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