Pictured: Alexandre Col, Banque Privée Edmond de Rothschild

It is the most difficult of times for Geneva’s private bankers. There are mounting attacks from without on Switzerland’s banking industry and barely concealed fury from within among Swiss investors who bled billions on investments with Bernard Madoff.

Such difficulties make it a fascinating time to visit the investment managers of Banque Privée Edmond de Rothschild (BPER), the Swiss private bank, located in the city’s financial district just a few hundred meters from where Lake Geneva flows into the Rhône. The Rothschild pedigree is reflected in the dimly lit red walls adorned with fine art and portraiture, which provide an introduction to the heritage that envelops the bank’s headquarters in the Rue de Hesse.

Having set up the first fund of hedge funds in 1969 BPER occupies an important place in the history of alternative investments. The early foray into investing in hedge funds, including one run by George Soros, proved a key turning point in transforming a fledgling investment style into a proper asset class.