March 3 (Bloomberg) -- The Swiss Central Bank said it had a loss of 19.2 billion Swiss francs in 2010 ($21 billion) as the euroâs depreciation eroded the value of its currency reserves, forcing the bank to review its distribution policy. The Zurich-based SNB had a profit of 9.96 billion francs the previous year, according to an e-mailed statement today. Exchange-rate losses amounted to 32.7 billion francs, following âthe sharp appreciationâ of the franc against the euro, the dollar and the pound, it said. http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aozaiVfMK.G8
1) I thought they were supposed to be the "best of the best". :eek: 2) What hope is there for others?
It must feel good for Mssr. Hildebrand to go from a being a PM at a small $15bn AUM hedge fund (Moore) to running his own somewhat larger hedge fund (the SNB).
Philipp M. Hildebrand was born on 19 July 1963. After passing his matriculation examination in Zurich, he received his Bachelor of Arts degree from the University of Toronto in 1988. Then followed postgraduate studies at the Graduate Institute in Geneva (1988â1990), the European University Institute, Florence (1992) and at the Center for International Affairs of Harvard University (CFIA), Cambridge (1993). In 1994, Philipp M. Hildebrand received his Ph.D. in International Relations from the University of Oxford. Philipp M. Hildebrand began his professional career in 1994 at the World Economic Forum in Geneva. In 1995, he joined Moore Capital Management in London and New York, where he became a partner in 1997. In 2000, he joined the Vontobel Group in Zurich as Chief Investment Officer before moving to Union Bancaire Privée in Geneva in 2001, where he held the positions of Chief Investment Officer and Member of the Executive Board. On being appointed to the Governing Board of the Swiss National Bank, Philipp M. Hildebrand became Head of Department III (Financial Markets, Banking Operations, Information Technology) as from July 2003. With effect from 1 May 2007, the Federal Council elected him as Vice Chairman of the Governing Board and Head of Department II (Finance, Cash, Financial Systems, Security) in Berne. With effect from 1 January 2010, the Federal Council appointed him to the positions of Chairman of the Governing Board and Head of Department I (Economic Affairs, International Affairs, Legal and Property Services) in Zurich. Philipp M. Hildebrand is a Member of the Board of Directors of the Bank for International Settlements (BIS) in Basel. He represents Switzerland in both the Steering Committee and the Plenary of the Financial Stability Board (FSB). From 2006 to 2007, he was Chairman of the Deputies of the Group of Ten (G10). Since 2008, he has been a member of the Group of Thirty. http://www.snb.ch/en/ifor/media/cvs/id/snb_bodies_board/3 Always good to have some friends in the hedge fund industry if you are failing as SNB president....