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Swiss wealth managers form CHF 40 billion alliance

Swiss wealth managers form CHF 40 billion alliance

A new alliance has been formed between 14 leading independent wealth managers across Switzerland.

The ‘alliance of Swiss wealth managers’ is an independent networking platform for larger wealth managers who have upwards of CHF 1 billion AuM.

With plans to hold regular meetings, between two and four times a year, the body will discuss a wide selection of topics, some of which include regulatory issues, investment ideas, information technology and infrastructure.

Felix Brem, CEO of Reuss Private and President of the ASWM explains: ‘New technologies, for example Robo Advice and Blockchain, as well as current regulatory projects such as FIDLEG, FINIG or MIFID2 pose special challenges for larger wealth managers but also offer exciting opportunities.

‘Under these circumstances we decided to create a common platform where the specific requirements of larger wealth managers could be addressed.’

The foundation meeting where everyone voted and the association was registered for the first time was April 13.

This move came after three years of informal talks between the members who have already been exchanging information informally.

Partner at Sound Capital and member of the alliance executive board Anthony Cagiati said:  ‘We all have been talking to each other for more than two years and we thought the time was right to give it a structure and a face.’

He added: ‘We wanted to get together at a higher level to discuss these issues and in the future to bring together operations people, CEOs, legal and compliance people to exchange best practice ideas and experiences.’

‘We want to cross fertilise between the different areas of expertise as well.'

June 28 will be the first official meeting for members when they are set to cover key themes.

Discussing and having informal meetings for two years and decided that it was worth creating a more formal structure to give it a public platform and allow other members to join in the future.

The Forum Finance Group managing partner, Egon Vorfeld said: ‘The culture in Switzerland has always been one of extreme discretion. That whole aspect of the industry is changing dramatically and people are sharing information.'

Adding to this, Cagiati said: ‘The Swiss environment has changed, ten years ago this wouldn’t have been possible but today people are much more open to discussion.'

Making their intentions clear, Cagiati explained: ‘We don’t want to compete with the existing SROs, they have a very clear mandate.’

Bringing together already a large part of the Swiss wealth management industry, the accumulative total of clients’ assets amounts to CHF 40 billion.

 Vice President Amaury Jordan of Avalor Investment comments: ‘Of course, we want to expand our network further and to increase the influence and effectiveness of the ASWM.

‘To this end we are open to new members who want to participate actively in this project.’

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