The inherent misalignment of interest between the (traditional) investment advisor and the client played a significant role in disguising underlying risks and the excesses that followed in the last few years.

Given our 100 percent alignment with our clients, we are prepared to deviate significantly from the benchmark only for defensive reasons in order to protect the client. On the other hand, we do not deviate aggressively by taking excessive risks i.e. in turbulent times we significantly increase our cash and fixed income exposure whereas during bull markets we only slightly overweight equity exposure.