Pfaeffikon-headquartered Etops, an independent operational service provider, has combined forces with Deloitte to bring a unique solution to market entitled Assetbox. With Swiss managers now facing the added stress of regulatory compliance, not to mention ongoing operational demands to satisfy institutional investors, the pressure on margins is building. With Assetbox, Deloitte and Etops have created a series of modules to support managers both in the setting up of operations and funds, registration with FINMA, as well as in the FINMA-required ongoing processes and substance. The Assetbox delivers necessary operations, risk management and compliance functions on an outsourced basis to fulfil

Geneva-based Unigestion has been investing in hedge funds for over 25 years and has seen investor attitudes change substantially over that time. The dominance of institutional money flooding into alternatives is well documented. But whilst fund-of-hedge fund firms appear to have responded quickly to the demand for tailored, segregated solutions, in many cases this has become an oversold and non-personalised process with products pushed into firms’ distribution networks. Unigestion, however, has worked hard to drive this tailored mandate-driven approach to the next level by adapting its investment process to the needs of each client.   “We deliver a standard of

The last 12 months have seen BNP Paribas Securities Services continue to expand its depositary banking network across Europe. In November 2013 the group acquired the depositary banking business of Commerzbank in Germany and subsequently saw the firm widen its footprint by announcing the launches of its depositary banking business in the UK, the Netherlands and more recently in Switzerland. The group‘s depotbank network now spans 12 fund domiciles in Europe and three in Asia Pacific. Since Switzerland is not a part of the European Union, AIFMD is not applicable in the market, but it is impacted by the directive as the Authorities had to

There can be no doubt that regulation is raising the costs of doing business for Swiss hedge fund managers. Any opportunity to consolidate operational costs with their service providers is surely welcome as revenue margins continue to get squeezed. UBS Fund Services recognised this last year, when the revised CISA came into effect, and began to leverage its onshore administration services in Switzerland to help managers running both onshore and offshore fund structures; in effect acting as the primary hub.   Not only is UBS able to support managers in establishing the management company for a Swiss-domiciled product, but also

High price fluctuations with low yields on risk-free investments provide investors with new challenges. Paul Nicholson (pictured), portfolio manager of the Vontobel Fund – Absolute Return Bond, believes his fund has the necessary flexibility to respond to a changing market environment and, for example, to benefit from rising interest rates. Not only have bond prices rallied in Q1 2014, with yields on US 10-year Treasuries falling from 3 per cent to 2.57 per cent in early February (back up to 2.73 per cent at the time of writing) but also corporate credit spreads remain tight.   It is, however, only

The needs of clients have changed in two clear ways since the end of the crisis, with respect to hedge fund investing, according to Nicolas Campiche (pictured), chief executive officer at Pictet Alternative Investments: the investment approach and service expectations. Performance remains a top priority for those who are now more willing to allocate to alternatives but as Campiche mentions, “Clients have started to focus on more specific investment needs. They are articulating what their objectives are. The first set of objectives relates to trying to enhance the overall performance of their portfolio and that translates into focusing on specific

Every hedge fund manager thrives on volatility. Over recent times, central bank intervention has suppressed volatility and generally led to cross-asset class correlation; a nightmare for stock pickers. But with the economic environment improving in the US and Europe, and with Janet Yellen, Chairperson of the Federal Reserve, intimating that rates will rise and tapering will eventually commence (although there is no clear timetable), one can expect to see market normalisation going forward; one where equities are priced on fundamentals and the risk-on risk-off environment that has plagued the markets begins to dissipate.   It is on the back of

One of the key requirements under the Swiss Collective Investment Schemes Act (CISA) is for all foreign fund providers to appoint a Swiss legal representative and paying agent, even for those funds distributed to qualified investors only. The transition period for this new requirement ends on 1 March 2015. UBS Fund Services has moved quickly to support fund managers with the establishment of representative services, allowing it to act as the Swiss legal representative for funds marketed both to qualified and non-qualified investors.   As Yves Schepperle (pictured), Head of Product Development and Representative Services, is quick to point out,