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Switzerland Hedge Fund Services 2012

Mon, 14/05/2012 - 15:59

Switzerland's fund and asset management industry is gearing up for a major increase in regulation and oversight. Will it remain competitive?

The 'Switzerland Hedge Fund Services 2012' special report comprises 13 separate articles listed below, these can be read individually or as a sequence.
Markus Fuchs, senior counsel, Swiss Funds Association

Reshaping the Swiss fund regulation approach

Mon, 14/05/2012 - 16:09

By Markus Fuchs – Switzerland’s fund and asset management industry is on the brink of major change resulting from the ongoing review of the Collective Investment Schemes Act, which sets out regulatory requirements for both traditional and alternative funds. The review covers asset management and distribution, which are particularly important for Switzerland, as well as depositary issues. »


Switzerland’s alternative fund industry braces for regulatory change

Mon, 14/05/2012 - 16:15

By Simon Gray – Proposed changes to the regulatory regime governing Switzerland’s fund industry have prompted a number of alarmist headlines in recent weeks. Is the country that up to now has not sought to supervise managers of funds domiciled outside the country, even if they actively desired it, now planning regulatory changes so drastic that they could drive managers into other jurisdictions, even inside the European Union, hardly a byword for supervisory laxity? The reality is rather more complex. »

Gilbert Hellegouarch, head of business development for the investment funds department, Banque Privée Edmond de Rothschild S.A.

Keeping investors loyal to the FoHF model

Mon, 14/05/2012 - 16:22

  Could recommendations that Swiss pension funds should report underlying manager fees within the total expense ratio of funds of hedge funds negatively impact the Swiss market? It’s an issue that concerns the Edmond de Rothschild Group, which runs approximately USD10.4bn in alternative assets. »

Daniel Haefele, chief executive, Acolin Fund Services

Revised regulation targets asset management quality

Mon, 14/05/2012 - 16:28

  While Switzerland is not a member of the European Union, it obtains access to the internal market by adapting its policies and regulation to meet EU standards. As the Alternative Investment Fund Managers Directive is to be implemented in EU member states by July next year, a revision of the Swiss regulatory framework, the Collective Investment Schemes Act (CISA), is currently being debated and due to come into effect on 1 January, 2013.     »

Jean-Pascal Porcherot, head of Lombard Odier Investment Managers’ alternative solutions group

Transparency key to fund solutions for institutions

Mon, 14/05/2012 - 16:34

Full transparency is not just important but central to the investment philosophy at Lombard Odier Investment Managers, which offers nearly a dozen internal single-strategy hedge funds with close to USD3bn in assets. The largest of the funds, which are marketed under Lombard Odier’s 1798 brand, is a global long/short equity-focused fund with USD1bn under management. »

Jean-Francois Hirschel, managing director, Jean-Francois Hirschel

Segregated FoHF mandates gain institutional traction

Mon, 14/05/2012 - 16:44

Unigestion, a fund of hedge funds manager with USD12.6bn in assets under management and more than 230 institutional investors on its client book, first started investing in hedge funds back in 1986 and established its first institutional mandate in 1995. Its long track record has helped Unigestion develop a series of fund of hedge funds products that investors can access through separate tailor-made mandates or commingled vehicles. All the firm’s hedge fund assets are managed on behalf of institutions, half in segregated portfolios. »

Hans-Jörg Baumann, chairman of the Swiss alternative investment Council and chairman and chief executive of Swiss Capital Alternative Investments

Switzerland’s alternative investment industry adapts to new climate

Mon, 14/05/2012 - 16:51

By Hans-Jörg Baumann – For many decades alternative investments have been gaining increasing attention in the financial world, with politicians, with the public, the press and, not least, regulators. They have been recognised as an important element of diversified portfolio management through the benefits of combining listed market activities with private markets activities. »

Pius Fritschi, head of hedge fund business development, LGT Capital Partners

Institutions move from multistrategy to distinct style allocations

Mon, 14/05/2012 - 16:55

Pfaeffikon-based LGT Capital Partners, which manages more than USD22bn in hedge fund and private equity assets, has been investing in hedge funds since 1996. The firm offers institutions various channels to gain exposure to investment strategies, most commonly through its Crown programmes or, depending on the size of institution, via bespoke mandates. »


Evolving institutional requirements drive changes in multi-manager model

Mon, 14/05/2012 - 17:01

By Simon Gray – Multi-manager offerings have long been central to Switzerland’s alternative investment industry, and that seems unlikely to change any time soon, but the five years since the onset of the global financial crisis in mid-2007 have seen significant evolution. This is driven in part by still-emerging regulatory development, but to a larger extent by changes in attitudes and outlook on the part of investors, both institutions and, for different reasons, private clients. »

André Valente, head of UBS Fund Services Switzerland

Administrators must offer fully-fledged asset servicing model

Mon, 14/05/2012 - 17:06

Awareness of alternative investments among Swiss institutions is not recent. For many years pension funds have been allocating a significant part of their assets to alternatives, notes André Valente (pictured), head of UBS Fund Services Switzerland. Perhaps unsurprisingly, therefore, one of the firm’s biggest growth areas has been institutional funds. »

Nicolas Campiche, chief executive, Pictet Alternative Investments

Focusing on superior risk-adjusted performance

Mon, 14/05/2012 - 17:10

As an independent division of Pictet Group, Pictet Alternative Investments benefits from the stability of the parent company, which last year collected USD15bn in net new assets. More than USD1bn went to PAI, which manages a total of around USD12.3bn in alternative assets including USD9.4bn in hedge funds. »

Michael Appenzeller, co-founder, Etops

Opening up to the idea of outsourcing operations

Mon, 14/05/2012 - 17:57

“The landscape for alternative investments is at an interesting and important inflection point,” says Michael Appenzeller. “Managers as well as investors need to cope with an unprecedented array of change.” Appenzeller is co-founder of Etops, a service company with offices in Pfäffikon and Bratislava that -specialises in operational solutions for both single managers and organisations running multi-manager portfolios including funds of funds, family offices and private banks. »

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