Credit Suisse: pension assets of the GEMINI Collective Foundation not at risk

On Sunday, 19 March 2023, UBS announced its takeover of Credit Suisse. In response to various enquiries, we would like to assure you that the current situation at Credit Suisse does not pose any risk to the pension assets of the GEMINI Collective Foundation.

Information concerning business relationships and investments

The GEMINI Collective Foundation holds liquidity with several banks, among them Credit Suisse, for the purpose of managing its mandates and individual affiliations. Any liquidity held on Credit Suisse accounts will be taken over by UBS.

The GEMINI Collective Foundation 1e exclusively conducts business with UBS.

Investments in Credit Suisse equities and bonds

The GEMINI Collective Foundation held an extremely small investment in the AT1 convertible bonds issued by Credit Suisse, which have ceased to have any value, while the GEMINI Collective Foundation 1e is not invested in AT1 convertible bonds at all.

Minor CS bond positions are held by both the GEMINI Collective Foundation and the GEMINI Collective Foundation 1e. However, the valuation of the bonds has reverted to a normal level since the takeover by UBS.

The GEMINI Collective Foundation and the GEMINI Collective Foundation 1e also have small positions in CS equities, but the change in their value has had no significant effect on their broadly diversified portfolios.