Half Swiss, half Swedish, Adrienne’s path spans South Africa, Switzerland, the UK, Argentina, Peru, and the US. That international ease is a strategic advantage when wealth, family, and jurisdictions meet. “It’s allowed me to be very comfortable and assimilated across cultures,” she says. “Clients recognise that, and it facilitates building trust.”
Adrienne didn’t set out to be a financier. “I studied International Relations and worked for the Swiss Foreign Office,” she says. “Politics and economics are strongly intertwined. My work today with clients is often about translating the complexities of international politics and economics into investable solutions.” Three years ago she joined Julius Baer to build the Alternatives Advisory unit. Today, she leads Fund Advisory across all asset classes.
Investment funds – from jargon to clarity
Types of funds range from mutual funds and exchange-traded funds (ETFs) to index funds, traditional funds in equities or fixed income, hedge funds, and alternative funds in private markets (see “Funds at a glance” below). Adrienne keeps it simple: “A fund is similar to giving an amount of money to somebody else to look after it for you. A professional manager follows a plan and gives you access to many holdings. At heart, funds are practical diversification.”
Because this universe can feel opaque, her job is part translator, part guide. “That’s really why I have a job – explaining the complexities of funds and what role they can play in their portfolio.”
On active and passive management of funds, she takes a pragmatic stance. “Many corners of the market are under-analysed or harder to access – that’s really where active management makes sense. Equally, broad, liquid benchmarks often suit index funds or low-cost ETFs.” The craft is matching instrument to objective, not ideology to portfolio.
As for fees, she’s candid. “Many say that active management is not worth the fee and they prefer passive instruments. This may be true for some funds,” she notes, “but in less-covered niches, the case for skill and access is strong.”
Beyond the mainstream: alternatives that can steady portfolios
What role do alternative investments play? “Alternative investments, particularly private market and hedge fund strategies, are becoming increasingly important parts of a portfolio,” she says. “By only investing in public markets, clients can miss out on a very large and growing part of the economy.”
The role of alternative investments varies depending on the client’s individual situation. “We have very specific tools that we use to grow clients’ portfolios over time.” Suitability matters, she stresses: “Education and risk understanding are prerequisites.” She gives the example of hedge funds. “There’s a misconception that they add risk. In fact, we tend to use them for the very opposite, to manage risk in a portfolio. Often, a client will come to us because they’re uncomfortable with their level of equity exposure. We’ll use equity long and short hedge fund strategies to reduce the market correlation.”
Income-oriented clients also approach her with heavy exposure to fixed income instruments, such as bonds: “When rates come down, clients worry that they won’t receive the same level of income. In those cases, we may add private markets, specifically direct lending, to help maintain income.” In short, complementary, not replacement, allocation.
Adrienne’s smart route to fund selection
When it comes to selecting the right funds, Adrienne has three top tips. Her first is simple. “Work with a reputable bank,” she says. “Not every product meets an institutional standard: portfolio quality, strategy and team consistency, costs and fees. A seasoned gatekeeper with data, relationships, and a stable of proven managers is a genuine edge.”
Second, decide by purpose, not label. What do you want the fund to provide – growth, income, inflation resilience, or stability? Adrienne reframes the single-stock debate: “There’s a perception that single stocks are more tangible but I’m not sure that’s true. Few people know the intricacies of a large multinational company – unexpected things do happen.” Well-chosen funds provide broader diversification, across mutual funds, exchange-traded funds, and, where suitable, alternative funds.
Fund flows heading towards private lending and multi-strategy
Adrienne sees first-hand with private clients how trends within types of funds are shifting. “Within private markets, we’re seeing a move away from committing capital for 8 to 12 years to investing into ‘evergreen’ or perpetual structures,” she explains. The appeal is straightforward: no hard end date, though “closed-end solutions continue to be relevant.” The theme runs across real estate, infrastructure, equity and lending, with “private lending now very much in vogue” as direct lending finances much of the US, and increasingly European, middle market.
On the hedge funds side, the centre of gravity is equally clear. “We’re seeing exponential interest in multi-portfolio-manager, multi-strategy funds,” Adrienne says. “There are a handful of managers with a remarkably consistent, multi-decade track record of barely any losses.” That reliability, with returns “almost entirely uncorrelated to markets” is precisely why demand keeps building.
Scarcity makes access a discipline in itself. “We work quite hard in making sure we obtain capacity in those funds when they do open for new investors,” she says. When the window opens, Julius Baer moves in. “We use them as a core holding,” she says, “to add consistency and stability when equities and fixed income stumble.”
Keeping calm when markets turn choppy
Adrienne believes the perspective motherhood has given her spills into investing. “I’m a mother of two, which forces you to be grounded,” she laughs. “When conversations are challenging, I ask what it means in the larger context. Is the situation really as significant as I perceive it to be in that moment?” Clients hear that calm when markets are volatile. “Taking the longer view and staying patient saves a lot of nerves and stress.”
Bestowing confidence during times of turbulence starts before the phone rings. “We’re proactive, we go to the relationship manager and the client before they come to us.” Transparency is another antidote to anxiety: “We show that we’re on the ball, that we’re talking to our fund managers, and that we continue to be comfortable with the investment, even if the market is a bit wobbly.” When facts change, they act. “If a key fund manager falls ill, for example, we put the fund on hold.”
Active, passive and AI: the road ahead for funds
How does Adrienne see the future of funds? “Gaps are increasing between passive funds and active funds.” Broad, liquid markets – “US large-cap funds, for instance” – will “move to passive” while “European small caps and other, more niche med-tech strategies – where you need a lot of depth and experienced investment personnel – still reward deep, active expertise.”
Will the next generation invest differently? “Dramatically,” she says. “They’re going to invest from their phones or watches and trade much more. Artificial intelligence is also revolutionising access to information and will change investment behaviour.” Yet some foundations endure. “Private banking is intrinsically human, money is emotional, so personal relationships will still matter in the future.”
Asked for the key to successful wealth management, Adrienne doesn’t hesitate. “Deliver portfolio performance, stay close to your clients, move with the times – from digital communication to topics the next generation cares about.” Summing it up, she says, “Fund Advisory is about bringing the right solution to clients at the right time, and making sure they’re comfortable.”