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Swiss Life/Rentenanstalt buys 20% stake in CommCept Trust AG

02.07.2001

Swiss Life/Rentenanstalt has acquired 20% of the shares of the investment company CommCept Trust, bringing its stake to 23%. This holding is viewed as a financial investment, expected to deliver attractive returns in the medium to longer term. The decision follows a strategic review at CommCept Trust and the election of a new, independent board of directors. Swiss Life Asset Management has been chosen as the new investment manager.
Swiss Life/Rentenanstalt supports the new strategic direction adopted by CommCept Trust, a move overwhelmingly ratified at an extraordinary shareholder's meeting held on June 28, 2001. The vote cleared the path to the financial commitment by Swiss Life/Rentenanstalt. Shares of CommCept Trust have been under pressure in recent months partly due to the uncertainties concerning the future direction and the imminent appointment of a new investment manager. Swiss Life/Rentenanstalt is convinced that current valuation levels offer attractive investment opportunities.

Swiss Life Asset Management is with CHF 100 bn under management the fourth largest Swiss based institutional asset manager and has operations in seven countries throughout Europe. Swiss Life Asset Management will ensure the management of the Trust's assets in a professional manner, independently of conflicts of interest in brokerage and trading activities. Swiss Life/Rentenanstalt is convinced that the new direction of CommCept Trust is the basis for a successful future and therefore in the best interest of all shareholders.
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