Yes 
(might have missed that for quite a while, were it not for this forum)
1 Like
I still find VIAC’s limitations better to understand and work with than Truewealth’s. I think VIAC just doesn’t allow more than 35% of anything with a few exceptions, which often is offset by the fact you can buy the similar funds from UBS and Swisscanto.
Maybe the 35% limitation is to limit the tilt on your portfolio.
There is no limitation for UBS World ex CH
Concentration plays a role, but also Developed vs EM. If it’s the same weight as in their vested benefits non-mandatory for example:
- CH: individual SMI with 20% limit, SPI 35%
- 99% with single developed market possible. CH, but also US, even JP with 3 or more different ones. CA up to 70%, due to only 2 funds available
- EM 20% individual limit, combined 40%. No matter how many you combine.
No advise, just testing 
A very large % of their customers can probably still work with that.
I recently had a dodgy exchange with a VIAC representative trying to explain why their Swisscanto EM fund is traded in USD instead of CHF (which is actually the main currency of the fund).
New reasons were found, as the initial ones turned up baseless. My personal guess is that their owner, WIR Bank, leans on them to continue farming the customers on intransparent FX fees (up to 0.75%). No institutional investor should be paying this much, even retail solutions (e.g. Wise) are much lower.
The representative said VIAC may “critically examine and further develop [their] existing processes”, but I’ll believe it when I see it.
AI translated and cleaned mails
Email 1: Me to VIAC
While reviewing my portfolio, I noticed that CH0117044971 (Swisscanto Emerging Markets) is settled in USD. I looked into the matter and found that this share class is actually bought and sold in CHF (see e.g. prospectus, page 114: “Table to the prospectus: Overview of the characteristics of the sub-funds and their launched share classes”), and that USD is merely an additional subscription/redemption currency.
Since we’re charged fees of up to 0.75% for every currency conversion, I wanted to ask whether there are significant reasons for this. I’m of course aware of the internal optimization angle, but the alternative cost would be close to zero.
Email 2: VIAC to Me
Thank you very much for your message.
You are basically correct in your observation that Swisscanto EM is a CHF share class. According to the fund documentation, however, the USD tranche can also be used as an additional subscription and redemption currency.
The stated transaction currency can differ from the actual share class currency. We prefer to trade the position in the risk currency, as the resulting foreign currency costs are more transparent and easier for us to track.
Reference: Swisscanto (CH) Index Equity Fund Emerging Markets NT CHF – USD | Swiss Fund Data
(Rechtliche Bestimmungen (Disclaimer) | Swiss Fund Data)
Email 3: Me to VIAC
Thanks for the quick reply.
I don’t understand this argument. Practically none of the fund’s holdings are traded in USD (only about 1.65%). Whether USD or CHF, these are converted just as opaquely and inefficiently into TWD, KRW, HKD, INR, etc. within the fund. Funds also don’t tend to pay 0.75% for currency conversion — market currency-exchange costs are close to zero.
There must be some other reason for introducing an additional currency conversion?
Email 4: VIAC to Me
You’re right that the share class currency cannot be directly equated with the underlying portfolio currencies. However, our choice of trading currency isn’t based solely on the fund structure — it also takes into account the trading, liquidity, and settlement processes of our custodian and trading partners.
That said, we’re well aware that currency costs are an important topic for our clients. Together with WIR Bank, we therefore continually review ways to further optimize our processes and reduce foreign currency costs wherever possible.
Thank you very much for pointing this out and for your detailed analysis. Feedback like this helps us critically examine and further develop our existing processes.
5 Likes
Time to move to Truewealth.
2 Likes
Or to Finpension
4 Likes
This is the last negative point of Viac.
They offer 90% of your allocation with fund in chf to avoid forex fees.
They even have registered the UBS World quality etf I submitted them last year.
2 Likes
Yeah and unlike Finpension they don’t charge custody fee on cash! So it’s a better option for someone not 99% stocks.
Plus there are no news about potential mortgage offer from Finpension.
Right, finpension did not follow up on their news.
Still, from my understanding of the recent discussions in this forum, a Viac mortgage, if available, is not the most attractive offer for many people who are in the market for a mortgage, even if they are viac customers.
1 Like