Swiss manager professional#
In terms of the Maltese regulations, self-managed funds may be licensed as either Alternative Investment Funds (“ AIFs”) or Professional Investor Funds (“ PIFs”). With a good track record of attracting small to medium size funds due to its cost efficiency and robust regulation, Malta and its self-managed fund regime may possibly offer a solution to the independent Swiss manager looking for an uncomplicated and flexible solution. This is further compounded by the fact that despite the positive advice given by ESMA on the possible extension of the EU passport to Swiss AIFMS and AIFs, the European Commission has decided to delay the decision whether or not to extend the AIFMD passport to third country AIFMs. Whilst larger asset managers may have less of a problem absorbing the compliance and operational costs, consolidating with other asset managers or relocating to an EU jurisdiction, smaller independent asset managers may be in somewhat of a predicament. Swiss asset managers will now be subject to EU-like forms of authorisations and prudential supervision which will have a transformative impact on the Swiss asset management industry and bring additional costs, most notably compliance and operational costs, which will invariably adversely affect smaller independent asset managers. Gone are the days where Swiss asset managers could be independent and unregulated. It is now confronted with major regulatory changes which will align Swiss laws and regulation with AIFMD and MIFID. Until very recently the Swiss asset management industry relied exclusively on self-regulation and was allowed to operate and develop somewhat independently from European regulation.
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