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Industry veterans join forces at new Swiss Representative Company

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Dermot Butler, former Chairman of Custom House Group, and Lancelot Frick, Principal of Frick Capital, have formed SwissRepCo to help non-Swiss fund managers market their funds in the country following recent regulatory changes.  

FINMA, the Swiss Financial Market Supervisory Authority recently changed its rules to stipulate that any foreign hedge fund, looking to raise assets in Switzerland from qualified investors, must appoint a Swiss-based legal representative and Swiss bank as paying agent:  the new rule came into place on 1 March 2013 and deferred under certain circumstances to 1 March 2015.

After more than 45 years in the financial services industry, Dermot Butler is one of the most widely known and networked executives in the hedge fund world.  He has recently retired from Custom House Group after 25 years as executive Chairman, but remains involved with the firm as an independent consultant. 

Frick is the fifth generation of his family to work in private banking and wealth management in Switzerland.  He founded Frick Capital in New York in 1999 having previously worked on Wall Street in private banking for both Donaldson, Lufkin & Jenrette (now Credit Suisse) and Bankers Trust (now part of Deutsche Bank).

SwissRepCo is based in Geneva and its team of experienced industry professionals  will provide a regulatory oversight and supervisory service in respect of the distribution of any Fund’s shares or interests into the Swiss market;  as well as acting as the representative of the Fund in Switzerland, enabling full regulatory compliance with FINMA.  SwissRepCo will also facilitate the selection and appointment of an independent Swiss bank to act as Payment Agent for foreign funds.

Butler says: “SwissRepCo will enable its fund clients to comply with this new Swiss regulatory regime in a cost effective manner with minimal intrusion into the fund manager’s daily business routine”.

Frick adds: “There are many international fund managers who want to sell into Switzerland, but who have never heard of the new regulations and do not know if they need a Swiss Representative such as SwissRepCo – we are there to help them”.

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