The company's purpose is to provide research and analysis services in investments. The company does not act as a financial intermediary, does not accept deposits and does not hold any securities in its name for the account of clients. The company may engage in all activities that are directly and indirectly related to its purposes. The company may hold participations in other companies and register branches and subsidiaries in Switzerland and abroad. The company may acquire, hold and sell real estate. The company may only hold real estate in Switzerland, directly or indirectly, if it has an exclusively commercial or industrial use. The company may provide collateral and issue guarantees, among other things for the direct or indirect benefit of affiliated companies, and lend and borrow funds, among other things to or from affiliated companies.