Archive for 'Switzerland'

Precious Metals Take a Dive in September

Precious Metals Take a Dive in September

Precious Metals Take a Dive in September-Image by digitalmoneyworld via Flickr

Nelson Louie, Global Head of Commodities in Credit Suisse’s Asset Management division, said, “Investor and consumer sentiment has continued to deteriorate and this may further impact the rate of economic growth.  However, fundamentals for certain commodities remain positive.  Prices will continue to be sensitive to exogenous shocks (i.e. labor unrest, geo-political risk, weather related disruptions) in the face of tightening global supplies and higher demand over the last several years.  While investors have been increasingly focused on a possible sharp China slowdown this year, the main source of volatility in commodities demand over the coming months may be derived from European economies rather than from China.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “Overall, fiscal and monetary policies in the US and Europe are expected to remain accommodative.  In addition, the amount of easing and the length of the stimulus period are likely to increase as policy makers continue their debate.  Such measures will most likely increase the odds of greater-than-expected inflation over time.  The reconciliation of these issues can impact traditional asset classes and commodities in different ways.  We believe investors will continue to benefit from the long term diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was down by 14.73% in September.  Overall, 17 out of 19 index constituents decreased in value.  Industrial Metals was the worst performing sector, given the sector’s high correlation with global growth, ending the month down 20.06%.  Signs continued to suggest growth would slow in the developed world while worries over the sustainability of China’s growth intensified.  Chinese and European Purchasing Managers Index (“PMI”) readings came in weaker than expected.  However, Chinese trade data has continued to hold up thus far.  Refined Copper imports continued their recovery from April’s lows; Aluminum imports rose sharply, turning China once more into a net importer; and Zinc imports climbed strongly month-on-month.  Agriculture ended the month lower, losing 18.97%, as grains led the complex lower on improved weather conditions and better-than-expected inventories.  Precious Metals also ended the month lower, losing 15.61%, led by Silver. The flight to US Treasuries and demand for US dollars towards the end of the month resulted in Gold being liquidated alongside other assets.  The Energy sector posted a loss of 11.23%, with all components trading lower.  While global Crude Oil demand growth has slowed from the high base of last year, fundamental data releases remain broadly supportive for the crude complex and demand remains healthy versus historical standards.  Livestock was the strongest sector, gaining 7.65% for September due to continued strong export demand and falling grain prices.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of the team’s white paper, “Commodities Outlook: Increased Volatility, Increase Opportunity?“, please email csam.commodities@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for 17 years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using both a quantitative and qualitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of September 30, 2011 the team managed approximately USD 10.1 billion in assets globally.

An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.  Investment in commodity markets may not be suitable for all investors. Commodity markets are highly volatile and the risk of loss in commodities and commodity-linked investments can be substantial.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,700 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Certain risks relating to investing in Commodities and Commodity-Linked Investments:   Exposure to commodity markets should only form a small part of a diversified portfolio. Investment in commodity markets may not be suitable for all investors. Commodity investments will be affected by changes in overall market movements, commodity volatility, exchange-rate movements, changes in interest rates, and factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Commodity markets are highly volatile. The risk of loss in commodities and commodity-linked investments can be substantial. There is generally a high degree of leverage in commodity investing that can significantly magnify losses. Gains or losses from speculative derivative positions may be much greater than the derivative’s original cost. An investment in commodities is not a complete investment program and should represent only a portion of an investor’s portfolio management strategy.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Swiss TV traveled to Las Vegas, NV to interview Kenneth Lowman, the Broker/Owner of Luxury Homes of Las Vegas, for a story about foreclosed homes in the high-end of the United States real estate market.  Swiss TV found Kenneth Lowman through several of his national and international web site promotions at www.luxuryhomesoflasvegas.com and selected him after seeing his expertise and knowledge in the marketplace.

Swiss TV is the primary public broadcaster for the country of Switzerland.  They have three channels and a Washington, D.C. bureau that covers news, politics, and other U.S. based stories for nightly news programs in Zurich, Geneva and Lugano.  Sylvie Deroche, producer for Swiss TV, said, “we are pleased to have Kenneth Lowman in our story as it was obvious to us he has the pulse on the luxury real estate market in Las Vegas.”

Kenneth Lowman was recently featured on a Fox News story about the Las Vegas luxury real estate market.  His innovative marketing has led to notable accomplishments that include selling a luxury estate home for over $1,047 per square foot, a record in the Las Vegas valley, selling a $7,000,000 luxury property, one of the highest sales in the marketplace in the past two years, selling a $4,200,000 luxury home in just 1 day, and leading the sales of luxury homes in the Las Vegas area with a 35% share of the market in the sale of luxury homes over $1 million.

Ken Lowman, Broker and Owner of Luxury Homes of Las Vegas, has over 21 years of experience in a star studded career specializing in higher-priced, luxury homes.  Lowman was recently selected as “One of the Most Dependable Luxury Real Estate Professionals of The West” by Goldline Research, an independent research firm specializing in evaluating professional service firms.  This recognition was published in Forbes Magazine.  Because the Southern Nevada luxury real estate market pivots on Ken’s home sales, he’s perceived as a barometer for the national media and has been featured on “The Today Show,” “Fox Business,” “Nightline,” “EXTRA” and “Inside Edition.”  Luxury Homes of Las Vegas is located at 7854 W. Sahara Ave., Ste. 100, Las Vegas, NV 89117.  For more information, call 702-216-HOME (4663) or 866-210-7620 or visit www.luxuryhomesoflasvegas.com.

Contact: Kenneth Lowman
(702) 216-4663
klowman@luxuryhomeslv.com

Web Site: http://www.luxuryhomesoflasvegas.com

Commodities Keep Rolling Along

Commodities posted gains in April despite mixed macroeconomic conditions. Prices were supported by increased inflation expectations and ongoing tensions in the Middle East.

Nelson Louie, Global Head of Commodities at Credit Suisse Asset Management, said, “Prices of risky assets generally increased for the month of April, while the US dollar continued to weaken. Precious metals once again took the spotlight in April, posting strong gains amidst currency uncertainty. Investor focus shifted towards the US debt burden, after Standard & Poor’s put the US on negative watch for the first time. Meanwhile, other countries, such as the UK, France and Germany, have also taken steps to address deficit reduction issues. Concerns over accelerated inflation in various parts of the world, and the future plans of troubled European nations, added to the risk premium for precious metals, while the ongoing situation in the Middle East coupled with strong export demand pushed Crude prices higher.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy, added, “With economies around the world improving, and continued extraordinarily loose monetary policy in the United States, odds of inflation overshooting historical levels and expectations remain elevated.  We believe investors will continue to benefit from the diversification benefits that commodities provide.”

The Dow Jones-UBS Commodity Index Total Return was up by 3.46% in April.  Overall, 11 out of 19 index constituents increased in value, with Precious Metals serving as the strongest sector as both Gold and Silver increased. Energy continued to fare well in April, gaining 5.90%, with Gasoline and Crude Oil leading the way, up 8.92% and 6.08% respectively.  Agriculture was neutral with mixed performance from its components. Gains on Corn (+7.70%) and Coffee helped to offset losses from Cotton and Sugar.  The Industrials Metals sector was down slightly, declining 0.50% for the month.  Concerns remain that Chinese economic growth may slow, curbing base metals demand.  Livestock was the worst performing sector, down 7.12%, erasing its gains from the first quarter when it was the Index’s top performing sector.  Lean Hogs fell 8.32% while Live Cattle declined 6.30% due to signs that consumers were curbing demand amid higher retail prices.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of their white paper, “How Commodities Can Help Investors Face the Uncertainty of the Inflation/Deflation Debate“, please email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of April 30, 2011 the team managed approximately USD 10.7 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,100 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2011, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

CONTACT: Katherine Herring, Corporate Communications, Credit Suisse, +1-212-325-7545, katherine.herring@credit-suisse.com

Web Site: http://www.credit-suisse.com

Business Success Revealed by Senior Executives

More than 90 percent of senior executives across 22 countries say their organization’s success depends on managing today’s complex business issues, primarily the regulatory landscape and information management, but less than half believe the actions they are taking to manage complexity have been very effective, says a new study from KPMG International.

The study, Confronting Complexity: How business globally is taking on the challenges and opportunities, revealed that 70 percent of executives believe increasing “complexity” – caused by regulatory compliance, information management, government oversight, changing operating models, speed of innovation, tax policy and other factors – is among their company’s biggest challenges.

“Powerful forces have reshaped the global business landscape in the last few years, accelerating the rise of complexity as a source of challenge, change, risk, unpredictability and even opportunity that  executives must understand and embrace with new tools and skills in order to succeed,” said Timothy P.  Flynn, Chairman of KPMG International, the global network of professional services firms providing Audit, Tax and Advisory services.

The KPMG global study, which consisted of interviews with 1,400 senior executives in 22 countries globally, found that at least seven out of ten executives believe complexity can create new opportunities for their businesses, including gaining competitive advantage, creating better strategies, expanding into new markets and improving efficiencies.

“The KPMG research indicates that although complexity and its challenges are placing increasing pressures on organizations, opportunities really do exist for those who can think differently and turn potential hurdles to their competitive advantage.  Indeed, we see businesses increasing their  focus on managing complexity to be better positioned to capture the opportunities,” Flynn added.

Some of the top-line findings of the KPMG global study also suggest that:

  • Complexity is global – reaching across both mature and developing markets, as well as across industry sectors.
  • Complexity is increasing — three quarters of the respondents say complexity has increased for their organizations over the past two years, and a majority expect things to become even more complicated in the coming two years.
  • Complexity is not static – about half of respondents expect the causes of complexity to shift over the next two years, and a majority say their companies will need to take different or additional actions to manage complexity.
  • Increased risk is the greatest challenge presented by complexity, along with increased costs and the need for new skills.

Businesses Taking Action to Address Complexity

The KPMG research shows that business is taking significant actions to address complexity, particularly in the areas of information management, business organization and human resources.  But success has been mixed with only a minority finding the actions they have taken to be very effective in addressing complexity.

The most effective actions taken according to the research have been improving information management, business reorganization, investing in new countries or geographies, and conducting mergers or acquisitions, but still, fewer than half of executives say these actions have been very effective.

“Business needs the ability to manage simply, continually streamline, not create internal bureaucracy, and be good at executing,” said Alan Buckle, Global Head of Advisory for KPMG’s network of firms.  “We find that organizations are most successful when they keep their business models simple and don’t create more complexity of their own with the actions they are taking.”

Regulation and Technology are Key Factors

Regulation is identified in the research as the leading cause of complexity globally, cited by almost three-quarters of executives surveyed.  Closely related to regulation, government oversight is identified by 60 percent of respondents as a leading cause of complexity.  The research reveals one of the driving issues with regulation to be global inconsistency; in fact, close to 90 percent of respondents say governments should work together to make the global regulatory environment less complex.

The research also shows technology to be a critical issue, both as a cause of complexity and a key solution.  Information management is the second-most identified cause of complexity in the survey as well as the top focus for businesses in addressing complexity.

Speed of innovation is also shown to be a growing cause of complexity, particularly in developing economies.  Looking out two years, a majority of executives surveyed expect the speed of innovation to be an even more important cause of complexity for their businesses.

Complexity is Creating Critical Need for New Skills

The need for new skills to manage complexity is a key challenge for business according to the research, identified by more than three-quarters of executives globally.  Not surprisingly, the need for new skills to address complexity most impacts the technology sector, where more than 80 percent say it is a top challenge.  Geographically, the need for new skills is shown to be particularly acute in Brazil, China and Japan, where 90 percent of executives surveyed identify it as a critical challenge.

“The need for new skills reflects the challenges businesses are facing in addressing complexity and leveraging it to their advantage,” said Flynn.  “There are many drivers of complexity and organizations need to be agile, adopting specific strategies with the right talent and resources to respond.”

Note to editors:

KPMG commissioned Lighthouse Global to carry out a study of the causes and impact of complexity among large companies – 40 percent of the companies have global revenues of US $1 billion or more – in 22 countries.  Interviews were conducted with 1,400 senior executives including CEOs, CFOs and finance directors.  The research was conducted across a range of industry sectors between October and December 2010 in the following countries: US, Brazil, Canada, Mexico, UK, Denmark, France, Germany, Ireland, Italy, Netherlands, Spain, Sweden, Switzerland, Russia, South Africa, China, India, Japan, Singapore, South Korea and Australia.

About KPMG International

KPMG is a global network of professional firms providing Audit, Tax and Advisory services.  We operate in 150 countries and have 138,000 people working in member firms around the world.  The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Contact:
Ken Kerrigan 212-445-8207
(Weber Shandwick)
Deborah Primiano 201-307-8495
KPMG LLP

CONTACT: Ken Kerrigan, Weber Shandwick, +1-212-445-8207; or Deborah Primiano, KPMG LLP, +1-201-307-8495

Gold Bullion and Gold Coins Becoming Scarce as Demand Increases

Gold Bullion and Gold Coins Becoming Scarce as Demand Increases-Image via Wikipedia

Swiss gold francs where minted from 1896 to 1949 with the majority of these gold coins already in private ownership. These gold francs are favored in the international marketplace as Switzerland maintains one of the highest reputations for quality minting. Gold dealers worldwide have seen the inventory of these Swiss coins dwindle as gold prices soar and gold investors are placing larger orders.

The Swiss franc is not the only gold investment to feel the pressures of supply and demand. Recently, and anonymous Swiss buyer purchased a large order of Krugerrands from the Rand Refinery in Africa causing a shortage until mid-September. This event defined the current gold market strain as the gold Krugerrand is the most widely traded gold bullion on the market today.

Gold dealer Regal Assets has recently expanded its offering to accommodate American buyers seeking specific gold bullion and gold coins. Regal now offers the British gold sovereign and French gold francs which are similar in gold content and value to the Swiss franc. All of these world gold coins are internationally recognized and are traded in every country in the world.

The demand for gold can be felt on a local level here in the United States as by law the US has to produce the American Gold Eagle coins to meet requested requisitions. The US mint has stopped producing fractional gold along with suspending the production of 24k buffalo gold coins and gold proof coins so that the gold American Eagles can be produced to keep up with public demand.

Regal Assets is encouraging its clients to take advantage of what’s available on the market today. Regal currently has all gold options available to include the Swiss gold franc and the Krugerrand. Americans can have gold ship direct to their homes for physical delivery by calling 1-888-700-9887 or buy gold online at http://www.RegalGoldCoins.com.

Investor Optimisim Continues with Commodity Markets

Investor Optimisim Continues with Commodity Markets

Commodity markets continued to gain in October as investor sentiment stayed positive as the likelihood of further rounds of quantitative easing gained momentum. In determining commodity prices over the long term horizon, fundamental supply and demand dynamics are expected to take priority over macroeconomic data as the global economy continues to mend.

Nelson Louie, Global Head of Commodities at Credit Suisse Asset Management said, “Fundamental factors drove much of the strong returns in October.  While we expect fundamentals to play an increasingly strong role as economic conditions continue to normalize, the importance of global macroeconomic developments cannot be underestimated.  While the exact implications of the efforts to aid economic recoveries taking place in developed economies are unclear, these actions suggest that the odds of greater than expected inflation over time have increased.”

Christopher Burton, Senior Portfolio Manager for the Credit Suisse Total Commodity Return Strategy added, “Indicators of economic growth and activity remain mixed.   Emerging Market economies, as well as a small group of developed ones like Germany and Australia, have demonstrated robust growth, while growth in the US continues to improve at a slower pace than is typical of recoveries.  Increased attention to quantitative easing and atypical support measures by the Federal Reserve was a key factor driving the dollar lower relative to most foreign currencies.  As investors consider the perils of deflation, unexpected inflation may be a result of such stimulative measures.  In an environment characterized by unexpected inflation, commodities have tended to prove their greatest worth.”

The Dow Jones-UBS Commodity Index Total Return rose 4.98% in October, bringing the year-to-date performance to 5.92%. Overall, 13 of the 19 index constituents increased in value.  Agriculture commodities were pushed higher by tight supply levels and poor weather conditions – seen most prevalently in Cotton and Sugar.  Economically sensitive commodities, especially those in the industrial metals complex, were mixed on varied macroeconomic data; Zinc increased by 10.06% while Aluminum and Nickel finished the month lower, down 0.71% and 1.87%, respectively.  The Precious Metals sector, the best performing group year-to-date, had another positive month.  As further quantitative easing measures moved closer to fruition, Gold and Silver rallied in anticipation of a weaker US Dollar.  Gold and Silver both finished higher in October, returning 3.68% and 12.58%, respectively.  The sector gained on heightened uncertainty regarding the global outlook, coupled with rising fears of global fiat currency debasement.

The Credit Suisse Total Commodity Return Strategy group periodically produces updates on relevant industry topics. For a copy of their latest white paper, “Capitalizing on Any Curve: Clarifying Misconceptions About Commodity Indexing”, please email ir.betastrategies@credit-suisse.com.

About the Credit Suisse Total Commodity Return Strategy

Credit Suisse’s Total Commodity Return Strategy has been managed for fourteen years and seeks to outperform the return of a commodities index, such as the Dow Jones–UBS Commodity Index Total Return or the S&P GSCI Total Return Index, using a quantitative commodity research process. Commodity index total returns are achieved through:

  • Spot Return: price return on specified commodity futures contracts;
  • Roll Yield: impact due to migration of futures positions from near to far contracts; and
  • Collateral Yield: return earned on collateral for the futures.

As of October 31, 2010 the team managed approximately USD 6.8 billion in assets globally.

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 50,500 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

Asset Management

In its Asset Management business, Credit Suisse offers products across a broad spectrum of investment classes, including hedge funds, credit, index, real estate, commodities and private equity products, as well as multi-asset class solutions, which include equities and fixed income products. Credit Suisse’s Asset Management business manages portfolios, mutual funds and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 19 countries, Credit Suisse’s Asset Management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the world.

All businesses of Credit Suisse are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.

Important Legal Information

This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

Certain information contained in this document constitutes “Forward-Looking Statements” (including observations about markets and industry and regulatory trends as of the original date of this document), which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe”, or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties beyond our control, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Credit Suisse has no obligation to update any of the forward-looking statements in this document.

Copyright © 2010, CREDIT SUISSE GROUP AG and/or its affiliates.  All rights reserved.

SOURCE Credit Suisse AG