E. Gutzwiller & Cie, Banquiers announces the appointment of François Boulte and Amedeo von Habsburg as General Partners.

Basel, Friday, April 23, 2021 – After spending 30 years as a general partner of E. Gutzwiller & Cie, Banquiers, Archduke Lorenz von Habsburg will become a limited partner of the bank, while retaining most of his functions.

In accordance with the succession plan, François Boulte (40) and Amedeo von Habsburg (35) have been appointed general partners, joining François Gutzwiller, Stéphane Gutzwiller and Peter Handschin in the partners’ committee.

The partners of E. Gutzwiller & Cie, Banquiers: “This evolution has been carefully prepared to ensure the continuity of our bank after 30 years of a successful collaboration among the existing partners. François and Amedeo have developed a deep knowledge of all aspects of our business with a particular focus on investing and client relationship. We are delighted to strengthen our partners’ committee while assuring family continuity.”

François Boulte, former managing director of Gutzwiller Fonds Management AG, is the portfolio manager of Gutzwiller ONE, a Swiss registered investment fund: “Since 1886, E. Gutzwiller & Cie, Banquiers stands for quality. As a family member, I am honoured to become a general partner and be part of the future of the bank.”

Amedeo von Habsburg has coordinated the research team and has led strategic projects: “Over the years, the bank has built up remarkable skills and services. It is a privilege to join the partnership and continue to develop the bank while staying faithful to its tradition and values.”

This change occurs as Guillaume Labouchère (40) and Alexandre Maurice (34) have taken leadership positions at Gutzwiller SA Genève and Gutzwiller AG Zurich. Their years of experience in the financial markets will contribute to the strengthening of our position in Basel, Geneva and Zurich.



François Boulte joined E. Gutzwiller & Cie, Banquiers in 2007. Today he focuses primarily on in-vestment research and private wealth management. François started as a buy-side analyst at Gutzwiller Fonds Management AG. Two years later, he became portfolio manager of Gutzwiller ONE, a US equi-ties value fund. In 2010, François became a member of the Gutzwiller Funds executive committee. He was appointed director of E. Gutzwiller & Cie, Banquiers in 2020. François graduated from the Institut Supérieur de Gestion and received an executive certificate on “Value Investing” from Columbia Busi-ness School (Tutelage: Bruce Greenwald).

Amedeo von Habsburg joined E. Gutzwiller & Cie, Banquiers in 2017. Today he focuses primarily on investment research and private wealth management. Before joining the bank, Amedeo worked at McKinsey & Company and Deloitte Consulting LLP on a range of complex business matters. He gained experience in New York and Europe on strategy and corporate finance projects. Amedeo grad-uated from Columbia Business School (MBA) and London School of Economics and Political Sciences.


Macroeconomic News Flash

Quarterly Economic Environment and Outlook

Basel, Q2-2021 (April 2021)


Growth in Switzerland will continue to recover in the first half of 2021. A weak external demand will have a negative impact on the economy. German manufacturing is under pressure with a negative effect across Europe and Switzerland. The Swiss Franc remains a concern, the central bank continues to increase its policy support, also trying to mitigate the effects of a strong currency. The main issue remains the coronavirus pandemic across the world.


The US economy will continue to improve and gain pace. Consumption is stabilising, the labour market conditions are improving and the services sector is accelerating. House prices are stable, residential investment is rebounding. Interest rates will remain very low, growth forecasts are more optimistic. The corporate sector is improving. But weak growth in Europe and the world could hurt export-oriented companies. The economic scenario is more encouraging now, the combined weight of emergency fiscal and monetary measures, the Covid relief bill and government funding plan should alleviate economic pain and allow a sustained rebound in 2021.


Industrial production is recovering slowly. Growth rates will remain low, most countries are still challenged by public debt financing. In Germany, the industry is robust but the service sector is badly hit. Manufacturing companies are planning to reduce workers. Exports and services decline in France, Italy, and Spain raises intense pressure on the governments to continue to add fiscal stimulus. The ECB has made clear its willingness to act without limits, the era of quantitative easing will go on for a long time. Interest rates will remain at very low levels. In the UK, the Bank of England put a new monetary strategy to finance the country’s response to the pandemic. The Chancellor is implementing a wave of new measures following the announcement of a Brexit trade deal with the EU.


The government in Japan is pushing for more growth and the central bank, with its negative interest rate policy, has pledged to expand asset purchases, buying bonds and treasury bills. The public debt is already very high. The economy is stalling, private consumption and public investment weaker. A strong competitive yen increases corporate pessimism. In China, exports growth is better than expected. The economy and domestic demand remain under strong pressure. In India, the new government continues to implement policy changes designed to improve growth.


CHFStable, due to its role as a safe haven currency. The SNB will continue to sell Swiss francs to avoid a further appreciation.
JPYTo remain stable, likely to soften again if there is bank intervention.
GoldWeak, with a rising dollar and US better economic forecasts.

Financial Markets

Interest Rateslowlowlowlowlow
Stock Marketsvolatilevolatilevolatilevolatilevolatile

The aforementioned Economic Environment and Outlook shall not constitute a recommendation or an investment advice. It is not the result of any financial analysis and the “Directives on the Independence of Financial Research” issued by Swiss Bankers Association does therefore not apply.