 | |
| Company type | private bank [1] [2] |
|---|---|
| Industry | Financial industry |
| Founded | Luzern, Switzerland, 1988 |
| Headquarters | Luzern , Switzerland |
Key people | General partners: Karl Reichmuth, Christof Reichmuth, and Juerg Staub |
| AUM | CHF 8 billion (Swiss Francs) under management (2013) [3] |
| Website | www.reichmuthco.ch |
Reichmuth & Co is a Swiss private bank that was founded in Luzern, Switzerland, in 1988. [4] [5] [6] It was the first private bank created in Switzerland in 80 years. [7] Its general partners are Karl Reichmuth (President, since 1996), [8] Christof Reichmuth (CEO and CIO; Karl Reichmuth's son), [8] [9] [10] and Juerg Staub. [8] [11] As of 2012, it was one of 12 unlimited liability bank members listed by the Swiss Private Bankers Association. [12] It is a prominent major player among Swiss hedge funds. [13]
Contents
Through its Reichmuth Matterhorn fund, it lost $330 million in four hedge funds invested with Bernie Madoff. [6] [14] In December 2008, the fund totaled approximately $3.9 billion, according to chief executive officer Christof Reichmuth, who said: "It’s unbelievable that no auditor, no administrator, no fund manager noticed this fraud. We will have to wait to find out how that was possible." [6] In spite of these losses, Matterhorn returned around 7 percent a year over 13 years. [15]
In 2010, it managed more than CHF 8 billion (Swiss francs), about 25 percent in foreign assets. [15] That year, the company's Chairman predicted that in two or three years the monetary union built around the Euro would break apart. [16]
In 2011, it was planning to set up new funds to replace the Matterhorn Fund, which was being dissolved. [15]
In 2013, it had CHF 8 billion (Swiss francs) under management. [3]
