Initiative Asset Management Switzerland

Transcription

1 Initiative Asset Management Switzerland 10 th Swiss Investment Manager Circle Zermatt, January 17, 2014

2 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. Page 2 January 17, 2014

3 Goals of the initiative Goals of the initiative Asset Management Switzerland Add value to the Swiss economy. Create new jobs. Increase tax revenues. Enable profitable and sustainable growth of managed assets. 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. Page 3 January 17, 2014

4 ...but some challenges exist Positioning not clear Asset Management often seen as complimentary to Private Banking. No differentiating factors versus competing financial centers. Framework with room for improvement Regulatory framework (quality standards, regulation, supervision). Settlement of foreign asset managers/ enabling start ups. 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. Page 4 January 17, 2014

5 Categories of Asset Managers Standards Banks Dealers/ Brokers Insurance companies Pension funds, Foundations Asset manager KAG/ Fondsleitung Pension Fund mandate Independent asset managers Discretionary mandate Investment fund Page 5 January 17, 2014

6 BankG BEHG KAG VAG/ VVG PfG Targeted financial market legal framework NBG (System stability) Anti-Money Laundering law (GwG) Law on financial market supervision (FINMAG) Law on financial market infrastructure (FinfraG) Law on financial services (FIDLEG) Financial institutions law (FINIG) Source: Swiss Finance Department Page 6 January 17, 2014

7 White paper - Eight success factors identified Standards in Asset Management Adequate supervision Market access Instruments and structures Tax environment Infrastructure/ promotion of location Education Asset Management as a brand Page 7 January 17, 2014

8 Organisation of initiative Sponsorship: SBA / SFAMA / SVV / ASIP / KGAST Sounding Board Representatives: SNB, SUVA, AHV Steering Committee «Initiative Asset Management» Representatives: Banks (4), Insurance companies (2), Pension funds (2), independent Asset Manager (5), Foundations (1), SIX (1) Projects PMO 1 SBA, SFAMA Mixed working group Asset Management Representatives: SIF, Finma, EStV, EFD, SFAMA (M.Fuchs), SBVg (PWGrünblatt) Forum Finanzplatz Schweiz 1) PMO = Project Management Office Page 8 January 17, 2014

9 Working packages Competitive framework Active support Pro-active promotion Standards in Asset Management Adequate supervision Infrastructure/ promotion of location Education Asset Management as a brand Sell, sell, sell Page 9 January 17, 2014

10 Our construction site Green field Implementation Standards Asset Management Adequate Supervision Promotion of location Education Marketing/ Branding Strong foundation: Political/ financial stability, infrastructure, standard of living, etc. Threat: Market access Page 10 January 17, 2014

11 Our wish list Support from policy makers, administration and regulator. Unified appearance no particular interests. Open-minded supervisory authority that is ready for dialogue. Promote innovation and entrepreneurship. Followers! Page 11 January 17, 2014

12 Thank you very much for your interest in the Peter W. Grünblatt Program Manager Asset Management Switzerland Swiss Bankers Association Tel: 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