Banca del Ceresio SA
Origin of Banca del Ceresio SA
Banca del Ceresio was founded 1958 in Lugano and is a Swiss private bank with its core activities including asset management, private banking, and investment fund business, particularly in hedge funds. The banking family Foglia wholly owns Banca del Ceresio.
The founders of the Bank are the brothers Gianbattista and Alberto Foglia, who continued the banking tradition of their father, Antonio Foglia. Antonio Foglia was the president of the Milan Stock Exchange in the post-war years.
Banca del Ceresio is considered the first hedge fund specialist in Switzerland. The Bank is working in this field since the early 1960s and since then has a close relationship with George Soros. The Foglia’s are represented as Board Members in George Soros Quantum Fund.
Banca del Ceresio is represented in Italy by Ceresio SIM, established in 2006, which provides securities dealing and private banking services. Two other companies based in Italy are Global Selection SGR, specialized in the management of Fund of Hedge Funds and Eurofinleading, a fiduciary company.
In 1999 Banca del Ceresio acquired Belgrave Capital Management. Belgrave is a London based investment manager, and through Belgrave, Banca del Ceresio is expanding its manager research and asset management capabilities.
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Philosophy and Strategy
Banca del Ceresio’s investment philosophy is focused on the client’s best interest, emphasizing conservative values of prudence, liquidity, and excellence in professional skills. The Bank is also avoiding conflict of interest. The focus is on understanding the client’s situation, needs and wishes to determine the appropriate degree of liquidity and risk for each portfolio.
The philosophy of the Group is to select and research individual talents and not select investment strategies.
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Services and Solutions
Banca del Ceresio Group is specialized in private banking and asset management services for private and institutional clients.
Private Banking
Banca del Ceresio’s superior performance is achieved with an investment approach that combines in-house expertise with the talent of external money managers. The equity and equity-like portions of the client’s portfolios are outsourced to external managers.
The Bank offers:
- Discretionary portfolio management
- Advisory and execution services
- Family office support and advice
Asset Management
Asset management is offered through discretionary managed portfolios.
Capital preservation is achieved through short-term deposits and government securities diversified by currencies. This approach is the defensive portion of the portfolio and has no significant exposure to duration and credit risk.
The aggressive portion of the portfolio is outsourced to some of the best performing and most talented independent money managers in the world. Therefore, Banca del Ceresio has substantial exposure to non-traditional investment, like hedge funds.
To identify the best talents, two essential ingredients are necessary, their expertise in financial analysis and risk management.
The Group’s research team analyses, tracks and meets several hundred managers with different experiences, track records and styles every year.
The approach is applied to managers that operate in the field of alternative investments but also those that expose their talent in more traditional investment styles.
Global Selection Advisors is managing the Selection Holdings funds of funds, and for the Italian market Global Selection SGR manages the Italian domiciled funds of hedge funds.
Belgrave Capital, London manages the multi-advisor Luxembourg SICAV “Vitruvius.” Vitruvius is selecting the most talented fund managers in traditional investments. The managers are innovative in their concept and investment philosophy. Vitruvius allocates each portfolio to one or more external investment advisors.
Investment Services
Banca del Ceresio not only offers its expertise through its range of investment funds but also through:
- Advisory services
- Institutional custody
Risk Management
The Risk Control department issues a quarterly report to the Board of Directors, containing information on the significant risks and the primary controls carried out in the quarter. The overall risk policy is the responsibility of the Board of Directors. The main risks are:
- Credit risk – internal limits are set according to extreme prudent criteria which are monitored continuously. Amounts due from clients are generally secured by the client’s assets held at the bank. The exposure to other banks is restricted to leading counterparties. Exposure to high-risk countries is only taken if the Board of Directors approves it.
- Market risk – Banca del Ceresio has substantial investments in non-traditional funds. Exposure to interest rate is minimal and mainly associated with investments in bonds.
- Liquidity risk
- Operational risk
- Legal & reputational risk
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Added-Value Services
In addition to developing its own Funds of Hedge Funds Banca del Ceresio Group is also co-advisor of Leveraged Capital Holdings and Haussmann, both are among the best performing and oldest funds of hedge funds globally.
The family tradition is continuing with the third generation. Alberto Foglia’s sons Antonio, Giacomo, and Federico are upholding the Group’s values.
The non-profit organization, Fondazione del Ceresio, was founded in 2004 and it aims to support non-profit, charitable initiatives in Switzerland and abroad. The organizations are in the fields of culture, education, science, development, medicine and humanitarian aid.
Banca del Ceresio SA – Facts & Figures
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| Address | Vial della Posta 7, 6901 Lugano |
|---|---|
| Phone | +41 91 923 84 22 |
| Website | www.ceresiobank.com |
| Year of foundation | 1958 |
| Subsidiaries | – |
| No. of employees | 166 |
| Rating | – |
| Chairman | Giovanna Masoni Brenni |
| CEO | Patrick Coggi |
| Eligible Regulatory Capital | 138.344 m CHF |
| Tier 1 Ratio | – |
| Leverage Exposure | – |
| Leverage Ratio | 13.80 % |
| Liquidity Coverage Ratio | 335 % |
| Risk Weighted Assets | – |
| Loans outstanding | – |
| Assets under Management | 10.1 bn CHF |
| Assets under Management / Employees | 60.843 m CHF |
| Net profit | – |
| Net Profit / Employees | – |
| Cost / Income Cost Ratio (CIR) | – |
| Return on Equity | – |
| Own structured products | Yes |
| Foreigners accepted | Yes |
| Presence abroad | Group: Milano, London |
Source: Annual Report 2021
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