiestransactionsbyKP FA “AccessPersons”andprovidingguidanceandinstructionontheethicalobligations owedby“SupervisedPersons” (withAccess Persons,“employees”)infulfillingKPFA’sfiduciarydutiesofloyaltyandcare TheoverridingprincipleofKPFA’sCodeisthatall employees of KP FA owe a fiduciary duty to clients. Accordingly, employees of KP FA are responsible for conducting personal trading activities in a manner that does not interfere with a client’s portfolio transactions or take improper advantage of a relationshipwithanyclient.
TheCodecontainsprovisionsdesignedto:(i)prevent,amongotherthings,themisuseofConfidentialClientInformationandthe impropertradingbyKPFAemployees;(ii)identifyandaddressconflictsofinterest;and(iii)provideameanstoresolveconflicts ofinterestinfavoroftheclientsor,whenrequired,obtainclientconsenttotheconflictornotact.
The Code attempts to accomplish these objectives by, among other things, (i) requiring pre-clearance of specific trades, which includesdocumentinganyconditionsorexceptionstosuchpre-clearancerequirement;(ii)restrictingtradingincertainsecurities that may cause a conflict of interest, as well as (iii) quarterly reporting regarding transactions and initial and annual holdings reports.
TheCodealsocontainssectionsincluding,butnotlimitedto,giftsandbusinessentertainmentandoutsidebusinessactivities.
TheCodealsodefinestheexecutionofsupervisorypoliciesandprocedures,andthereviewandenforcementprocessesofsuch policiesandprocedures.TheChiefComplianceOfficerisresponsibleformaintaining,reviewingandenforcingKPFACodeactivities, includingpersonalaccounttrading,andcorrespondingpoliciesandprocedures.
KPFAwillprovideacopyoftheCodetoanyclientorprospectiveclientuponrequest.
KPFA’semployeesorrelatedpersonswillonoccasionholdthesamesecuritiesasclientshold.Allpersonalsecuritiestransactions bythesepersonsmustbeconductedinaccordancewiththeCodeandinamannertoavoidanyconflictofinterestoranyabuseof any person’s position of trust and responsibility. Frontrunning and trading with clients are proscribed. Further, these persons shouldnottakeinappropriateadvantageoftheirpositionswithoronbehalfofaclient.
12. Brokerage Practices
KPFAdoesnottradeforitsownaccountorwithclients.Itdoesnotsolicitortakeunsolicitedorderstobuyorsellsecuritiesfrom U.S.clients.Itdoesnotengageindirectedbrokerage.KPFAdoesnotmaintainanysoftdollararrangements.
KPFAdoesnotselectbrokerswithwhomtoplaceclientorders.Ordersareroutedonaclient’sbehalftothetradingdeskofthe custodianbankortothebroker-dealerselectedbythecustodianbank.AsKPFAdoesnotselectthebroker-dealeranddoesnot directbrokerage,KPFAcannotguaranteethattheclientwillreceivebestexecutionorthebestcommissionssinceKPFAdoesnot controlthesefactors.KPFAdoesrequirethatthecustodiantradingdeskprovideitwithitsbestexecutionpoliciesandprocedures andconfirmationthatitmeetsitsbestexecutionrequirements
Clientsshouldbeawareofthefactthatthebroker-dealerusedfortransactionsmaynotbearegisteredbroker-dealerunderthe U.S.SecuritiesExchangeActof1934,asamended.
Block Trades
KP FA will combine orders into block trades when purchasing the same security for multiple client accounts. Such aggregated orders(“blocktrades”)willbepre-allocatedamongtheparticipatingclientaccounts.Whenselectingtheparticipatingaccounts,a varietyoffactorssuchassuitability,investmentobjectivesandstrategy,risktoleranceand/ortheabilitytoinvestadditionalfunds willbetakenintoconsideration.Indeterminingtheportionforeachparticipatingaccountfurtherfactorssuchas account’ssize, diversification, asset allocation and position weightings as well as any other appropriate factors are considered. Participating accountsinablocktradeplacedwiththesamebrokerorthesamecustodianbankgenerallywillreceiveanaveragepriceandpay aproratashareofanytransactioncosts.Partialfillsoftransactionswillbeallocatedonaproratasharebasis.
BecauseKPFA’sclientsmaintainaccountsatdifferentcustodianbanksandbecausethesecustodianbanksmandatetheuseof aspecificbroker(seedescriptionabove),KPFA oftenplacesmorethanoneblocktradeforthesamesecuritywithmorethan one broker. KP FA transmits such block trades to more than one broker in a random pattern (i.e., KP FA does not favor one custodian bank or broker over another with respect to the order in which block trade orders are sent). The average price realizedonasecuritiesorderplacedwithdifferentbrokerswillvarybrokertobroker,andclientswillreceivedifferentaverage pricesandtransactioncostsforthesamesecurityorderdependinguponthecustodianbankandtherespectivebrokerusedin theblocktrade.Sincemostcustodianbankswarehousesecuritiesordersuntilfilled,there canbedelaysinsettlementbetween clientaccountsdependingonthepracticeoftherespectivecustodianbankand/orbroker.
Decision Making Process; Balancing the Interests of Multiple Client Accounts
Inmakingthedecisionastowhichsecuritiesaretobepurchasedorsoldandtheamountsthereof,KPFAisguidedbythegeneral guidelinessetupattheinceptionoftheadviser-clientrelationshipincooperationwiththeclientandaperiodicreviewoftheasset allocation.Thesegeneralguidelinescoversuchmattersastherelativeproportionofdebtandequitysecuritiestobeheldinthe portfolio,thedegreeofriskthattheclientwishestoassumeandthetypesandamountsofsecuritiestobeheldintheportfolio.KP FA’sauthoritymaybefurtherlimitedbyspecificinstructionsfromtheclient,whichmayrestrictorprohibittransactionsincertain securities.
KPFAmanagesnumerousaccountswithsimilaroridenticalinvestment strategiesand/orobjectivesormanagesaccountswith differentobjectivesthattradeinthesamesecurities.Despitesuchsimilarities,portfoliodecisionsrelatingtoclientinvestments andtheperformanceresultingfromsuchdecisionsdifferfromclienttoclient.KPFAwillnotnecessarilypurchaseorsellthesame securitiesatthesametimeorinthesameproportionateamountsforalleligibleclients,particularlyifdifferentclientshaveselected differentinvestmentprofiles,havemateriallydifferentamountsofcapitalundermanagementwithKPFAordifferentamounts of investable cash available. In certain instances, such as purchases of less liquid publicly traded securities (as some small cap securitiesfrequentlyare)oroversubscribedpublicofferings,itmaynotbepossibleorfeasibletoallocateatransactionproratato alleligibleclients,especiallyifclientshavemateriallydifferentsizedportfolios.Therefore,notallclientswillnecessarilyparticipate
inthesameinvestmentopportunitiesorparticipateonthesamebasis.
Trade Errors
Atradeerrorisanerrormadeintheexecutionofanorder.AlthoughthegoalofKPFAistoexecutetradesseamlesslyinthemanner intendedbytheclientandconsistentwithitsinvestmentdecisions,errorscanoccur.KPFApolicyindealingwithsucherrorsis to:
• identifyanyerrorsinatimelymanner;
• correctallerrorssothatanyaffectedaccountisplacedinthesamepositionitwouldhavebeeninhadtheerrornotoccurred;
• incurallcostsassociatedwithcorrectinganerror(ortopassthecostsontothebroker,dependingonwhichpartyisatfault); Allgainsarepassedontotheclient.KPFAorthebrokerbearsthelosses.KPFAdoesnotoffsetgainswithlosses;
• evaluatehowtheerroroccurredandassessifanychangesinanyprocessesarewarrantedorifanycontinuingeducationis required.
Theconsequencesandtherequiredcorrectivemeasurescanbedifferentdependinguponthenatureoftheerrorortheaccount affected.
13. Review of Accounts
KPFA’sclientadvisersand/orportfoliomanagerreviewclientaccounts,includingtransactions,periodically(atleastonanannual basis).Alistingoftheinvestmentsintheaccount,thetransactionsthatoccurredintheaccountduringthepreviousperiod,and theinvestmentperformanceoftheaccountduringthepreviousperiodcanbepartofthereview.Anaccountisreviewedwhenever there’sasignificantchangeintheclient’spersonal/economicsituation,investmentobjectivesorriskprofile.Significantchanges insecuritiespricesandtheannouncementofsignificantnewsorearningsaswellasvariousothercircumstances canalsotrigger areview.
Clientsareprovidedwithwrittenperformanceandcustodialreportsfromthecustodianquarterly.Thesereportsincludealisting ofallvaluations,andalistingofalltransactionswhichoccurredduringtheperiodalongwithinformationconcerningtheallocation oftheassetsintheclientaccountamongvariousassetclassesandtheinvestmentperformanceoftheclientaccountduringthe quarter.
14. Client Referrals and Other Compensation
KPFAdoesnotreceivethird-partycompensationrelatedtoclientinvestments.
KPFA’semployeesorassociatedpersonsareinvitedtoattendseminarsandmeetingswiththecostsassociatedwithsuchmeetings bornebyasponsoringbrokeragefirmorotherpartyextendingtheinvitation.Asthesethirdpartiesonlycoverthecostsassociated withtheinvitation,thisisnotconsideredaconflictofinterest.AccommodationandtravelcostsarealwayspaidbyKPFA.
KPFAhasfourpromoter(solicitor)agreementsinplace,inwhichKPFAagreestopay30-60%oftheinvestmentadvisoryfees paidperannumtoKPFAbysolicitedclientsbythepromoter
15. Custody
KP FA only provides investment advisory services for clients with accounts maintained at qualified custodians as that term is definedintheAdvisersAct.Eachclientmaintainsaseparateaccountatthecustodianbank.Theclientestablisheshisorheraccount directlywiththecustodianbank,andtherefore,theclientisawareofthequalifiedcustodian’sname,addressandthemannerin whichinvestmentsaremaintained.Accountstatementsarepreparedbythecustodianbankanddelivereddirectlytotheclientor the client’s representative at least quarterly. These statements include a listing of all valuations and all transactions occurring duringthe period,includingthe amount of anyfee paid to KP FA Clients should carefully reviewthese statements and contact eitherKPFAorthecustodianbankiftheyhavequestions
SomeU.S.clientscustodytheiraccountatKaiserPartnerPrivatbankAG.Inthisregard,werefertoItem10.
Forclientswhoholdtheiraccountatthird-partycustodianbanks,KP FAisdeemedtohavelimitedcustodybyreasonofKPFA havingtheauthoritytodeductitsfeesdirectlyfromaclient’saccount.
16. Investment Discretion
KP FA has investment discretion over all clients’ discretionary accounts. Clients grant KP FA trading discretion through the executionofalimitedpowerofattorneyprovidedbythecustodianbankandundersuchpowersgrantedundertheinvestment managementagreement.
ClientshavetherighttoplacereasonablerestrictionsonKPFA’sinvestmentdiscretion.Forexample,someclientshaveaskedKP FAnottobuysecuritiesissuedbycompaniesincertainindustries,ornottosellcertainsecuritieswheretheclienthasaparticularly lowtaxbasis.
In the context of a nondiscretionary mandate, KP FA’s investment discretion is limited to an advisory role and KP FA does not implementinvestmentdecisionswithouttheapprovaloftheclient.KPFAneverhasdiscretionaryauthoritytoselectaqualified custodianforaclient’saccount.
17. Voting Client Securities
KPFAdoesnothaveanyauthoritytovoteclientproxies.Clientsmakearrangementsdirectlywiththeircustodiantovoteproxies for securities or where proxy or other solicitation materials have to be sent to. Clients who have questions about proxies may contactKPFAforfurtherinformation.
18. Financial Information
KPFAhasneverfiledforbankruptcyandisnotawareofanyfinancialconditionthatisexpectedtoaffectitsabilitytomanageclient accounts.Asofthedateofthisbrochure,wedonotbelieveitisreasonablylikelythatanyfutureliabilitywillimpactourabilityto meetourcontractualcommitmentstoourclients.
KaiserPartnerFinancialAdvisorsLtd.
Part2BofFormADV–BrochureSupplement
Cover Page
CRD Number: 149431
SEC File Number: 801-70234
Freigutstrasse 16, 8002 Zurich, Switzerland
www.kaiserpartner.com/usa
+41 44 752 51 52 (Phone)
+41 44 752 51 53 (Facsimile)
If you call from the United States: (011) 41 44 752 51 52
9 December 2024
This Form ADV Part 2B/Brochure Supplement (“Brochure Supplement”) provides biographical information about the supervised persons of Kaiser Partner Financial Advisors Ltd (“KP FA”). It supplements KP FA’s Brochure. KP FA is a registered investment adviser (“RIA”) with the United States Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). If you have any questions about the contents of this brochure, please contact us at +41 (0)44 752 51 52 and/ or financial.advisors@kaiserpartner.com. The information in this Brochure Supplement has not been approved or verified by the SEC, or by any state securities authority.
Additional information about KP FA is also available on the SEC’s website at: www.adviserinfo.sec.gov. There is no specific level of skill or training required to register as a RIA with the SEC.
Remo Tiefenauer
Educational Background and Business Experience
RemoTiefenauer,1980,isSeniorClientAdviseratKPFA.Hehasover25yearsofexperienceinwealthmanagementandusedto work for several Swiss private banks. He received a Bachelor of Business Administration in 2006 and an Executive Master of BusinessAdministrationfromtheUniversityofSt.Gallen(HSG)in2018.
Disciplinary Information
Mr.Tiefenauerhasnotbeeninvolvedinanylegal/disciplinaryeventsthatwouldbematerialtoaclient’sevaluationofhimorKP FA.
Other Business Activities
Mr.Tiefenauerisnotengagedinanyotherinvestment-relatedbusinessanddoesnotreceivecompensationinconnectionwithany otherbusinessactivity.
Additional Compensation
Mr.TiefenauerdoesnotreceiveeconomicbenefitsfromanypersonorentityotherthanKPFAinconnectionwiththeprovisionof investmentadvisoryservices.
Supervision
Mr. Tiefenauer's investment activities are supervised by KP FA’s Chief Compliance Officer, Gabriel Larumbe (Telephonenumber:+41442536767/fromtheU.S.dial:01141442536767)
Christoph Stalder
Educational Background and Business Experience
ChristophStalder,1963,isClientAdviseratKPFA.Hehasover30yearsofexperienceinassetandwealthmanagementwithwealth managers,aswellasbanks.HeholdsadegreeinEconomicsfromHöhereWirtschafts-undVerwaltungsschuleZürich,Switzerland
Disciplinary Information
Mr.Stalderhasnotbeeninvolvedinanylegal/disciplinaryeventsthatwouldbematerialtoaclient’sevaluationofhimorKPFA.
Other Business Activities
Mr.Stalderisnotengagedin anyotherinvestment-relatedbusinessanddoesnotreceivecompensationinconnectionwithany otherbusinessactivity.
Additional Compensation
Mr.Stalderdoesnotreceive economicbenefitsfromanypersonorentityotherthanKPFAinconnectionwiththeprovisionof investmentadvisoryservices.
Supervision
Mr. Stalder’s investment activities are supervised by KP FA’s Chief Compliance Officer, Gabriel Larumbe (Telephonenumber:+41442536767/fromtheU.S.dial:01141442536767)
Markus Scherrer
Educational Background and Business Experience
MarkusScherrer,1982,isaClientAdviseratKPFA.Hehas20yearsofexperienceinwealthmanagementwithalargeSwissBank andawithanSECregisteredwealthmanagementfirm HereceivedaBachelorofBusinessAdministrationin2010
Disciplinary Information
Mr.Scherrerhasnotbeeninvolvedinanylegal/disciplinaryeventsthatwouldbematerialtoaclient’sevaluationofhimorKPFA.
Other Business Activities
Mr.Scherrerisnotengagedinanyotherinvestment-relatedbusinessanddoesnotreceivecompensationinconnectionwithany otherbusinessactivity.
Additional Compensation
Mr.ScherrerdoesnotreceiveeconomicbenefitsfromanypersonorentityotherthanKPFAinconnectionwiththeprovisionof investmentadvisoryservices.
Supervision
Mr. Scherer’s investment activities are supervised by KP FA’s Chief Compliance Officer, Gabriel Larumbe (Telephonenumber:+41442536767/fromtheU.S.dial:01141442536767)
Adrian Vogel
Educational Background and Business Experience
AdrianVogel,1964,isaClientAdviseratKPFA.Hehasover30yearsofexperienceinassetandwealthmanagementwithwealth managers,aswellasbanks.BeforejoiningKPFAhewastheCEOofBvBPartnersinGeneva.HegraduatedwithaMaturitéfrom theEcoleSupérieuredeCommerceinGenevain1983.
Disciplinary Information
Mr.Vogelhasnotbeeninvolvedinanylegal/disciplinaryeventsthatwouldbematerialtoaclient’sevaluationofhimorKPFA.
Other Business Activities
Mr.Vogelisnotengagedinanyotherinvestment-relatedbusinessanddoesnotreceivecompensationinconnectionwithanyother businessactivity.
Additional Compensation
Mr. Vogel does not receive economic benefits from any person or entity other than KP FA in connection with the provision of investmentadvisoryservices.
Supervision
Mr. Vogel’s investment activities are supervised by KP FA’s Chief Compliance Officer, Gabriel Larumbe (Telephonenumber:+41442536767/fromtheU.S.dial:01141442536767)
Emanuel Girardi
Educational Background and Business Experience
EmanuelGirardi,1996,isPortfolioManageratKPFA.Hehasover8yearsofprofessionalexperienceinthefinancialindustry.Prior to joining KP FA Emanuel Girardi worked for one of the largest banks in Switzerland, holding positions within the wealth managementandconsumerfinancedepartments.
Disciplinary Information
Mr.Girardihasnotbeeninvolvedinanylegal/disciplinaryeventsthatwouldbematerialtoaclient’sevaluationofhimorKPFA.
Other Business Activities
Mr.Girardiisnot engagedinanyotherinvestment-relatedbusinessanddoesnotreceivecompensationinconnectionwithany otherbusinessactivity.
Additional Compensation
Mr.Girardi doesnot receiveeconomic benefitsfromanypersonor entity other thanKPFAinconnectionwith the provisionof investmentadvisoryservices.
Supervision
Mr.Girardi'sinvestmentactivitiesaresupervisedbyKPFA’sChiefComplianceOfficer,GabrielLarumbe(Telephonenumber:+41 442536767/fromtheU.S.dial:01141442536767).