[{"data":1,"prerenderedAt":2328},["ShallowReactive",2],{"cg-blog-de":3,"general-content-de":185,"footer-de":208,"nav-de":1431,"article-publikationen-einen-index-nachbilden-ohne-die-vollen-marktfriktionen-zu-tragen-de":1597},{"id":4,"colorGroup":5,"articleColorGroup":17,"title":19,"menuImage":20,"slug":63,"seo":64,"heroBackgroundImage":65,"heroForegroundImage":130,"heroEyebrow":164,"heroTitle":165,"heroContent":166,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":181,"updatedAt":182,"createdAt":183,"globalType":184},1,{"id":6,"name":7,"variations":8,"updatedAt":15,"createdAt":16},8,"Taupe",{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},"#B68979","white","#C5A194","charcoal","#D3B8AF","#E2D0C9","2026-06-16T19:35:26.287Z","2026-06-16T14:42:40.562Z",{"id":6,"name":7,"variations":18,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},"Publikationen",{"id":21,"alt":22,"landscape":23,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},43,"Publications - Menu",{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":34},151,"2026-06-29T12:20:50.492Z","2026-06-29T12:20:50.284Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01.webp",null,"Synchrony_IMG_menu_1080x1080_01_01.webp","image\u002Fwebp",83272,1080,50,{"thumbnail":35,"sm":41,"md":46,"lg":51,"og":54},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-300x200.webp",300,200,6620,"Synchrony_IMG_menu_1080x1080_01_01-300x200.webp",{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-640x640.webp",640,32328,"Synchrony_IMG_menu_1080x1080_01_01-640x640.webp",{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-1024x1024.webp",1024,73000,"Synchrony_IMG_menu_1080x1080_01_01-1024x1024.webp",{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_01-1080x1080.webp",{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-1200x630.webp",1200,630,68340,"Synchrony_IMG_menu_1080x1080_01_01-1200x630.webp","Page Publications","2026-06-29T12:20:53.886Z","2026-06-17T14:45:03.330Z","publikationen",{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":68,"portrait":99,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},80,"Publications Header Back",{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":77},126,"2026-06-29T08:10:36.270Z","2026-06-29T08:10:35.178Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back.webp","Synchrony_Header_Publications_1920x1440_back.webp",150700,1920,1440,{"thumbnail":78,"sm":82,"md":87,"lg":92,"og":95},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back-300x200.webp",5378,"Synchrony_Header_Publications_1920x1440_back-300x200.webp",{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back-640x480.webp",480,18678,"Synchrony_Header_Publications_1920x1440_back-640x480.webp",{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back-1024x768.webp",768,46598,"Synchrony_Header_Publications_1920x1440_back-1024x768.webp",{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back-1920x1440.webp","Synchrony_Header_Publications_1920x1440_back-1920x1440.webp",{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_back-1200x630.webp",71982,"Synchrony_Header_Publications_1920x1440_back-1200x630.webp",{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":106},196,"2026-06-29T15:19:28.081Z","2026-06-29T15:19:27.777Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications.webp","Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications.webp",131448,{"thumbnail":107,"sm":111,"md":116,"lg":121,"og":124},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications-300x200.webp",7884,"Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications-300x200.webp",{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications-640x1138.webp",1138,52434,"Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications-640x1138.webp",{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1024x1820.webp",1820,118184,"Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1024x1820.webp",{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1080x1920.webp","Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1080x1920.webp",{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1200x630.webp",110046,"Synchrony_IMG_Header_Mob_1080x1920_01_5_Publications-1200x630.webp","2026-06-29T15:19:29.937Z","2026-06-29T08:10:39.610Z",{"id":131,"alt":132,"landscape":133,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},88,"Publications Header Foreground",{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":141},136,"2026-06-29T09:11:23.597Z","2026-06-29T09:11:23.302Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front.png","Synchrony_Header_Publications_1920x1440_front.png","image\u002Fpng",266232,{"thumbnail":142,"sm":146,"md":150,"lg":154,"og":158},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front-300x200.webp",2978,"Synchrony_Header_Publications_1920x1440_front-300x200.webp",{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front-640x480.webp",7658,"Synchrony_Header_Publications_1920x1440_front-640x480.webp",{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front-1024x768.webp",14734,"Synchrony_Header_Publications_1920x1440_front-1024x768.webp",{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front-1920x1440.webp",31496,"Synchrony_Header_Publications_1920x1440_front-1920x1440.webp",{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Publications_1920x1440_front-1200x630.webp",19770,"Synchrony_Header_Publications_1920x1440_front-1200x630.webp","2026-06-29T12:53:47.101Z","2026-06-29T09:11:57.134Z","PUBLIKATIONEN","Aktualität \nanders",{"root":167},{"type":168,"format":169,"indent":170,"version":4,"children":171,"direction":28},"root","",0,[172],{"type":173,"format":169,"indent":170,"version":4,"children":174,"direction":28,"textStyle":169,"textFormat":170},"paragraph",[175],{"mode":176,"text":177,"type":178,"style":169,"detail":170,"format":170,"version":4},"normal","Analysen, Standpunkte, Einordnungen: Unsere Publikationen vermitteln eine klare Sicht auf die Märkte, die Zyklen und die Bewegungen, die sie prägen.","text",9,"grid",[],"2026-09-08T14:05:41.741Z","2026-06-16T11:04:31.502Z","blog-listing",{"id":4,"navigation":186,"blog":188,"carousel":195,"error":196,"fundProfileSelect":202,"updatedAt":206,"createdAt":206,"globalType":207},{"menuButtonLabel":187},"Menü",{"filterAllLabel":189,"filterAriaLabel":190,"emptyStateMessage":191,"paginationAriaLabel":192,"prevLabel":193,"nextLabel":194},"Alle","Nach Tags filtern","Es wurden keine Artikel gefunden.","Artikelliste","Zurück","Weiter",{"prevAriaLabel":193,"nextAriaLabel":194},{"backHomeLabel":197,"heading404":198,"message404":199,"headingGeneric":200,"messageGeneric":201},"Zurück zur Startseite.","Seite nicht gefunden.","Die gesuchte Seite existiert nicht oder wurde verschoben.","Es ist ein Fehler aufgetreten.","Es ist ein unerwarteter Fehler aufgetreten. Bitte versuche es erneut.",{"profileLabel":203,"countryLabel":204,"validateLabel":205},"Ihr Anlegerprofil *","Wohnsitzland \u002F Sitz *","Bestätigen","2026-06-16T11:06:37.029Z","general-content",{"id":4,"logo":209,"columnPages":231,"columnTwo":1361,"columnThree":1381,"bottomMessage":1414,"updatedAt":1428,"createdAt":1429,"globalType":1430},{"id":210,"alt":211,"landscape":212,"portrait":28,"folder":228,"thumbnailUrl":216,"updatedAt":229,"createdAt":230},69,"logo_SAM_svg",{"id":213,"updatedAt":214,"createdAt":215,"url":216,"thumbnailURL":28,"filename":217,"mimeType":218,"filesize":219,"width":220,"height":221,"focalX":28,"focalY":28,"sizes":222},201,"2026-06-29T16:31:00.898Z","2026-06-29T16:31:00.751Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Logo_2026_01_logo_main_wht_RGB_WEB-1.svg","Synchrony_Logo_2026_01_logo_main_wht_RGB_WEB-1.svg","image\u002Fsvg+xml",3736,332,102,{"thumbnail":223,"sm":224,"md":225,"lg":226,"og":227},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"Branding","2026-06-29T16:31:03.237Z","2026-06-26T10:50:01.927Z",[232,832,1033,1064,1249,1252],{"id":233,"type":234,"page":235},"6a31421b025947315f48479f","page",{"id":4,"layout":236,"title":808,"slug":809,"colorGroup":810,"menuImage":820,"seo":827,"updatedAt":830,"createdAt":831},[237,266,299,343,455,459,515,673,755],{"id":238,"colorVariation":239,"backgroundImage":240,"foregroundImage":249,"blockName":28,"blockType":256,"eyebrow":257,"title":258,"content":259},"6a313b48025947315f484780","v100",{"id":241,"alt":242,"landscape":243,"portrait":244,"folder":245,"thumbnailUrl":246,"updatedAt":247,"createdAt":248},94,"About Header Back",347,357,"Page A Propos","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_A_Propos_1920x1440_back-3-300x200.webp","2026-08-03T08:28:42.053Z","2026-06-29T12:05:14.493Z",{"id":250,"alt":251,"landscape":252,"portrait":28,"folder":245,"thumbnailUrl":253,"updatedAt":254,"createdAt":255},84,"About Header Foreground",351,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_A_Propos_1920x1440_front-2-300x200.webp","2026-07-31T09:29:13.289Z","2026-06-29T08:43:27.085Z","hero-section","ÜBER UNS","Schweizer Asset Management\nagil und spezialisiert",{"root":260},{"type":168,"format":169,"indent":170,"version":4,"children":261,"direction":28},[262],{"type":173,"format":169,"indent":170,"version":4,"children":263,"direction":28,"textStyle":169,"textFormat":170},[264],{"mode":176,"text":265,"type":178,"style":169,"detail":170,"format":170,"version":4},"Wir betreuen unsere Kunden durch die Verbindung von menschlicher Kompetenz, technologischer Innovation und fortschrittlichen Anlagemodellen. Dieser Ansatz erlaubt es uns, ihnen leistungsstarke, transparente und auf eine sich stetig wandelnde Finanzwelt abgestimmte Lösungen zu bieten.",{"id":267,"layout":268,"colorVariation":269,"imagePosition":270,"image":271,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":281,"blockType":282,"imageText":28,"title":283,"content":284},"6a313bca025947315f484781","split","v20","left",{"id":272,"alt":273,"landscape":274,"portrait":28,"folder":245,"thumbnailUrl":275,"updatedAt":276,"createdAt":277},54,"about_notre_demarche",98,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_us_notre_demarche-300x200.webp","2026-06-29T13:27:54.890Z","2026-06-25T13:57:05.141Z","cover","bordered","h2",[],"content-section","Unser Vorgehen an Ihrer Seite",{"root":285},{"type":168,"format":169,"indent":170,"version":4,"children":286,"direction":28},[287,291,295],{"type":173,"format":169,"indent":170,"version":4,"children":288,"direction":28,"textStyle":169,"textFormat":170},[289],{"mode":176,"text":290,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Synchrony Asset Management SA ist ein unabhängiger Schweizer Vermögensverwalter mit Sitz in Genf und Zürich, spezialisiert auf die Vermögensverwaltung für institutionelle, professionelle und private Kunden über die Fondspalette Synchrony und massgeschneiderte Mandate.",{"type":173,"format":169,"indent":170,"version":4,"children":292,"direction":28,"textStyle":169,"textFormat":170},[293],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4}," ",{"type":173,"format":169,"indent":170,"version":4,"children":296,"direction":28,"textStyle":169,"textFormat":170},[297],{"mode":176,"text":298,"type":178,"style":169,"detail":170,"format":170,"version":4},"Als hundertprozentige Tochter der Banque Cantonale de Genève (BCGE) verbindet die Synchrony Asset Management SA die Agilität einer spezialisierten Einheit mit der Stärke einer führenden Gruppe und bietet ihren Kunden die Sicherheit eines beständigen Partners und die Reaktionsfähigkeit einer dedizierten Struktur. Die verwalteten Vermögen belaufen sich auf über CHF 8 Milliarden, getragen von einem Team aus 20 Experten.",{"id":300,"colorVariation":239,"blockName":28,"columns":301,"blockType":340,"titleStart":341,"titleEnd":342},"6a313c4a025947315f484782",[302,323],{"id":303,"content":304},"6a313c52025947315f484783",{"root":305},{"type":168,"format":169,"indent":170,"version":4,"children":306,"direction":28},[307,311,315,319],{"type":173,"format":169,"indent":170,"version":4,"children":308,"direction":28,"textStyle":169,"textFormat":170},[309],{"mode":176,"text":310,"type":178,"style":169,"detail":170,"format":170,"version":4},"Seit ihrer Gründung 1991 verfolgt die Synchrony Asset Management SA einen innovativen Weg, mit der Lancierung der ersten optimierten Indexfonds der Schweiz. Eine Initiative, die den Beginn einer Kompetenz markiert, die zu einer tragenden Säule ihrer Entwicklung im Indexbereich und, weiter gefasst, im Asset Management werden sollte.",{"type":173,"format":169,"indent":170,"version":4,"children":312,"direction":28,"textStyle":169,"textFormat":170},[313],{"mode":176,"text":314,"type":178,"style":169,"detail":170,"format":170,"version":4},"Im Laufe der Jahre entwickelten die Teams ein hauseigenes systematisches Modell für Aktien und Obligationen. Seine über die Zeit bewährten Grundlagen bilden bis heute den Kern der Anlagestrategien.",{"type":173,"format":169,"indent":170,"version":4,"children":316,"direction":28,"textStyle":169,"textFormat":170},[317],{"mode":176,"text":318,"type":178,"style":169,"detail":170,"format":170,"version":4},"2006 nahm der Aufbau einer aktiven Überzeugungsverwaltung für Schweizer Aktien mit der Lancierung eines Anlagefonds Gestalt an, der in die kleinen und mittleren Unternehmen des Referenzindex SPI® Extra investiert.",{"type":173,"format":169,"indent":170,"version":4,"children":320,"direction":28,"textStyle":169,"textFormat":170},[321],{"mode":176,"text":322,"type":178,"style":169,"detail":170,"format":170,"version":4},"2008 wurden die Aktivitäten der Synchrony Asset Management SA unter der Marke BCGE Asset Management internalisiert und markierten damit eine neue Etappe der Strukturierung und Entwicklung.",{"id":324,"content":325},"6a313c56025947315f484784",{"root":326},{"type":168,"format":169,"indent":170,"version":4,"children":327,"direction":28},[328,332,336],{"type":173,"format":169,"indent":170,"version":4,"children":329,"direction":28,"textStyle":169,"textFormat":170},[330],{"mode":176,"text":331,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zur Ergänzung und Bereicherung ihres Kompetenzspektrums erwarb die BCGE Asset Management 2019 die Loyal Finance AG, ein Zürcher Unternehmen, das für sein Obligationen-Know-how anerkannt ist.",{"type":173,"format":169,"indent":170,"version":4,"children":333,"direction":28,"textStyle":169,"textFormat":170},[334],{"mode":176,"text":335,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ab 2025 beschleunigte sich die Innovationsdynamik mit dem Zuzug eines auf aktive systematische Verwaltung spezialisierten Teams mit fast zehn Jahren bewährter Ergebnisse. Zudem erreichten wir einen bedeutenden technologischen Meilenstein durch die Entwicklung fortschrittlicher Anlagemodelle, die auf Machine Learning beruhen, um neue Alpha-Quellen bei internationalen Aktien zu erschliessen.",{"type":173,"format":169,"indent":170,"version":4,"children":337,"direction":28,"textStyle":169,"textFormat":170},[338],{"mode":176,"text":339,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 mündet diese Entwicklung in die Wiedergeburt der Synchrony Asset Management SA, einer unabhängigen Einheit, die sämtliche Kompetenzen vereint: Überzeugungsverwaltung in Schweizer Aktien und Immobilien, aktive und passive systematische Verwaltung sowie eine anerkannte Obligationenkompetenz – getragen von der Fondspalette Synchrony und dedizierten Mandaten.","columned-text","Unsere","Geschichte",{"id":344,"colorVariation":345,"blockName":28,"items":346,"blockType":452,"titleStart":453,"titleEnd":454},"6a313cb4025947315f484785","v60",[347,365,376,392,409,419,436],{"id":348,"contentType":349,"image":350,"title":357,"text":358,"richText":28},"6a313d4a025947315f48478c","image",{"id":351,"alt":352,"landscape":353,"portrait":28,"folder":245,"thumbnailUrl":354,"updatedAt":355,"createdAt":356},55,"about_timeline_1995",99,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_us_timeline_1995-300x200.webp","2026-06-25T14:36:34.237Z","2026-06-25T14:00:12.381Z","1995",{"root":359},{"type":168,"format":169,"indent":170,"version":4,"children":360,"direction":28},[361],{"type":173,"format":169,"indent":170,"version":4,"children":362,"direction":28,"textStyle":169,"textFormat":170},[363],{"mode":176,"text":364,"type":178,"style":169,"detail":170,"format":170,"version":4},"Lancierung der ersten optimierten Indexfonds (Pionier in der Schweiz)",{"id":366,"contentType":367,"image":28,"title":368,"text":369,"richText":28},"6a313d41025947315f48478b","none","2000",{"root":370},{"type":168,"format":169,"indent":170,"version":4,"children":371,"direction":28},[372],{"type":173,"format":169,"indent":170,"version":4,"children":373,"direction":28,"textStyle":169,"textFormat":170},[374],{"mode":176,"text":375,"type":178,"style":169,"detail":170,"format":170,"version":4},"Entwicklung eines hauseigenen Multi-Faktor-Modells (Aktien & Obligationen)",{"id":377,"contentType":349,"image":378,"title":384,"text":385,"richText":28},"6a313d33025947315f48478a",{"id":379,"alt":380,"landscape":381,"portrait":28,"folder":245,"thumbnailUrl":382,"updatedAt":383,"createdAt":383},71,"about_timeline_2006",117,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_us_timeline_2006-1-300x200.webp","2026-06-26T12:25:45.971Z","2006",{"root":386},{"type":168,"format":169,"indent":170,"version":4,"children":387,"direction":28},[388],{"type":173,"format":169,"indent":170,"version":4,"children":389,"direction":28,"textStyle":169,"textFormat":170},[390],{"mode":176,"text":391,"type":178,"style":169,"detail":170,"format":170,"version":4},"Lancierung der Überzeugungsverwaltung in Schweizer Aktien über einen Anlagefonds auf kleine und mittlere Schweizer Unternehmen",{"id":393,"contentType":349,"image":394,"title":401,"text":402,"richText":28},"6a313d14025947315f484789",{"id":395,"alt":396,"landscape":397,"portrait":28,"folder":245,"thumbnailUrl":398,"updatedAt":399,"createdAt":400},56,"about_timeline_2008",101,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_us_timeline_2008-300x200.webp","2026-06-25T14:43:10.352Z","2026-06-25T14:42:50.408Z","2008",{"root":403},{"type":168,"format":169,"indent":170,"version":4,"children":404,"direction":28},[405],{"type":173,"format":169,"indent":170,"version":4,"children":406,"direction":28,"textStyle":169,"textFormat":170},[407],{"mode":176,"text":408,"type":178,"style":169,"detail":170,"format":170,"version":4},"Internalisierung in die BCGE, Gründung der Einheit BCGE Asset Management",{"id":410,"contentType":349,"image":28,"title":411,"text":412,"richText":28},"6a313d07025947315f484788","2019",{"root":413},{"type":168,"format":169,"indent":170,"version":4,"children":414,"direction":28},[415],{"type":173,"format":169,"indent":170,"version":4,"children":416,"direction":28,"textStyle":169,"textFormat":170},[417],{"mode":176,"text":418,"type":178,"style":169,"detail":170,"format":170,"version":4},"Übernahme der Loyal Finance AG (Obligationenkompetenz)",{"id":420,"contentType":349,"image":421,"title":428,"text":429,"richText":28},"6a313cd9025947315f484787",{"id":422,"alt":423,"landscape":424,"portrait":28,"folder":245,"thumbnailUrl":425,"updatedAt":426,"createdAt":427},70,"about_timeline_2025",116,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_us_timeline_2025-300x200.webp","2026-06-29T13:27:43.273Z","2026-06-26T12:25:19.558Z","2025",{"root":430},{"type":168,"format":169,"indent":170,"version":4,"children":431,"direction":28},[432],{"type":173,"format":169,"indent":170,"version":4,"children":433,"direction":28,"textStyle":169,"textFormat":170},[434],{"mode":176,"text":435,"type":178,"style":169,"detail":170,"format":170,"version":4},"Verstärkung in systematischer Verwaltung & Machine-Learning-Modellen (Track Record ~10 Jahre)",{"id":437,"contentType":349,"image":438,"title":444,"text":445,"richText":28},"6a313ccc025947315f484786",{"id":439,"alt":440,"landscape":441,"portrait":28,"folder":245,"thumbnailUrl":442,"updatedAt":443,"createdAt":443},115,"about_timeline_2026",197,"https:\u002F\u002Fassets.synchrony.ch\u002Fabout_timeline_2026-300x200.webp","2026-06-29T15:22:33.375Z","2026",{"root":446},{"type":168,"format":169,"indent":170,"version":4,"children":447,"direction":28},[448],{"type":173,"format":169,"indent":170,"version":4,"children":449,"direction":28,"textStyle":169,"textFormat":170},[450],{"mode":176,"text":451,"type":178,"style":169,"detail":170,"format":170,"version":4},"Gründung der Synchrony Asset Management SA: Überzeugungsverwaltung (Schweizer Aktien & Immobilien), quantitative Verwaltung (aktiv & passiv), Obligationenverwaltung, Anlagefonds «Synchrony» und massgeschneiderte Mandate","timeline","Unser","Werdegang",{"id":456,"colorVariation":239,"blockName":28,"columns":457,"blockType":340,"titleStart":453,"titleEnd":458},"6a315fb5f0935e50dda4e081",[],"Team",{"id":460,"colorVariation":461,"blockName":28,"blockType":462,"titleStart":463,"titleEnd":464,"text":465,"members":472},"6a313e86025947315f48478e","v40","team-grid","Verwaltungsrat","d’administration",{"root":466},{"type":168,"format":169,"indent":170,"version":4,"children":467,"direction":28},[468],{"type":173,"format":169,"indent":170,"version":4,"children":469,"direction":28,"textStyle":169,"textFormat":170},[470],{"mode":176,"text":471,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unser Verwaltungsrat besteht aus vier Mitgliedern mit sich ergänzenden Kompetenzen. Zwei davon vertreten unseren Aktionär, die BCGE, darunter deren CEO, was das Vertrauen und das strategische Engagement der Gruppe an unserer Seite deutlich unterstreicht. Die beiden unabhängigen Verwaltungsratsmitglieder bringen erstklassiges Fachwissen ein: Biba Homsy im Bereich Regulierung und Krypto-Assets sowie Philippe Augsburger im Bereich Vorsorge.",[473,484,499,507],{"id":4,"photo":274,"fullBodyPhoto":28,"name":474,"role":475,"description":476,"socials":481,"updatedAt":482,"createdAt":483},"Nicolas Krügel","Präsident des Verwaltungsrats",{"root":477},{"type":168,"format":169,"indent":170,"version":4,"children":478,"direction":28},[479],{"type":173,"format":169,"indent":170,"version":4,"children":480,"direction":28,"textStyle":169,"textFormat":170},[],[],"2026-09-21T12:51:46.066Z","2026-06-16T12:14:27.835Z",{"id":485,"photo":486,"fullBodyPhoto":397,"name":487,"role":488,"description":489,"socials":496,"updatedAt":497,"createdAt":498},2,100,"Eric Balmer","Vizepräsident des Verwaltungsrats",{"root":490},{"type":168,"format":169,"indent":170,"version":4,"children":491,"direction":28},[492],{"type":173,"format":169,"indent":170,"version":4,"children":493,"direction":28,"textStyle":169,"textFormat":170},[494],{"mode":176,"text":495,"type":178,"style":169,"detail":170,"format":170,"version":4},"Katia occupe divers postes à responsabilités auprès des banques EFG, Edouard Constant, Pictet, Union Bancaire Privée et Syz. Elle rejoint le groupe BCGE en septembre 2024 en qualité de membre de la direction générale, responsable de la division Private banking & Asset management. En 2026, en sus de ses activités à la BCGE, elle est promue directrice générale de Synchrony Asset Management SA",[],"2026-09-08T10:33:10.448Z","2026-06-16T12:15:40.889Z",{"id":500,"photo":221,"fullBodyPhoto":501,"name":502,"role":503,"description":28,"socials":504,"updatedAt":505,"createdAt":506},3,103,"Biba Homsy","Unabhängiges Mitglied des Verwaltungsrats",[],"2026-09-08T10:33:25.162Z","2026-06-16T14:39:09.122Z",{"id":508,"photo":509,"fullBodyPhoto":510,"name":511,"role":503,"description":28,"socials":512,"updatedAt":513,"createdAt":514},4,104,105,"Philippe Augsburger",[],"2026-09-08T10:33:42.380Z","2026-06-16T14:39:26.780Z",{"id":516,"colorVariation":269,"blockName":28,"blockType":517,"title":518,"members":519},"6a314085025947315f484795","team-carousel","Die Geschäftsleitung",[520,544,568,592,615,638],{"id":521,"photo":522,"fullBodyPhoto":523,"name":524,"role":525,"description":526,"socials":541,"updatedAt":542,"createdAt":543},5,106,107,"Katia Coudray","Geschäftsführerin (CEO)",{"root":527},{"type":168,"format":169,"indent":170,"version":4,"children":528,"direction":28},[529,533,537],{"type":173,"format":169,"indent":170,"version":4,"children":530,"direction":28,"textStyle":169,"textFormat":170},[531],{"mode":176,"text":532,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaberin eines Bachelors in Betriebsökonomie der HES-SO Valais, des CIIA, eines Advanced Management Program des IMD Lausanne sowie der Zertifizierung als unabhängige Verwaltungsrätin des Swiss Board Institute.",{"type":173,"format":169,"indent":170,"version":4,"children":534,"direction":28,"textStyle":169,"textFormat":170},[535],{"mode":176,"text":536,"type":178,"style":169,"detail":170,"format":170,"version":4},"Katia Coudray bekleidete verschiedene verantwortungsvolle Positionen bei namhaften Banken, bevor sie 2024 als Mitglied der Geschäftsleitung und Leiterin der Division Private Banking & Asset Management zur BCGE-Gruppe stiess.",{"type":173,"format":169,"indent":170,"version":4,"children":538,"direction":28,"textStyle":169,"textFormat":170},[539],{"mode":176,"text":540,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 wurde sie zusätzlich zu ihren Tätigkeiten bei der BCGE zur Geschäftsführerin der Synchrony Asset Management SA ernannt.",[],"2026-09-08T10:34:13.441Z","2026-06-23T11:11:42.497Z",{"id":545,"photo":546,"fullBodyPhoto":547,"name":548,"role":549,"description":550,"socials":565,"updatedAt":566,"createdAt":567},6,108,109,"Bruce Crochat","Stv. Geschäftsführer & Head of Swiss Equities and Real Estate",{"root":551},{"type":168,"format":169,"indent":170,"version":4,"children":552,"direction":28},[553,557,561],{"type":173,"format":169,"indent":170,"version":4,"children":554,"direction":28,"textStyle":169,"textFormat":170},[555],{"mode":176,"text":556,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaber eines Masters in Finance der HEC Genf und HEC Lausanne sowie CFA®-Charterholder.Bruce Crochat begann seine Laufbahn in der Vermögensverwaltung 2010 bei der IAM SA als Analyst und Manager des Europa-Aktienfonds.",{"type":173,"format":169,"indent":170,"version":4,"children":558,"direction":28,"textStyle":169,"textFormat":170},[559],{"mode":176,"text":560,"type":178,"style":169,"detail":170,"format":170,"version":4},"2016 stiess er zur Abteilung BCGE Asset Management als Manager für Schweizer Aktienfonds, bevor er die Leitung der Abteilung Institutionelles Portfolio Management übernahm. 2024 wurde er Leiter der BCGE Asset Management.",{"type":173,"format":169,"indent":170,"version":4,"children":562,"direction":28,"textStyle":169,"textFormat":170},[563],{"mode":176,"text":564,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 wurde er zum stellvertretenden Geschäftsführer der Synchrony Asset Management SA ernannt.",[],"2026-09-08T10:34:35.666Z","2026-06-23T11:12:52.025Z",{"id":569,"photo":570,"fullBodyPhoto":571,"name":572,"role":573,"description":574,"socials":589,"updatedAt":590,"createdAt":591},7,110,111,"Guido Bolliger","Head of Systematic Investments",{"root":575},{"type":168,"format":169,"indent":170,"version":4,"children":576,"direction":28},[577,581,585],{"type":173,"format":169,"indent":170,"version":4,"children":578,"direction":28,"textStyle":169,"textFormat":170},[579],{"mode":176,"text":580,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaber eines Doktortitels in Finance der Universität Neuenburg und des Swiss Finance Institute. Guido Bolliger hat mehrere verantwortungsvolle Positionen in verschiedenen Bankinstituten bekleidet (CIO \u002F Leiter quantitative Strategien). Zudem ist er ordentlicher Professor für Finance an der Universität Neuenburg.",{"type":173,"format":169,"indent":170,"version":4,"children":582,"direction":28,"textStyle":169,"textFormat":170},[583],{"mode":176,"text":584,"type":178,"style":169,"detail":170,"format":170,"version":4},"Im Oktober 2025 stiess er als quantitativer Fondsmanager zur Loyal Finance SA. Er bringt über 25 Jahre Erfahrung in der Konzeption und Verwaltung systematischer Anlagestrategien mit.",{"type":173,"format":169,"indent":170,"version":4,"children":586,"direction":28,"textStyle":169,"textFormat":170},[587],{"mode":176,"text":588,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 wurde er in die Geschäftsleitung der Synchrony Asset Management SA als Leiter der systematischen Verwaltung berufen.",[],"2026-09-08T10:34:59.492Z","2026-06-23T11:13:38.753Z",{"id":6,"photo":593,"fullBodyPhoto":594,"name":595,"role":596,"description":597,"socials":612,"updatedAt":613,"createdAt":614},112,97,"Bernhard Urech","Head of Fixed Income",{"root":598},{"type":168,"format":169,"indent":170,"version":4,"children":599,"direction":28},[600,604,608],{"type":173,"format":169,"indent":170,"version":4,"children":601,"direction":28,"textStyle":169,"textFormat":170},[602],{"mode":176,"text":603,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaber eines Abschlusses in Wirtschaftswissenschaften der Universität Zürich und CFA®-Charterholder.Bernhard Urech begann seine Laufbahn 1994 bei der Clariden Leu im Obligationenhandel. 2002 spezialisierte er sich auf die Vermögensverwaltung und wurde zum Leiter eines Teams von Obligationen-Portfoliomanagern ernannt.",{"type":173,"format":169,"indent":170,"version":4,"children":605,"direction":28,"textStyle":169,"textFormat":170},[606],{"mode":176,"text":607,"type":178,"style":169,"detail":170,"format":170,"version":4},"2019 stiess er als Senior Portfolio Manager zur Loyal Finance AG (Tochtergesellschaft der BCGE). 2021 wurde er zum CEO ernannt.",{"type":173,"format":169,"indent":170,"version":4,"children":609,"direction":28,"textStyle":169,"textFormat":170},[610],{"mode":176,"text":611,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 wurde er in die Geschäftsleitung der Synchrony Asset Management SA als Leiter der Obligationenverwaltung berufen.",[],"2026-09-08T10:35:25.365Z","2026-06-23T11:14:43.309Z",{"id":179,"photo":616,"fullBodyPhoto":617,"name":618,"role":619,"description":620,"socials":635,"updatedAt":636,"createdAt":637},113,83,"Ingo Bionda","Head of Product Development",{"root":621},{"type":168,"format":169,"indent":170,"version":4,"children":622,"direction":28},[623,627,631],{"type":173,"format":169,"indent":170,"version":4,"children":624,"direction":28,"textStyle":169,"textFormat":170},[625],{"mode":176,"text":626,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaber eines Masters in Internationalen Beziehungen (IUHEI Genf) und eines MBA (HEC Genf), begann Ingo Bionda seine Laufbahn 2001 bei J.P. Morgan im operativen Fondsgeschäft.",{"type":173,"format":169,"indent":170,"version":4,"children":628,"direction":28,"textStyle":169,"textFormat":170},[629],{"mode":176,"text":630,"type":178,"style":169,"detail":170,"format":170,"version":4},"Nach einer Erfahrung in der Industrie kehrte er 2011 in den Finanzsektor zurück. 2014 stiess er zur BCGE Asset Management, wo er mehrere Funktionen bekleidete, unter anderem im Stab, im Wholesale-Kundengeschäft und in der Produktentwicklung.",{"type":173,"format":169,"indent":170,"version":4,"children":632,"direction":28,"textStyle":169,"textFormat":170},[633],{"mode":176,"text":634,"type":178,"style":169,"detail":170,"format":170,"version":4},"2026 wurde er in die Geschäftsleitung der Synchrony Asset Management SA als Head of Product Development berufen.",[],"2026-09-08T10:35:44.112Z","2026-06-23T11:15:35.862Z",{"id":639,"photo":640,"fullBodyPhoto":641,"name":642,"role":643,"description":644,"socials":660,"updatedAt":671,"createdAt":672},12,139,140,"Melina Barras Cave","Leiterin Geschäftsentwicklung",{"root":645},{"type":168,"format":169,"indent":170,"version":4,"children":646,"direction":28},[647,652,656],{"type":173,"format":648,"indent":170,"version":4,"children":649,"direction":28,"textStyle":169,"textFormat":170},"start",[650],{"mode":176,"text":651,"type":178,"style":169,"detail":170,"format":170,"version":4},"Inhaberin eines Master-Abschluss in Internationalen Beziehungen des Institut universitaire des HEI in Genf sowie über das Diplom als Certified European Financial Analyst (CFPI\u002FAZEK) und ist zudem als Wealth Management Advisor (CWMA\u002FSAQ) zertifiziert.",{"type":173,"format":648,"indent":170,"version":4,"children":653,"direction":28,"textStyle":169,"textFormat":170},[654],{"mode":176,"text":655,"type":178,"style":169,"detail":170,"format":170,"version":4},"Melina verfügt über mehr als 25 Jahre Erfahrung, die sie bei der Bank Pictet in den Bereichen Asset Management und Private Banking gesammelt hat, wo sie sich der Betreuung eines Schweizer Kundenstamms sowohl aus dem institutionellen als auch aus dem privaten Bereich widmete.",{"type":173,"format":648,"indent":170,"version":4,"children":657,"direction":28,"textStyle":169,"textFormat":170},[658],{"mode":176,"text":659,"type":178,"style":169,"detail":170,"format":170,"version":4},"Im September 2026 tritt sie als Head of Business Development in die Geschäftsleitung von Synchrony Asset Management ein.",[661,666],{"id":662,"icon":663,"label":664,"url":665},"6a9eb7c788b2b28231c21874","call","+41 22 350 52 15","tel:+41223505215",{"id":667,"icon":668,"label":669,"url":670},"6a9eb45888b2b28231c21873","send","melina.barras@synchrony.ch","mailto:melina.barras@synchrony.ch","2026-09-17T15:44:19.027Z","2026-09-07T12:55:31.659Z",{"id":674,"colorVariation":239,"blockName":28,"items":675,"blockType":753,"title":754},"6a31413c025947315f484796",[676,687,698,709,720,731,742],{"id":677,"icon":678,"title":679,"content":680},"6a314144025947315f484797","star-2","Quantitative Innovation seit 1995",{"root":681},{"type":168,"format":169,"indent":170,"version":4,"children":682,"direction":28},[683],{"type":173,"format":169,"indent":170,"version":4,"children":684,"direction":28,"textStyle":169,"textFormat":170},[685],{"mode":176,"text":686,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pioniere der Indexfonds nach dem Sampling-Verfahren, heute erweitert durch Machine Learning und hauseigene Modelle.",{"id":688,"icon":689,"title":690,"content":691},"6a31416a025947315f484798","tick-square","Kompetenz in Schweizer Aktien",{"root":692},{"type":168,"format":169,"indent":170,"version":4,"children":693,"direction":28},[694],{"type":173,"format":169,"indent":170,"version":4,"children":695,"direction":28,"textStyle":169,"textFormat":170},[696],{"mode":176,"text":697,"type":178,"style":169,"detail":170,"format":170,"version":4},"Fundierte Kenntnis des lokalen Wirtschaftsgefüges, einschliesslich Immobilien, und privilegierter Zugang zu den Unternehmen und ihrem Management.",{"id":699,"icon":700,"title":701,"content":702},"6a314173025947315f484799","shield-done","Umsichtige Obligationenverwaltung",{"root":703},{"type":168,"format":169,"indent":170,"version":4,"children":704,"direction":28},[705],{"type":173,"format":169,"indent":170,"version":4,"children":706,"direction":28,"textStyle":169,"textFormat":170},[707],{"mode":176,"text":708,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ein disziplinierter Ansatz, der darauf ausgelegt ist, Zyklen zu durchlaufen und Chancen zu nutzen, ohne die Portfolioqualität zu beeinträchtigen.",{"id":710,"icon":711,"title":712,"content":713},"6a31417d025947315f48479a","paper-plus","Ergänzende Kompetenzen",{"root":714},{"type":168,"format":169,"indent":170,"version":4,"children":715,"direction":28},[716],{"type":173,"format":169,"indent":170,"version":4,"children":717,"direction":28,"textStyle":169,"textFormat":170},[718],{"mode":176,"text":719,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unabhängige Teams, die analytische Tiefe, Vielfalt der Ansätze und operative Exzellenz vereinen.",{"id":721,"icon":722,"title":723,"content":724},"6a314186025947315f48479b","location","Swiss-made-Verankerung",{"root":725},{"type":168,"format":169,"indent":170,"version":4,"children":726,"direction":28},[727],{"type":173,"format":169,"indent":170,"version":4,"children":728,"direction":28,"textStyle":169,"textFormat":170},[729],{"mode":176,"text":730,"type":178,"style":169,"detail":170,"format":170,"version":4},"Teams in Genf und Zürich, die Qualität und Nähe eines unabhängigen Schweizer Hauses bieten.",{"id":732,"icon":733,"title":734,"content":735},"6a314195025947315f48479c","profile","Engagierter Ankeraktionär",{"root":736},{"type":168,"format":169,"indent":170,"version":4,"children":737,"direction":28},[738],{"type":173,"format":169,"indent":170,"version":4,"children":739,"direction":28,"textStyle":169,"textFormat":170},[740],{"mode":176,"text":741,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ein solider und transparenter Partner, dessen langfristiges Engagement Stabilität und Interessengleichheit gewährleistet.",{"id":743,"icon":744,"title":745,"content":746},"6a31419c025947315f48479d","user-add","Einzigartige Governance",{"root":747},{"type":168,"format":169,"indent":170,"version":4,"children":748,"direction":28},[749],{"type":173,"format":169,"indent":170,"version":4,"children":750,"direction":28,"textStyle":169,"textFormat":170},[751],{"mode":176,"text":752,"type":178,"style":169,"detail":170,"format":170,"version":4},"Vertreter des Alleinaktionärs und unabhängige Experten, vereint als Hebel der Wertschöpfung.","feature-list","Warum gerade wir?",{"id":756,"colorVariation":757,"blockName":28,"blockType":758,"titleStart":759,"titleEnd":760,"members":761},"6a3141bc025947315f48479e","fixed","team-contact","Sprechen","wir miteinander",[762,778,793],{"id":639,"photo":640,"fullBodyPhoto":641,"name":642,"role":643,"description":763,"socials":775,"updatedAt":671,"createdAt":672},{"root":764},{"type":168,"format":169,"indent":170,"version":4,"children":765,"direction":28},[766,769,772],{"type":173,"format":648,"indent":170,"version":4,"children":767,"direction":28,"textStyle":169,"textFormat":170},[768],{"mode":176,"text":651,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":770,"direction":28,"textStyle":169,"textFormat":170},[771],{"mode":176,"text":655,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":773,"direction":28,"textStyle":169,"textFormat":170},[774],{"mode":176,"text":659,"type":178,"style":169,"detail":170,"format":170,"version":4},[776,777],{"id":662,"icon":663,"label":664,"url":665},{"id":667,"icon":668,"label":669,"url":670},{"id":779,"photo":424,"fullBodyPhoto":28,"name":780,"role":781,"description":28,"socials":782,"updatedAt":791,"createdAt":792},10,"Olivier Christe","Leiter Institutionelle Kunden",[783,787],{"id":784,"icon":663,"label":785,"url":786},"6a42671359e6a20fe329f08f","+41 22 350 52 06","tel:+41223505206",{"id":788,"icon":668,"label":789,"url":790},"6a42676c59e6a20fe329f090","olivier.christe@synchrony.ch","mailto:olivier.christe@synchrony.ch","2026-09-08T10:37:53.342Z","2026-06-29T12:39:37.435Z",{"id":794,"photo":381,"fullBodyPhoto":28,"name":795,"role":796,"description":28,"socials":797,"updatedAt":806,"createdAt":807},11,"Michel Antonelli ","Leiter Wholesale-Kunden",[798,802],{"id":799,"icon":663,"label":800,"url":801},"6a4267d359e6a20fe329f091","+41 22 350 52 04","tel:+41223505204",{"id":803,"icon":668,"label":804,"url":805},"6a4267e059e6a20fe329f092","michel.antonelli@synchrony.ch","mailto:michel.antonelli@synchrony.ch","2026-09-08T10:38:04.303Z","2026-06-29T12:41:23.336Z","Über uns","uber-uns",{"id":4,"name":811,"variations":812,"updatedAt":818,"createdAt":819},"Bleu",{"v100":813,"v100TypoColor":10,"v80":814,"v80TypoColor":12,"v60":815,"v60TypoColor":12,"v40":816,"v40TypoColor":12,"v20":817,"v20TypoColor":12},"#79A1B6","#94B4C5","#AFC7D3","#C9D9E2","#E4ECF0","2026-06-16T11:13:22.543Z","2026-06-16T11:06:36.110Z",{"id":821,"alt":822,"landscape":823,"portrait":28,"folder":245,"thumbnailUrl":824,"updatedAt":825,"createdAt":826},39,"A propos - Menu",352,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2-300x200.webp","2026-07-31T14:43:35.235Z","2026-06-17T14:42:39.426Z",{"metaTitle":828,"metaDescription":829,"ogImage":28},"UNE GESTION D'ACTIFS SUISSE AGILE ET SPÉCIALISÉE","Nous servons nos clients en combinant expertise humaine, innovation technologique et modèles d’investissement avancés. Cette approche nous permet de leur offrir  des solutions performantes, transparentes et adaptées à un monde  financier en constante évolution.","2026-09-18T09:27:52.965Z","2026-06-16T12:02:41.972Z",{"id":833,"type":234,"page":834},"6a31a0eb64971d80005845ef",{"id":485,"layout":835,"title":1011,"slug":1012,"colorGroup":1013,"menuImage":1023,"seo":1030,"updatedAt":1031,"createdAt":1032},[836,863,900,932,959,984],{"id":837,"colorVariation":239,"backgroundImage":838,"foregroundImage":847,"blockName":28,"blockType":256,"eyebrow":854,"title":855,"content":856},"6a316117f0935e50dda4e082",{"id":839,"alt":840,"landscape":841,"portrait":842,"folder":843,"thumbnailUrl":844,"updatedAt":845,"createdAt":846},86,"Expertises Header Back",134,193,"Page Expertises","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Expertise_1920x1440_back-1-300x200.webp","2026-06-29T15:16:40.194Z","2026-06-29T09:02:20.580Z",{"id":848,"alt":849,"landscape":850,"portrait":28,"folder":843,"thumbnailUrl":851,"updatedAt":852,"createdAt":853},95,"Expertises Header Foreground",152,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Expertise_1920x1440_front-300x200.webp","2026-06-29T12:51:58.612Z","2026-06-29T12:22:11.683Z","KOMPETENZEN","Präzision \nals Ansatz",{"root":857},{"type":168,"format":169,"indent":170,"version":4,"children":858,"direction":28},[859],{"type":173,"format":169,"indent":170,"version":4,"children":860,"direction":28,"textStyle":169,"textFormat":170},[861],{"mode":176,"text":862,"type":178,"style":169,"detail":170,"format":170,"version":4},"Bei Synchrony haben wir uns für die Spezialisierung entschieden. Wir setzen drei komplementäre Anlagekompetenzen ein, die jeweils auf einem dedizierten und kohärenten Ansatz beruhen.",{"id":864,"colorVariation":269,"blockName":28,"columns":865,"blockType":340,"titleStart":898,"titleEnd":899},"6a316127f0935e50dda4e083",[866,882],{"id":867,"content":868},"6a316132f0935e50dda4e084",{"root":869},{"type":168,"format":169,"indent":170,"version":4,"children":870,"direction":28},[871,875,878],{"type":173,"format":169,"indent":170,"version":4,"children":872,"direction":28,"textStyle":169,"textFormat":170},[873],{"mode":176,"text":874,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die systematische Verwaltung, aktiv wie passiv, erlaubt es uns, die Komplexität der internationalen Märkte effizient zu bewältigen, Daten in grossem Umfang zu nutzen und Risiken zu beherrschen, ohne von weltweit verstreuten Teams abhängig zu sein. Sie beruht auf Daten, Modellen und Spezialisten.",{"type":173,"format":169,"indent":170,"version":4,"children":876,"direction":28,"textStyle":169,"textFormat":170},[877],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":879,"direction":28,"textStyle":169,"textFormat":170},[880],{"mode":176,"text":881,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die auf Schweizer Aktien und Immobilien konzentrierte Überzeugungsverwaltung stützt sich auf unsere lokale Verankerung, unsere fundierte Kenntnis des Schweizer Wirtschaftsgefüges und unseren privilegierten Zugang zu den Unternehmen, was uns erlaubt, Chancen mit hoher Wertschöpfung zu identifizieren.",{"id":883,"content":884},"6a316134f0935e50dda4e085",{"root":885},{"type":168,"format":169,"indent":170,"version":4,"children":886,"direction":28},[887,891,894],{"type":173,"format":169,"indent":170,"version":4,"children":888,"direction":28,"textStyle":169,"textFormat":170},[889],{"mode":176,"text":890,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Obligationenverwaltung beruht auf einem umsichtigen und diversifizierten Ansatz. Wir bevorzugen eine pragmatische Verwaltung, die Zins- und Kreditrisiken kombiniert, statt einer blossen Index-Replikationslogik, um ein optimiertes Rendite-Risiko-Profil zu bieten.",{"type":173,"format":169,"indent":170,"version":4,"children":892,"direction":28,"textStyle":169,"textFormat":170},[893],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":895,"direction":28,"textStyle":169,"textFormat":170},[896],{"mode":176,"text":897,"type":178,"style":169,"detail":170,"format":170,"version":4},"Diese unterschiedlichen Ansätze folgen jeweils einer klaren Logik: die Anlagemethoden an die Natur der Märkte und Chancen anzupassen. Sämtliche unserer Kompetenzen werden von unabhängigen Spezialisten getragen, die für die Disziplin und Kohärenz unserer Anlageentscheide bürgen.","3","Anlagekompetenzen",{"id":901,"layout":268,"colorVariation":902,"imagePosition":270,"image":903,"imageFit":278,"imageStyle":909,"imageTextColor":10,"headingLevel":910,"blockName":28,"buttons":911,"blockType":282,"imageText":912,"title":913,"content":914},"6a316140f0935e50dda4e086","v80",{"id":904,"alt":905,"landscape":221,"portrait":28,"folder":843,"thumbnailUrl":906,"updatedAt":907,"createdAt":908},57,"expertises_gestion_systématique","https:\u002F\u002Fassets.synchrony.ch\u002Fexpertises_gestion_systématique-300x200.webp","2026-06-25T14:46:17.062Z","2026-06-25T14:46:11.291Z","full","h4",[],"Systematische Verwaltung","Machine Learning und Indexverwaltung",{"root":915},{"type":168,"format":169,"indent":170,"version":4,"children":916,"direction":28},[917,921,925,928],{"type":173,"format":169,"indent":170,"version":4,"children":918,"direction":28,"textStyle":169,"textFormat":170},[919],{"mode":176,"text":920,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Synchrony Asset Management SA entwickelt quantitative und systematische Verwaltungsstrategien, die auf der Analyse eines sehr breiten Sets fortschrittlicher Finanzdaten beruhen.",{"type":173,"format":169,"indent":170,"version":4,"children":922,"direction":28,"textStyle":169,"textFormat":170},[923],{"mode":176,"text":924,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere hauseigenen quantitativen Modelle integrieren Machine-Learning-Techniken (künstliche Intelligenz), um die Anlageentscheide an den Aktienmärkten zu optimieren.",{"type":173,"format":169,"indent":170,"version":4,"children":926,"direction":28,"textStyle":169,"textFormat":170},[927],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":929,"direction":28,"textStyle":169,"textFormat":170},[930],{"mode":176,"text":931,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unser Angebot umfasst sowohl die optimierte passive Verwaltung (verbesserte Indexverwaltung) als auch die aktive quantitative Verwaltung, gestützt auf eine hochmoderne technologische Infrastruktur und robuste Anlageprozesse.",{"id":933,"layout":268,"colorVariation":461,"imagePosition":934,"image":935,"imageFit":278,"imageStyle":909,"imageTextColor":10,"headingLevel":910,"blockName":28,"buttons":942,"blockType":282,"imageText":943,"title":944,"content":945},"6a316191f0935e50dda4e088","right",{"id":936,"alt":937,"landscape":938,"portrait":28,"folder":843,"thumbnailUrl":939,"updatedAt":940,"createdAt":941},72,"expertises_gestion_de_conviction",118,"https:\u002F\u002Fassets.synchrony.ch\u002Fespertises_gestion_de_conviction-300x200.webp","2026-06-29T12:57:00.589Z","2026-06-26T12:27:14.165Z",[],"Überzeugungsverwaltung","Schweizer Aktien und Immobilien",{"root":946},{"type":168,"format":169,"indent":170,"version":4,"children":947,"direction":28},[948,952,955],{"type":173,"format":169,"indent":170,"version":4,"children":949,"direction":28,"textStyle":169,"textFormat":170},[950],{"mode":176,"text":951,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere aktive Überzeugungsverwaltung konzentriert sich auf Schweizer Aktien und Immobilien, mit einem rigorosen fundamentalen Ansatz.",{"type":173,"format":169,"indent":170,"version":4,"children":953,"direction":28,"textStyle":169,"textFormat":170},[954],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":956,"direction":28,"textStyle":169,"textFormat":170},[957],{"mode":176,"text":958,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Teams führen eine eingehende Unternehmensanalyse durch, einschliesslich regelmässiger Treffen mit dem Management, um Anlagechancen mit hoher Wertschöpfung zu identifizieren.Dieser Ansatz erlaubt den Aufbau konzentrierter, langfristig ausgerichteter Portfolios, die auf institutionelle Anleger zugeschnitten sind.",{"id":960,"layout":268,"colorVariation":269,"imagePosition":270,"image":961,"imageFit":278,"imageStyle":909,"imageTextColor":10,"headingLevel":910,"blockName":28,"buttons":967,"blockType":282,"imageText":968,"title":969,"content":970},"6a3161bbf0935e50dda4e089",{"id":962,"alt":963,"landscape":501,"portrait":28,"folder":843,"thumbnailUrl":964,"updatedAt":965,"createdAt":966},58,"expertises_gestion_obligatoire","https:\u002F\u002Fassets.synchrony.ch\u002Fexpertises_gestion_obligatoire-300x200.webp","2026-06-25T14:46:57.924Z","2026-06-25T14:46:50.838Z",[],"Anleiheverwaltung","Kreditkompetenz und Risikomanagement",{"root":971},{"type":168,"format":169,"indent":170,"version":4,"children":972,"direction":28},[973,977,980],{"type":173,"format":169,"indent":170,"version":4,"children":974,"direction":28,"textStyle":169,"textFormat":170},[975],{"mode":176,"text":976,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Kompetenz in der Anleiheverwaltung beruht auf einem flexiblen, liquiden und diversifizierten Ansatz.",{"type":173,"format":169,"indent":170,"version":4,"children":978,"direction":28,"textStyle":169,"textFormat":170},[979],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":981,"direction":28,"textStyle":169,"textFormat":170},[982],{"mode":176,"text":983,"type":178,"style":169,"detail":170,"format":170,"version":4},"Wir setzen Obligationenstrategien um, die ein rigoroses Risikomanagement und ein hauseigenes Modell zur Kreditauswahl integrieren, um die risikoadjustierte Rendite für unsere Kunden zu optimieren.",{"id":985,"colorVariation":757,"blockName":28,"blockType":758,"titleStart":759,"titleEnd":760,"members":986},"6a3161d9f0935e50dda4e08a",[987,1003,1007],{"id":639,"photo":640,"fullBodyPhoto":641,"name":642,"role":643,"description":988,"socials":1000,"updatedAt":671,"createdAt":672},{"root":989},{"type":168,"format":169,"indent":170,"version":4,"children":990,"direction":28},[991,994,997],{"type":173,"format":648,"indent":170,"version":4,"children":992,"direction":28,"textStyle":169,"textFormat":170},[993],{"mode":176,"text":651,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":995,"direction":28,"textStyle":169,"textFormat":170},[996],{"mode":176,"text":655,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":998,"direction":28,"textStyle":169,"textFormat":170},[999],{"mode":176,"text":659,"type":178,"style":169,"detail":170,"format":170,"version":4},[1001,1002],{"id":662,"icon":663,"label":664,"url":665},{"id":667,"icon":668,"label":669,"url":670},{"id":779,"photo":424,"fullBodyPhoto":28,"name":780,"role":781,"description":28,"socials":1004,"updatedAt":791,"createdAt":792},[1005,1006],{"id":784,"icon":663,"label":785,"url":786},{"id":788,"icon":668,"label":789,"url":790},{"id":794,"photo":381,"fullBodyPhoto":28,"name":795,"role":796,"description":28,"socials":1008,"updatedAt":806,"createdAt":807},[1009,1010],{"id":799,"icon":663,"label":800,"url":801},{"id":803,"icon":668,"label":804,"url":805},"Kompetenzen","kompetenzen",{"id":179,"name":1014,"variations":1015,"updatedAt":1021,"createdAt":1022},"Green",{"v100":1016,"v100TypoColor":10,"v80":1017,"v80TypoColor":12,"v60":1018,"v60TypoColor":12,"v40":1019,"v40TypoColor":12,"v20":1020,"v20TypoColor":12},"#A3B879","#B5C694","#C8D4AF","#DAE3C9","#EDF1E4","2026-06-18T08:07:08.083Z","2026-06-16T14:43:11.040Z",{"id":1024,"alt":1025,"landscape":1026,"portrait":28,"folder":843,"thumbnailUrl":1027,"updatedAt":1028,"createdAt":1029},40,"Expertises Menu",147,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04-300x200.webp","2026-06-29T15:16:05.981Z","2026-06-17T14:43:17.269Z",{"metaTitle":28,"metaDescription":28,"ogImage":28},"2026-09-17T15:55:22.525Z","2026-06-16T14:40:54.992Z",{"id":1034,"type":1035,"page":28,"fundListing":1036},"6a327ab39682d643ddc927a8","fund-listing",{"id":4,"title":1037,"slug":1038,"typesOrder":1039},"Fonds","fonds",[1040,1044,1048,1052,1056,1060],{"type":1041},{"id":545,"name":1042,"updatedAt":1043,"createdAt":1043},"Investissement responsable","2026-06-16T19:39:04.337Z",{"type":1045},{"id":569,"name":1046,"updatedAt":1047,"createdAt":1047},"Prévoyance","2026-06-17T07:11:44.102Z",{"type":1049},{"id":6,"name":1050,"updatedAt":1051,"createdAt":1051},"Immobilier","2026-06-17T07:11:49.734Z",{"type":1053},{"id":179,"name":1054,"updatedAt":1055,"createdAt":1055},"Obligations","2026-06-17T07:11:55.451Z",{"type":1057},{"id":779,"name":1058,"updatedAt":1059,"createdAt":1059},"Allocations d’actifs","2026-06-17T07:12:03.057Z",{"type":1061},{"id":794,"name":1062,"updatedAt":1063,"createdAt":1063},"Actions","2026-06-17T07:12:08.563Z",{"id":1065,"type":234,"page":1066},"6a31a0ef64971d80005845f0",{"id":500,"layout":1067,"title":1199,"slug":1228,"colorGroup":1229,"menuImage":1239,"seo":1246,"updatedAt":1247,"createdAt":1248},[1068,1095,1109,1125,1147,1167,1183,1201],{"id":1069,"colorVariation":239,"backgroundImage":1070,"foregroundImage":1079,"blockName":28,"blockType":256,"eyebrow":1086,"title":1087,"content":1088},"6a31637ef0935e50dda4e08b",{"id":1071,"alt":1072,"landscape":1073,"portrait":1074,"folder":1075,"thumbnailUrl":1076,"updatedAt":1077,"createdAt":1078},79,"Mandats Header Back",125,195,"Page Mandats","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Mendats_1920x1440_back-300x200.webp","2026-06-29T15:18:44.492Z","2026-06-29T07:33:20.748Z",{"id":1080,"alt":1081,"landscape":1082,"portrait":28,"folder":1075,"thumbnailUrl":1083,"updatedAt":1084,"createdAt":1085},89,"Mandats Header Foreground",137,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Mendats_1920x1440_front-300x200.webp","2026-06-29T12:53:38.690Z","2026-06-29T09:12:32.983Z","MANDATE","Massgeschneiderte\nMandate",{"root":1089},{"type":168,"format":169,"indent":170,"version":4,"children":1090,"direction":28},[1091],{"type":173,"format":169,"indent":170,"version":4,"children":1092,"direction":28,"textStyle":169,"textFormat":170},[1093],{"mode":176,"text":1094,"type":178,"style":169,"detail":170,"format":170,"version":4},"Investieren beginnt nicht mit Produkten. Es beginnt mit Zielen. Jedes Mandat beruht auf einer präzisen Erfassung der Bedürfnisse und der zu gestaltenden Horizonte. Wir bevorzugen nachvollziehbare Strategien, verantwortete Entscheide und eine direkte Beziehung. Weniger Zwischenstufen. Mehr Kohärenz.",{"id":1096,"colorVariation":269,"blockName":28,"columns":1097,"blockType":340,"titleStart":1107,"titleEnd":1108},"6a3163f1f0935e50dda4e08c",[1098],{"id":1099,"content":1100},"6a3163fdf0935e50dda4e08d",{"root":1101},{"type":168,"format":169,"indent":170,"version":4,"children":1102,"direction":28},[1103],{"type":173,"format":169,"indent":170,"version":4,"children":1104,"direction":28,"textStyle":169,"textFormat":170},[1105],{"mode":176,"text":1106,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Synchrony Asset Management bietet zudem massgeschneiderte Mandate. Die Verwaltung ist vollständig personalisiert und um Ihre finanziellen Ziele, Ihr Risikoprofil und Ihre spezifischen Rahmenbedingungen herum aufgebaut.Dank einer flexiblen Verwaltungsarchitektur und einer langjährigen Kompetenz über die wichtigsten Anlageklassen hinweg konzipieren wir Portfolios, die Ihnen entsprechen.","Verwaltung","nach Ihrem Bild",{"id":1110,"layout":268,"colorVariation":239,"imagePosition":270,"image":1111,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1116,"blockType":282,"imageText":28,"title":1117,"content":1118},"6a316404f0935e50dda4e08e",{"id":1112,"alt":1113,"landscape":523,"portrait":28,"folder":1075,"thumbnailUrl":1114,"updatedAt":1115,"createdAt":1115},62,"mandats_gestion_active","https:\u002F\u002Fassets.synchrony.ch\u002Fmandats_gestion_active-1-300x200.webp","2026-06-25T15:11:29.086Z",[],"Aktive Verwaltung",{"root":1119},{"type":168,"format":169,"indent":170,"version":4,"children":1120,"direction":28},[1121],{"type":173,"format":169,"indent":170,"version":4,"children":1122,"direction":28,"textStyle":169,"textFormat":170},[1123],{"mode":176,"text":1124,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine überzeugungsbasierte, fundamentale und dynamische Verwaltung mit dem Ziel, Marktchancen zu nutzen, die Allokation je nach Konjunkturzyklus anzupassen und eine risikoadjustierte Performance zu erzielen.",{"id":1126,"layout":1127,"colorVariation":239,"imagePosition":270,"image":1128,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1132,"blockType":282,"imageText":28,"title":912,"content":1133},"6a31641ff0935e50dda4e08f","full-width",{"id":938,"alt":1129,"landscape":38,"portrait":28,"folder":1075,"thumbnailUrl":1130,"updatedAt":1131,"createdAt":1131},"Mandats - Gestion systématique","https:\u002F\u002Fassets.synchrony.ch\u002Fmandats_gestion_systematique-300x200.webp","2026-06-29T16:04:49.426Z",[],{"root":1134},{"type":168,"format":169,"indent":170,"version":4,"children":1135,"direction":28},[1136,1140,1143],{"type":173,"format":169,"indent":170,"version":4,"children":1137,"direction":28,"textStyle":169,"textFormat":170},[1138],{"mode":176,"text":1139,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ein disziplinierter und transparenter Ansatz, der die Marktindizes nachbildet (Optimised Sampling). Er ermöglicht ein breites, effizientes und kostengünstiges Engagement und sorgt gleichzeitig für eine hohe Transparenz des Portfolios.",{"type":173,"format":169,"indent":170,"version":4,"children":1141,"direction":28,"textStyle":169,"textFormat":170},[1142],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":169,"indent":170,"version":4,"children":1144,"direction":28,"textStyle":169,"textFormat":170},[1145],{"mode":176,"text":1146,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere systematischen Mandate beruhen auf bewährten quantitativen Modellen, die Marktsignale, Risikofaktoren und robuste Allokationsregeln integrieren (unter anderem KI). Dieser Ansatz zielt auf eine rigorose Umsetzung, eine Reduktion von Verhaltensverzerrungen und eine kontrollierte Volatilität. Diese Lösungen lassen sich in passiver oder aktiver Form ausgestalten.",{"id":1148,"layout":268,"colorVariation":345,"imagePosition":934,"image":1149,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1155,"blockType":282,"imageText":28,"title":968,"content":1156},"6a316453f0935e50dda4e090",{"id":1150,"alt":1151,"landscape":546,"portrait":28,"folder":1075,"thumbnailUrl":1152,"updatedAt":1153,"createdAt":1154},63,"mandats_gestion_obligatoire","https:\u002F\u002Fassets.synchrony.ch\u002Fmandats_gestion_obligataire-300x200.webp","2026-06-30T13:43:57.251Z","2026-06-25T15:18:08.567Z",[],{"root":1157},{"type":168,"format":169,"indent":170,"version":4,"children":1158,"direction":28},[1159,1163],{"type":173,"format":169,"indent":170,"version":4,"children":1160,"direction":28,"textStyle":169,"textFormat":170},[1161],{"mode":176,"text":1162,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Anleihemandate werden nach Ihren Zielen aufgebaut, mit einem transparenten, methodischen und auf Sicherheit ausgerichteten Ansatz.",{"type":173,"format":169,"indent":170,"version":4,"children":1164,"direction":28,"textStyle":169,"textFormat":170},[1165],{"mode":176,"text":1166,"type":178,"style":169,"detail":170,"format":170,"version":4},"Unsere Priorität: Ihr Kapital schützen und durch eine aktive und beherrschte Verwaltung nachhaltigen Wert schaffen.",{"id":1168,"layout":268,"colorVariation":461,"imagePosition":270,"image":1169,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1174,"blockType":282,"imageText":28,"title":1175,"content":1176},"6a31647bf0935e50dda4e092",{"id":1170,"alt":1171,"landscape":547,"portrait":28,"folder":1075,"thumbnailUrl":1172,"updatedAt":1173,"createdAt":1173},64,"mandats_multi_actifs","https:\u002F\u002Fassets.synchrony.ch\u002Fmandats_multi_actifs-300x200.webp","2026-06-25T15:19:50.157Z",[],"Multi-Asset",{"root":1177},{"type":168,"format":169,"indent":170,"version":4,"children":1178,"direction":28},[1179],{"type":173,"format":169,"indent":170,"version":4,"children":1180,"direction":28,"textStyle":169,"textFormat":170},[1181],{"mode":176,"text":1182,"type":178,"style":169,"detail":170,"format":170,"version":4},"Für eine umfassende Lösung kombinieren unsere Multi-Asset-Mandate Aktien, Anleihen, Liquidität und diversifizierende Lösungen. Je nach Ihrem Profil passen wir die strategische und taktische Allokation an, um die Performance zu maximieren und zugleich das Risiko zu beherrschen.",{"id":1184,"colorVariation":239,"blockName":28,"columns":1185,"blockType":340,"titleStart":1199,"titleEnd":1200},"6a316490f0935e50dda4e093",[1186],{"id":1187,"content":1188},"6a31649ef0935e50dda4e094",{"root":1189},{"type":168,"format":169,"indent":170,"version":4,"children":1190,"direction":28},[1191,1195],{"type":173,"format":169,"indent":170,"version":4,"children":1192,"direction":28,"textStyle":169,"textFormat":170},[1193],{"mode":176,"text":1194,"type":178,"style":169,"detail":170,"format":170,"version":4},"Jedes Mandat wird massgeschneidert erarbeitet, unter Berücksichtigung Ihrer finanziellen Ziele, Ihres Anlagehorizonts, Ihrer regulatorischen oder bilanziellen Rahmenbedingungen, Ihrer Präferenzen im Bereich verantwortungsvolles Anlegen (ESG) sowie Ihrer Risikotoleranz.",{"type":173,"format":169,"indent":170,"version":4,"children":1196,"direction":28,"textStyle":169,"textFormat":170},[1197],{"mode":176,"text":1198,"type":178,"style":169,"detail":170,"format":170,"version":4},"Dieser personalisierte Ansatz geht einher mit einer laufenden Überwachung, einer transparenten Kommunikation und regelmässigen Anpassungen, um die Relevanz Ihrer Strategie in einem sich stetig wandelnden Marktumfeld zu gewährleisten.","Mandate","für Ihre Ambitionen",{"id":1202,"colorVariation":757,"blockName":28,"blockType":758,"titleStart":759,"titleEnd":760,"members":1203},"6a3164b1f0935e50dda4e095",[1204,1220,1224],{"id":639,"photo":640,"fullBodyPhoto":641,"name":642,"role":643,"description":1205,"socials":1217,"updatedAt":671,"createdAt":672},{"root":1206},{"type":168,"format":169,"indent":170,"version":4,"children":1207,"direction":28},[1208,1211,1214],{"type":173,"format":648,"indent":170,"version":4,"children":1209,"direction":28,"textStyle":169,"textFormat":170},[1210],{"mode":176,"text":651,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":1212,"direction":28,"textStyle":169,"textFormat":170},[1213],{"mode":176,"text":655,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":1215,"direction":28,"textStyle":169,"textFormat":170},[1216],{"mode":176,"text":659,"type":178,"style":169,"detail":170,"format":170,"version":4},[1218,1219],{"id":662,"icon":663,"label":664,"url":665},{"id":667,"icon":668,"label":669,"url":670},{"id":779,"photo":424,"fullBodyPhoto":28,"name":780,"role":781,"description":28,"socials":1221,"updatedAt":791,"createdAt":792},[1222,1223],{"id":784,"icon":663,"label":785,"url":786},{"id":788,"icon":668,"label":789,"url":790},{"id":794,"photo":381,"fullBodyPhoto":28,"name":795,"role":796,"description":28,"socials":1225,"updatedAt":806,"createdAt":807},[1226,1227],{"id":799,"icon":663,"label":800,"url":801},{"id":803,"icon":668,"label":804,"url":805},"mandate",{"id":545,"name":1230,"variations":1231,"updatedAt":1237,"createdAt":1238},"Beige",{"v100":1232,"v100TypoColor":10,"v80":1233,"v80TypoColor":12,"v60":1234,"v60TypoColor":12,"v40":1235,"v40TypoColor":12,"v20":1236,"v20TypoColor":12},"#C8A980","#D3BA99","#DECBB3","#E9DDCC","#F4EEE6","2026-06-16T19:35:36.682Z","2026-06-16T14:41:57.143Z",{"id":1240,"alt":1241,"landscape":1242,"portrait":28,"folder":1075,"thumbnailUrl":1243,"updatedAt":1244,"createdAt":1245},41,"Mandats Menu",149,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02-300x200.webp","2026-06-29T15:17:58.590Z","2026-06-17T14:44:00.378Z",{"metaTitle":28,"metaDescription":28,"ogImage":28},"2026-09-17T15:57:08.919Z","2026-06-16T15:00:44.487Z",{"id":1250,"type":184,"page":28,"blogListing":1251},"6a327ab89682d643ddc927a9",{"id":4,"title":19,"slug":63},{"id":1253,"type":234,"page":1254},"6a31a0f364971d80005845f1",{"id":508,"layout":1255,"title":1347,"slug":1348,"colorGroup":1349,"menuImage":1351,"seo":1358,"updatedAt":1359,"createdAt":1360},[1256,1283,1310],{"id":1257,"colorVariation":239,"backgroundImage":1258,"foregroundImage":1267,"blockName":28,"blockType":256,"eyebrow":1274,"title":1275,"content":1276},"6a319f4864971d80005845ec",{"id":1259,"alt":1260,"landscape":1261,"portrait":1262,"folder":1263,"thumbnailUrl":1264,"updatedAt":1265,"createdAt":1266},82,"Contact Header Back",157,191,"Page Contact","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Contact_1920x1440_back-1-300x200.webp","2026-06-29T15:06:53.776Z","2026-06-29T08:31:50.856Z",{"id":1268,"alt":1269,"landscape":1270,"portrait":28,"folder":1263,"thumbnailUrl":1271,"updatedAt":1272,"createdAt":1273},87,"Contact Header Foreground",154,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Header_Contact_1920x1440_front-1-300x200.webp","2026-06-29T12:53:53.176Z","2026-06-29T09:11:08.204Z","KONTAKT","Kontaktieren Sie uns",{"root":1277},{"type":168,"format":169,"indent":170,"version":4,"children":1278,"direction":28},[1279],{"type":173,"format":169,"indent":170,"version":4,"children":1280,"direction":28,"textStyle":169,"textFormat":170},[1281],{"mode":176,"text":1282,"type":178,"style":169,"detail":170,"format":170,"version":4},"Bei der Synchrony Asset Management SA bleibt der Austausch direkt, klar und zugänglich. Eine Frage verdient eine Antwort. Ein Projekt verdient ein Gespräch. Und gewisse Entscheide verdienen schlicht den richtigen Ansprechpartner.",{"id":1284,"colorVariation":757,"blockName":28,"blockType":758,"titleStart":759,"titleEnd":760,"members":1285},"6a319fdf64971d80005845ee",[1286,1302,1306],{"id":639,"photo":640,"fullBodyPhoto":641,"name":642,"role":643,"description":1287,"socials":1299,"updatedAt":671,"createdAt":672},{"root":1288},{"type":168,"format":169,"indent":170,"version":4,"children":1289,"direction":28},[1290,1293,1296],{"type":173,"format":648,"indent":170,"version":4,"children":1291,"direction":28,"textStyle":169,"textFormat":170},[1292],{"mode":176,"text":651,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":1294,"direction":28,"textStyle":169,"textFormat":170},[1295],{"mode":176,"text":655,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":1297,"direction":28,"textStyle":169,"textFormat":170},[1298],{"mode":176,"text":659,"type":178,"style":169,"detail":170,"format":170,"version":4},[1300,1301],{"id":662,"icon":663,"label":664,"url":665},{"id":667,"icon":668,"label":669,"url":670},{"id":779,"photo":424,"fullBodyPhoto":28,"name":780,"role":781,"description":28,"socials":1303,"updatedAt":791,"createdAt":792},[1304,1305],{"id":784,"icon":663,"label":785,"url":786},{"id":788,"icon":668,"label":789,"url":790},{"id":794,"photo":381,"fullBodyPhoto":28,"name":795,"role":796,"description":28,"socials":1307,"updatedAt":806,"createdAt":807},[1308,1309],{"id":799,"icon":663,"label":800,"url":801},{"id":803,"icon":668,"label":804,"url":805},{"id":1311,"layout":268,"colorVariation":269,"imagePosition":270,"image":1312,"imageFit":278,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1318,"blockType":282,"imageText":28,"title":1275,"content":1319},"6a319fa964971d80005845ed",{"id":1313,"alt":1314,"landscape":522,"portrait":28,"folder":1263,"thumbnailUrl":1315,"updatedAt":1316,"createdAt":1317},61,"contact_contactez-nous","https:\u002F\u002Fassets.synchrony.ch\u002Fcontact-300x200.webp","2026-06-29T12:57:30.228Z","2026-06-25T15:10:51.310Z",[],{"root":1320},{"type":168,"format":169,"indent":170,"version":4,"children":1321,"direction":28},[1322,1330],{"type":173,"format":1323,"indent":170,"version":4,"children":1324,"direction":28,"textStyle":169,"textFormat":170},"justify",[1325,1326,1328],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"name":722,"type":1327,"version":4},"synchronyIcon",{"mode":176,"text":1329,"type":178,"style":169,"detail":170,"format":170,"version":4},"Quai de l'Ile 17, 1204 Genève",{"type":173,"format":1323,"indent":170,"version":4,"children":1331,"direction":28,"textStyle":169,"textFormat":170},[1332,1334,1336,1337],{"type":1333,"version":4},"linebreak",{"name":1335,"type":1327,"version":4},"phone",{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"id":1338,"type":1339,"fields":1340,"format":169,"indent":170,"version":500,"children":1344,"direction":28},"6aa0013a6e273c859c73d0a1","link",{"url":1341,"newTab":1342,"linkType":1343},"tel:+41223505200",false,"custom",[1345],{"mode":176,"text":1346,"type":178,"style":169,"detail":170,"format":170,"version":4},"+41 22 350 52 00","Kontakt","kontakt",{"id":4,"name":811,"variations":1350,"updatedAt":818,"createdAt":819},{"v100":813,"v100TypoColor":10,"v80":814,"v80TypoColor":12,"v60":815,"v60TypoColor":12,"v40":816,"v40TypoColor":12,"v20":817,"v20TypoColor":12},{"id":1352,"alt":1353,"landscape":1354,"portrait":28,"folder":1263,"thumbnailUrl":1355,"updatedAt":1356,"createdAt":1357},42,"Contact Menu",150,"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05-300x200.webp","2026-06-29T15:19:56.479Z","2026-06-17T14:44:31.479Z",{"metaTitle":28,"metaDescription":28,"ogImage":28},"2026-09-08T12:37:45.527Z","2026-06-16T19:11:21.053Z",{"title":1362,"contentTop":1363,"contentBottom":1376},"Informationen",{"root":1364},{"type":168,"format":169,"indent":170,"version":4,"children":1365,"direction":28},[1366],{"type":173,"format":169,"indent":170,"version":4,"children":1367,"direction":28,"textStyle":169,"textFormat":170},[1368,1370,1371,1373,1374],{"mode":176,"text":1369,"type":178,"style":169,"detail":170,"format":170,"version":4},"Synchrony Asset Management SA",{"type":1333,"version":4},{"mode":176,"text":1372,"type":178,"style":169,"detail":170,"format":170,"version":4},"QUAI DE L’ILE 17",{"type":1333,"version":4},{"mode":176,"text":1375,"type":178,"style":169,"detail":170,"format":170,"version":4},"1204 GENEVE SUISSE",{"root":1377},{"type":168,"format":169,"indent":170,"version":4,"children":1378,"direction":28},[1379],{"type":173,"format":169,"indent":170,"version":4,"children":1380,"direction":28,"textStyle":169,"textFormat":170},[],{"title":1275,"contentTop":1382,"contentBottom":1409},{"root":1383},{"type":168,"format":169,"indent":170,"version":4,"children":1384,"direction":28},[1385],{"type":173,"format":169,"indent":170,"version":4,"children":1386,"direction":28,"textStyle":169,"textFormat":170},[1387,1389,1394,1395,1402,1403],{"mode":176,"text":1388,"type":178,"style":169,"detail":170,"format":170,"version":4},"Tel: ",{"id":1390,"type":1339,"fields":1391,"format":169,"indent":170,"version":500,"children":1392,"direction":28},"6aa93f49267a7f2cf1d93f53",{"url":1341,"linkType":1343},[1393],{"mode":176,"text":1346,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":1333,"version":4},{"type":1396,"fields":1397,"format":169,"indent":170,"version":485,"children":1399,"direction":28},"autolink",{"url":1398,"linkType":1343},"mailto:info@synchrony.ch",[1400],{"mode":176,"text":1401,"type":178,"style":169,"detail":170,"format":170,"version":4},"info@synchrony.ch",{"type":1333,"version":4},{"type":1396,"fields":1404,"format":169,"indent":170,"version":485,"children":1406,"direction":28},{"url":1405,"linkType":1343},"https:\u002F\u002Fwww.synchrony.ch",[1407],{"mode":176,"text":1408,"type":178,"style":169,"detail":170,"format":170,"version":4},"www.synchrony.ch",{"root":1410},{"type":168,"format":169,"indent":170,"version":4,"children":1411,"direction":28},[1412],{"type":173,"format":169,"indent":170,"version":4,"children":1413,"direction":28,"textStyle":169,"textFormat":170},[],{"root":1415},{"type":168,"format":169,"indent":170,"version":4,"children":1416,"direction":28},[1417],{"type":173,"format":169,"indent":170,"version":4,"children":1418,"direction":28,"textStyle":169,"textFormat":170},[1419,1421],{"mode":176,"text":1420,"type":178,"style":169,"detail":170,"format":170,"version":4},"© Copyright Synchrony Asset Management ",{"id":1422,"type":1339,"fields":1423,"format":169,"indent":170,"version":500,"children":1425,"direction":28},"6aa93fbe267a7f2cf1d93f55",{"url":1424,"newTab":1342,"linkType":1343},"\u002Fde\u002Frechtliche-hinweise",[1426],{"mode":176,"text":1427,"type":178,"style":169,"detail":170,"format":170,"version":4},"Rechtliche Hinweise","2026-09-17T15:50:25.270Z","2026-06-16T11:04:32.582Z","footer",[1432,1462,1491,1528,1557,1568],{"id":1433,"label":808,"to":1434,"color":813,"typoColor":1435,"image":1436},"6a315c2aec9571770c7d367f","\u002Fde\u002Fuber-uns","#FFFFFF",{"id":821,"alt":822,"landscape":1437,"portrait":28,"folder":245,"thumbnailUrl":824,"updatedAt":825,"createdAt":826},{"id":823,"updatedAt":1438,"createdAt":1439,"url":1440,"thumbnailURL":28,"filename":1441,"mimeType":30,"filesize":1442,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1443},"2026-07-31T14:42:00.901Z","2026-07-31T14:42:00.739Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2.webp","Synchrony_IMG_menu_1080x1080_01_01-2.webp",93076,{"thumbnail":1444,"sm":1447,"md":1451,"lg":1455,"og":1458},{"url":824,"width":37,"height":38,"mimeType":30,"filesize":1445,"filename":1446},7512,"Synchrony_IMG_menu_1080x1080_01_01-2-300x200.webp",{"url":1448,"width":43,"height":43,"mimeType":30,"filesize":1449,"filename":1450},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2-640x640.webp",35834,"Synchrony_IMG_menu_1080x1080_01_01-2-640x640.webp",{"url":1452,"width":48,"height":48,"mimeType":30,"filesize":1453,"filename":1454},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2-1024x1024.webp",78128,"Synchrony_IMG_menu_1080x1080_01_01-2-1024x1024.webp",{"url":1456,"width":32,"height":32,"mimeType":30,"filesize":1442,"filename":1457},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_01-2-1080x1080.webp",{"url":1459,"width":56,"height":57,"mimeType":30,"filesize":1460,"filename":1461},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_01-2-1200x630.webp",71108,"Synchrony_IMG_menu_1080x1080_01_01-2-1200x630.webp",{"id":1463,"label":1011,"to":1464,"color":1016,"typoColor":1435,"image":1465},"6a319e5a64971d80005845e9","\u002Fde\u002Fkompetenzen",{"id":1024,"alt":1025,"landscape":1466,"portrait":28,"folder":843,"thumbnailUrl":1027,"updatedAt":1028,"createdAt":1029},{"id":1026,"updatedAt":1467,"createdAt":1468,"url":1469,"thumbnailURL":28,"filename":1470,"mimeType":30,"filesize":1471,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1472},"2026-06-29T12:18:32.584Z","2026-06-29T12:18:32.291Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04.webp","Synchrony_IMG_menu_1080x1080_01_04.webp",33258,{"thumbnail":1473,"sm":1476,"md":1480,"lg":1484,"og":1487},{"url":1027,"width":37,"height":38,"mimeType":30,"filesize":1474,"filename":1475},3120,"Synchrony_IMG_menu_1080x1080_01_04-300x200.webp",{"url":1477,"width":43,"height":43,"mimeType":30,"filesize":1478,"filename":1479},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04-640x640.webp",11920,"Synchrony_IMG_menu_1080x1080_01_04-640x640.webp",{"url":1481,"width":48,"height":48,"mimeType":30,"filesize":1482,"filename":1483},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04-1024x1024.webp",27438,"Synchrony_IMG_menu_1080x1080_01_04-1024x1024.webp",{"url":1485,"width":32,"height":32,"mimeType":30,"filesize":1471,"filename":1486},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_04-1080x1080.webp",{"url":1488,"width":56,"height":57,"mimeType":30,"filesize":1489,"filename":1490},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_04-1200x630.webp",20640,"Synchrony_IMG_menu_1080x1080_01_04-1200x630.webp",{"id":1492,"label":1037,"to":1493,"color":1494,"typoColor":1435,"image":1495},"6a3273e31f34ef25f3f2e7df","\u002Fde\u002Ffonds","#99938D",{"id":1496,"alt":1497,"landscape":1498,"portrait":28,"folder":1525,"thumbnailUrl":1507,"updatedAt":1526,"createdAt":1527},44,"Fonds Menu",{"id":1499,"updatedAt":1500,"createdAt":1501,"url":1502,"thumbnailURL":28,"filename":1503,"mimeType":30,"filesize":1504,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1505},148,"2026-06-29T12:19:18.542Z","2026-06-29T12:19:18.190Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03.webp","Synchrony_IMG_menu_1080x1080_01_03.webp",51942,{"thumbnail":1506,"sm":1510,"md":1514,"lg":1518,"og":1521},{"url":1507,"width":37,"height":38,"mimeType":30,"filesize":1508,"filename":1509},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03-300x200.webp",5326,"Synchrony_IMG_menu_1080x1080_01_03-300x200.webp",{"url":1511,"width":43,"height":43,"mimeType":30,"filesize":1512,"filename":1513},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03-640x640.webp",21092,"Synchrony_IMG_menu_1080x1080_01_03-640x640.webp",{"url":1515,"width":48,"height":48,"mimeType":30,"filesize":1516,"filename":1517},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03-1024x1024.webp",43600,"Synchrony_IMG_menu_1080x1080_01_03-1024x1024.webp",{"url":1519,"width":32,"height":32,"mimeType":30,"filesize":1504,"filename":1520},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_03-1080x1080.webp",{"url":1522,"width":56,"height":57,"mimeType":30,"filesize":1523,"filename":1524},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_03-1200x630.webp",34072,"Synchrony_IMG_menu_1080x1080_01_03-1200x630.webp","Page Fonds","2026-06-29T15:16:57.191Z","2026-06-17T14:45:32.467Z",{"id":1529,"label":1199,"to":1530,"color":1232,"typoColor":1435,"image":1531},"6a319e5c64971d80005845ea","\u002Fde\u002Fmandate",{"id":1240,"alt":1241,"landscape":1532,"portrait":28,"folder":1075,"thumbnailUrl":1243,"updatedAt":1244,"createdAt":1245},{"id":1242,"updatedAt":1533,"createdAt":1534,"url":1535,"thumbnailURL":28,"filename":1536,"mimeType":30,"filesize":1537,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1538},"2026-06-29T12:19:52.081Z","2026-06-29T12:19:51.802Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02.webp","Synchrony_IMG_menu_1080x1080_01_02.webp",57622,{"thumbnail":1539,"sm":1542,"md":1546,"lg":1550,"og":1553},{"url":1243,"width":37,"height":38,"mimeType":30,"filesize":1540,"filename":1541},6160,"Synchrony_IMG_menu_1080x1080_01_02-300x200.webp",{"url":1543,"width":43,"height":43,"mimeType":30,"filesize":1544,"filename":1545},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02-640x640.webp",22942,"Synchrony_IMG_menu_1080x1080_01_02-640x640.webp",{"url":1547,"width":48,"height":48,"mimeType":30,"filesize":1548,"filename":1549},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02-1024x1024.webp",47654,"Synchrony_IMG_menu_1080x1080_01_02-1024x1024.webp",{"url":1551,"width":32,"height":32,"mimeType":30,"filesize":1537,"filename":1552},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_02-1080x1080.webp",{"url":1554,"width":56,"height":57,"mimeType":30,"filesize":1555,"filename":1556},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_02-1200x630.webp",46646,"Synchrony_IMG_menu_1080x1080_01_02-1200x630.webp",{"id":1558,"label":19,"to":1559,"color":9,"typoColor":1435,"image":1560},"6a319e5d64971d80005845eb","\u002Fde\u002Fpublikationen",{"id":21,"alt":22,"landscape":1561,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1562},{"thumbnail":1563,"sm":1564,"md":1565,"lg":1566,"og":1567},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},{"id":1569,"label":1347,"to":1570,"color":813,"typoColor":1435,"image":1571},"6a31a1ad64971d80005845f2","\u002Fde\u002Fkontakt",{"id":1352,"alt":1353,"landscape":1572,"portrait":28,"folder":1263,"thumbnailUrl":1355,"updatedAt":1356,"createdAt":1357},{"id":1354,"updatedAt":1573,"createdAt":1574,"url":1575,"thumbnailURL":28,"filename":1576,"mimeType":30,"filesize":1577,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1578},"2026-06-29T12:20:18.889Z","2026-06-29T12:20:18.599Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05.webp","Synchrony_IMG_menu_1080x1080_01_05.webp",44610,{"thumbnail":1579,"sm":1582,"md":1586,"lg":1590,"og":1593},{"url":1355,"width":37,"height":38,"mimeType":30,"filesize":1580,"filename":1581},6530,"Synchrony_IMG_menu_1080x1080_01_05-300x200.webp",{"url":1583,"width":43,"height":43,"mimeType":30,"filesize":1584,"filename":1585},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05-640x640.webp",22500,"Synchrony_IMG_menu_1080x1080_01_05-640x640.webp",{"url":1587,"width":48,"height":48,"mimeType":30,"filesize":1588,"filename":1589},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05-1024x1024.webp",41026,"Synchrony_IMG_menu_1080x1080_01_05-1024x1024.webp",{"url":1591,"width":32,"height":32,"mimeType":30,"filesize":1577,"filename":1592},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05-1080x1080.webp","Synchrony_IMG_menu_1080x1080_01_05-1080x1080.webp",{"url":1594,"width":56,"height":57,"mimeType":30,"filesize":1595,"filename":1596},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_IMG_menu_1080x1080_01_05-1200x630.webp",43352,"Synchrony_IMG_menu_1080x1080_01_05-1200x630.webp",{"blogListing":1598,"article":1642,"altContent":1854},{"id":4,"colorGroup":1599,"articleColorGroup":1601,"title":19,"menuImage":1603,"slug":63,"seo":1611,"heroBackgroundImage":1612,"heroForegroundImage":1627,"heroEyebrow":164,"heroTitle":165,"heroContent":1635,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":1641,"updatedAt":182,"createdAt":183,"globalType":184},{"id":6,"name":7,"variations":1600,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":6,"name":7,"variations":1602,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":21,"alt":22,"landscape":1604,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1605},{"thumbnail":1606,"sm":1607,"md":1608,"lg":1609,"og":1610},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":1613,"portrait":1620,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":1614},{"thumbnail":1615,"sm":1616,"md":1617,"lg":1618,"og":1619},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":1621},{"thumbnail":1622,"sm":1623,"md":1624,"lg":1625,"og":1626},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},{"id":131,"alt":132,"landscape":1628,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":1629},{"thumbnail":1630,"sm":1631,"md":1632,"lg":1633,"og":1634},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},{"root":1636},{"type":168,"format":169,"indent":170,"version":4,"children":1637,"direction":28},[1638],{"type":173,"format":169,"indent":170,"version":4,"children":1639,"direction":28,"textStyle":169,"textFormat":170},[1640],{"mode":176,"text":177,"type":178,"style":169,"detail":170,"format":170,"version":4},[],{"id":1643,"layout":1644,"previewImage":1815,"title":1845,"excerpt":1846,"publishedDate":1847,"tags":1848,"slug":1851,"updatedAt":1852,"createdAt":1853},18,[1645,1753,1801],{"id":1646,"colorVariation":239,"backgroundImage":1647,"foregroundImage":1709,"blockName":28,"blockType":256,"eyebrow":1741,"title":1742,"content":1743},"6aac020843aad2055c8ee41f",{"id":841,"alt":1648,"landscape":1649,"portrait":1679,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},"BCGE_TVE",{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1657},339,"2026-07-31T09:16:49.237Z","2026-07-31T09:16:49.131Z","https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner.webp","ThierryVessereau_banner.webp",22372,811,{"thumbnail":1658,"sm":1662,"md":1667,"lg":1672,"og":1675},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner-300x200.webp",2296,"ThierryVessereau_banner-300x200.webp",{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner-640x270.webp",270,4222,"ThierryVessereau_banner-640x270.webp",{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner-1024x433.webp",433,8436,"ThierryVessereau_banner-1024x433.webp",{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner-1920x811.webp","ThierryVessereau_banner-1920x811.webp",{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner-1200x630.webp",17244,"ThierryVessereau_banner-1200x630.webp",{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":1688},362,"2026-08-03T09:15:10.126Z","2026-08-03T09:15:09.966Z","https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Portraits_2026_ThierryVessereau_face_1500x2250.webp","Synchrony_Portraits_2026_ThierryVessereau_face_1500x2250.webp",60226,880,1530,{"thumbnail":1689,"sm":1693,"md":1698,"lg":1701,"og":1702},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Portraits_2026_ThierryVessereau_face_1500x2250-300x200.webp",3674,"Synchrony_Portraits_2026_ThierryVessereau_face_1500x2250-300x200.webp",{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Portraits_2026_ThierryVessereau_face_1500x2250-640x1113.webp",1113,25640,"Synchrony_Portraits_2026_ThierryVessereau_face_1500x2250-640x1113.webp",{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Portraits_2026_ThierryVessereau_face_1500x2250-880x1530.webp","Synchrony_Portraits_2026_ThierryVessereau_face_1500x2250-880x1530.webp",{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},"https:\u002F\u002Fassets.synchrony.ch\u002FSynchrony_Portraits_2026_ThierryVessereau_face_1500x2250-1200x630.webp",39576,"Synchrony_Portraits_2026_ThierryVessereau_face_1500x2250-1200x630.webp","Articles","2026-08-03T09:15:13.779Z","2026-07-10T13:51:13.550Z",{"id":1710,"alt":1711,"landscape":1712,"portrait":28,"folder":1706,"thumbnailUrl":1721,"updatedAt":1739,"createdAt":1740},133,"BCGE_TVE front",{"id":1713,"updatedAt":1714,"createdAt":1715,"url":1716,"thumbnailURL":28,"filename":1717,"mimeType":30,"filesize":1718,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1719},344,"2026-07-31T09:18:27.299Z","2026-07-31T09:18:27.148Z","https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front.webp","ThierryVessereau_banner_front.webp",25234,{"thumbnail":1720,"sm":1724,"md":1728,"lg":1732,"og":1735},{"url":1721,"width":37,"height":38,"mimeType":30,"filesize":1722,"filename":1723},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front-300x200.webp",3862,"ThierryVessereau_banner_front-300x200.webp",{"url":1725,"width":43,"height":1664,"mimeType":30,"filesize":1726,"filename":1727},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front-640x270.webp",7376,"ThierryVessereau_banner_front-640x270.webp",{"url":1729,"width":48,"height":1669,"mimeType":30,"filesize":1730,"filename":1731},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front-1024x433.webp",13146,"ThierryVessereau_banner_front-1024x433.webp",{"url":1733,"width":75,"height":1656,"mimeType":30,"filesize":1718,"filename":1734},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front-1920x811.webp","ThierryVessereau_banner_front-1920x811.webp",{"url":1736,"width":56,"height":57,"mimeType":30,"filesize":1737,"filename":1738},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_banner_front-1200x630.webp",23906,"ThierryVessereau_banner_front-1200x630.webp","2026-07-31T09:18:28.163Z","2026-07-10T13:50:38.386Z","16. September 2026","Einen Index nachbilden, ohne \ndie vollen Marktfriktionen zu tragen",{"root":1744},{"type":168,"format":169,"indent":170,"version":4,"children":1745,"direction":28},[1746],{"type":173,"format":169,"indent":170,"version":4,"children":1747,"direction":28,"textStyle":169,"textFormat":170},[1748,1750,1751],{"mode":176,"text":1749,"type":178,"style":169,"detail":170,"format":170,"version":4},"Kolumne von Thierry Vessereau, institutioneller Portfoliomanager ",{"type":1333,"version":4},{"mode":176,"text":1752,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - September 2026",{"id":1754,"colorVariation":902,"blockName":28,"columns":1755,"blockType":340},"6aac029c43aad2055c8ee420",[1756],{"id":1757,"content":1758},"6aac02a143aad2055c8ee421",{"root":1759},{"type":168,"format":169,"indent":170,"version":4,"children":1760,"direction":28},[1761,1765,1767,1771,1773,1777,1779,1783,1785,1789,1791,1795,1797],{"type":173,"format":648,"indent":170,"version":4,"children":1762,"direction":28,"textStyle":169,"textFormat":485},[1763],{"mode":176,"text":1764,"type":178,"style":169,"detail":170,"format":485,"version":4},"Einen Index nachbilden, ohne alle darin enthaltenen Titel zu kaufen: Die multifaktorielle Methode reduziert Marktfriktionen und wiederkehrende Kosten.",{"type":173,"format":648,"indent":170,"version":4,"children":1766,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1768,"direction":28,"textStyle":169,"textFormat":170},[1769],{"mode":176,"text":1770,"type":178,"style":169,"detail":170,"format":170,"version":4},"Die Performance eines Index nachzubilden wird oft als weitgehend mechanischer Vorgang dargestellt: dieselben Titel zu denselben Gewichtungen kaufen und den Markt den Rest erledigen lassen. Die tägliche Praxis der Verwaltung optimierter Indexportfolios zeigt jedoch ein anderes Bild. Dreissig Jahre optimierter Replikation am Schweizer Markt — die Methode geht auf das Jahr 1995 zurück — bieten genügend Erfahrung, um zwischen Theorie und dem zu unterscheiden, was tatsächlich erreicht wird, sobald Marktfriktionen, Transaktionskosten und operative Zwänge berücksichtigt werden.",{"type":173,"format":648,"indent":170,"version":4,"children":1772,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1774,"direction":28,"textStyle":169,"textFormat":170},[1775],{"mode":176,"text":1776,"type":178,"style":169,"detail":170,"format":170,"version":4},"Grundsätzlich gibt es drei Wege, die Performance eines Index zu reproduzieren. Die erste, die vollständige Replikation, auch „reine“, perfekte oder nahezu perfekte Replikation genannt, besteht darin, alle oder fast alle Titel des Index mit ihren exakten Gewichtungen zu halten. Die synthetische Replikation hingegen basiert auf dem Einsatz von Derivaten, was ein Gegenparteirisiko mit sich bringt. Die hier vorgestellte optimierte Replikation wählt eine Teilmenge der Indextitel aus, um ein Portfolio zu konstruieren, dessen Risikoprofil — und nicht dessen nominelle Zusammensetzung — mit jenem des Benchmarks identisch ist. In breiten Anlageuniversen mit mehreren Tausend Positionen ermöglicht dieser Ansatz eine effiziente und operativ realistische Umsetzung.",{"type":173,"format":648,"indent":170,"version":4,"children":1778,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1780,"direction":28,"textStyle":169,"textFormat":170},[1781],{"mode":176,"text":1782,"type":178,"style":169,"detail":170,"format":170,"version":4},"Der optimierte Ansatz stützt sich auf eine multifaktorielle Marktmodellierung, die auf der finanzwirtschaftlichen Theorie der APT (Arbitrage Pricing Theory) beruht. Das Prinzip besteht darin, die gemeinsamen Kräfte — die Risikofaktoren — zu identifizieren, welche den grössten Teil der Preisbewegungen erklären, und anschliessend ein Portfolio aufzubauen, das gegenüber diesen Faktoren dieselben Sensitivitäten wie der Index aufweist. Das Modell wird monatlich aktualisiert. Das Replikationsziel besteht nicht darin, den Index aus Überzeugung zu übertreffen, sondern nach Abzug der Gebühren eine Tracking Difference von null oder leicht positiv zu erreichen.",{"type":173,"format":648,"indent":170,"version":4,"children":1784,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1786,"direction":28,"textStyle":169,"textFormat":170},[1787],{"mode":176,"text":1788,"type":178,"style":169,"detail":170,"format":170,"version":4},"Warum nicht einfach alle Titel kaufen? Weil die reine Replikation Transaktionen in weniger liquiden Titeln erfordert — und genau dort entstehen die Kosten: Am Schweizer Markt kann bei einem Indexportfolio von 300 Millionen Franken die Preiswirkung der Transaktionen jährlich bis zu 35 Basispunkte betragen. Die optimierte Replikation vermeidet diese Friktion, indem sie die Transaktionen auf eine begrenzte Zahl liquider Positionen konzentriert, welche die dominierenden Risikofaktoren des Index tragen.",{"type":173,"format":648,"indent":170,"version":4,"children":1790,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1792,"direction":28,"textStyle":169,"textFormat":170},[1793],{"mode":176,"text":1794,"type":178,"style":169,"detail":170,"format":170,"version":4},"Über die anfängliche Preiswirkung hinaus erzeugen wiederkehrende Vorgänge — die Wiederanlage von Dividenden und Coupons, periodische Indexanpassungen, Zeichnungen und Rücknahmen — einen kontinuierlichen Strom von Transaktionen. Bei breiten Indizes betrifft jeder Vorgang Dutzende oder gar Hunderte von Positionen. Durch die Reduktion der Anzahl Positionen und die Optimierung der erforderlichen Transaktionen senkt die optimierte Replikation diese wiederkehrenden Kosten strukturell. Dieser Vorteil zeigt sich nicht in einem Drei-Monats-Chart, wohl aber in der kumulierten Nettoperformance über fünf oder zehn Jahre. Die Erfahrung zeigt, dass die Fondsverwaltung mit dieser optimierten Indexierungsmethode über einen Zeitraum von zehn Jahren an den Schweizer Märkten einen Teil der Gebühren kompensieren und an den internationalen Märkten eine durchschnittliche jährliche Nettoperformance von 0,5% erzielen kann.",{"type":173,"format":648,"indent":170,"version":4,"children":1796,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1798,"direction":28,"textStyle":169,"textFormat":170},[1799],{"mode":176,"text":1800,"type":178,"style":169,"detail":170,"format":170,"version":4},"Zwei Prinzipien liegen dieser Methode zudem zugrunde. Erstens die Kostentransparenz: Die den Anlegern belasteten Gebühren spiegeln die tatsächlichen Kosten der Transaktionen wider, die in ihrem Interesse ausgeführt werden müssen, wobei unnötige Replikationsaktivitäten minimiert werden und keine Pauschalkosten anfallen. Zweitens die Stabilität des Ansatzes: Das heute verwendete Optimierungsmodell ist seit dreissig Jahren unverändert. Diese dreissig Jahre Praxis an den Schweizer und internationalen Märkten bestätigen über die Zeit, dass die optimierte Indexreplikation, weit entfernt von einem blossen Kunstgriff, ein robustes und relevantes Instrument bleibt, um einen Index mit minimalen Kosten nachzubilden und historisch eine konstante Performance zu erzielen.",{"id":1802,"colorVariation":461,"blockName":28,"columns":1803,"blockType":340},"6aac02e543aad2055c8ee422",[1804],{"id":1805,"content":1806},"6aac02e743aad2055c8ee423",{"root":1807},{"type":168,"format":169,"indent":170,"version":4,"children":1808,"direction":28},[1809],{"type":173,"format":169,"indent":170,"version":4,"children":1810,"direction":28,"textStyle":169,"textFormat":4},[1811,1813],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},"Thierry Vessereau",{"mode":176,"text":1814,"type":178,"style":169,"detail":170,"format":170,"version":4}," stiess im Juli 2019 zu BCGE Asset Management und wechselte im September 2026 zu Synchrony Asset Management, wo er als institutioneller Portfoliomanager für die passiven und aktiven Fonds der Synchrony-Palette tätig ist. Zuvor arbeitete er von 2005 bis 2019 bei der Bank Pictet & Cie zunächst als Projekt- und Entwicklungsleiter und anschliessend als Investmentspezialist im Bereich Indexation von Pictet Asset Management. Thierry Vessereau besitzt einen Masterabschluss in Informatik sowie einen Doktortitel in Wirtschaftswissenschaften.",{"id":1816,"alt":1817,"landscape":1818,"portrait":28,"folder":1706,"thumbnailUrl":1828,"updatedAt":1843,"createdAt":1844},127,"BCGE_TVE-publications",{"id":1819,"updatedAt":1820,"createdAt":1821,"url":1822,"thumbnailURL":28,"filename":1823,"mimeType":30,"filesize":1824,"width":1825,"height":1825,"focalX":33,"focalY":33,"sizes":1826},343,"2026-07-31T09:18:10.895Z","2026-07-31T09:18:10.738Z","https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_list-1.webp","ThierryVessereau_list-1.webp",55152,800,{"thumbnail":1827,"sm":1831,"md":1835,"lg":1838,"og":1839},{"url":1828,"width":37,"height":38,"mimeType":30,"filesize":1829,"filename":1830},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_list-1-300x200.webp",4632,"ThierryVessereau_list-1-300x200.webp",{"url":1832,"width":43,"height":43,"mimeType":30,"filesize":1833,"filename":1834},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_list-1-640x640.webp",27644,"ThierryVessereau_list-1-640x640.webp",{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_list-1-800x800.webp","ThierryVessereau_list-1-800x800.webp",{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1840,"width":56,"height":57,"mimeType":30,"filesize":1841,"filename":1842},"https:\u002F\u002Fassets.synchrony.ch\u002FThierryVessereau_list-1-1200x630.webp",50798,"ThierryVessereau_list-1-1200x630.webp","2026-07-31T09:18:11.628Z","2026-07-09T15:50:31.325Z","Einen Index nachbilden, ohne die vollen Marktfriktionen zu tragen","Kolumne von Thierry Vessereau -\nErschienen in Allnews - September 2026","2026-09-16T12:00:00.000Z",{"id":4,"name":1706,"slug":1849,"updatedAt":1850,"createdAt":1850},"articles","2026-06-17T07:34:40.868Z","einen-index-nachbilden-ohne-die-vollen-marktfriktionen-zu-tragen","2026-09-18T09:45:11.618Z","2026-09-17T15:10:48.201Z",[1855,2010,2171],{"locale":1856,"altBlogListing":1857,"altArticle":1906},"fr",{"id":4,"colorGroup":1858,"articleColorGroup":1860,"title":1862,"menuImage":1863,"slug":1871,"seo":1872,"heroBackgroundImage":1873,"heroForegroundImage":1888,"heroEyebrow":1896,"heroTitle":1897,"heroContent":1898,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":1905,"updatedAt":182,"createdAt":183,"globalType":184},{"id":6,"name":7,"variations":1859,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":6,"name":7,"variations":1861,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},"Publications",{"id":21,"alt":22,"landscape":1864,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":1865},{"thumbnail":1866,"sm":1867,"md":1868,"lg":1869,"og":1870},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},"publications",{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":1874,"portrait":1881,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":1875},{"thumbnail":1876,"sm":1877,"md":1878,"lg":1879,"og":1880},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":1882},{"thumbnail":1883,"sm":1884,"md":1885,"lg":1886,"og":1887},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},{"id":131,"alt":132,"landscape":1889,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":1890},{"thumbnail":1891,"sm":1892,"md":1893,"lg":1894,"og":1895},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},"PUBLICATIONS","L'actualité\nautrement",{"root":1899},{"type":168,"format":169,"indent":170,"version":4,"children":1900,"direction":28},[1901],{"type":173,"format":169,"indent":170,"version":4,"children":1902,"direction":28,"textStyle":169,"textFormat":170},[1903],{"mode":176,"text":1904,"type":178,"style":169,"detail":170,"format":170,"version":4},"Analyses, points de vue, décryptages : nos publications partagent une vision claire des marchés, des cycles et des mouvements qui les structurent. ",[],{"id":1643,"layout":1907,"previewImage":1998,"title":2006,"excerpt":2007,"publishedDate":1847,"tags":2008,"slug":2009,"updatedAt":1852,"createdAt":1853},[1908,1944,1987],{"id":1646,"colorVariation":239,"backgroundImage":1909,"foregroundImage":1924,"blockName":28,"blockType":256,"eyebrow":1932,"title":1933,"content":1934},{"id":841,"alt":1648,"landscape":1910,"portrait":1917,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1911},{"thumbnail":1912,"sm":1913,"md":1914,"lg":1915,"og":1916},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":1918},{"thumbnail":1919,"sm":1920,"md":1921,"lg":1922,"og":1923},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":1925,"portrait":28,"folder":1706,"thumbnailUrl":1721,"updatedAt":1739,"createdAt":1740},{"id":1713,"updatedAt":1714,"createdAt":1715,"url":1716,"thumbnailURL":28,"filename":1717,"mimeType":30,"filesize":1718,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1926},{"thumbnail":1927,"sm":1928,"md":1929,"lg":1930,"og":1931},{"url":1721,"width":37,"height":38,"mimeType":30,"filesize":1722,"filename":1723},{"url":1725,"width":43,"height":1664,"mimeType":30,"filesize":1726,"filename":1727},{"url":1729,"width":48,"height":1669,"mimeType":30,"filesize":1730,"filename":1731},{"url":1733,"width":75,"height":1656,"mimeType":30,"filesize":1718,"filename":1734},{"url":1736,"width":56,"height":57,"mimeType":30,"filesize":1737,"filename":1738},"16 septembre 2026","Répliquer un indice \nsans subir le marché",{"root":1935},{"type":168,"format":169,"indent":170,"version":4,"children":1936,"direction":28},[1937],{"type":173,"format":648,"indent":170,"version":4,"children":1938,"direction":28,"textStyle":169,"textFormat":170},[1939,1941,1942],{"mode":176,"text":1940,"type":178,"style":169,"detail":170,"format":170,"version":4},"Chronique de Thierry Vessereau, gérant institutionnel ",{"type":1333,"version":4},{"mode":176,"text":1943,"type":178,"style":169,"detail":170,"format":170,"version":4},"Parue dans Allnews - septembre 2026",{"id":1754,"colorVariation":902,"blockName":28,"columns":1945,"blockType":340,"titleStart":169,"titleEnd":169},[1946],{"id":1757,"content":1947},{"root":1948},{"type":168,"format":169,"indent":170,"version":4,"children":1949,"direction":28},[1950,1954,1956,1960,1962,1966,1968,1975,1977,1981,1983],{"type":173,"format":648,"indent":170,"version":4,"children":1951,"direction":28,"textStyle":169,"textFormat":485},[1952],{"mode":176,"text":1953,"type":178,"style":169,"detail":170,"format":485,"version":4},"Répliquer un indice sans en acheter tous les titres : la méthode multifactorielle, qui réduit les frictions de marché et les coûts récurrents.",{"type":173,"format":648,"indent":170,"version":4,"children":1955,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1957,"direction":28,"textStyle":169,"textFormat":170},[1958],{"mode":176,"text":1959,"type":178,"style":169,"detail":170,"format":170,"version":4},"Répliquer les performances d’un indice est souvent présenté comme une mécanique sans grand enjeu : acheter les mêmes titres, aux mêmes poids, laisser le marché faire. La pratique quotidienne de gestion de portefeuilles indiciels optimisés raconte autre chose. Trente ans de réplication optimisée sur le marché suisse - la méthode remonte à 1995 - offrent un recul suffisant pour distinguer ce qui relève de la théorie de ce qui est effectivement réalisé, une fois les frictions de marché, les coûts de transaction et les contraintes opérationnelles intégrés.",{"type":173,"format":648,"indent":170,"version":4,"children":1961,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1963,"direction":28,"textStyle":169,"textFormat":170},[1964],{"mode":176,"text":1965,"type":178,"style":169,"detail":170,"format":170,"version":4},"Trois voies fondamentalement existent pour reproduire la performance d'un indice. La première, la réplication intégrale, dite « pure », parfaite ou quasi-parfaite, consiste à détenir tous les titres ou quasiment tous les titres de l'indice à leurs pondérations exactes. La réplication synthétique repose elle sur la gestion de produits dérivés, ce qui introduit un risque de contrepartie. La réplication optimisée proposée retient un sous-ensemble de titres de l'indice de manière à obtenir un portefeuille dont le profil de risque - et non la composition nominale - est identique à celui du benchmark. Sur des univers larges comptant plusieurs milliers de lignes, cette dernière approche permet une mise en œuvre efficace et opérationnellement réaliste.",{"type":173,"format":648,"indent":170,"version":4,"children":1967,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1969,"direction":28,"textStyle":169,"textFormat":170},[1970,1972,1973],{"mode":176,"text":1971,"type":178,"style":169,"detail":170,"format":170,"version":4},"L’approche optimisée utilise une modélisation multifactorielle du marché, reposant sur la théorie financière de l’APT (Arbitrage Pricing Theory). Le principe est d'identifier les forces communes - les facteurs de risque - qui expliquent l'essentiel des mouvements de prix, puis de construire un portefeuille exposé à ces facteurs avec les mêmes sensibilités que l'indice. Le modèle est actualisé mensuellement. L'objectif de réplication reste de ne pas chercher à surperformer l'indice par conviction, mais d'atteindre un écart de suivi nul, ou légèrement positif, une fois les frais déduits.",{"type":1333,"version":4},{"mode":176,"text":1974,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pourquoi ne pas simplement acheter tous les titres ? Parce que la réplication pure exige de transiger sur des lignes peu liquides, et c'est là que les coûts se nichent : sur le marché suisse, pour un portefeuille indiciel de 300 millions de francs, l'impact des transactions sur les prix peut atteindre 35 points de base annuellement. La réplication optimisée évite cette friction en concentrant les transactions sur un nombre restreint de positions liquides qui portent les facteurs de risque dominants de l'indice.",{"type":173,"format":648,"indent":170,"version":4,"children":1976,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1978,"direction":28,"textStyle":169,"textFormat":170},[1979],{"mode":176,"text":1980,"type":178,"style":169,"detail":170,"format":170,"version":4},"Au-delà de l'impact initial, les opérations récurrentes - réinvestissements de dividendes et de coupons, révisions périodiques de l'indice, souscriptions et rachats - génèrent un flux continu de transactions. Sur des indices larges, chaque opération touche des dizaines voire des centaines de lignes. En réduisant le nombre de positions et en optimisant les transactions nécessaires, la réplication optimisée diminue structurellement ce coût récurrent. C'est un avantage qui ne se lit pas sur un graphique à trois mois, mais qui se manifeste sur une trajectoire cumulée net de frais sur cinq ou dix ans. L’expérience montre que sur une période de dix années, la gestion de fonds avec cette méthode d’indexation optimisée permet de rembourser une partie des frais sur les marchés suisses, et de dégager une performance annuelle moyenne nette de frais de 0.5% sur les marchés internationaux.",{"type":173,"format":648,"indent":170,"version":4,"children":1982,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":1984,"direction":28,"textStyle":169,"textFormat":170},[1985],{"mode":176,"text":1986,"type":178,"style":169,"detail":170,"format":170,"version":4},"Deux principes sous-tendent par ailleurs l'ensemble de cette méthode. D'abord, la transparence des coûts : les frais perçus par les investisseurs reflètent le coût effectif des transactions qu’il leur est nécessaire d’effectuer, en minimisant les activités de réplication inutiles, et sans coûts au forfait. Ensuite, la stabilité de l'approche : le modèle d’optimisation actuellement utilisé est le même depuis trente ans. Ces trente années s de pratique sur les marchés suisse et internationaux confirment sur la durée que la réplication indicielle optimisée, loin d'être un artifice, reste un outil robuste et pertinent pour suivre un indice en minimisant les frais et en dégageant historiquement une performance constante.",{"id":1802,"colorVariation":461,"blockName":28,"columns":1988,"blockType":340},[1989],{"id":1805,"content":1990},{"root":1991},{"type":168,"format":169,"indent":170,"version":4,"children":1992,"direction":28},[1993],{"type":173,"format":169,"indent":170,"version":4,"children":1994,"direction":28,"textStyle":169,"textFormat":4},[1995,1996],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":1997,"type":178,"style":169,"detail":170,"format":170,"version":4}," a rejoint BCGE Asset Management en juillet 2019, puis Synchrony Asset Management en septembre 2026, en tant que gérant institutionnel sur les fonds passifs et actifs de la gamme Synchrony. Auparavant, il a travaillé de 2005 à 2019 à la banque Pictet & Cie comme chef de projet et de développement, puis comme spécialiste d’investissement du service Indexation de Pictet Asset Management. Thierry Vessereau est titulaire d’un master en sciences informatiques et Docteur en économie.",{"id":1816,"alt":1817,"landscape":1999,"portrait":28,"folder":1706,"thumbnailUrl":1828,"updatedAt":1843,"createdAt":1844},{"id":1819,"updatedAt":1820,"createdAt":1821,"url":1822,"thumbnailURL":28,"filename":1823,"mimeType":30,"filesize":1824,"width":1825,"height":1825,"focalX":33,"focalY":33,"sizes":2000},{"thumbnail":2001,"sm":2002,"md":2003,"lg":2004,"og":2005},{"url":1828,"width":37,"height":38,"mimeType":30,"filesize":1829,"filename":1830},{"url":1832,"width":43,"height":43,"mimeType":30,"filesize":1833,"filename":1834},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1840,"width":56,"height":57,"mimeType":30,"filesize":1841,"filename":1842},"Répliquer un indice sans subir le marché","Chronique de Thierry Vessereau, gérant institutionnel - parue dans Allnews - septembre 2026",{"id":4,"name":1706,"slug":1849,"updatedAt":1850,"createdAt":1850},"repliquer-un-indice-sans-subir-le-marche",{"locale":2011,"altBlogListing":2012,"altArticle":2058},"en",{"id":4,"colorGroup":2013,"articleColorGroup":2015,"title":1896,"menuImage":2017,"slug":1871,"seo":2025,"heroBackgroundImage":2026,"heroForegroundImage":2041,"heroEyebrow":1896,"heroTitle":2049,"heroContent":2050,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":2057,"updatedAt":182,"createdAt":183,"globalType":184},{"id":6,"name":7,"variations":2014,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":6,"name":7,"variations":2016,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":21,"alt":22,"landscape":2018,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":2019},{"thumbnail":2020,"sm":2021,"md":2022,"lg":2023,"og":2024},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":2027,"portrait":2034,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2028},{"thumbnail":2029,"sm":2030,"md":2031,"lg":2032,"og":2033},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":2035},{"thumbnail":2036,"sm":2037,"md":2038,"lg":2039,"og":2040},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},{"id":131,"alt":132,"landscape":2042,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2043},{"thumbnail":2044,"sm":2045,"md":2046,"lg":2047,"og":2048},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},"News\nanother way",{"root":2051},{"type":168,"format":169,"indent":170,"version":4,"children":2052,"direction":28},[2053],{"type":173,"format":169,"indent":170,"version":4,"children":2054,"direction":28,"textStyle":169,"textFormat":170},[2055],{"mode":176,"text":2056,"type":178,"style":169,"detail":170,"format":170,"version":4},"Analyses, points of view, insights: our publications share a clear vision of the markets, the cycles and the movements that structure them.",[],{"id":1643,"layout":2059,"previewImage":2159,"title":2167,"excerpt":2168,"publishedDate":1847,"tags":2169,"slug":2170,"updatedAt":1852,"createdAt":1853},[2060,2096,2148],{"id":1646,"colorVariation":239,"backgroundImage":2061,"foregroundImage":2076,"blockName":28,"blockType":256,"eyebrow":2084,"title":2085,"content":2086},{"id":841,"alt":1648,"landscape":2062,"portrait":2069,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2063},{"thumbnail":2064,"sm":2065,"md":2066,"lg":2067,"og":2068},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":2070},{"thumbnail":2071,"sm":2072,"md":2073,"lg":2074,"og":2075},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":2077,"portrait":28,"folder":1706,"thumbnailUrl":1721,"updatedAt":1739,"createdAt":1740},{"id":1713,"updatedAt":1714,"createdAt":1715,"url":1716,"thumbnailURL":28,"filename":1717,"mimeType":30,"filesize":1718,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2078},{"thumbnail":2079,"sm":2080,"md":2081,"lg":2082,"og":2083},{"url":1721,"width":37,"height":38,"mimeType":30,"filesize":1722,"filename":1723},{"url":1725,"width":43,"height":1664,"mimeType":30,"filesize":1726,"filename":1727},{"url":1729,"width":48,"height":1669,"mimeType":30,"filesize":1730,"filename":1731},{"url":1733,"width":75,"height":1656,"mimeType":30,"filesize":1718,"filename":1734},{"url":1736,"width":56,"height":57,"mimeType":30,"filesize":1737,"filename":1738},"16 September 2026","Replicating an index without \ntaking the full market impact",{"root":2087},{"type":168,"format":169,"indent":170,"version":4,"children":2088,"direction":28},[2089],{"type":173,"format":169,"indent":170,"version":4,"children":2090,"direction":28,"textStyle":169,"textFormat":170},[2091,2093,2094],{"mode":176,"text":2092,"type":178,"style":169,"detail":170,"format":170,"version":4},"A column by Thierry Vessereau, Institutional Portfolio Manager ",{"type":1333,"version":4},{"mode":176,"text":2095,"type":178,"style":169,"detail":170,"format":170,"version":4},"Published in Allnews - September 2026",{"id":1754,"colorVariation":902,"blockName":28,"columns":2097,"blockType":340},[2098],{"id":1757,"content":2099},{"root":2100},{"type":168,"format":169,"indent":170,"version":4,"children":2101,"direction":28},[2102,2106,2109,2113,2116,2120,2123,2127,2130,2134,2137,2141,2144],{"type":173,"format":648,"indent":170,"version":4,"children":2103,"direction":28,"textStyle":169,"textFormat":485},[2104],{"mode":176,"text":2105,"type":178,"style":169,"detail":170,"format":485,"version":4},"Replicating an index without buying every single security in it: the multifactor approach reduces market frictions and recurring costs.",{"type":173,"format":648,"indent":170,"version":4,"children":2107,"direction":28,"textStyle":169,"textFormat":170},[2108],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2110,"direction":28,"textStyle":169,"textFormat":170},[2111],{"mode":176,"text":2112,"type":178,"style":169,"detail":170,"format":170,"version":4},"Replicating the performance of an index is often presented as a straightforward mechanical exercise: buy the same securities, at the same weights, and let the market do the rest. The day-to-day reality of managing optimized index portfolios tells a different story. Thirty years of optimized replication in the Swiss market — the method dates back to 1995 — provide enough perspective to distinguish what belongs to theory from what is actually achieved once market frictions, transaction costs, and operational constraints are taken into account.",{"type":173,"format":648,"indent":170,"version":4,"children":2114,"direction":28,"textStyle":169,"textFormat":170},[2115],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2117,"direction":28,"textStyle":169,"textFormat":170},[2118],{"mode":176,"text":2119,"type":178,"style":169,"detail":170,"format":170,"version":4},"There are fundamentally three ways to reproduce the performance of an index. The first, full replication, also called “pure,” perfect, or near-perfect replication, consists of holding all, or almost all, of the securities in the index at their exact weights. Synthetic replication, by contrast, relies on the use of derivatives, which introduces counterparty risk. The optimized replication method selects a subset of the index’s securities in order to build a portfolio whose risk profile — rather than its nominal composition — is identical to that of the benchmark. In broad universes comprising several thousand positions, this latter approach allows for efficient implementation that is operationally realistic.",{"type":173,"format":648,"indent":170,"version":4,"children":2121,"direction":28,"textStyle":169,"textFormat":170},[2122],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2124,"direction":28,"textStyle":169,"textFormat":170},[2125],{"mode":176,"text":2126,"type":178,"style":169,"detail":170,"format":170,"version":4},"The optimized approach uses a multifactor market model based on the financial theory of APT (Arbitrage Pricing Theory). The principle is to identify the common forces — the risk factors — that explain most price movements, and then to build a portfolio exposed to these factors with the same sensitivities as the index. The model is updated monthly. The replication objective is not to outperform the index based on active conviction, but to achieve zero tracking difference, or a slightly positive one, after fees.",{"type":173,"format":648,"indent":170,"version":4,"children":2128,"direction":28,"textStyle":169,"textFormat":170},[2129],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2131,"direction":28,"textStyle":169,"textFormat":170},[2132],{"mode":176,"text":2133,"type":178,"style":169,"detail":170,"format":170,"version":4},"Why not simply buy every security? Because pure replication requires trading in less liquid names, and this is where costs arise: in the Swiss market, for an index portfolio of CHF 300 million, the price impact of transactions can reach 35 basis points per year. Optimized replication avoids this friction by concentrating transactions in a limited number of liquid positions that capture the index’s dominant risk factors.",{"type":173,"format":648,"indent":170,"version":4,"children":2135,"direction":28,"textStyle":169,"textFormat":170},[2136],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2138,"direction":28,"textStyle":169,"textFormat":170},[2139],{"mode":176,"text":2140,"type":178,"style":169,"detail":170,"format":170,"version":4},"Beyond the initial market impact, recurring operations — reinvestment of dividends and coupons, periodic index reviews, subscriptions and redemptions — generate a continuous flow of transactions. In broad indices, each operation affects dozens or even hundreds of positions. By reducing the number of holdings and optimizing the transactions required, optimized replication structurally lowers these recurring costs. This is an advantage that does not show up on a three-month chart, but becomes visible in net-of-fees cumulative performance over five or ten years. Experience shows that over a ten-year period, fund management using this optimized indexing method makes it possible to offset part of the fees in Swiss markets, and to generate an average annual net-of-fees performance of 0.5% in international markets.",{"type":173,"format":648,"indent":170,"version":4,"children":2142,"direction":28,"textStyle":169,"textFormat":170},[2143],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2145,"direction":28,"textStyle":169,"textFormat":170},[2146],{"mode":176,"text":2147,"type":178,"style":169,"detail":170,"format":170,"version":4},"Two principles also underpin the entire method. First, cost transparency: the fees charged to investors reflect the actual cost of the transactions that need to be carried out on their behalf, while minimizing unnecessary replication activity and without flat fees. Second, the stability of the approach: the optimization model currently in use has remained the same for thirty years. These thirty years of practice in Swiss and international markets confirm over time that optimized index replication, far from being an artificial device, remains a robust and relevant tool for tracking an index while minimizing costs and historically delivering consistent performance.",{"id":1802,"colorVariation":461,"blockName":28,"columns":2149,"blockType":340},[2150],{"id":1805,"content":2151},{"root":2152},{"type":168,"format":169,"indent":170,"version":4,"children":2153,"direction":28},[2154],{"type":173,"format":169,"indent":170,"version":4,"children":2155,"direction":28,"textStyle":169,"textFormat":4},[2156,2157],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2158,"type":178,"style":169,"detail":170,"format":170,"version":4}," joined BCGE Asset Management in July 2019, then Synchrony Asset Management in September 2026, as Institutional Portfolio Manager for the passive and active funds in the Synchrony range. Previously, he worked at Pictet & Cie from 2005 to 2019 as Project and Development Manager, then as Investment Specialist in the Indexation team at Pictet Asset Management. Thierry Vessereau holds a Master’s degree in Computer Science and a PhD in Economics.",{"id":1816,"alt":1817,"landscape":2160,"portrait":28,"folder":1706,"thumbnailUrl":1828,"updatedAt":1843,"createdAt":1844},{"id":1819,"updatedAt":1820,"createdAt":1821,"url":1822,"thumbnailURL":28,"filename":1823,"mimeType":30,"filesize":1824,"width":1825,"height":1825,"focalX":33,"focalY":33,"sizes":2161},{"thumbnail":2162,"sm":2163,"md":2164,"lg":2165,"og":2166},{"url":1828,"width":37,"height":38,"mimeType":30,"filesize":1829,"filename":1830},{"url":1832,"width":43,"height":43,"mimeType":30,"filesize":1833,"filename":1834},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1840,"width":56,"height":57,"mimeType":30,"filesize":1841,"filename":1842},"Replicating an index without taking the full market impact","A column by Thierry Vessereau -\nPublished in Allnews - September 2026",{"id":4,"name":1706,"slug":1849,"updatedAt":1850,"createdAt":1850},"replicating-an-index-without-taking-the-full-market-impact",{"locale":2172,"altBlogListing":2173,"altArticle":2222},"it",{"id":4,"colorGroup":2174,"articleColorGroup":2176,"title":2178,"menuImage":2179,"slug":2187,"seo":2188,"heroBackgroundImage":2189,"heroForegroundImage":2204,"heroEyebrow":2212,"heroTitle":2213,"heroContent":2214,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":2221,"updatedAt":182,"createdAt":183,"globalType":184},{"id":6,"name":7,"variations":2175,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":6,"name":7,"variations":2177,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},"Pubblicazioni",{"id":21,"alt":22,"landscape":2180,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":2181},{"thumbnail":2182,"sm":2183,"md":2184,"lg":2185,"og":2186},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},"pubblicazioni",{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":2190,"portrait":2197,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2191},{"thumbnail":2192,"sm":2193,"md":2194,"lg":2195,"og":2196},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":2198},{"thumbnail":2199,"sm":2200,"md":2201,"lg":2202,"og":2203},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},{"id":131,"alt":132,"landscape":2205,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2206},{"thumbnail":2207,"sm":2208,"md":2209,"lg":2210,"og":2211},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},"PUBBLICAZIONI","L'attualità \ndiversamente",{"root":2215},{"type":168,"format":169,"indent":170,"version":4,"children":2216,"direction":28},[2217],{"type":173,"format":169,"indent":170,"version":4,"children":2218,"direction":28,"textStyle":169,"textFormat":170},[2219],{"mode":176,"text":2220,"type":178,"style":169,"detail":170,"format":170,"version":4},"Analisi, punti di vista, chiavi di lettura: le nostre pubblicazioni condividono una visione chiara dei mercati, dei cicli e dei movimenti che li strutturano.",[],{"id":1643,"layout":2223,"previewImage":2316,"title":2324,"excerpt":2325,"publishedDate":1847,"tags":2326,"slug":2327,"updatedAt":1852,"createdAt":1853},[2224,2260,2305],{"id":1646,"colorVariation":239,"backgroundImage":2225,"foregroundImage":2240,"blockName":28,"blockType":256,"eyebrow":2248,"title":2249,"content":2250},{"id":841,"alt":1648,"landscape":2226,"portrait":2233,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2227},{"thumbnail":2228,"sm":2229,"md":2230,"lg":2231,"og":2232},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":2234},{"thumbnail":2235,"sm":2236,"md":2237,"lg":2238,"og":2239},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":2241,"portrait":28,"folder":1706,"thumbnailUrl":1721,"updatedAt":1739,"createdAt":1740},{"id":1713,"updatedAt":1714,"createdAt":1715,"url":1716,"thumbnailURL":28,"filename":1717,"mimeType":30,"filesize":1718,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2242},{"thumbnail":2243,"sm":2244,"md":2245,"lg":2246,"og":2247},{"url":1721,"width":37,"height":38,"mimeType":30,"filesize":1722,"filename":1723},{"url":1725,"width":43,"height":1664,"mimeType":30,"filesize":1726,"filename":1727},{"url":1729,"width":48,"height":1669,"mimeType":30,"filesize":1730,"filename":1731},{"url":1733,"width":75,"height":1656,"mimeType":30,"filesize":1718,"filename":1734},{"url":1736,"width":56,"height":57,"mimeType":30,"filesize":1737,"filename":1738},"16 settembre 2026","Replicare un indice senza \nsubire pienamente il mercato",{"root":2251},{"type":168,"format":169,"indent":170,"version":4,"children":2252,"direction":28},[2253],{"type":173,"format":648,"indent":170,"version":4,"children":2254,"direction":28,"textStyle":169,"textFormat":170},[2255,2257,2258],{"mode":176,"text":2256,"type":178,"style":169,"detail":170,"format":170,"version":4},"Rubrica di Thierry Vessereau, gestore istituzionale",{"type":1333,"version":4},{"mode":176,"text":2259,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pubblicata su Allnews - settembre 2026",{"id":1754,"colorVariation":902,"blockName":28,"columns":2261,"blockType":340},[2262],{"id":1757,"content":2263},{"root":2264},{"type":168,"format":169,"indent":170,"version":4,"children":2265,"direction":28},[2266,2270,2275,2277,2281,2283,2287,2289,2293,2295,2299,2301],{"type":173,"format":648,"indent":170,"version":4,"children":2267,"direction":28,"textStyle":169,"textFormat":485},[2268],{"mode":176,"text":2269,"type":178,"style":169,"detail":170,"format":485,"version":4},"Replicare un indice senza acquistarne tutti i titoli: il metodo multifattoriale riduce le frizioni di mercato e i costi ricorrenti.",{"type":173,"format":648,"indent":170,"version":4,"children":2271,"direction":28,"textStyle":169,"textFormat":170},[2272,2273],{"type":1333,"version":4},{"mode":176,"text":2274,"type":178,"style":169,"detail":170,"format":170,"version":4},"Replicare la performance di un indice viene spesso presentato come un’operazione meccanica priva di particolari difficoltà: acquistare gli stessi titoli, con gli stessi pesi, e lasciare che il mercato faccia il resto. La pratica quotidiana della gestione di portafogli indicizzati ottimizzati racconta però un’altra realtà. Trent’anni di replica ottimizzata sul mercato svizzero — il metodo risale al 1995 — offrono una prospettiva sufficiente per distinguere ciò che appartiene alla teoria da ciò che viene effettivamente realizzato, una volta integrate le frizioni di mercato, i costi di transazione e i vincoli operativi.",{"type":173,"format":648,"indent":170,"version":4,"children":2276,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":2278,"direction":28,"textStyle":169,"textFormat":170},[2279],{"mode":176,"text":2280,"type":178,"style":169,"detail":170,"format":170,"version":4},"Esistono fondamentalmente tre modalità per riprodurre la performance di un indice. La prima, la replica integrale, detta anche “pura”, perfetta o quasi perfetta, consiste nel detenere tutti i titoli o quasi tutti i titoli dell’indice nelle loro ponderazioni esatte. La replica sintetica, invece, si basa sull’utilizzo di derivati, introducendo così un rischio di controparte. La replica ottimizzata proposta seleziona un sottoinsieme dei titoli dell’indice al fine di ottenere un portafoglio il cui profilo di rischio — e non la composizione nominale — sia identico a quello del benchmark. Su universi ampi che comprendono diverse migliaia di linee, quest’ultimo approccio consente un’implementazione efficiente e realisticamente sostenibile sul piano operativo.",{"type":173,"format":648,"indent":170,"version":4,"children":2282,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":2284,"direction":28,"textStyle":169,"textFormat":170},[2285],{"mode":176,"text":2286,"type":178,"style":169,"detail":170,"format":170,"version":4},"L’approccio ottimizzato utilizza una modellizzazione multifattoriale del mercato, basata sulla teoria finanziaria dell’APT (Arbitrage Pricing Theory). Il principio consiste nell’identificare le forze comuni — i fattori di rischio — che spiegano la maggior parte dei movimenti di prezzo, per poi costruire un portafoglio esposto a tali fattori con le stesse sensibilità dell’indice. Il modello viene aggiornato mensilmente. L’obiettivo della replica non è cercare di sovraperformare l’indice sulla base di convinzioni attive, ma di raggiungere uno scostamento di tracking nullo, o leggermente positivo, al netto delle commissioni.",{"type":173,"format":648,"indent":170,"version":4,"children":2288,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":2290,"direction":28,"textStyle":169,"textFormat":170},[2291],{"mode":176,"text":2292,"type":178,"style":169,"detail":170,"format":170,"version":4},"Perché non acquistare semplicemente tutti i titoli? Perché la replica pura richiede di negoziare titoli meno liquidi, ed è proprio lì che si annidano i costi: sul mercato svizzero, per un portafoglio indicizzato di 300 milioni di franchi, l’impatto delle transazioni sui prezzi può arrivare a 35 punti base all’anno. La replica ottimizzata evita questa frizione concentrando le transazioni su un numero ristretto di posizioni liquide che incorporano i fattori di rischio dominanti dell’indice.",{"type":173,"format":648,"indent":170,"version":4,"children":2294,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":2296,"direction":28,"textStyle":169,"textFormat":170},[2297],{"mode":176,"text":2298,"type":178,"style":169,"detail":170,"format":170,"version":4},"Oltre all’impatto iniziale, le operazioni ricorrenti — reinvestimento di dividendi e cedole, revisioni periodiche dell’indice, sottoscrizioni e riscatti — generano un flusso continuo di transazioni. Negli indici ampi, ogni operazione coinvolge decine o addirittura centinaia di linee. Riducendo il numero di posizioni e ottimizzando le transazioni necessarie, la replica ottimizzata diminuisce strutturalmente questo costo ricorrente. Si tratta di un vantaggio che non emerge su un grafico di tre mesi, ma che si manifesta su una traiettoria cumulata al netto delle commissioni nell’arco di cinque o dieci anni. L’esperienza dimostra che, su un periodo di dieci anni, la gestione di fondi con questo metodo di indicizzazione ottimizzata consente di compensare una parte delle commissioni sui mercati svizzeri e di generare una performance media annua netta delle commissioni dello 0,5% sui mercati internazionali.",{"type":173,"format":648,"indent":170,"version":4,"children":2300,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":648,"indent":170,"version":4,"children":2302,"direction":28,"textStyle":169,"textFormat":170},[2303],{"mode":176,"text":2304,"type":178,"style":169,"detail":170,"format":170,"version":4},"Due principi, inoltre, sostengono l’intero metodo. Il primo è la trasparenza dei costi: le commissioni applicate agli investitori riflettono il costo effettivo delle transazioni che è necessario eseguire per loro conto, minimizzando le attività di replica inutili e senza costi forfettari. Il secondo è la stabilità dell’approccio: il modello di ottimizzazione attualmente utilizzato è lo stesso da trent’anni. Questi trent’anni di pratica sui mercati svizzeri e internazionali confermano nel tempo che la replica indiciale ottimizzata, lungi dall’essere un artificio, resta uno strumento robusto e pertinente per seguire un indice minimizzando i costi e generando storicamente una performance costante.",{"id":1802,"colorVariation":461,"blockName":28,"columns":2306,"blockType":340},[2307],{"id":1805,"content":2308},{"root":2309},{"type":168,"format":169,"indent":170,"version":4,"children":2310,"direction":28},[2311],{"type":173,"format":169,"indent":170,"version":4,"children":2312,"direction":28,"textStyle":169,"textFormat":4},[2313,2314],{"mode":176,"text":1812,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2315,"type":178,"style":169,"detail":170,"format":170,"version":4}," è entrato in BCGE Asset Management nel luglio 2019, per poi unirsi a Synchrony Asset Management nel settembre 2026 in qualità di gestore istituzionale dei fondi passivi e attivi della gamma Synchrony. In precedenza, dal 2005 al 2019, ha lavorato presso la banca Pictet & Cie come responsabile di progetto e sviluppo, quindi come specialista d’investimento del servizio Indexation di Pictet Asset Management. Thierry Vessereau è titolare di un master in scienze informatiche e di un dottorato in economia.",{"id":1816,"alt":1817,"landscape":2317,"portrait":28,"folder":1706,"thumbnailUrl":1828,"updatedAt":1843,"createdAt":1844},{"id":1819,"updatedAt":1820,"createdAt":1821,"url":1822,"thumbnailURL":28,"filename":1823,"mimeType":30,"filesize":1824,"width":1825,"height":1825,"focalX":33,"focalY":33,"sizes":2318},{"thumbnail":2319,"sm":2320,"md":2321,"lg":2322,"og":2323},{"url":1828,"width":37,"height":38,"mimeType":30,"filesize":1829,"filename":1830},{"url":1832,"width":43,"height":43,"mimeType":30,"filesize":1833,"filename":1834},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1836,"width":1825,"height":1825,"mimeType":30,"filesize":1824,"filename":1837},{"url":1840,"width":56,"height":57,"mimeType":30,"filesize":1841,"filename":1842},"Replicare un indice senza subire pienamente il mercato","Rubrica di Thierry Vessereau - \nPubblicata su Allnews - settembre 2026",{"id":4,"name":1706,"slug":1849,"updatedAt":1850,"createdAt":1850},"replicare-un-indice-senza-subire-pienamente-il-mercato",1790840684455]