Every country has its particular culinary reputation, shaped by great chefs – those supremely talented people who spend their lives fashioning exquisite, unforgettable dishes. We all need to eat but, to these prodigies, it is equally important to eat well, and every ounce of their considerable creativity is dedicated to two things foremost.
First, anyone who sits down at their table must leave replete and happy. That may be founded on tradition, location, personal memory or style of cooking, but it is a commitment that all top chefs share. Second, ingredients must be the finest they can possibly be. “For me, the most important role is played by the ingredients,” says Heiko Nieder, Head Chef at The Dolder Grand hotel in Zurich. “It is their purity, their smell and taste that inspires me.”
Chef Nieder oversees all the hotel’s restaurants: from Blooms, which serves vegan, vegetarian and organic seasonal cuisine, to Nieder’s gastronomic The Restaurant. In all of them, sourcing the right ingredients, from the hotel’s kitchen garden or local suppliers, and then pairing them in surprising and delightful ways is the chef’s obsession – and the secret of his success.
In this, a celebrated chef has something in common with a top-tier wealth manager – because here, too, the right components, combined in the most ingenious ways, are what count. “In our case, that means different types of asset classes and financial instruments,” explains Yves Bonzon, Group Chief Investment Officer at Julius Baer. “But it’s very similar. If you want a well-balanced and resilient portfolio, this is where you have to start.” For Bonzon, a carefully defined investment strategy, incorporating risk appetite, long-term goals and investment style, is his equivalent of “a chef’s precise act of arranging and balancing each element on the plate”, he says.
There is also the question of balance. Every culinary ingredient must be introduced in the correct proportions, or the dish will not live up to its promise. A chef’s skill is twofold: sourcing the best products, and matching them to best effect. Chef Nieder likes to come up with creations that are surprising, as well as delightful, such as a dish of white chocolate with green olives. “To serve white chocolate with cherry is easy,” he says. “Everybody loves it.” Whereas this unusual combination disconcerts diners at first. “But when they try it, they love it – they realise it's great.”
Similarly, an investment manager needs to reassure clients that the combinations of assets they are suggesting are just the right ones: a portfolio in which assets have been strategically allocated will perform well, even in the face of unexpected external events. Judicious risks are key to investing, just as they should be to a great dining experience. Diverse, complementary assets are the equivalent of the bold variation in flavours and textures that makes up a wonderful dish. And an expert knows when to experiment and when to play safe, on the plate or in the portfolio.
Chef Nieder is proud of his achievements. He and his team have fun in The Dolder Grand’s kitchens, which he has led since 2008, but they know when to get serious. Sometimes rules can be bent and sometimes they can’t, and it is essential to know the distinction at any given point. “Style and presentation – that’s fixed,” says Nieder. “If this is the dish, then it must be like this all the time. Except when we have guests with allergies; then we must be flexible.” That sophisticated understanding of when to flex is vital in managing money, says Bonzon. “We are in the made-to-measure business, obviously,” he says. “But once you have agreed on objectives and the asset allocation that will achieve them, it's important not to change course.” Consistency is key.
Above all, the client must always be front of mind. An investment manager who is reactive and interactive, offering comprehensive updates, personal advice and prompt feedback, will make that client feel as cared for and nourished as if they have been served a wonderful lunch. “I see every plate, I taste every sauce,” says Nieder. But he also checks to ensure that each finished dish looks perfect, because he knows that delicious food tastes twice as good when it is artfully arranged to please the eye, as well as the palate.
Like the investor, the diner needs to feel that they, and their point of view, are an integral part of the experience. Whether the aim is a portfolio that will protect and grow their wealth, or a dining experience that will remain a warm memory for years to come, every individual needs to feel they can approach the table with confidence.
This content was paid for by Julius Baer and produced in partnership with the Financial Times Commercial department.