“During 2008, international stock markets were forced to undergo a thorough period of consolidation. The main reason for the difficult market environment is the cooling down of the global economy and the heavy need for write-downs particularly in the banking and insurance sector. Starting with the new year of 2009, we will allocate the PWM portfolio according to C-QUADRAT Best Fonds Strategy, which invests in five of the most promising and lowly-correlated asset classes (equities, real estate, commodities, bonds and hedge funds) and creates therefore an ideal risk-return profile.”