Handover at the Investment Office of Dreyfus Banquiers: Daniel Witschi and his successor Frank Häusler in conversation

Daniel Witschi, Frank Häusler — how would you describe yourselves?

Daniel Witschi: I’m a tenacious analyst who enjoys making economic developments tangible and comprehensible. What interests me are the forces behind the numbers. That curiosity emerged early and deepened during my studies in economics. To this day, I find it genuinely rewarding to distil complex topics down to their essentials.

Frank Häusler: Structured thinking is equally central to me. Since my studies in mathematics, I have been drawn to the question of how analytical methods can be applied meaningfully to financial markets. At the same time, I always keep people at the centre of what I do. That is why personal exchange – with our teams and with our clients – matters so much to me.

What occupies you outside of your professional life?

Daniel Witschi: Many people might be surprised to learn that I am deeply engaged with economic history, baroque music, and egyptology. I am fascinated by how earlier cultures thought and lived. I also value time in nature – walking in the mountains or simply being at home with our cats. And there are certain places I return to again and again, among them Japan and London.

Frank Häusler: My interests tend towards the more active. Climbing, skiing, and trail running help me clear my head. But I am just as happy with a good book or time spent cooking. What we certainly share is a love of travel. Encountering new perspectives and broadening one's view of the world – I find that genuinely enriching.

You come from different professional backgrounds. Which stages of your careers have been most formative?

Frank Häusler: My path began with mathematics at ETH Zurich, followed by a brief period in consulting before I moved into the world of investment. There I had the opportunity to work across very different areas – from institutional mandates and family offices to private clients. I have held a range of roles, from chief executive of a private bank's asset management division to CIO of a family office, to chief strategist and head of portfolio management at Bank Vontobel. That breadth has left a lasting impression. I have experienced investments at many levels from short-term money market instruments to direct investments such as farmland in Latin America and in both operational and strategic capacities.

Daniel Witschi: For me, training in macroeconomics with a focus on monetary theory and policy was foundational. My first role as an economist at Bankverein quickly taught me how cautious one should be with precise forecasts – they can resemble horoscopes more than science. What I consider truly relevant are long-term developments and the question of what consequences they hold for financial markets. That is where more robust and sustainable investment strategies are built.

Looking back at your training and career to date: what continues to shape your view of markets and investment decisions?

Frank Häusler: Over the years, one conviction has consistently proved itself: long-term thinking tends to prevail. In turbulent market phases, it takes genuine resolve to remain calm and resist the temptation to react to every short-term movement. At the same time, one must be willing to question one's own convictions regularly. That balance between consistency and openness continues to guide my approach to investment decisions.

Daniel Witschi: Two experiences have shaped me most. One was my time at Brinson Partners in Chicago and the value-oriented approach practised there. It became clear to me that an investment strategy must not only be theoretically sound – it must also genuinely suit the client. Extended periods of underperformance may be defensible in theory, but they do not work in private banking. The other was witnessing events such as the LTCM collapse in 1998 and the financial crisis of 2008 – both stark reminders of how dangerous strategies become when they promise maximum return and maximum security at once.

What does this change of CIO mean for clients and for the team?

Frank Häusler: The conditions for this transition are, I believe, very favourable. The shared foundation and close collaboration were already in place well before any formal handover. My aim is to continue along the path that has been established – while remaining open to new ideas and developments.

Daniel Witschi: That is why I do not see this as a break, but as a natural evolution. The core principles of our investment philosophy remain intact. And I am genuinely pleased to be able to continue accompanying and supporting Frank in the period ahead.

How would you describe the investment approach of Dreyfus Banquiers to someone who does not yet know the firm?

Daniel Witschi: Our approach rests on insights that have proved themselves across many years and many different market conditions. We make a conscious effort not to be driven by short-term trends or daily headlines. Instead, we focus on long-term developments and on how sustainable returns can be achieved within sensible risk parameters. That also requires the resolve to take a different path when we are convinced it is the right one – as with our global sector approach or our early strategic weighting in gold.

Frank Häusler: We do not orientate ourselves by what other banks are doing or what a benchmark looks like. What guides us are our own convictions and a clear sense of focus. For our clients, this means we do not chase every passing trend.

What matters most to you when it comes to managing risk?

Frank Häusler: Risk is inherent to investing – without it, there is no return. What matters to me is that we only take on risks we genuinely understand and for which we are appropriately compensated. Unnecessary complexity rarely adds value.

Daniel Witschi: It is important that risks can be clearly assessed and that they serve a meaningful purpose within the overall investment strategy.

What does the bank's claim "In trusted hands." mean to you personally?

Daniel Witschi: For me, the claim reflects our commitment to working on a solution until every relevant concern, every objection, and every potential difficulty has been properly addressed. Our clients should feel that their needs are taken seriously and that they can place genuine confidence in the strategy we have developed together.

Frank Häusler: For me, "In trusted hands." means that there can be no standardised solutions. Every client brings different goals, different experiences, and different expectations. The investment strategy must therefore be individually tailored. In wealth management, a one-size-fits-all approach simply falls short.

This interview was conducted in German and has been translated into English.