Our Take on 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 #34 among 67 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.
Pros
- No custody fee
Cons
- Higher total costs (1.00% p.a.)
- Active management = higher fees
- Limited track record (no 5-year data)
- Smaller fund size
- No swing pricing protection
Product Details
At a Glance
- 27% stocks allocation
- TER: 1.00%
- Actively managed
- No custody fee
Fund Details & Allocation
Fund Details & Allocation
Asset Allocation
Stocks
27%
Bonds
58%
Real Estate
5%
Other
10%
Investment Strategy
Actively-managed fund
Fund Size
CHF 87M
Depositary Bank
Waadtländische Kantonalbank (BCV)
Swing Pricing
No
Fees & Costs
Fees & Costs
TER
1.00%
Custody Fee
Free
Performance Over Time
Historical performance of this investment fund. Past performance is not indicative of future results.
Retirement Projection
Based on max. contribution of CHF 7’258/year, age 30 to 65 (35 years), starting from CHF 0.
Compare to Similar Products
Frequently Asked Questions
- What is the maximum annual Pillar 3a contribution?
- For employees with a pension fund, the maximum is CHF 7,258 per year (2025). Self-employed without a pension fund can contribute up to 20% of net income, max CHF 35,288. These amounts are fully tax-deductible.
- What are the tax benefits of this Pillar 3a product?
- Contributions to Piguet Galland Active Prévoyance 25 P are fully deductible from your taxable income. Interest and returns grow tax-free. You only pay tax at a reduced rate when you withdraw at retirement.
- Can I transfer to Piguet Galland Active Prévoyance 25 P from another provider?
- Yes, you can transfer your 3a balance to Piguet Galland Active Prévoyance 25 P at any time without tax consequences, and Piguet Galland charges no transfer or closure fee.
- Should I choose a savings account or investment fund for my 3a?
- Savings accounts offer guaranteed returns with zero risk — ideal if you're close to retirement. Investment funds provide higher growth potential but with market risk — ideal for 10+ year horizons. Many Swiss residents split their contributions between both.
How We Rated This Product
Piguet Galland Active Prévoyance 25 P was evaluated as a product using our weighted scoring system.
Ratings are updated monthly based on the latest available data. All products are evaluated using the same methodology.
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