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Glossary

Independent Asset Manager

Under FinIA, a wealth manager is anyone who, on the basis of a mandate, can dispose of clients' assets on a commercial basis in the name and on behalf of those clients (FinIA Art. 17). Wealth managers (also called asset managers) that are not part of a bank or an insurance company describe themselves as independent. In legal terms the same rules apply to them as to any wealth manager under FinIA: they require a FINMA licence (FinIA Art. 5) and must be supervised by a supervisory organisation (FinIA Art. 7).

At a glance

  • FinIA lists five categories of financial institution, including wealth managers (FinIA Art. 2). Independent asset managers do not form a separate category.
  • A wealth manager that is not part of a bank can still have conflicts of interest. Financial service providers must take appropriate organisational measures to avoid conflicts of interest or to ensure that clients are not disadvantaged by them. Where a disadvantage cannot be ruled out, they must disclose this risk to clients (Art. 25 FinSA).
  • Everon AG is FINMA-authorized as a wealth manager and is not part of a bank. The conflict-of-interest duties under Art. 25 FinSA apply to it as well.

Frequently asked questions

A bank accepts deposits from the public and needs a banking licence to do so. An independent asset manager does not accept deposits from the public. It needs a licence as a wealth manager under FinIA. Under a discretionary mandate, the manager makes the investment decisions; the clients' assets are held by a custodian bank.

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.