Emil Aerne, who graduated in business and banking administration at the University of St. Gallen, is Senior Portfolio Manager and a member of the Investment Committee, where he is responsible for the European Stock Market. He is also responsible for our European Stock Portfolio. Following his graduation in business and banking studies, he gained over 25 years experience as a private client consultant and Portfolio Manager for private and institutional clients. Before joining Salmann Investment Management AG, he had already worked in Portfolio Management for many years with our subsidiary at the time, P.R.P. Performa AG, in Vaduz. He has worked for Salmann Investment Management AG since 2002.