Swiss Life - Integrated and disciplined investment process

Our monthly investment process, applied to the management of all assets entrusted to us, is based on a macroeconomic scenario developed in-house. The scenario is used by those responsible for the different asset classes to derive a consistent market outlook (synthesis, conclusion). This market assessment is then approved by the Investment Committee and incorporates the key variables (GDP growth, infl ation rates) analysed and projected by our Economic Research team. This analytical part of the investment process determines the allocation decisions across all client segments that is for proprietary (PAM) as well as third party assets (TPAM). Our product experts in Switzerland and abroad are involved in the investment process, enriching it with local expertise, and are represented in the Investment Committee.

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The investment process forms the basis for tactical allocation decisions. In the assessment the individual strategic focus of our customers is taken into account by the responsible portfolio manager who implements the tactical recommendation within the boundaries set by each customer.

The success of our investment process is measured systematically in terms of added value (success controls, performance controls) and is based on the following cornerstones:

Top-down process providing added value by actively implementing tactical asset allocation
Clear differentiation between analysis and implementation as basis for integrated investment process across all customer groups
Market analysis function and performance responsibility for all asset classes and tactical asset allocation held by the same individuals
Clear statement on future market movements based on proprietary fundamental research with systematic measurement of success
Disciplined implementation process with clearly defined scope of leeway