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transcript
Initiative
Asset Management Switzerland
10th Swiss Investment Manager Circle
Zermatt, January 17, 2014
Initiative Asset Management Switzerland Page 2 January 17, 2014
Introduction
Switzerland is to become a leading global
location for asset management.
As an important mainstay of the Swiss
financial sector, Swiss asset management
is to stand for
the highest level of reliability,
independence and
quality and
be known and recognized for these
characteristics throughout the world.
Initiative Asset Management Switzerland Page 3 January 17, 2014
Goals of the initiative…
Goals of the initiative Asset Management Switzerland
Through:
Clear differentiating factors versus competing financial centers.
Competitive regulatory framework.
Homogeneous and internationally accepted standards – same business, same rules.
Not necessarily same, but equal rules as abroad.
Competent and credible supervisory authority.
Attractive conditions and framework to attract new asset managers.
Strengthening of reputation as an asset management center through targeted
marketing activities.
Add value to the Swiss economy.
Create new jobs.
Increase tax revenues.
Enable profitable and sustainable growth of managed assets.
Initiative Asset Management Switzerland Page 4 January 17, 2014
...but some challenges exist
Framework with room for improvement
Regulatory framework (quality standards, regulation, supervision).
Settlement of foreign asset managers/ enabling start ups.
Positioning not clear
Asset Management often seen as complimentary to Private Banking.
No differentiating factors versus competing financial centers.
Heterogeneous Asset Management industry
Heterogeneous industry with often different interests (and a number of associations).
Legislation directed towards organizational form or product, not function.
Performance culture not developed
Investment performance in the past not of prime importance (Private Banking).
No risk-taking culture.
Initiative Asset Management Switzerland Page 5 January 17, 2014
Categories of Asset Managers
Banks
Pension funds,
Foundations
Asset manager
KAG/
Fondsleitung
Dealers/
Brokers
Insurance
companies
Independent asset managers Investment
fund
Pension
Fund
mandate Discretionary
mandate
Standards
Initiative Asset Management Switzerland Page 6 January 17, 2014
BankG
BE
HG
KA
G
VA
G/ V
VG
PfG
Targeted financial market legal framework
Source: Swiss Finance Department
Law on financial market supervision (FINMAG)
Law on financial services (FIDLEG)
Financial institutions law (FINIG)
Law on financial market infrastructure (FinfraG)
NBG
(System stability)
Anti-Money Laundering law (GwG)
Initiative Asset Management Switzerland Page 7 January 17, 2014
White paper - Eight success factors identified
Standards in Asset Management
Market access
Instruments and structures
Education
Asset Management as a brand
Infrastructure/ promotion of location
Tax environment
Adequate supervision
Initiative Asset Management Switzerland Page 8 January 17, 2014
Organisation of initiative
Steering Committee
«Initiative Asset Management» Representatives:
Banks (4), Insurance companies (2), Pension funds (2),
independent Asset Manager (5), Foundations (1), SIX (1)
Mixed working group Asset Management Representatives:
SIF, Finma, EStV, EFD, SFAMA (M.Fuchs), SBVg (PWGrünblatt)
PMO1 SBA, SFAMA
1) PMO = Project Management Office
Sounding Board Representatives:
SNB, SUVA, AHV
Sponsorship:
SBA / SFAMA / SVV / ASIP / KGAST
Projects
Forum Finanzplatz Schweiz
Initiative Asset Management Switzerland Page 9 January 17, 2014
Working packages
Active support
Education
Asset Management as a brand
Infrastructure/ promotion of location
Competitive framework
Standards in Asset Management
Adequate supervision
Pro-active
promotion
Sell, sell, sell
Initiative Asset Management Switzerland Page 10 January 17, 2014
Our construction site…
Mark
eting/
Bra
ndin
g
Education
Pro
motion o
f lo
cation
Ad
eq
ua
te S
up
erv
isio
n
Sta
ndard
s A
sset M
anagem
ent
Strong foundation: Political/ financial stability, infrastructure, standard of living, etc.
Threat: Market access
Gre
en f
ield
Im
ple
menta
tion
Initiative Asset Management Switzerland Page 11 January 17, 2014
Our wish list
Unified appearance – no particular interests.
Support from policy makers, administration and regulator.
Open-minded supervisory authority that is ready for dialogue.
Promote innovation and entrepreneurship.
Followers !
Thank you very much for your interest in the
Initiative Asset Management Switzerland
Peter W. Grünblatt
Program Manager Asset Management Switzerland
Swiss Bankers Association
Tel: +41 61 295 9261
Email: peter.gruenblatt@sba.ch
With the support of:
Joerg Allenspach, Blackrock
Marco Bagutti, Auffangeinrichtung BVG
Peter Bänziger, Swisscanto Asset Management
Eric Breval, AHV
Guido Caratsch, Capital Group
Luca Diener, Credit Suisse
Christian Dreyer, Swiss CFA Society
Jon Eisler, Partners Group
Gerard Fischer, Swisscanto Asset Management
Hans Frey, Swisscanto Asset Management
Stefan Frischknecht, Schroder Investment Management
Pius Fritschi, LGT Capital
Diego Gadient, Vontobel Asset Management
Martin Gubler, Zurich Invest
Felix Haldner, Partners Group
Markus Huebscher, Pensionskasse SBB
Dominik Irniger, Pensionskasse SBB
Christoph Lanter, Pictet Asset Management
Christoph Leeman, Mobiliar Holding
Stefan Mächler, Mobiliar Versicherung
Romain Marti, ex EBK, ex Pictet
Stephen Mills, Schroder Investment Management
Hans-Ruedi Mosberger, UBS Global Asset Management
Erich Müller, Braun, von Wyss & Müller AG
Rebecca Müller , Notenstein Privatbank
Hubert Niggli, SUVA
Francois Note, Capital Group
Christoph Oeschger, Avadis Vorsorge
Roberto Paganoni, LGT Capital
Enrico Rapetti, UBS
Cesare Ravara, Credit Suisse
Petra Reinhard-Keller, Credit Suisse
Andreas Russenberger, Credit Suisse
Marco Schärer, Raiffeisen Schweiz
Stefan Scherrer, Credit Suisse
Andreas Schlatter, UBS Global Asset Management
Patrick Stampfli, Schroder Investment Management
Sandro Streit, SNB
Johannes Tötzke, Credit Suisse
Marianne Volonté, L&F Law and Finance SA
Philipp Weckherlin, CE Asset Management
Martin Wenk, Baloise Group
Urs Widmer, SIX Group
Christoph Winzeler, Swiss Bankers Association
Matthias Wirth, Swiss Bankers Association