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Reichmuth & Co.
Reichmuth & Co. was founded in Lucerne in 1996 by Christof Reichmuth as an owner-managed private bank.
Reichmuth & Co.
Reichmuth & Co. was founded in Lucerne in 1996 by Christof Reichmuth as an owner-managed private bank. The structure is a defining feature: the general partners bear unrestricted personal liability for the firm's obligations, a legal construct that ties their own capital permanently at risk alongside client assets. The bank operates from its headquarters in Lucerne with additional offices in Zurich, St. Gallen, and Munich. The firm deploys capital through an integrated wealth-management mandate and a dedicated direct-infrastructure arm. Its infrastructure portfolio comprises 24 investments across Switzerland and Europe, covering transportation, energy, and waste-management assets. Named holdings in the energy-transition space include aventron AG, a Swiss renewable-power producer, and several wind farms such as Windpark Fuchsstadt and Windpark Vindin Vedbo. On the transportation side, the portfolio includes rolling-stock lessors European Loc Pool and LokRoll Holding, along with rail-services platform CargoRoll Holding and river-cruise asset Smile River Cruiser PCE. The firm also co-invests in a listed Swiss real-estate vehicle, Mobimo, as part of its broader asset-allocation approach. Reichmuth & Co. manages capital for private clients and their families, emphasizing continuity through a dedicated relationship-manager model. The partnership has also developed niche vehicles over two decades, including tax-optimized Swiss pension structures for executives and the Rütli Foundation for charitable purposes. The firm's public messaging underscores its independence: it carries no sales targets, a deliberate contrast to large banking groups. Investment views are articulated through regular macroeconomic commentary on its website, which recently highlighted the inflationary push from infrastructure and AI data-center spending against the braking effects of demographics and deglobalization. What separates Reichmuth from most Swiss private banks is its unbeschränkte Haftung — the unlimited personal liability of its general partners. This 19th-century governance mechanism, nearly extinct in modern finance, operates as a hard constraint on leverage and a signal of conviction. The bank layers a direct-infrastructure origination capability on top of a classical wealth-preservation mandate, bypassing fund intermediaries to place client capital into self-sourced European real assets.
General information
Firm type
Single Family Office
Year founded
1996
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Lucerne
Corporate office
Rütligasse 1, CH-6003 Lucerne, Switzerland
Additional offices
Zurich, Switzerland · St. Gallen, Switzerland · Munich, Germany
Principals
Christof Reichmuth
Unbeschränkt haftender Gesellschafter (General Partner with Unlimited Liability)
Sector focus
Frequently asked questions
Who runs investment decisions at Reichmuth & Co.?
Investment decisions are governed by the firm's general partners, who bear unlimited personal liability. Christof Reichmuth, the founder, acts as an unbeschränkt haftender Gesellschafter, meaning his private wealth is legally exposed to the firm's risks. This structure ensures investment and risk decisions are made with an owner-operator's alignment rather than through a corporate committee remote from the consequences.
How is Reichmuth & Co. structured legally, and why does it matter?
Reichmuth is structured as a private bank whose general partners have unbeschränkte Haftung — unlimited personal liability. This means the partners' personal assets stand behind the firm's obligations, a rare governance model in modern European finance. It creates a hard structural alignment: a loss that impairs client capital also directly impairs the partners' own wealth, which disciplines leverage, concentration, and liquidity management.
Does Reichmuth & Co. invest directly or through funds?
Reichmuth does both. Its infrastructure strategy is built around direct investments — the firm currently holds 24 direct infrastructure assets in Switzerland and Europe spanning renewable energy, rail, and waste management. For traditional asset-allocation needs, it also provides integrated portfolio management that can include indirect vehicles. The direct-infrastructure capability is unusual for a private bank of its size, as most peers access the asset class through third-party funds.
What does the Reichmuth infrastructure portfolio actually hold?
The disclosed portfolio includes 24 European infrastructure positions. Renewable-energy holdings feature aventron AG, several onshore wind farms in Germany and Sweden (Windpark Fuchsstadt, Windpark Hultema, Windpark Vindin Vedbo), and battery-storage assets such as BESS Wunsiedel. Transportation holdings include rolling-stock leasing platforms European Loc Pool and LokRoll Holding, rail logistics via CargoRoll Holding, and a river-cruise vessel (Smile River Cruiser PCE). Waste and environmental-services platforms like Helvetia Environnement Groupe round out the mix.
What is Reichmuth's posture on co-investments alongside external managers?
The firm's infrastructure arm originates and manages investments internally, acting as a principal rather than a co-investor in blind pools. For client portfolios, the relationship-manager model allows tailored allocations that can include external funds, but the balance sheet of direct assets is built through proprietary origination. The bank has not publicly reported participating in club deals or co-investment vehicles led by outside GPs.
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