2018 / 2017 / 2016




In this edition of our Quarterly Observation Deck we address the following issues:

  • Value Stocks: time to invest?
  • Emerging Markets: stay away for the time being
  • US Dollar: some supports on the short run but bearish fundamentals on the longer term
  • Commodities: strong disruptions coming from the trade war

Please see the attached PDF

An Introduction to Real Assets

Banque Heritage/Hot Topics


Real Asset investments are increasingly in the financial news headlines today given that valuations of traditional asset classes show signs of overheating, something which leads investors to search for the next source of return that could maintain the portfolio’s performance on the same level as that achieved over the last decade thanks to equities and bonds.

Sanctions contre l’Iran



Following recent events and uncertainties regarding relations notably with the Islamic Republic of Iran, Banque Heritage hereby informs that it does not offer any services related to Iran or any of the jurisdictions which may be subject to collective or unilateral measures taken by third countries.

Banque Heritage would like to reiterate that it acts in accordance with the sanctions and / or embargoes in force.

Appointments to the Board of Directors

Press Release


Banque Heritage has appointed Paul-André Sanglard as Chairman of the Board of Directors. The current Vice-Chairman of the Board assumed his new role on May 1st, 2018. The Board of Directors has also appointed Carlos Esteve as Vice-Chairman of the Board. Founder of the Bank in 1986 and CEO until June 2017 when he handed over the firm’s executive management to his brother Marcos Esteve, Carlos Esteve joined the Board of Directors one year ago. Maître Olivier Vodoz will leave his position of Board Member after serving a longstanding mandate spanning over two decades.

Banque Heritage wishes to express its warmest thanks to Maître Olivier Vodoz, who has marked the Board of Directors of the Bank with his committed personality, his efficiency and his communication skills for more than twenty years. His knowledge of the economic fabric, his rigor, and his expertise have been very valuable to the Bank throughout the years.

Given Paul André Sanglard’s broad experience and vast expertise in the financial and banking fields, the Bank is very pleased with his appointment to Chairman of the Board of Directors. Born in 1950 and of Swiss nationality, Mr. Sanglard holds a PhD in Economics from the University of Geneva. An independent economist with a career highlighted by various public and private mandates, he notably served as Chairman of the Board of the Banque Cantonale du Jura. He currently assumes the Chairmanship of the Board of Directors of the Vaudoises Assurances Group and the Vice-Chairmanship of the Board of Directors of Banque Cantonale Vaudoise.

The combination of his expertise in auditing and financial conduct in various companies with global presence including Nespresso and NestléSkin Health makes Torsten Koster, currently a member of the Board of Directors, an ideal candidate for the Presidency of the Audit and Risks Committee.

The Board of Directors warmly thanks Maître Pierre-Alain Schmidt for his valuable contribution as Chairman of the Board of Directors. Maître Schmidt, a member of the Board since the Bank's inception in 1986, has served as Chairman of the Board for more than 10 years. He continues his mandate as a member of the Board of Directors.

Media Contact: Breckinridge Knapp