Preserving wealth for future generations
Genève · Gérants de Fortune
Boutique asset management and advisory services for high net worth individuals and family offices.
0+
Institutional partnerships since 1986 — Bear Stearns, Pershing / BNY Mellon, Société Générale
Historical U.S. equity premium
~0%
Long-term historical arithmetic premium of U.S. equities over Treasury bonds.
Source: Aswath Damodaran, NYU Stern School of Business, Historical Returns on Stocks, Bonds and Bills, 1928–2025.
Operations-Independence under Swiss supervision
NR & Cie is subject to the surveillance of SO-FIT, the Supervisory Organization for Financial Intermediaries and Trustees, authorized by the Swiss Financial Market Supervisory Authority (FINMA) for the oversight of asset managers under Article 43ss of the FinIA. We meet non-U.S. investors in Switzerland, and custody of assets takes place exclusively with major institutions in the USA and Switzerland.
Major reasons to be invested in financial markets
01
Inflation can erode purchasing power
Inflation erodes the purchasing power of uninvested money every year. Over a decade, even modest inflation turns a standing sum into a shrinking one. Cash loses purchasing power to inflation over time; equities carry their own risks, including periods of significant loss, but have historically compensated long-term holders for bearing them.
02
The equity premium has historically rewarded long-term investors
Over the past century, equities have historically delivered returns several percentage points above bonds. Historically, long-term ownership and diversification have been associated with capturing this equity premium, though outcomes for any individual portfolio or period will vary.
Source: Ibbotson SBBI historical U.S. market return data. Past performance is not a reliable indicator of future results.
03
Returns earn returns/compounding
Time does the heavy lifting. The largest gains in a compounding curve arrive in the later years. For long-term investors, time in the market can be an important consideration alongside valuation, risk and investment objectives.
Equity investing involves risk, including loss of principal, and is not suitable for all investors. The information above reflects historical patterns and should not be read as a projection or recommendation.
Growth of $1,000 · 1926–2025
$1,000 invested a century ago: ~$26K in cash, ~$82K in bonds, ~$12.5M in stocks. Same starting point, different order of magnitude. Over this historical period, the difference in annualized returns resulted in substantially different cumulative outcomes.
Past performance is not indicative of future results. Value of investments can fall as well as rise.
Source: S&P 500 — S&P Dow Jones Indices; Bonds & Cash — Ibbotson/SBBI, 1926–2025
Why the time in the market matters
History of 4 decades alongside the world's leading institutions
Our group has operated in the US markets since 1986 — 18 years with Bear Stearns, and since then with Pershing LLC, a subsidiary of BNY Mellon through Insigneo Financial Group. In Switzerland, we have cooperated with Banque Frank, Piguet Galland, and for the last 2 decades with Societe Generale Private Banking Switzerland, and today with Union Bancaire Privée (UBP).
What we offer
Discretionary Portfolio Management
Our core mandate. We build and manage the family's portfolio for the long run, anchored in a financial plan and designed to be preserved across generations. You delegate the decisions; we answer for them, in person, continuously.
Advisory
For families who wish to remain at the wheel. Medium-term positioning grounded in the same financial planning discipline, with our analysis and recommendations — and your decision.
Brokerage
Execution-only access to our custodial and trading infrastructure, at the institutional terms we have negotiated over four decades.
Investing across
3 horizons
The Long Term — Asset Management & Equities
“Our favourite holding period is forever.” — Warren Buffett. This is where wealth is built. Ownership of productive businesses, held across cycles, compounding across generations. It is the horizon on which our equity portfolios are constructed.
The Medium Term — Fundamental Analysis
“In the short run a voting machine; in the long run a weighing machine.” — Benjamin Graham. Between the noise and the destination lies valuation. Earnings, balance sheets, and the business cycle tell us when prices have drifted from what businesses are worth — and where the next several years favor positioning.
The Short Term — Active & Technical
“Markets can remain irrational longer than you can stay solvent.” — John Maynard Keynes. We treat the short term with respect, not prediction. Option positions, range trading, and hedges are adjusted frequently — to harvest income and manage exposure, never to bet the portfolio on a forecast.
Why families
choose us
Boutique firm by choice
A limited number of families, selected carefully and often known to us for years. Every client speaks directly with the people who manage their capital — frequently, and for decades.
A sophisticated approach under Swiss supervision
A disciplined, long-term methodology based on academic research and refined by decades of market experience. NR & Cie is a FINMA-licensed portfolio manager and is subject to ongoing prudential supervision by SO-FIT, a supervisory organisation authorised by FINMA.
Competitive fees
Trading and custody through US market infrastructure gives our clients access to institutional-level pricing negotiated through our longstanding relationships.
Our own capital, alongside yours
The family portfolio assets are invested in the company. We hold what you hold.
Stock Markets & Economics Program
A robust and informative introduction to finance and the stockmarket, essential for anyone who wishes to understand the investment markets.
NR&Cie Perspectives
Get insights and commentaries on current market developments and research as well as our permanent views on successful investment strategy.
Reflections on the equity risk premium and the Reversion of returns to the mean
Investors attempt in the medium/ long term to take advantage of the extra returns generated by participating as shareholders in the …
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