Jon Turnes, a Zurich-based investment advisor, once held a position of prominence within the private assets markets. He was known for his involvement in Ruvercap AG, a company he founded. However, recent events have shrouded his career in suspicion and controversy, as allegations of suspicious investments and financial misconduct have come to light. This article explores the rise and fall of Jon Turnes and the implications of Ruvercap’s actions on Switzerland’s financial landscape.
Jon Turnes established Ruvercap AG as an investment company, specializing in private assets. With his expertise and connections, he aimed to create investment opportunities for institutional investors in Switzerland. The company garnered attention and secured investments from reputable organizations, such as Edmond de Rothschild, Freiburger and Graubündner Kantonalbank, Aquila, Notz Stucki, de Pury Pictet Turrettini, and various pension funds and asset managers.
In 2020, Swiss media has extensively covered Ruvercap’s founder, Jon Turnes, and his alleged involvement in suspicious investments in the Western Balkans. Reports highlighted financial transactions between Ruvercap and Batagon, a company owned by Dalibor Matic, who faced charges of money laundering. Matic was subsequently arrested in Switzerland, further deepening the suspicion surrounding Ruvercap’s activities.
The consequences of Ruvercap’s actions have been far-reaching, resulting in a financial shockwave that reverberated throughout Switzerland. The list of affected investors is extensive and continues to grow, with notable names such as Edmond de Rothschild, Freiburger and Graubündner Kantonalbank, Aquila, Notz Stucki, de Pury Pictet Turrettini, and pension funds from Zug and Thurgau among those reportedly impacted. German banks and investment companies also found themselves entangled in the web of Ruvercap’s misdeeds.
Ruvercap’s modus operandi involved luring investors into Irish-registered funds denominated in Swiss francs, euros, and dollars. These funds held debt securities from the Swiss and international private market, amassing a staggering total of around CHF 700 million. The depth of the financial shockwaves caused by Ruvercap’s actions underscores the magnitude of the alleged misconduct.
As the scandal unfolded, regulatory bodies and law enforcement agencies in Switzerland swiftly initiated investigations into Ruvercap and its founders. The goal is to uncover the full extent of the alleged financial misconduct and ensure that justice is served. In the face of mounting evidence and public outcry, the financial community and investors are demanding accountability and transparency.
Amidst the turmoil, he has transitioned his career path. He now owns Advokatur Turnes, a law firm, and is a partner in Lionstreet Group AG. It remains to be seen how these new ventures will be received by the public and the industry, given the cloud of suspicion hanging over his previous activities.
The saga surrounding Jon and Ruvercap AG has cast a dark shadow over the Swiss financial landscape. The alleged suspicious investments and financial misconduct have left a trail of cheated investors and shattered trust. As investigations unfold and regulatory measures take effect, the hope is that justice will prevail and the affected parties will find recourse. Switzerland’s reputation as a global financial hub now faces the challenge of restoring confidence and implementing safeguards to prevent similar incidents in the future.