Glossary
Independent Asset Management
Independent Asset Management refers to the activity of wealth managers that are not part of a bank or an insurance company. They manage assets on behalf of their clients and require a FINMA licence to do so. The assets are held at a custodian bank that the client chooses in consultation with the manager.
At a glance
- Wealth managers have needed a FINMA licence under FinIA (Financial Institutions Act) since 1 January 2020. Those already active before then had three years, i.e. until the end of 2022, to meet the requirements and submit their application. In special cases, FINMA could extend the deadline (FinIA Art. 74 para. 2 and 4).
- They are required either to decline retrocessions or to pass them on in full to clients, unless clients have explicitly waived this right (Art. 26 FinSA).
- Within the mandate, the manager has power of disposal over the client's assets in the client's name and on the client's behalf (FinIA Art. 17).
Frequently asked questions
An independent asset manager is not part of a bank and has no obligation to distribute a bank's own products. The manager selects investments according to the strategy agreed with the client. Management and custody are separate: the manager takes the investment decisions, and the custodian bank holds the assets.
Part of the topic
Financial Advice
Sources: FINMA · Classified Compilation (fedlex)
This entry is for general information purposes only and does not constitute investment, legal or tax advice. It is a simplified summary of the legal position and tax treatment.