250 Jahre cpmag


capital private

management ag

Your Asset Management

With That Certain Flair



Horst Pfisterer
CEO and owner
T +41 41 711 41 09


Born 27.11.1963


1984 Swiss Federal Matura* Type E (Economics)

*University entrance qualification examination


01.09.1984 – 30.04.1999 Credit Suisse Private Banking Zurich Head Office, Portfolio Analysis and Management Division


01.09.1984 – 31.12.1985 investment-oriented practical course in various areas such as foreign-exchange trading, stock market, funds, credit and investment consulting


01.01.1986 – 01.08.1989 Commercial Assistant in Portfolio Analysis for institutional and private investors at Credit Suisse Zurich


Various language courses in England and France with certificates


Since 01.01.1989 Member of the Management at Credit Suisse Private Banking


01.09.1989 – 30.04.1999 establishing a new portfolio-management team in the International Clients division and asset-management mandates for overseas clients. Subsequently, head of the Portfolio Management team for the entire Overseas Private Clients division at the Credit Suisse Private Banking head office. Member of management and investment decision board.


Since 01.01.1998 Member of the senior management at Credit Suisse Private Banking


Since 06.01.1999 Asset Manager and CEO at cpm ag, Zug



Michel Welti
Deputy CEO and Partner
T +41 41 711 56 26


Born 15.10.1975


Dipl. Betriebsökonom FH (Bachelor of Science), classical business education with Schweizerische Volksbank, Zurich-Enge branch, foreign-language certificates in English and French


01.08.1994 – 31.07.1996 Swiss Volksbank, Zurich-Wiedikon branch


Financial internship in various areas such as foreign exchange, stock exchange, and money-market trading, securities administration, general corporate activities, and investment advisory in retail banking.

07.1995 – 10.1996 Swiss Army, basic training and further education for cadre position


01.08.1996 – 31.08.1999 Credit Suisse Asset Management, Zurich Relationship Manager Global Investment Reporting (Global Custody), implementation of new and complex institutional client structures with various interfaces within the bank, reporting, and client support


10.1998 – 10.2002 Zurich University of Applied Sciences, Department of Business Administration


01.09.1999 – 31.05.2001 Credit Suisse Private Banking, Zurich Relationship Manager, Independent Asset Manager, acquisition of new clients, presentations, client support


Since 01.05.2001 Asset Manager and Client Advisor at cpm ag, Zug



Irène Saesseli
Asset Manager

T +41 41 711 41 67


Born 25.09.1967


Classical basic business education, language studies in France and the USA


01.04.1991 – 31.12.1998 joined Credit Suisse Private Banking, Zurich Head Office / Middle East Division


01.04.1991 – 31.08.1993 Assistant Relationship Manager, various Middle East countries


01.09.1993 – 31.12.1994  Assistant Relationship Manager, VIP Clients, Middle East


01.01.1995 – 31.08.1996 Relationship Manager VIP Clients Middle East, Deputy Head of VIP Clients


01.09.1996 – 31.12.1998 Relationship Manager Bahrain Region, support and advice for existing clients, acquisition, and travel activities


Since 01.01.1997 Member of the Management


Since 06.01.1999 Asset Manager and Client Advisor at cpm ag, Zug



Reto Kellenberger
Asset Manager

T +41 41 710 76 67


Born 12.11.1977


Certified International Investment Analyst (ClIA), Swiss Certified Financial Planner CFP, classical business education with Credit Suisse, Zurich head office


23.08.1997 – 31.12.1998 Credit Suisse Private Banking, Zurich: Assistant to Independent Asset Managers


01.01.1999 – 31.01.2001 Credit Suisse Private Banking, Zurich: Investment Consulting Assistant to Independent Asset Managers


01.02.2001 – 31.05.2005 Wegelin & Co. Privatbankiers, Zurich: supervisor of external asset managers


As of 01.01.2002 Member of the Management


01.06.2005 – 31.07.2009 Zuger Kantonalbank, Zug: Client Advisor Private Banking, individual and holistic investment advice, acquisition of new clients, member of the in-company Investment Competence Centre

Since 01.08.2009 Interface to Compliance (external), Risk Management, Research + Analysis, and Client Services at cpm ag, Zug





Established in 1999, cpm ag is a financial-services provider independent of banks or other institutions, specializing in active asset management and investment advice for both private and institutional clients.


We place the highest possible value on professionalism, absolute discretion, and mutual trust. A continuous dialogue and comprehensible, transparent investment strategies are prerequisites for this. At present, cpm ag manages around 650 million Swiss francs.



We manage your assets individually and independently according to these criteria. We do not engage in product-oriented private banking. Our focus is on you and your needs and requirements.


We specialize in the active use of written derivatives on equity, equity indices, and foreign-currency holdings, thereby realizing an additional, tax-free premium income and a lower portfolio volatility.


By co-operating with various renowned banking partners such as Zuger Kantonalbank, Zürcher Kantonalbank, UBS, Julius Bär, Credit Suisse as well as Swissquote and BNP Paribas, you additionally benefit from the full range of services offered by these institutions (securities trading, real-estate financing, financial planning, domestic and foreign payment transactions).


cpm ag is a member of the VQF (Verein zur Qualitätssicherung im Bereich der Finanzdienstleistungen). This is a self-regulatory organization recognized by the Swiss Federal Finance Administration FFA within the meaning of the Anti-Money Laundering Act AMLA. In addition, cpm ag is a member of the Industry Organisation for Independent Asset Managers (BOVV).


cpm ag has submitted the application for “Authorization for Institutions under FINIG” (Financial Institutions Act FinIA) to FINMA (Swiss Financial Market Supervisory Authority) in November 2022.


Asset-Management Mandate Classic Version


  • Individual types pf mandate based on your risk profile: fixed income, conservative, balanced, dynamic, equities (reference currencies: CHF, EUR, USD)
  • Risk and return optimization through a targeted use of derivatives
  • Combination of active and passive investment instruments
  • Preferential conditions at all partner banks
  • Low-cost percentage fee for asset-management orders
  • Performance-based asset-management fee with high-water mark (on request)

Asset-Management Mandate Specific Version


  • Bond, equity, and mixed mandates (reference currencies: CHF, EUR, USD)
  • Client-specific benchmarks
  • Definition of tactical bandwidths per asset class based on internal guidelines
  • Risk and return optimization through a targeted use of derivatives
  • Combination of active and passive investment instruments
  • Preferential conditions at all partner banks
  • Low-cost basic percentage fee for asset-management mandates
  • Performance-based asset-management fee with high-water mark (on request)  

Investment Advice without Mandate


  • Discussion and determination of possible transactions
  • First-rate execution of your orders
  • Preferential conditions at all partner banks
  • Benefit from the network and strategies of cpm ag

Tax Calculator


Calculate your annual tax burden with just a few entries. How does a change of residence or a change in income affect your taxes? Simulate different situations and compare them.


Link to the Tax Calculator

CPM Fund

CPM Equity Strategy Fund


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Always available


cpm ag

capital private management ag

Chamerstrasse 26
CH-6300 Zug



Horst Pfisterer: +41 41 711 41 09
Michel Welti: +41 41 711 56 26

Irène Saesseli: +41 41 711 41 67
Reto Kellenberger: +41 41 710 76 67




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Current NAV CPM Equity Strategy Fund (internal calculation): CHF 1'692.01 / 27.02.2024 / 16:37


We have currently "written" call options on almost all equities and ETFs on indices, and we also write new options immediately when they mature. We do not expect interest rates to be cut until mid-2024, which would provide a basis for a more positive stock market trend. Until then, we expect a sideways movement in a range of +/- 6%.


Updated: 12.01.2024


  • Sonova (SOON bougth @288.-), sold Call 280.- Jun. 24
  • SMI ETF, sold Call 11'600.- Jun. 24
  • EuroStoxx ETF, sold Call 4'300.- Mar. 24
  • DAX ETF, sold Call 16'000.- Jun. 24
  • S+P500 ETF SPY, sold Call 435.- Mar. 24 and 470.- Jun. 24
  • ETF Stoxx Europe 600 Telecom (bought @250.-), no Calls written
  • ETF Stoxx 600 Europe Utilitex (bought @375.-), sold Call 400.- Sep. 24
  • Allreal (ALLN bought @182.-), sold Call 160.- Dec. 24
  • Swatch Group Bearer (UHR bought @329.-), sold Call 300.- Mar. 24
  • Logitech sold
  • BKW (BKW bougt @95.-), sold
  • Stoxx600 Oil + Gas, sold Call 350.- Sep. 24
  • Holcim (HOLN bougt @48.-), sold Call 62.- Sep. 24
  • Clariant (CLN bought @22.- via Put), no Calls written
  • sold Call EUR/CHF 1.00 Mar. 24
  • sold Call USD/CHF 0.92 Mar. 24
  • sold Put USD/CHF 0.87 Mar. 24

cpm-commandment 1: Thou shalt not be bound by products. cpm-commandment 2: Thou shalt not believe in secret tips. cpm-commandment 3: Thou shalt not seek the quick yield. cpm-commandment 4: Thou shalt honor your client and not your commission. cpm-commandment 5: Thou shalt be consultant and not salesman. cpm-commandment 6: Thou shalt seek new ways and not follow comfortable paths. cpm-commandment 7: Thou shalt not speak like a specialist but rather like a friend. cpm-commandment 8: Thou shalt not propose what you would not do yourself. cpm-commandment 9: Thou shalt act as if you were your client. cpm-commandment 10: Thou shalt always have time for a detailed talk even without obligation.