Piguet Galland Active Prévoyance 25 P

A private bank 3a fund at 1.00% TER. Piguet Galland brings exclusivity, but where are the returns?

Piguet Galland Active Prevoyance 25 P ranks #35 among 90 3a investment funds in Switzerland. It's a conservative fund from Piguet Galland, a Lausanne-based private bank, with 27% equities and 58% bonds. The 1.00% TER is steep for a conservative allocation, and the absence of publicly reported return data makes evaluation nearly impossible. This fund raises more questions than it answers.

What Are You Actually Paying For?

At 1.00% TER on a conservative 27% equity allocation, the math is challenging. Conservative funds typically return 2-4% annually. If this fund delivers 3% per year, the 1.00% TER consumes a third of your gross return. For comparison, frankly Gentle 25 Index offers a nearly identical allocation at 0.44% total cost.

The absence of publicly available 1-year, 3-year, or 5-year performance data is unusual. Most Swiss 3a funds publish this openly. Without return data, you're trusting the Piguet Galland name without evidence that the active management adds value. That's a lot of trust for a 1.00% annual fee.

What Actually Stands Out

Piguet Galland is a genuine Swiss private bank, founded in 1856 and headquartered in Lausanne. The institutional heritage and wealth management expertise are real. For clients already in the Piguet Galland ecosystem, this fund keeps everything under one roof.

The CHF 87 million fund size is adequate. The active management approach allows the team to adjust duration and credit exposure within the bond allocation, which can add value in changing interest rate environments. The fund offers a personalized banking relationship that digital platforms can't replicate.

What Most Reviews Miss

The elephant in the room is transparency. A fund that doesn't publish standard performance metrics in common comparison databases limits your ability to make an informed decision. In 2024, this level of opacity is a red flag, not a feature. Every comparable fund publishes 1Y, 3Y, and 5Y returns openly.

The 1.00% TER on a 27% equity portfolio means you need the active management to add at least 0.50% annually just to match cheaper passive alternatives. Over 20 years, the cumulative fee impact on a conservative portfolio is substantial. Private bank prestige doesn't compound. Returns (minus fees) do.

The Bottom Line

Piguet Galland Active Prevoyance 25 is a niche product for existing private banking clients who value relationship-based investing over cost efficiency. Without published performance data, it's impossible to recommend on merit. For most conservative 3a investors, transparent, low-cost alternatives deliver better accountability. Check our guide to best Pillar 3a products in Switzerland for options with full transparency.

Verdict: A private bank product for existing Piguet Galland clients only. Everyone else should choose a fund that publishes its track record.