blue - Heartbeats

Vontobel Private Banking The magazine for private clients Spring Edition 2012

Heartbeats The rhythm of life.

“With the heart, nature has given us an organ that is endlessly fascinating.”

René Prêtre, pediatric cardiac surgeon

Editorial

Dear readers, There is an old saying in German, roughly: “Even an old acrobat doesn’t step onto the highwire without feeling his heart pounding.” This applies not only to life in the circus, but also to the financial industry, where it takes experience, stamina, and full concentration every day to make sure our pulse rate doesn’t go too high while managing our client’s assets – working on the open capital market.

cardiac surgeon René Prêtre on page 6, or Tobias Funke, one of Switzerland’s youngest top chefs, on page 20.

An appropriate degree of control is part of this work. During the recent, highly turbulent, years, Vontobel has successfully navigated its way past the many reefs. This is the result of both institutionalised control in our company – a tautly drawn safety net under the tightrope – as well as a culture founded on reason and self-control. In terms of solidity, we have kept our promises. And we have shown that we can adapt to a rapidly changing environment. You can build on these strengths and skills in the future.

I wish you an excellent read.

The year 2012 has started well for investors. Globally, equity indexes rose, and in our core markets they are up significantly. The bond and currency markets have calmed down for now. Is the storm, fanned by the financial and economic crisis, already past?

We would like to let that hope take root. Even so, however, in the months ahead, caution will still be called for. The patient “Europe” has stabilised but is not yet healed. Global imbalances remain. Let’s focus on new tremors in the financial markets. As experts in active asset management, we have our finger on the pulse of the markets. Our clients benefit from a holistic and tailored approach.

Zeno Staub, CEO of the Vontobel Group

Under the theme “Heartbeats”, this issue of our client magazine provides you with a lot of interesting reading material – for the mind as well as for the head. For example, read about pediatric

And last but not least: In the issue after next of “blue”, Georg Schubiger will welcome you. With extensive experience in international banking, he will join us in September as the new Head of Private Banking and Member of Group Management.

Cordially,

Would you also like to read “blue” on your iPad? To download the app, or get more information about it, visit www.vontobel. com/blue or go to the App Store directly.

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Content 10

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Photo: Noe Flum

Facts that go straight to the heart.

When was the first human heart transplanted? How much does the heart of a blue whale weigh? Facts and figures on an astonishing organ.

The Wizard of the Children’s Hospital.

This is the story of a great passion: the physician and the child’s heart. Every day René Prêtre stands for hours in the operating room and save the lives of the smallest among us.

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12 Strong emotions, intense life – the youngest gallery owner in Dubai.

Ten years ago, Maliha Al Tabari opened a gallery for modern Middle Eastern art.

16 Gliding, floating, flying.

Martin Hänggi is 44 years old and has been a speed skater for 14 years. A late bloomer perhaps, but one with considerable success: 55 Swiss championship titles so far.

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Passion for Cooking.

Tobias Funke is the only chef in Switzerland who orders ox hearts and pig’s feet from his suppliers – and integrates them at the most sophisticated level in his cooking.

Photo: Getty Images

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Column: Heartbeats: the heightened self.

Dr. phil. Manuel Bachmann on the beating heart.

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Macro: Year off to a strong start for equities and commodities.

Countries with a consistent commitment to reform will be amongst the winners – and will be of interest to investors.

28 Opportunities: Into the future with “clean” technologies.

Long-term trends such as industrialisation and urbanisation are likely to increase the incentive for efficient and environmentally friendly production in the future.

Photo: Keystone

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Photo: Keystone

Blue Pages: News from the Vontobel Group.

A compilation of news from all our business areas.

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The Vontobel Guide: tips for going out In each edition of blue, different Vontobel teams will present a selection of local highlights.

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Book Corner Winning WaysTM – Change Management in an Imperfect World. blue 5

By Daniela Fabian // Photos: Noe Flum, 13photo

This is the story of a great passion: the physician and the child’s heart. Every day René Prêtre stands for hours in the operating room and save the lives of the smallest among us. His reward for his tireless efforts: global recognition as a top surgeon. And the adulation of many admirers.

Theme: Heartbeats

The Wizard of the Children’s Hospital.

Your former boss, Professor Marko Turina, once said to you, “Prêtre, you are obsessed!” How did you take this criticism?

Paradoxically as a compliment, even if it wasn’t meant that way.

In cardiac surgery, I regard a certain obsessiveness as a positive quality. You have to be uncompromising in this profession. I find this surgery unbelievably exciting, and it makes me enormously happy to be close to perfection. But I’m not like that everywhere.

My children, and even my mother, can confirm that (laughs).

much time for anything else. But in any case, I find the word “work” inappropriate. It sounds negative, a bit like something you’re forced to do. Our profession is a passion, like with athletes or artists. With athletes, no one speaks of work, but rather playing or training – words with a positive connotation. And I think that also corresponds to the reality: a Roger Federer has fun on the tennis court. It’s like that for us, too. We would be sad if someone would keep us from our work.

What do you mean by that?

My mother still cannot imagine how I can be so fastidious in the operating room when I was so messy at home. During an operation, I regularly clean around the incision, so not a single spot of blood is visible. It’s nice when everything looks perfect all over, all the time. But in private I tend to be more undisciplined.

I’m constantly losing my car keys, for example. Or I forget my skis when I want to go skiing … All these things, because in my mind, I’m concentrating on other things. My office is a mess ...

You compare yourself with a top athlete. As a child, you dreamed of becoming a football player. What does the fantasy football player from back then have in common with the reallive top physician of today?

I learned early on how to deal with pressure and responsibility.

To make a penalty shot in front of lots of spectators in the last minutes of a game requires a lot of self-confidence and composure. I need this self-confidence today, especially in critical moments. You can’t get emotional and lose your cool. Besides that, I’ve understood how important it is to be a team player. You win a game as a team and you lose as a team. This is exactly the same in cardiac surgery.

What makes for a “good” surgeon?

In cardiac surgery? Someone with tactics, technique and artistic talent. Tactics come with experience, knowledge and intelligence.

Technique requires good hands, good eyes and a strong ability to concentrate. The talent probably lies in our chromosomes (smiles).

Not everybody has it, and it’s difficult to practice – just the opposite of your hands, and also your power of concentration, which can both be trained like a muscle. To succeed in my profession means a lot of work: A heart surgeon has to operate for ten hours a day for ten years, until he’s finally mastered this art.

You have said, “A top surgeon has to be an egotist, because he devotes himself exclusively to the thing he’s passionate about.”

Oh, I wouldn’t formulate that in quite such extreme words any more. But I can’t deny that aside from your work, there isn’t 6 blue Theme

Before you were allowed to go to football training as a boy, you had to pitch in and do some hard work around your parents’ farm first. Do you resent the drudgery of those days?

Not at all. We are seven brothers and sisters in my family, and I’m

Each year, René Prêtre operates on 300–350 children with serious heart problems at Zurich’s Children’s Hospital. In 2009, the Jura native was named “Swiss of the Year”. This summer, 55-year-old Professor Prêtre will leave Zurich to become Clinical Director of Cardiac and Vascular Surgery at the CHUV, the University Hospital in Lausanne.

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the oldest son. Everyone helped after school for several hours – in the stable, in the fields. It was natural for us. My mother grew vegetables in the garden, so we harvested potatoes, and every year we butchered one of our animals. We didn’t have a lot, but we lacked for nothing. One of the things that was particularly exciting for me was when the veterinarian came to the farm. We experienced some incredible situations with the cows. For example, you perform Caesarean sections on cows standing up: unbelievably impressive! I’m sure my work ethic can be traced back to my childhood.

Nowadays you save children’s lives, day in, day out – adults as well. That must make you happy?

Yes, that’s true. It’s wonderful when you can have a positive influence on someone’s destiny, especially someone who’s living under the shadow of death. This positive feeling is even stronger when it comes to kids, because they have so long yet to live.

But I’m no different than anyone else: I haven’t been spared the problems of having a stressful job and a family I love. In order to build up the children’s heart surgery practice in Zurich, the first five years I worked day and night and on the weekends.

But it was worth it: Now, not only are the results there, but also national and international recognition.

This summer you will leave Zurich and become Clinical Director of Cardiac and Vascular Surgery at the University Hospital in Lausanne. Will you have to start all over again?

It looks almost that way ... For years I’ve been talking about working less, reading more, going to the movies more. But then nothing comes of it. I give myself another ten or twelve years.

Later on, I plan to devote myself especially to the humanitarian projects looked after by my foundation, “Le Petit Cœur”. We are currently operating in Mozambique and Cambodia in col8 blue Theme

laboration with Dr. Beat Richner’s Kantha Bopha Hospital. But who knows what will happen in the future? Maybe I’ll stay right here, in cozy, down-to-earth Switzerland.

This issue of our magazine “blue” is dedicated to the theme of “heartbeats.” What gets your pulse racing?

Ah, mon Dieu! So many situations. There is almost one per month. Heart transplantation involves an extra dimension, because it is often as exciting as a Western movie. Everything has to be coordinated exactly, and everything happens extremely fast. Once, I was picked up directly from the ski slopes by a Rega helicopter and flown over the Alps back to the hospital at breakneck speed. Saving lives in such a dramatic fashion doubles the magic of my profession. The stories just pile up. I almost had a heart attack myself last November, when there was a power failure in the middle of an operation I was performing in Cambodia.

Our technicians kept the heart-lung machine going manually, and we turned to the flashlight apps on our cell phones as a light source. After four minutes, the power was restored, but no sooner had we started again, when the next outage came. Finally, we turned off all unnecessary lights and electrical equipment, just to take some pressure off the network. Only a single ray of light was falling on the open, little heart. You had the impression you were operating in the middle of the jungle, being watched by the eyes of animals. It was truly amazing. Almost mystical.

What makes your heart race in your private life?

That I’m not giving away.

Let’s talk about love nevertheless ... At the end of the day, we feel our emotions in our heart. Why does it hurt when we are unhappy?

<< Operation in Zurich’s Children’s Hospital. During the operation, a heart-lung machine takes over the functions of the heart of the small patient, which has been stopped artificially. < A replica of a child’s heart on the palm of René Prêtre’s hand: the size of a tiny clenched fist and yet so vital.

There are anatomical reasons: The heart has nerves, the autonomic nervous system, and it is sensitive to hormones. Every emotion has an effect on these primary systems, which also exist in the intestine and bladder. But the heart reacts much more quickly. Since it is beating once every second, it can change on a second’s notice. Emotions arise in the brain, but the resonance box is above all our heart. That is why you sometimes feel that your heart is heavy.

When we fall in love, we feel as if our heart is bursting.

Again, it’s the resonance box. This always comes from the thorax, so the heart is for us the symbol of love, our most wonderful emotion. We love someone “with all our heart” – not “with all our liver,” which is actually the largest organ of the body (smiles). All the words of love have to do with the heart.

You are leaving Zurich on account of an “affair of the heart”: Your two grown daughters live in the French-speaking part of Switzerland. Will you be able to spend more time with Camille and Tatiana in the future?

I hope so! When they were little, we lived in New York, where I operated in the Trauma Department of Bellevue Hospital. We lived right across from the hospital and sometimes I was able to go home and eat with the family. It was a wonderful experience for all of us. When I started working here in Zurich twelve years ago, the family was meant to follow me, but because of our girls’ schooling, everything got delayed.

My wife and I had problems and we finally separated, and everyone stayed in Geneva.

tion in my job. But after a particularly difficult operation, I’m sometimes so exhausted that I can’t even read. Something that’s invigorating for me is a long walk in the woods. Many a time, I’ve found the solution to a problem on a walk. I also get reenergised meeting with friends at the weekend or on a drive into the mountains.

What is the best thing about your profession?

There are so many wonderful sides to my work! For sure, if we can save a life that was in danger, that’s a great thing. You receive letters from overjoyed parents for years to come. For me personally, it’s incredibly beautiful to construct a perfect little heart, like a sculpture. Nature has given us an organ that is incredibly fascinating. When the echocardiograph shows the little heart beating regularly after an operation – in a newborn baby it’s the size of a plum – the valves functioning in perfect synchronisation, the blood flowing smoothly in the newly sutured vessels without any turbulence, then I am as happy as I can be.

I know that with this heart, the little boy or girl is going to be able to play football just fine (smiles).

“To succeed in my profession means a lot of work: A heart surgeon has

And what’s the worst thing?

Our defeats. When we lose a child, or if he or she suffers from a severe complication that we, as surgeons, are at least partially responsible for.

It’s impossible to deal with this guilt. It plunges you into deep despair. But thankfully, with good preparation and excellent experience, errors are extremely rare.

to operate for ten hours a day for

ten years, until he’s finally mastered this art.”

Do you have the feeling that you’ve missed seeing your daughters grow up?

Not from my own point of view – I’ve always gone home a lot – but maybe they would see it that way. I would feel uncomfortable if they hadn’t been able to have all the opportunities possible. Our job as parents, in addition to bring up our children well, is to make possible the best education for them. Camille is now a teacher, and Tatiana is just finishing her studies in tourism and communication. Whenever I could, I helped them with their homework, and we spent time together on holiday. If it would have been necessary, I would have forgone my career for the sake of my daughters.

What else can you do well with your hands, other than surgery?

Not much. In the past, I also did some sculpture, but I haven’t done that for a long time.

Are you definitely a tender man?

My hospital director would not say that.

If you would you like to support René Prêtre’s Foundation “Le Petit Cœur”, information can be found at www.lepetitcoeur.com

You work hard; what do you do to treat yourself and recharge your batteries?

I enjoy reading modern French and American literature, for example novels such as “The Road” by Cormack McCarthy. Books should get me to dream and laugh – an important compensablue Theme 9

7,000 litres of blood are pumped through the body by the heart every day â&#x20AC;&#x201C; the equivalent of about 35 bathtubs.

3,000,000,000 heartbeats is the lifetime track record of the heart of a 70-year-old man or woman.

22 days after fertilization, the heart of a human embryo begins to beat.

Human:

60 to 90 heartbeats per minute.

Hedgehog: Shrew:

500 to 1,320 heartbeats per minute.

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280 to 320 heartbeats per minute. (But when hibernating: 18)

The heart of a blue whale has a diameter of 1.2 metres and weighs about

600 kg, as much as a VW Beetle.

The human heart is always about as large as the clenched fist of the heart’s owner. In the case of a newborn baby, it is no bigger than a walnut, with a diametre of about

26 mm

3–5 minutes

is how long the human heart will continue to beat after breathing has stopped.

was the year in which 45-year-old Dr. Christiaan Barnard performed the world’s first heart transplant in Cape Town.

The patient, Louis Washansky, was a Polish-born greengrocer who had emigrated to South Africa. The transplant operation required a 31-member team, working under Barnard’s direction for nearly five hours. The operation was a success. But 18 days later, the patient died of pneumonia. It was discovered that the real problem was not the heart transplant itself, but that afterward, the patient’s body reacted to the foreign tissue by rejecting it.

In the case of Barnard, the exact opposite occurred: Half the world thronged to him.

He became a media star, traveled the globe giving lectures, wrote an auto biography, novels and several books of medical advice.

Photo: Getty Images

15 to 16 heartbeats

Photo: Getty Images

Whale:

1967

per minute.

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By Angela Obrist & Gregory Ingold // Photos: Sandro Diener

Maliha al Tabari is a well-known art dealer in Dubai. Ten years ago, the young woman opened a gallery for modern Middle Eastern art in this tiny Gulf state. Passion, a pioneering spirit and strong emotions are the elements of her recipe for success.

Theme: Heartbeats

Strong emotions, intense life – the youngest gallery owner in Dubai.

“From the point of view of art and artistic technique, Dubai was a desert in 2002,” says Maliha al Tabari. She knows this better than many, as this young woman, now 30 years old, has spent the last ten years building up one of the first galleries of modern contemporary Middle Eastern art in this emerging metropolis of the Gulf state.

Already as a small girl growing up in Saudi Arabia, Maliha al Tabari felt her heart beating for the visual arts. “I never wanted to work in any other area,” the vibrant young entrepreneur recalls. After her high school graduation, she told her father for the first time of her plan to study art. A successful building contractor, he was surprised and bewildered: “And where will you do these studies?” he wanted to know. A fair question, because in Saudi Arabia there were no such schools. But his daughter would not allow that to deter her. She continued to pursue her idea, gaining admission to the renowned Otis College of Art and Design in California and eventually also securing the support of her parents.

Shortly afterwards, the young woman began her studies in art history in the USA in earnest. “California, with its excellent schools and its extremely active art scene, was a perfect place for me to study,” she says, looking back. “I also liked the idea of diving into another culture and being inspired by the experience.”

Breathing life into a new idea In 2002, between her undergraduate and master’s degrees, Maliha al Tabari returned to Dubai for one year, where her family had moved in the meantime. “I came back to the region where 12 blue Theme

I’m from, and I realised with a shock that there is no public art, there are no galleries, nothing.” Little by little, the idea took form to open her own gallery. With this idea in the back of her mind, she traveled to Lebanon, Syria, Jordan, Egypt and a few other countries in the region, visiting artists in their studios. “I got to know many impressive personalities and talented artists,” she says. “After this trip, it was clear to me that I wanted to open a gallery, and use the exhibition space exclusively for art from the Middle East.”

Her goal: to support artists and make them known, and in this way to acquaint the rest of the world with the many-faceted aspects of Middle Eastern artistic creation. “Works from our region typically involve strong, authentic emotions. They spring from very specific life experiences – for example, challenging political and social circumstances, the status of women in society – and are not simply pretty pictures. Politics has always been a driving force and inspiration for me, even in my own art,” says Ms. al Tabari. Driven by her passion for art, in 2003 she opened the Artspace Gallery in Dubai. At the same time, she has also been able to bring one of her other talents to the fore: her business acumen, “The combination of art and business is ideally tailored for me,” she says.

A city discovers art Dubai was already booming in 2003. New skyscrapers were springing up everywhere; the financial sector had discovered Dubai as a business location; huge infrastructure projects were being developed – it was only the art market that was still in its infancy. Maliha al Tabari wanted to change that. “With the opening of my gallery, it was at first a heartfelt wish of mine that was

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Maliha Al Tabari The 30-year-old art dealer founded the Artspace Gallery in Dubai in 2003, exhibiting modern art from the Middle East. Maliha al Tabari studied in the United States at the Ringling School of Art and Design and the Otis College of Art and Design. www.artspace-dubai.com

being fulfilled, but nothing more. That’s because in those first few years, I was never sure if my idea would catch on with the public or not. But I did feel that there was something in the air.”

The challenges were great. The young gallery owner met them head on, with stamina and even greater ambitions. In the startup phase, she also received support from her parents, who are themselves avid art collectors. They helped her establish contacts. And finally, she took advantage of Dubai’s status and location. “Our city is the hub of the Middle East,” says Ms. al Tabari.

“In Dubai, if you really commit yourself to your business, you’ll be laying a solid foundation for international success and the continued development of the business.”

The prices rise and rise Maliha al Tabari has demonstrated a remarkable sense of timing with her gallery so far. Since 2006, modern art from the Middle

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The Artspace Gallery is located in a prime location in the Dubai International Financial Centre.

also requires good marketing. Only then will it be successful.”

Before she decides which artists to represent, she visits them in the studio, drops in at art schools, studies their works and analyses the development potential of each individual. “To discover a new artist is very exciting,” says Ms. al Tabari. “I already feel my heart beating.”

East has been gaining more and more attention and recognition in the international art scene. “The prices of art works in some cases have increased tenfold – and within four to five years,” the art dealer reports.

For Maliha al Tabari and Artspace Gallery, the market environment today is very interesting. The gallery owner is known to art buyers and is very well positioned. In addition, she has experience and a solid network. All this would have to be built up from scratch by a new competitor just entering the market. Even the location of the gallery in Dubai, an international financial centre, has had a positive effect, with politicians, businessmen and art collectors from around the world visiting her gallery. Every month, Ms. al Tabari presents an exciting new artist in the gallery. The quality of the artists exhibited and of the works on display has made the Artspace Gallery internationally one of the most important addresses for modern contemporary art from the Middle East.

“I’ve always believed in my idea and in the art of our region,” she says. “That’s why I’m so proud of my success.” Because the West is developing an increasing interest in the Middle Eastern art market, the gallery is likely to continue on an upward success curve. When asked what argues for the purchase of modern art from the Middle East, her reply comes without hesitation: “In comparison to Western art, the works are still affordable,” says Ms. al Tabari. In addition, with only about 20 people in the region who qualify, the group of top artists is still manageable.

And another argument Maliha al Tabari posits: “If a client decides to invest in one of the well-known Middle Eastern artists, he is still paying significantly less than for a work of comparable quality by a Western artist.”

After Maliha al Tabari has successfully put an exploratory trip behind her, the work is far from over. In her premises, she has to exhibit the work in the best light, present it professionally, market it and make it accessible to an interested audience. “I love seeing how artists evolve thanks to our work, how they receive more and more recognition for their work,” says Ms. al Tabari.

For her, mentoring an artist is almost like raising a child: “You support and encourage them, and you’re so happy when they are successful. What could be more wonderful?” Her greatest thrill is to be visiting a private collection or museum and unexpectedly come across a work by one of “her” artists.

Promising prospects Visitors to the Artspace Gallery will also have the sense of great expectations when they see the programme of exhibitions for 2012. Against the background of the Arab Spring, Maliha al Tabari is presenting a few artists who are decidedly tackling political issues in their art. “The artists, from several different countries, are depicting incredibly strong emotions in their works,” she reports. Besides this reference to the whirlwind of current affairs, there is also plenty of room for other themes in the exhibition programme as well. For example, an Egyptian artist is rendering family portraits in a vintage style.

And what else? Oh yes, there is another big project that the successful young entrepreneur from Dubai will soon bring to fruition. In May 2012, the Artspace Gallery is opening a branch in London. There, too, art from the Middle East and Iran will be in the spotlight. And concrete plans for a branch in the United States are also underway. Maliha al Tabari explains, “The new galleries will bring the art scenes of the West and East closer together and allow people in the West to discover for themselves the value of art from the Middle East.”

On a permanent cultural treasure hunt In her daily work, the gallery owner is always on the lookout for works that meet the high standards of her clients. “To be a good artist is not sufficient any more,” she explains. “Good art blue Theme 15

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Theme: Heartbeats

Gliding, floating, flying.

By Urs Thaler // Photos: Sandro Diener

Martin H채nggi is 44 years old and has been a speed skater for 14 years.

A late bloomer perhaps, but one with considerable success: 55 Swiss championship titles so far. Next season, there will surely be a few new ones, as no one is faster on the ice than this native son of Davos.

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A hard winter in Davos. Enormous towers of snow are piling up all round the outdoor ice rink. Whenever the ice is cleaned, the plough simply pushes the snow over the sides of the rink. Gradually, metre-high mountains of snow take shape around the rink.

A dreary mid-day in Davos. The ice rink is empty. No one is there training or even wanting to just skate a few laps. On the ice is a thin layer of snow, giving the broad surface a semblance of fragile perfection. Now and then, a ray of sunlight penetrates through the grey clouds, and the crystals of snow sparkle and glisten. But nobody sees it, because no one is out doing laps.

Even inside the Ice Sports Centre, not much is going on. Four or

Martin Hänggi (44) was a professional hockey player until 1998, playing in 276 National League games. Then he began a second career as a speed skater, and has won 55 Swiss championship titles so far, in a variety of disciplines. Hänggi lives in Davos and has two children.

five diners are sitting in the Centre’s large restaurant. Just where is Davos hiding itself on this Tuesday afternoon?

“Have you seen Martin Hänggi?” asks the out-of-town visitor to the waitress. She pauses, looking a bit helpless. It turns out that she is from Germany and knows hardly anyone among the locals. The out-of-towner tries to clarify: “I mean the speed skater and Swiss champion Martin Hänggi. You must have seen him training here many times. Was he here today ...?” The waitress thinks hard and says, “Yes, I’ve probably seen him. But when?

What does he look like? I can’t quite recall his face …”

The waitress is not alone in this. Many Swiss have very little conception of speed skating, and they know even less about the athletes who pursue this traditional sport at the highest professional levels. That’s a shame, because the unvarnished stories of forgotten niche athletes are numerous and authentic. Martin Hänggi’s career is proof of this, a highly atypical career in many aspects and one that keeps running in almost endless circles. Meanwhile, the star athlete has arrived in the restaurant, sat down and is waiting to begin the interview. What has he got to tell us?

Always in motion, always outdoors Martin Hänggi’s story as a speed skater begins with one pre-ordained thing and one accident. He was born in 1968, in Davos.

In other words, right next to the ice rink. As a lad of four or five, he stepped out onto the ice for the first time, as did many other youngsters as well. From morning to night, he was always in motion, always outdoors, always playing some sport in his free time – as a boy growing up in Davos, this was the template for his entire childhood. In the summer, it was football, swimming and hiking in the mountains. In the winter: skiing, cross-country skiing and ice skating.

Back in the seventies, there were not as many things for boys to do in their free time compared to today. People like Hänggi who craved movement almost automatically landed in sports activities. “Actually, I might have also become a football player,” he says. But the town’s football club, FC Davos, only played in the fourth division, whilst its hockey team, HC Davos, was successful in the country’s top hockey league. If things had been reversed, Hänggi would almost certainly have opted to play football. But thanks to this accident of how the teams were slotted into their respective leagues, the young man from Davos made his decision, at the age of 14, for hockey. In time, he became a pillar of the first team for several years.

Hockey was a harsh and brutal sport in the eighties and nineties – one that left Hänggi with his fair sure of injuries as well.

When his hockey career was coming to an end, he was unsure what to do with his life going forward. He found the answer in the outdoor ice rink. In those days, the best speed skaters in the world came to Davos in the winter to train. Hänggi spent hours watching them, studying their technique and their movements

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very closely. And then one day, he began to skate laps himself – skating in the slipstream of the world’s best skaters and feeling his heart beating hard.

This is how Martin Hänggi discovered speed skating. At 30 years of age – the age when other top athletes are retiring – he started his second sports career. Gliding, floating, flying: it was a totally different feeling than the gruff hockey with its frenetic stop-and-go action.

“There is something peaceful and fluid about speed skating. For me,” says Hänggi, “it’s a meditative sport. The laps have no beginning and no end.”

But Hänggi never complains. In the 14 years he has been a speed skater, he has learnt to live with what he has. Living, for example, from his savings and with the support of his family. A few months ago, however, he had a stroke of good luck. For the first time, Hänggi landed a sponsor who supported him financially, allowing him a season without too many worries. This support paid off, resulting in his best season yet. “I was able to continually improve my times,” the athlete says proudly, “and was as fast as I’ve ever been. I chalked up some important World Cup points, too.” What’s more, he also won a few additional Swiss championship titles. In Hänggi’s career, there have already been years where he took the title of Swiss champion in all of the different racing events: the sprint, the all-round, and the races of 500, 1,000, 1,500, 5,000 and 10,000 metres.

“Actually, I might have also become a football player.”

Don’t force anything, don’t rush anything In this new career, the Davos native took an important principle to heart: “Don’t force anything; let it all develop organically.”

This worked out well, because that is exactly how his coach saw things, too. His coach? Well, the name of Martin Hänggi’s coach is … Martin Hänggi. In this sense, Hänggi is something of an exception among speed skaters. That is not to say that he believes that being his own coach means he can dismiss the judgment of others. Hänggi often watches videos to study his movements and technique, and he always seeks feedback from friends and other speed skaters as well, who give him tips and advice. And now we come to one of the more grueling aspects of speed skating. This is a sport which lives somewhat in the shadows in Switzerland, as it does in many other countries, as it is a sport with no audience and no money.

Virtually all the expenses involved in pursuing the sport of speed skating are borne by the athletes themselves. Races require no entry fee, but offer no prize money. Only in the case of World Cup competition does the sport’s Federation provide money to cover meals during the two days of racing. However, accommodation and the flight to such venues as the Netherlands, Norway, Canada, Japan, Russia or Kazakhstan must be covered by the athletes. And there is no monetary compensation for the time-consuming training during the week, either. Martin Hänggi’s daily training, for example, encompasses five to six hours – seven days per week. Practically a full workload, in other words.

Better late than never – a sponsor helps out Only in Holland, South Korea and Japan do speed skaters enjoy good terms for participating in the sport. These are the three most powerful skating nations. Significantly worse is the support offered to athletes in Norway, Germany or the United States.

And it is even worse in Switzerland. Lack of money is thus a constant companion of most skaters. And so it happens that on the road, Martin Hänggi will sometimes spend the night on a cot in a glorified closet, although he is sometimes offered the hospitality of a room belonging to the Austrian skaters.

After so many successes, does Martin Hänggi still feel his heart beating before a race? “Definitely!” he exclaims. “I always want to win. So I’m focused and tense.” The trick to racing, he explains, is to get the energy to flow optimally, to keep your head mentally free, and to skate with a technique in which all movement is in harmony. If he is doing everything right, Hänggi reaches speeds of between 50 and 60 km/h. And while racing, his pulse rate rises to 180. “Your heart beats like a steam hammer,” he says. “You just keep panting along.” But Hänggi knows that he has a strong heart – one that tolerates performance pressure very well.

A distant goal on the Black Sea So that is Martin Hänggi, a man who goes about everything in his life patiently and prudently – someone who is able to wait till his appointed hour arrives. Could he manage to qualify for the 2014 Winter Olympics in Sochi? “That would be a dream,” says Hänggi, smiling. Then, gazing out into the distance, he adds, “Just taking part would be a dream.” One or two additional sponsors, he thinks, could clear a few stones from the path leading toward this distant objective.

Apropos stones: Hänggi hesitates for a moment, then pulls something out of his pocket and sets it carefully on the table. It is a greenish stone with shimmering crystal-like inclusions. Hänggi brought the stone back from Chelyabinsk, a city of a million people at the foot of the Russian Urals, where he recently competed in a race. “I always carry this stone with me now,” he says. “Maybe it will bring me to Sochi.” And who knows what will happen if he gets there? If Martin Hänggi begins to glide and float in that city on the Black Sea, and then take off like a bird ...

blue Theme 19

By Renata Fäh // Photos: Maurice Haas, 13photo

Tobias Funke is Gault Millau’s “Newcomer of the Year 2011”. The only chef in Switzerland who orders ox heart and pig’s feet from his suppliers, Funke needs these ingredients because he prepares dishes from 500 years ago. And meets the most demanding standards while doing so.

Theme: Passionate for exclusive culinary delights

Passion for Cooking.

Caviar or barley soup – which one would you choose?

I would pick the barley soup, because it’s something I can make from scratch. I try to impress my guests using simple ingredients.

So for that reason, barley soup is more appropriate than caviar.

You have put together the oldest menu in Switzerland, putting in months of research at the National Library. How can you be successful today with menus from the 16th century?

At first we quietly experimented to find out how much of the old food culture the modern diner would appreciate and tolerate – for example, a grilled ox heart from a recipe from 1566.

These first baby steps were well received by our guests, so we kept going – until we were able to present the oldest menu in Switzerland. In addition to these historical dishes, we offer many contemporary dishes, too.

Are you the only chef preparing these old dishes?

Yes. Although the old dishes only make up a small part of our menu. Our prime discipline is le grand menu. In our old menu, it was important that it should contain only authentic dishes from the old days. When it comes to old dishes, 99 out of 100 still exist today in one form or another. For our historical menu, we use only menu items that nobody is familiar with any more.

Where can you get an ox heart these days?

At the abattoir, the ox heart usually ends up discarded in the organic waste. But now that my suppliers know that I use ox hearts in my cuisine, they set them aside especially for me. Still, getting one takes a lot of time. From order to delivery, it takes at least five days. Imagine that: five days! If I order 100 kg of beef fillet, I get it delivered the very next day.

With your old recipes, you are fighting against the accelerating pace of change in our food culture. Are you a nostalgic?

20 blue Theme

Yes, absolutely. The food culture in Switzerland is degenerated.

Already 500 years ago, we didn’t have a very strong food culture.

This has to do with our geographical location. Switzerland lies in the heart of Europe and is cut off from the sea. That probably explains why our food culture has always been influenced very strongly by our neighbours. And with globalization, this has intensified.

What should we do differently?

A decelerated lifestyle would already help. We should take more time to be aware of what we eat and where our food comes from. A lot of people have no energy in the evenings to prepare a meal using fresh meat and produce. Convenience food is gaining ground more and more in private households. That is why I think that top chefs should also be role models. For me, this means using only seasonal, healthy, fresh produce and dispensing with chemical additives completely.

What else do you need to be a good cook?

You have to be a perfectionist. With your technique, regimentation is essential. For me, every knife, every chopping board, each spice has its place in the kitchen. We work blind. You also need to have pleasure in eating, and you have to be open to new ideas. And you need to be extremely robust – because being a professional chef entails a lot of pressure and stress. You have to be able to withstand that.

Tobias Funke (29) is the leaseholder and chef of the restaurant Obstgarten (“Orchard”) in Freienbach on Lake Zurich. In 2011, Gault Millau named him the “Newcomer of the Year” and awarded him 16 points. After months of research, Funke put together the oldest menu in Switzerland, with which he not only scored with Gault Millau, but also with its guests.

blue Theme 21

Is there a particular spice that makes your heart beat a little faster?

Every spice – if used correctly – has its advantages. Whether it’s the salt that we use in more than a dozen different varieties, or pepper, which not only brings sharpness and aromatic flavours to a dish but also fruitiness and zest. Five hundred years ago, spices were only accessible to the noble class – but today they are available to us all.

What do you do when you are not in the kitchen or on the football field?

My biggest passions are food and wine. I just like to enjoy these fine things. I also like to look at what other chefs are doing on a regular basis, and see where they stand. On these visits, I’m the guest, and I feel great in this role. Just recently, I was back at Schloss Schauenstein with Andreas Caminada, one of the best chefs in Switzerland.

And that’s why, for many people, salt and pepper are the commonest of all common spices. Do you have any preferences among the less common spices?

Nutmeg is a very special spice. Previously it was only used by royalty. But beware: In the past, nutmeg was also a spice used to get rid of undesirables. In hogh doses, it is lethal. For an adult, two or three nutmeg nuts is enough to kill you.

Does a young chef like you actually go back to his mother’s for a home-cooked meal sometimes?

My parents only invite me to their place for brunch any more.

My mother thinks that brunch is a meal she can’t make any mistakes preparing. When she is cooking and I come in to stand beside her, she quickly shoos me back out of the kitchen, even though I never criticise her cooking skills (laughs). So with us, it’s usually the other way round: My parents come eat with me.

You are very slim. Do you not like your own food?

The chefs of this generation are not overweight any more. Although I do have to watch myself and not to eat too much.

Chefs often lack the time to exercise. I’m lucky if I can play a little football once a week.

As a member of the national football team of top chefs, you are also quite successful on the pitch …

Well, on average, my teammates are fifteen years older than I am. So, as the youngest member of the team, it’s me who is supposed to be able to run the fastest and score the most goals.

That isn’t always the case, but I do try.

Do you cook for your girlfriend?

Actually, cooking is my job. So if you want to eat with me, come to the “Obstgarten” in Freienbach. Even with friends, I’m very consistent in this regard, and when I’m not working, I don’t want to cook. With my girlfriend, it’s a little different. She doesn’t like to cook for me very much; at some point she loses her confidence and asks me for help. Sometimes we cook together. So that’s how we spend our time together.

The old proverb says that you can get to a man’s heart through his stomach. As a chef, can you confirm if this is true?

up by Tobias Funke and his small team.

22 blue Theme

Photo: Gina Folly

New creations and new ways to pamper their guests are constantly dreamed

exclusive culinary treats.

Photo: Funkes Obstgarten

The Restaurant Obstgarten in Freienbach, Canton Schwyz, is well-known for

Column: Dr. phil. Manuel Bachmann

Heartbeats: the heightened self.

Yes, love can definitely pass by way of the stomach. But food alone can’t do the trick. The atmosphere has to be right, and the relationship must be as well. Imagine two couples sitting in my restaurant. The first couple has had an argument at home and now they’re not talking to each other. We can cook as well as we know how, but these two will still be stewing on their own. And now imagine the second couple, in love and in a good mood.

The chances are a lot higher that the second couple is going to have a nice evening compared to the first. So my conclusion would be that only when everything else is in harmony does the way to your heart pass through your stomach.

Can you recognise a gourmet tester when one comes into your restaurant?

In the case of Gault Millau, I was convinced many times that I knew who it was. But each time, my suspicion turned out not to be right. I really have no idea who is testing me, or has tested me. I think that’s the way it should stay.

What changed for you when the “Obstgarten” was awarded 16 points by Gault Millau?

People told me my restaurant would be booked in advance for months. I thought to myself: If only! And then that’s what happened.

Do these points mean a lot to you?

The awareness of my restaurant is much higher than before. This assures that it’s more fully utilised. As for myself, I’m more of a modest person. When people ask me what I do, I tell them I’m a cook. For me, it feels as if I haven’t achieved a lot yet. There’s more I want to accomplish with my work.

How much more can there be?

I want to cook a seven-course gourmet meal that astounds my guests at every one of the courses. The quality would be consistently perfect – unequaled. I want to have satisfied customers and a great team, and I want to keep having fun cooking. If I can do that, the awards will come by themselves. My goal is to earn 18 Gault Millau points and two Michelin stars.

You continue to create new dishes and cooking techniques.

Where does your inspiration come from?

New dishes come into being in a lot of very different ways. Just recently, for example, one of my suppliers spontaneously offered me some bottarga: dried tuna eggs, a very salty, very heavy fish speciality from Sicily. With ingredients like this, new ideas just pop into my head, almost on their own. In this case, we made black pasta with cuttlefish ink, created a sweet potato mousse and then added finely grated bottarga on top. If the composition of the dish is right, and I’m happy with it, then I put it in front of my employees to try.

And if they’re not satisfied?

Then I change my kitchen brigade (laughs)!

A famous horror story: An old man is brutally smothered in his bed, his murderer pressing his face into the pillow until the old man’s heart goes silent.

Later, questioned by police, the murderer manages to deflect suspicion from himself – to walk free, all he would have to do is get up and leave.

But he hears a strange throbbing in his ears, swelling in volume like the ticking of a clock. It is the beating heart of his victim that he hears. Oddly, only the killer hears it; the police seem oblivious. It grows louder and louder, finally driving the killer mad, and in his state of extreme agitation, he confesses everything to the astonished officers of the law.

The beating heart is a confirmation for us of the existence of human life. This is why we feel afraid if the sound of the heartbeats becomes louder – just as we do if it stops altogether. When we feel desire or fear; when we exert ourselves or get excited; we can hear our own beating hearts. We sense our own selves, and more than in anything else, in our beating hearts we experience a heightened sense of our own existence. We are also reminded of the inevitable: our heart will not beat forever; at any moment it could stop. Thus the heightened sense of existence we feel with our beating heart also makes us keenly aware of its absolute limit: death. Life and death are contemporaries in the beating heart, like guilt and remembrance, anticipation and apprehension. As with the murderer in the story, a beating heart confronts us with the truth – the truth of our existence at that moment.

There is only one interior experience when it comes to our beating hearts. It is self-centred, the only one that counts – no external view, no medical objectification. After undergoing a heart transplant, the French philosopher Jean-Luc Nancy described his self as being absorbed into the strange heart; being put into a state of suspended animation: “I am the transplanted heart,” he noted. Internally, we are our heartbeats.

This is true in the sense that our heartbeat manifests our most profound interior – a heightened sense of self.

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

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New construction at the European Central Bank,

Photo: Paul Langrock/Zenit/laif/Keystone

the ECB, Frankfurt am Main, December 2011

24 blue Macro

By Christophe Grünig, Head Wealth Management of the Vontobel Group

Macro:

Year off to a strong start for equities and commodities. been providing support for the European markets; the ECB’s LTRO programmes (Long-Term Refinancing Operation) have been actively utilised by the banks, significantly reducing the systemic risks of a renewed banking crisis in Europe. In addition to the stabilisation of the European financial system, the approval of the EU’s second debt package for Greece gives the politicians and markets a little more time to prepare for a possible bankruptcy of Greece. Gaining time helps to contain the dreaded “contagion” to other problem countries in the EU. After the decision of even the Bank of Japan to boost liquidity once again, the central banks of all the major industrialised countries are now pursuing an extremely expansionary monetary policy.

The year 2012 has started off better than many observers expected. Prices of equities and commodities have been on the rise so far. The expansionary monetary policy of the central banks is supporting the markets. Now, solid indicators from the political side of the ledger are essential if the equity markets are to be strengthened in the long term. Countries with a consistent commitment to reform will be amongst the winners – and will be of interest to investors.

The financial and capital markets have developed very positively in the early months of this year – contrary to the expectations of many experts at the end of last year. Equities and commodities, which were amongst the market losers last year, have managed significant gains so far in 2012. Comparing the major asset classes with the previous year reveals that the leading indicators are virtually the opposite.

Brisk growth continues in emerging markets In addition, recent developments in the emerging markets suggest that in 2012, even in these fundamentally healthy regions,

Performance Asset classes 2011

11.1% 10.2%

Performance Asset classes 2012 (until end of February 2012)

8.4%

2.7%

Source: Thomson Datastream (Performance in local currency)

Gold Emerging Bonds

6.8%

2.6%

Swiss Real Estate

6.3%

0.7%

Global Government Bonds

4.8%

1.3%

Swiss Bonds

4.3% 4.4% -2.7%

-7.7%

Expansionary monetary policy is underpinning European markets The reasons for the strong start to the year for equities are many: First, the economic data and labour market statistics from the USA were better than expected. Second, following the assumption of its presidency by Mario Draghi, the significantly more expansionary monetary policy of the European Central Bank has

Global Equities

9.3%

Hedge Funds

2.8%

Swiss Equities

4.5%

-12.5% -13.3%

Global Real Estate

8.3%

-5.0% -6.3%

Global Corporate Bonds

12.3% 5.2%

Emerging Equities Commodity

growth rates will slow down, but inflation can still be kept under control. Therefore, we expect a soft landing and a breather – rather than a severe economic slump. If the inflation outlook remains moderate, it will be possible for the emerging markets to support their economies with a less restrictive monetary policy.

In this context, stable economic development in China is imporblue Macro 25

will continue to strain the nerves of equity investors; we are expecting positive stock market performance when looking at the whole year – but there will be intermittent dips. However, for shares to remain attractive in the longer term, i.e. over several years, political and economic conditions have to sustainably improve. In addition to the legitimate need to “put out fires,” as is being done with the LTRO and other short-term activities aimed at treating the symptoms, what will be required is to attack the root causes. This will be painful, but essential. Judging from the experience of the past few years, it remains to be seen whether our current political leaders will actually take up such needed structural changes in a timely manner.

Christophe Grünig is a member of the Investment Committee of the Vontobel Group and is responsible for Wealth Management in Private Banking.

tant. Even there, a lower growth rate than last year is expected.

In our opinion, growth in China will hover around the 8% level.

In the case of a (too) strong economic slowdown, monetary and above all fiscal possibilities remain available to the political leadership of China, as opposed to the USA and Europe. Moreover, in assessing the development of China, the focus should not be on the exact growth figures, but rather on the origin of the growth. It would be desirable to have a strong domestic market and an economy somewhat less dependent on exports.

If the evidence becomes clearer that such a transformation can be successfully sustained, then a temporarily slower degree of economic development will not be a dramatic setback.

To make the stock markets attractive in the long term, treating the symptoms is not enough In our opinion, another factor for the positive stock market trend – one not to be underestimated – is the defensive posture of (institutional) investors. Many investors are underweighted in equities, and in historical terms are holding a great deal of cash.

The reason for this is a decade of disappointment in the stock markets and the fact that our uncertain times are marked by economic and political upheavals. Since, thanks to record-low interest rates, holding cash yields negative real returns, an even slightly positive outlook will lead to a gradual return to attractively valued stock markets, and along with that, rising prices.

The continued defensive orientation of many investors could, despite the diverse global political and economic challenges, lead to a better year for equities than most investors have been expecting. This is why we are affirming our opinion that equities are generally more attractive compared to bonds, even though – or precisely because – equities have fared worse than fixedincome investments in the past decade. Nevertheless, this year 26 blue Macro

The responsibility of politics In the wake of the global financial crisis, bank regulation is being tightened. Stricter capital regulations and tougher rules protecting clients are intended to reduce the systemic risks of a future banking crisis on the one hand, and limit its impact on nonprofessional investors on the other. In the eyes of many policy makers, introducing these new rules means that the financial crisis has been vanquished. What they forget, however, is that the present crisis is not only a crisis of the financial system. Political and economic misjudgments contributed significantly to the intolerable situation in the developed countries. Among the serious errors of judgment in the West were the economic and political (mis-)construction of the Euro, and the mistaken belief of the American political leadership that every citizen has a fundamental right to a house on favourable terms. Coupled with a politically motivated level of interest rates that was too low, this led to gigantic misallocations. Current political discussions seem to miss the point that stricter banking regulations, plus a paternalistic rebuke of the financial sector, are not enough to get the job done. This shouldn’t come as a surprise, because the looming economic reforms needed are bound to be painful – and the general population won’t greet them with enthusiasm. Politicians who do tackle the necessary reforms will therefore make themselves unpopular and run the risk of losing the support of voters. Especially in an important election year like this one, we shouldn’t expect unpopular reforms, even though, sooner or later, they will be necessary. The fact that time is of the essence in addressing the problems is amply illustrated by the example of Greece.

Countries committed to reform will be amongst the winners In Greece, meanwhile, massive structural reforms are being introduced. And yet there is a risk that the great sacrifices the Greek people are being asked to make, and the obvious intention of the government to fulfil the provisions of the International Monetary Fund (IMF) and the EU, will all be for nothing. For Greece, the structural changes were introduced too late. It remains to be seen how far other European “problem countries” are willing to go to introduce unpopular measures in a timely manner in their own markets. Not only Europe, but all the leading industrialised nations face similar challenges; even the United States, Japan

and the UK will not able to avoid significant economic restructuring. In this reform process, the successful countries will not be the ones that have fewer problems to address than others, but those whose governments face up to the inevitable in a timely and effective manner. From an investor’s point of view, it will be important to recognise those countries at an early stage and relocate investments there.

Holistic view of the markets In this day and age, it is no longer sufficient as an investor to analyse the macroeconomic situation and draw conclusions concerning the attractiveness of an investment. The global economy is strongly influenced by nationally motivated fiscal and monetary interventions, which must also be included in the analysis.

Markets that are strongly influenced by political developments send investors distorted signals that they must be able to recognise as such early on. A good example is the low interest rates in the USA, which would hardly be at the 2% level for 10-year investments if not for the massive monetary interventions by the Federal Reserve (QE I and II and perhaps soon III). But it is not only in the USA and Europe that state resources are generously applied to try and cover up economic policy mistakes. The economic success and political stability of China systemically relies on a local currency that is kept too cheap, and on state investment aimed at stabilizing growth. To find out the true value of a potential investment, what is needed more than ever is not only an understanding of economics but also of the policies and politics that influence the economy.

of emerging markets. These lows in interest rates have a strong impact on the returns investors can expect. For now, the days are gone when you could earn a return of a few percent each year without much risk. Today, Western investors are faced with the choice of not taking risks, and presumably losing money in real terms, or – and this is the way we suggest – taking calculated, attractive risks with a portion of their assets and accepting that the resilient part of their assets will face volatility.

For conservative investors who have not been accustomed to observing noticeable fluctuations in their portfolio, this means a change in mental approach. As advisors, we consider it our duty to our clients to communicate realistic risk/return expectations, even if they don’t appear very attractive at first glance. To those investors who are not afraid of taking partial risks, investment opportunities will present themselves that we find interesting, both in emerging markets (in equities as well as bonds) or in commodities.

The days of risk-free capital gains are over Due to the expansionary monetary policy of the Western countries, and the outlook for inflation – up to now still low – longterm interest rates have fallen to their historically lowest levels.

Deflationary forces are keeping interest rates low for now. Switzerland is a clear example of how low interest rates can fall in such extreme situations. Until recently, an interest rate of 0.7% for 10-year government bonds was thought very unlikely. The profit potential of bonds is very limited in our view, which is why we have strongly underweighted the bonds of developed countries in our portfolio management – as opposed to bonds

16

German 10Y Government Bond Yield

14

US 10Y Government Bond Yield

12

Swiss 10Y Government Bond Yield

10

Source: Thomson Datastream

8 6 4 2 0 1960

1970

1980

1990

2000

2010 blue Macro 27

By Roger Merz, Portfolio Manager, Clean Technology Fund

Opportunities:

Into the future with “clean” technologies.

At the end of October 2011, the world’s population passed the seven billion mark. By the year 2050, the UN expects further growth, to 9.3 billion. That estimate is higher than the previous one made in 2008, by more than 150 million people. At the same time, an increasing proportion of the world’s population is drawn to cities, and in the emerging markets, an affluent middle class is being established.

Water purification, clean air, electric vehicles, building technology – we will be dealing intensively with these issues in the future. There’s a simple reason for this: Today, more than half the world’s population lives in cities, and according to UN forecasts, the proportion will rise to around 70 percent by 2050. Cities are among the growth drivers of the future, as urban centres offer opportunities for development, employment and prosperity. But the price paid, in terms of mobility bottlenecks and increasing air and water pollution, is high. For negative developments such as these, solutions must be found.

From niche to mainstream According to the International Energy Agency (IEA), buildings are responsible for one third of the world’s total energy consumption. Resource depletion, pollution and rising energy prices have all contributed to the fact that low-energy buildings are developing more and more from a niche product to a standard product. Analysis by the IEA demonstrates that considerable potential exists to save energy: In buildings that meet the highest environmental standards, energy consumption can be reduced by up to 50 percent, carbon dioxide emissions by up to 39 percent, water consumption by 40 percent, and the output of solid waste by 70 percent.

CO2 emission

Energy use

Water use

Solid waste

24% – 50% 33% – 39%

40%

70%

28 blue Opportunities

Saving energy by changing colour Solar radiation brings heat and light into buildings. This saves heating energy in winter, but in summer it transforms office space into incubators. In addition, harsh lighting makes working at a computer screen torture for the eyes. Both of these problems could be corrected by the use of “intelligent” glass. This material – the technical name is suspended particle device glass or “SPD glass” – can change the transmissibility of light and heat at the touch of a button. The principle is simple. When electric current flows through it, the glass is colourless and, depending on how strong the current is, up to 45 percent of the visible light is allowed to pass. When the current is interrupted, the glass turns blue, with the consequence that less than one percent of visible light passes into the building’s interior. With this technology, light can be optimally utilised independent of the time of day or season. At the same time, heating, lighting and air conditioning costs are reduced.

LED – the light of the future After more than a hundred years, the classic light bulb will soon reach the end of its long “career”. As from September 2012, the European Union will apply a ban on light bulbs. In the USA, Japan, Russia and Brazil as well, these lighting products, essentially unchanged since 1880, will gradually disappear from the market. Light-emitting diode (LED) technology will benefit in particular from this development. Currently, LEDs are the best technical alternative to light bulbs, because they contain no environmentally harmful mercury (as opposed to electricity-saving light bulbs) and are more energy-efficient. Given the current excess capacity in the LED market, prices should fall further and make LEDs even more attractive for private use.

Cars on current The mobility carousel is turning faster and faster. Measured in terms of kilometres traveled per person, by the year 2050 global travel activity is expected to increase three-to fourfold compared to 2000 – provided infrastructure and energy prices allow it. Transport of freight is also predicted to double. The negative consequences this will have for living conditions in urban centres seem to be clear. For example, so that China’s megacities in the future don’t disappear altogether into the smog, the Chinese government is using subsidies to entice motorists to switch to electric vehicles. By 2020, five million electric vehicles will be sold there. Israel, Denmark and Australia also want to make sure that

4

Photo: Siemens AG Photo: Siteco Beleuchtungstechnik

3

Photo: Keystone

2

Photo: Laif

1

one day, petrol pumps will be replaced by charging cables. Later this year, the first battery charging stations will come on stream.

Subsidising electric cars is expected to have a positive impact on the energy storage and battery technology sectors, since higher sales volumes will push manufacturing costs down.

Water is the oil of tomorrow The world’s population is growing, and water consumption is growing even faster. Although water covers three quarters of the earth’s surface, only about three percent of it is potable. Lack of fresh water for agriculture, industry and households is one of the main problems facing the Chinese government: In the last ten years, the price of water in Beijing has gone up sharply.

Expanding municipal water treatment capacity and improving the quality of drinking water are among the government’s highest priorities. The requirements promulgated by the European Union to prevent emissions from industrial activity (the so-called Industrial Emissions Directive) come into force in January 2013 and aim in the same direction. The scarcity of water in the Middle East also requires technological solutions to improve the efficiency of water use, purification, and wastewater treatment.

The future belongs to “clean” technologies Long-term trends such as industrialisation and urbanisation are likely to increase the incentive for efficient and environmentally friendly production in the future. The new environmental regulations in China, the implementation of the EU’s water policy, and a project to subsidize LED street lighting in Taiwan all testify that a rethink is already underway.

Our Clean Technology Fund invests in innovative companies whose technologies, products and solutions aim to reduce the negative effects of urbanisation and industrialisation.

1 Building technology: Winning design for the new Siemens headquarters in Munich is by Henning Larsen Architects. The firm is thus meeting the highest international standards of environmental friendliness and energy efficiency.

2 Glass building in New York: With smart glass, natural daylight can be better controlled, ensuring optimal use of artificial light and more comfort for employees.

5

Photo: Plainpicture

3 LED street lighting in a futuristic design.

4 Thanks to subsidies, five million electric vehicles should be sold in China by 2020.

5 Tap water in Shanghai is not potable. It tastes like chlorine and is full of pollutants. Instead, drinking water is available on every street corner. blue Opportunities 29

Blue Pages:

News from the Vontobel Group.

Vontobel bond fund receives performance award from Lipper At Lipper’s awards presentations this year, Vontobel was twice called to the victor’s podium, in Austria and Spain. In the category “Swiss Franc Bonds”, Lipper, a firm that analyses funds, recognised the Vontobel Swiss franc bond fund for its performance over five as well as ten years.

Current monograph from the Vontobel Foundation series Illusions Throughout our lives, we are accompanied – permanently and often stubbornly – by illusions. As a rule, illusions are nothing more than deceptions. This essay by Iso Camartin highlights the subject from a diverse number of knowledgeable points of view.

Illustrated by Rebecca Horn.

Une certaine idée de la France La France – no other country in Europe still has such a strong degree of self-confidence. Even in times of crisis or under political or economic pressure, the label “Grande Nation” proves amazingly resilient. The German journalist Jacqueline Hénard describes a colourful picture of France.

30 blue Blue Pages

Copies may be ordered free of charge at www.vontobel-stiftung.ch

Climate Foundation supports SMEs The Swiss Climate Foundation supports small and medium-sized enterprises (SMEs) that make a contribution toward protecting the climate. The Vontobel Group co-founded the Foundation in 2008.

So far, 75 companies have received a total of 4 million francs in grants. The Foundation is funded by 20 major Swiss companies in the services sector, and its financial resources derive from the reimbursement of the CO2 tax on fuels. www.klimastiftung.ch

Photo: Klimastiftung Schweiz

Photo: Getty Images

Vontobel offers new customised retirement solutions* The Vontobel Group in Zurich is offering new retirement-focused Asset Management mandates that meet the statutory investment provisions of the pertinent Swiss laws (BVV2 and BVG). The mandates are well-suited for capital included in the provisions of the BVG. In addition to the mandates, clients can also maintain a BVV2 account that is individually tailored to their needs. Vested and partner foundations round out the array of services on offer. The experienced advisory team looking after these new products is led by Robert Nowacki, our designated retirement benefits specialist. *This product offer is valid only for investors domiciled in Switzerland.

Vontobel provides transparent information on sustainability In February 2012, Vontobel published for the first time a sustainability report in accordance with international guidelines. The report met all substantive and format requirements of the Global Reporting Initiative (GRI), an internationally recognised standard for sustainability reporting. With this document, Vontobel is depicting even more transparently than before how it is observing its responsibility toward society, the environment, its employees and clients. GRI gave the Vontobel report a grade of “B”, on a scale from A to C (with A as the highest grade). The GRI requires detailed information on at least 20 indicators it has defined, including economic, environmental and social information in the fields of labour, human rights, society and product responsibility.

For more information: www.vontobel.com/nachhaltigkeit.

Vontobel fund named best global equity fund by Morningstar A Vontobel fund investing in global equity markets has won the coveted Morningstar Fund Award in the category “Best Global Large-Cap Equity” in Switzerland, Germany and Spain. The award recognises the positive performance of the fund in the last few years. Managed by Rajiv Jain and Matthew Benkendorf, the fund delivered a positive return in 2011, whilst most equity markets were posting losses.

Opening event in Dubai The end of March saw the opening ceremony of our Dubai office in the Dubai International Financial Centre DIFC. The office there is led by Ramzi Charaf. At a charity auction, various artworks came under the hammer, with proceeds going to support the “Bait Al Khair Society”, which advocates for disadvantaged people in the United Arab Emirates.

Photo: Sandro Diener

Website in a new design Clean and clear, the redesigned website of the Vontobel Group offers visitors newly expanded content as well: Depending on where visitors are logging in from, country-specific information for Switzerland, Germany, Austria and Italy is available. In addition to German and English, visitors can now also choose French and Italian as site languages. And to make sure that information arrives whether visitors are at home or on the road, the site has been optimised for all mobile devices. www.vontobel.com

blue Blue Pages 31

The Vontobel Guide to:

Salzburg

Hamburg Sightseeing

Sporer Getreidegasse 39, 5020 Salzburg Tel. +43 (0)662 845431-0, office@sporer.at, www.sporer.at Sporer is a traditional family-owned restaurant, now in the 4th generation. Together, Peter Sporer (father) and Michael (his son) hand-craft the establishment’s special liqueurs and punch. In Sporer, guests are not just in good hands when it comes to the best liqueurs, brandies and schnaps, but since Michael’s arrival, the restaurant is also known for its wine list, culled from Austria’s top winemakers. In fact, Salzburg connoisseurs often gather at Sporer for spontaneous wine tastings. And, when it’s cold outside, a treat not to be missed is the restaurant’s famous orange punch, still made by grandmother Sporer.

Speicherstadt (Warehouse District) Kehrwiedersteg, 20457 Hamburg, U-Bahn: U3 Baumwall www.internationales-maritimes-museum-hamburg.de www.miniatur-wunderland.de In the free port between Deichtorhallen and Baumwall lies Hamburg’s century-old warehouse district, the world’s largest single warehouse complex. Awaiting the visitor there is an idyll that could hardly be imagined in a world-class port today: Wilhelmine-era brick Gothic architecture featuring bizarre gables and turrets, reflected in the old barge canals. Real maritime treasures are also to be found here: In the International Maritime Museum housed in Kaiserspeicher B, exhibits and information covering over 3,000 years of maritime and naval history beckon to ship lovers of all ages.

Photo: mediaserver.hamburg.de/C. Spahrbier

Enjoyment

Photo: Sporer

Restaurant

Toro Toro Altendorffstrasse 2, 5400 Hallein Tel. +43 (0) 624 584223, info@toro-toro.at,www.toro-toro.at Whether delicious tapas, widely varied seafood dishes, or Spanish classics: In “Toro Toro”, your palate will be pampered. The personal attention of owner Fritz Chizzola and sommelier Stefan Reitsamer, and the excellent, always fresh cuisine prepared by chef Gisela Reitsamer, make this restaurant one of the best in the region.

32 blue The Vontobel Guide to

Fischereihafen Restaurant Grosse Elbstrasse 143, 22767 Hamburg Tel. +49 (0)40 381816, www.fischereihafenrestaurant.de On the banks of the Elbe, at kilometre marker 626: this is where the Fischereihafen Restaurant has resided since 1951, directly adjoining the city’s fish market right in the heart of the Hanseatic city of Hamburg. Its recipe for success, then and now: Dab hands prepare freshly caught fish and shellfish of the best quality, and the restaurant offers a “price/performance ratio” that cannot be rivaled. After dinner, if you have time, visit the cozy Oyster Bar and enjoy a cocktail while taking in the grandiose panorama of the Elbe.

Milan

Museum

Restaurant

Cartoon Museum St. Alban-Vorstadt 28, 4052 Basle Tel. +41 (0)61 226 33 60, www.cartoonmuseum.ch The only museum of its kind in Switzerland, the Cartoon Museum is dedicated exclusively to the satirical arts, from caricatures to comic strips. In attractive temporary exhibitions on political and social issues, the museum addresses the full range of comic drawing. The front part of the museum is an original late-Gothic style building, which has been expanded to include a modern new structure designed by Herzog & de Meuron.

Trattoria Milanese Via Santa Marta 11, 20123 Milan Tel. +39 (0)2 8357670, www.trattoriamilanese.it An insider’s tip for lovers of Italian cuisine is the traditionally furnished Trattoria Milanese, with its warm, lively atmosphere.

A popular restaurant since it opened in 1933, it is housed in a historic palace in one of the city’s oldest quarters. The friendly service adds to a nice evening.

Restaurant

Photo: St-Alban-Stübli

Restaurant St. Alban-Stübli St. Alban-Vorstadt 74, 4052 Basle Tel. +41 (0)61 272 54 15, www.st-alban-stuebli.ch In one of the most beautiful locations in the old town of Basel, not far from St. Alban’s Gate in the historically interesting St. Alban quarter, is the restaurant St. Alban-Stübli, which has been in business here since 1912. The restaurant is known for its fine French seasonal cuisine and its variety of tried-and-true Basel dishes. Since 1994, Charlotte Bleile has been running the restaurant with a personal touch. The Michelin Guide has bestowed it with two forks.

Exhibition Tiziano e la nascita del paesaggio moderno Palazzo Reale, Piazza Duomo 12, 20122 Milan www.mostratiziano.it 16th February – 20th May 2012 The exhibition “Tiziano e la nascita del paesaggio moderno” (Titian and the birth of the modern landscape) in the Palazzo Reale explores the sixteenth century works of Tiziano Vecellio (14901576), who painted not only landscapes but portraits, mythological and religious subjects as well. His work belongs to the Golden Age of Venetian painting, when the Venetian Republic, la Serenissima, was in its economic and cultural heyday. By the time Titian succumbed to the plague at the age of 86, he had become the most successful painter in the history of Venice.

Photo: Accademia Carrara

Cartoon: Cartoonmuseum Basel

Basle

In each edition of “blue”, different Vontobel teams will present a selection of local highlights.

blue The Vontobel Guide to 33

Book Corner

Locations

Bernd Remmers Winning WaysTM – Change Management in an Imperfect World

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

Change management is probably the hottest management topic of the last few years. In an increasingly complex world, the pressure to change is constantly rising. More and more strategies fail because they are not rapidly and sustainably implemented. Winners and successful companies bring their energies to bear on shoring up the shortcomings of their people and businesses. Bernd Remmers shows how this can work in “Winning Ways”. With his “see – do – get” approach, he argues for a three-dimensional way of thinking and acting when it comes to change management – an approach which is understandable to everyone.

Vontobel Swiss Wealth Advisors AG Tödistrasse 17, CH-8022 Zurich Telephone +41 (0)44 287 81 11

Title: Winning Ways – Change-Management in einer nicht perfekten Welt Author: Bernd Remmers Publisher: Carl Hanser Verlag München Publication date: 2011, 1st edition Language: German/166 pages ISBN: 978-3-446-42547-7 Order your copy at www.remmers.ch or by E-mail to info@remmers.ch

Bank Vontobel AG St. Alban-Anlage 58, CH-4052 Basle Telephone +41 (0)58 283 21 11 Bank Vontobel AG Spitalgasse 40, CH-3011 Berne Telephone +41 (0)58 283 22 11 Bank Vontobel AG Schweizerhofquai 3a, Postfach 2265, CH-6002 Lucerne Telephone +41 (0)41 249 31 11 Banque Vontobel SA Place de l’Université 6, CH-1205 Geneva Telephone +41 (0)22 809 90 90 Bank Vontobel Europe AG, Frankfurt am Main Branch WestendDuo, Bockenheimer Landstrasse 24 D-60323 Frankfurt am Main Telephone +49 (0)69 695 996 300 Bank Vontobel Europe AG, Hamburg Branch Sudanhaus, Grosse Bäckerstrasse 13, D-20095 Hamburg Telephone +49 (0)40 638 587 0 Bank Vontobel Europe AG, Cologne Branch Auf dem Berlich 1, D-50667 Cologne Telephone +49 (0)221 20 30 00 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 Österreich AG Kärntner Strasse 51, A-1010 Vienna Telephone +43 (0)1 513 76 40 Bank Vontobel Österreich AG Rathausplatz 4, A-5020 Salzburg Telephone +43 (0)662 8104 0 Vontobel Europe SA, Milan Branch Piazza degli Affari, 3, I-20123 Milan Telephone +39 02 6367 3411

34 blue Book Corner

Masthead Bank Vontobel (Liechtenstein) AG Pflugstrasse 20, FL-9490 Vaduz Telephone +423 236 41 11 Vontobel Asia Pacific Ltd. 2301 Jardine House, 1 Connaught Place, Central Hongkong Telephone +852 3655 3990 Bank Vontobel (Middle East) Ltd. Liberty House, Office 913, P.O. Box 506814 Dubai, United Arab Emirates Telephone +971 (0)4 703 85 00

Editor Bank Vontobel AG Marketing Private Banking (M. Rose, R. Fäh) Gotthardstrasse 43, CH-8022 Zurich Telephone +41 (0)58 283 71 11 Contact blue@vontobel.com Layout Identica AG, Zug 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. Photos and illustration Illustration p. 23: JĂźrgen Willbarth; Cartoon p. 33: Martial Leiter, Un beau depart, Cartoon Museum Basle, Switzerland; Painting p. 33: Jacopo Robusti, detto Tintoretto, Narciso, oil on canvas, 1550â&#x20AC;&#x201C;1560, Galleria Colonna, Rome, Italy.

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Disclaimer This brochure is for information purposes only and does not constitute an offer of any kind. The services described in this brochure are supplied under the agreement signed with the service recipient. The nature, scope and prices of services and products may vary from one country to another and are subject to change without notice. Certain services and products are not available worldwide or from all companies of the Vontobel Group. In addition, they may be subject to legal restrictions in certain countries.

Bank Vontobel AG Gotthardstrasse 43 CH-8022 Zurich

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Telephone +41 (0)58 283 71 11