Vontobel says it is a top-10 Baloise shareholder. If nothing major is forthcoming, Baloise could come under more pressure from Cevian, Brun said. Cevian, which announced its holding on Monday, has not yet said what it wants for Baloise. But it has previously proved able to push through asset sales or shake up management not to its liking, according to Daniel Bosshard, an analyst at Luzerner Kantonalbank. (Reporting by Oliver Hirt and Paul Arnold; writing by Dave Graham; editing by Jason Neely and David Evans)