SFA identifies key issues on its 20th anniversary
2012 marks the 20th anniversary of the Swiss Funds Association, and a year which it has earmarked for focusing on several key industry issues.
Following a challenging 2011 for asset managers, the SFA said it would be concentrating on:
– Implementing partial revision of the CISA (law and ordinances)
– Developing Switzerland as a high-quality asset management location and ensuring opinion leadership in this regard
– Stepping up lobbying on regulatory matters
– Expanding the SFA’s function as a platform for its members and the general public.
There were two key areas of activity for the SFA in Switzerland in 2011 with the partial revision of the Collective Investment Schemes Act (CISA) and the setting up of the Swiss Key Investor Information Document (KIID). The SFA said it supports in principle the primary objectives of the partial revision of the CISA.
In the case of the Swiss KIID, the guidelines drawn up by the SFA have been recognized as a minimum standard by local financial regulator FINMA.
As regards international matters, the focus was on the Directives on Alternative Investment Fund Managers (AIFM) and Undertakings for Collective Investment in Transferable Securities (Ucits) as well as the Foreign Account Tax Act (FATCA).
New SFA members 2011
|Active members||Associate members|
|Adveq Management Ltd, Zurich||BCCC Attorneys-At-Law, Geneva|
|Argos Investment Managers SA, Geneva||Diamos Suisse Inc., Zurich|
|Barclays Capital Fund Solutions, Zurich||DJE Finanz AG, Zurich|
|Commerzbank AG, Frankfurt am Main,|
|Neue Aargauer Bank AG, Brugg|
|Dreyfus Sons & Co Ltd, Banquiers Basel||Morningstar Switzerland GmbH, Zurich|
|Skagen Funds AS, Stavanger, Norway||Primecoach GmbH, Lachen|
|swiss-hedge Capital AG, Zurich||Princeton Financial Systems, Zurich|
|VERIT Investment Management AG, Zurich||SimCorp Schweiz AG, Zurich|
|Solutions Avocats, Nyon.|
As of the end of 2011, there were 7,461 collective investment schemes authorized for public sale in Switzerland (2010: 7,191), the SFA said. Of these 1,403 were products under Swiss law (2010: 1,400) and 6,058 foreign-law products (5,791). The volume of assets placed in funds authorized by FINMA stood at CHF621bn, compared with CHF641bn in 2010.
“The financial markets were beset with volatility last year. Investors were correspondingly unsettled in their response to this, and invested their money only very tentatively. However, the Swiss fund and asset management sector posted a stable showing and real growth opportunities – and this is what we are committed to ensuring. In light of the redimensioning of investment banking and offshore private banking, the standing of our sector is set to increase further,” said Matthäus Den Otter, CEO of the SFA.