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CAIA Zurich - Real Estate Fundamentals and Market Cycles: Considerations in Asset Allocation Decisions
Date(s):
November 19, 2025
Note: All times listed are in local time
Venue:Swiss Life
General-Guisan-Quai 40 Zurich, ZH 8022
Fee(s):Free Event
Description:CAIA Zurich Real Estate Fundamentals and Market Cycles: Considerations in Asset Allocation Decisions CAIA Zurich, in collaboration with CFA Society Switzerland and Swiss Life Asset Managers, cordially invites you to an exclusive event focused on Real Estate investing, with a special emphasis on asset allocation perspectives. Understanding Real Estate market cycles is of great importance in portfolio construction and ongoing monitoring of asset allocations. In this panel, we will look at fundamental drivers of Real Estate values and pricing, as well as current market sentiment. Our expert speakers will reflect on recent market data, compare Switzerland to International Real Estate markets, discuss opportunities and challenges in the different property segments, and elaborate on specific risk-return-profiles in the capital structure. The panelists will share further insight on lessons that can be learnt from previous market cycles as well as emerging trends driven by technological innovation and sustainability AGENDA 18:00 - Registration
18:30 - Welcome by CAIA Zurich and CFA Society Switzerland
18:35 - Introduction to Real Estate as an Asset Class presented by Zoltan Szelyes, CAIA, CFA, CEO at Macro Real Estate AG
18:45 - Panel Discussion on Real Estate Fundamentals and Market Cycles: Considerations in Asset Allocation Decisions, in collaboration with: - Hardy Rohr - Co-Head Business Development Real Estate Switzerland at Swiss Life Asset Managers
- Claudia Emele, PhD - CEO at Avadis Investment Foundations
- Andrew Angeli - Global Head of Real Estate Research & Strategy at Zurich Insurance
Moderator: Anna Zennaro, CFA - Professional Learning Committee member at CFA Society Switzerland
19:35 - Q&A
19:45 - Aperitif & networking Please register early for this event as space is limited. Important notes before the event: - This event is organized by dedicated CAIA members, who generously volunteer their personal time. Should you decide to register, we greatly appreciate your commitment to attending.
- If you find that you are unable to attend, please inform us at least 48 hours before the event. Your timely cancellations enable us to offer your spot to someone on the waitlist and help minimize food and energy waste
- Kindly note that registrations must be completed in advance, as walk-ins will not be permitted. Given the event's limited capacity, we encourage you to register as early as possible to secure your spot. If the attendance limit is expanded, we will promptly notify you.
- Registering a guest is possible but complete Guest’s details must be filled in. In case of overbooking, priority will be given to CAIA Members.
Thank you for your understanding and cooperation.
If you have questions or concerns regarding registration for this event, please contact CAIA EMEA Chapter Relations. This event is organized in collaboration with:
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Andrew Angeli
Job Title: Global Head of Real Estate Research & Strategy
Organization: Zurich Insurance
Speaker Type: Panelist
Andrew C. Angeli is Global Head of Real Estate Research and Strategy at Zurich Insurance. He joined Zurich Insurance February 2023 and he is responsible for shaping the firm’s strategic real estate outlook. He works closely with portfolio managers and investor partners in developing and implementing comprehensive, integrated investment strategies. He sits on the real estate Investment Committee and is a member of the Leadership Team. Angeli has more than 20 years of experience in real estate research and strategy. He was previously Head of European Research at CBRE Investment Management having worked in London, Paris, and Los Angeles. He has also held positions in land use planning and environmental consulting in the United States and Germany. He is an active member of the Urban Land Institute, co-chairing the European Office and Mixed Use Council. He holds a master’s degree in Urban and Regional Planning and a Bachelor’s Degree in International Agriculture from the University of Wisconsin.
Claudia Emele
Job Title: CEO
Organization: Avadis Investment Foundations
Speaker Type: Panelist
Claudia Emele, PhD, is CEO of Avadis Investment Foundations. Previously, she was CIO and member of the Executive Board at Avadis Vorsorge, CEO of Ortec Finance AG (Switzerland), and member of the Executive Board for Marketing and Sales at Complementa. For over a decade, she was responsible for advising institutional clients in asset management at banks and insurance companies. She began her business career in investment consulting at PPCmetrics. After completing her studies, she worked for several years in academia as a lecturer and research fellow at the University of St. Gallen. Claudia Emele holds a Master (lic. oec. HSG) and PhD degree (Dr. oec. HSG) from University of St. Gallen.
Hardy Rohr
Job Title: Head Risk Management Real Assets
Organization: Swiss Life Asset Managers
Speaker Type: Panelist
Hardy is Co-Head of Business Development RE CH at Swiss Life Asset Managers, reporting to the Head of Real Estate Switzerland. He oversees the expansion of business areas in real estate and aligns the Real Estate Investment Strategy with product offerings. Additionally, he represents Real Estate Switzerland on the Investment Committee of Swiss Life Asset Managers. Prior to this role, he served as Head of Risk Management for Real Assets from May 2020, reporting to the Chief Risk Officer of Asset Management. Hardy has been with Swiss Life Asset Managers since April 2018, based at the headquarters in Zurich.
Zoltan Szelyes
Job Title: Owner and CEO
Organization: Macro Real Estate
Speaker Type: Panelist
Zoltan Szelyes is the owner of Macro Real Estate, an independent advisor to investment managers and institutional investors for real estate investments in Switzerland and globally. He is also Head RE Indirect for Dicoval, a Swiss single-family office. Before that, he was Head of Global Real Estate Research at CSAM. Between 2007 and 2014 he worked for the Swiss National Bank. As part of the executive management of the SNB Stabilization Fund, he has substantially contributed to its successful execution, as the transaction concluded with a profit of 3.8bn USD for the SNB. Zoltan started his professional career as a research analyst at Credit Suisse in 2004.
Anna Zennaro
Job Title: Professional Learning Committee member
Organization: CFA Society Switzerland
Speaker Type: Moderator
Anna Zennaro, CFA serves as a volunteer in the Professional Learning Committee at CFA Society Switzerland. She has more than 15 years of experience in the financial sector having worked in London and, since 2020, in Zurich. She held roles structuring and managing real estate private equity investments in Hudson Advisors. She then covered positions in Credit Suisse and UBS Group with responsibility for Swiss and international real estate finance transactions. Anna currently works in Vontobel in the Credit Structuring and Approval team with focus on Swiss real estate lending.
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