ASSET MANAGER 17 E : simplebooklet.com

DEAR READERS, Since the last publication, IGUV has once again achieved great success. The number of members increased by 12 to a total of 69, while the number of cooperation partners also increased by 3 to 27. On LinkedIn, we were also able to gain 70 new followers, which means that we now have a total of 810 followers on this platform.At this point, I would also like to thank our three new cooperation partners, Grant Thornton P. 10, M&G Investments Switzerland P. 46 and OSMIUM P. 52, for their cooperation. We are very proud to be able to collaborate with these renowned companies.In addition, we are pleased to inform you that our website now also has an AI bot. We invite you to try it out and share your feedback with us.We are very grateful for the many great interviews we were able to conduct and would like to take this opportunity to thank FINMA for its cooperation and transparency.Finally, we would like to point out that we are already very much looking forward to getting to know you at one of our next events. We hope you enjoy reading this edition!Kind regards, Roger FrommIMPRINTReaders: more than 9 ,000Copyright: The texts published in this magazine are subject to the copyright of IGUV (unless otherwise indicated). The publication and use in oth er media is only permitted with the express consent of the IGUV Board.Printed by: Birkhäuser+GBC AG, ReinachDesign and layout: Lambrigger Grakdesign, Sulgen and IGUV, KlotenProofreading: text-korrekturen.ch, SulgenImages: Adobe Stock, unless otherwise noted Advertising: https://www.iguv.ch/media-datenResponsible for content: IGUV, Flurstrasse 33, 8302 Kloten, Switzerland, Tel. +41 78 880 47 03, info@iguv.chDisclaimer: Although we carefully check all published content, we do not accept any liability for informa tion from external sources. The content of the information provided is the sole responsibility of the su ppliers. We assume no liability, neither explicitly nor implicitly, for any information and opinions, including information and insights provided by third parties. Readers who make investment decisions based on the content published in this magazine do so at their own risk; the information it contains does not give rise to any liability claims whatsoever. Liability for any nancial losses incurred as a result of advice, suggestions or recommenda-tions made in this magazine is categorically excluded. Logos, brands, products and trademarks: All published logos, brands, products and trademarks are the property of their respective companies.ROGER FROMMEditorial staff and IGUV Board Member fromm@iguv.chTABLE OF CONTENTS 4 Regulation≠Consumerprotection 6 Interview with FINMA 10 Changes subject to approval 12 FINMA approval received 14 Workshops with added value 20 Data protection risks 22 New Federal Act on Data Protection 24 Regulation = innovation killer 26 Challenges for asset managers 28 Asset manager study technology 34 Algorithms and AI 42 The winners of OpenAI 46 Are bonds attractive again 52 Osmium conquers Switzerland 56 Invest in gold bars 64 Discreet search for partners66 ICS-simpleandefcient 70 Become cooperation partners 72 IGUV Chapters in Geneva and LuganoPrinted Mattermyclimate.org/01-23-965508ASSET MANAGER • NO. 17 / 2023EDITORIAL / CONTENT • 3

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The introduction of the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) has led to stricter requirements for asset man-agers. A consequence of this new regulation is that many asset managers have ceased their activities due to the additional costs and higher requirements. At the end of March 2023, only 700 of the 2, 500+ asset managers originally announced were approved by FINMA.Whileregulationofnancialserviceprovidersandassetmanagersisimportanttoensurethatthe-nancial system is stable and consumer interests are protected, there are concerns that regulation goes too far and leads to over-regulation. This over-regulation leads to a distortion of competi-tioninthesector,creatingasignicantdisadvan-tage for smaller asset managers.RESTRICTION OF CHOICE THROUGH REGULATIONThe effects of over-regulation go beyond the loss of smaller asset managers. It is important to em-phasizethatahealthyandbalancednancialin-dustry is based on a diversity of companies and competition. Smaller asset managers often have specialised expertise that can be of great value to some investors. Regulation that makes operation difcult forsmaller asset managers can be an incentive to innovative solution providers to set up their busi-nesses abroad because it is easier there and in-vestors have to evade larger, less specialised companies. It is also important to note that smaller companies are often the driving force behind innovation and progress. By giving them the opportunity to devel-op and grow, they also promote the development ofthenancialcentreasawhole.Aregulationthatpenalizes smaller companies can lead to less in-novationandlesscompetitivenessinthenancialcentre in the long term.SELF-EMPLOYMENT AS AN INDEPENDENT ASSET MANAGER: ALMOST IMPOSSIBLE?If a banker wants to become self-employed today asanassetmanagerandrstneedsaFINMAper-mit before a bank enters into a cooperation, they must now plan for at least 12 months. The Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) lead to stricter requirements for asset managers.An editorial contributionOVER-REGULATION: THE PRICE OF CONSUMER PROTECTION?ASSET MANAGER • NO. 17 / 20234 • OVER-REGULATION

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Taking into account the average time necessary for a bank to onboard a customer (up to 6 months) and the fact that the management fee is charged quarterly at the end of the quarter, this means there will be a dry spell of up to 24 months which the banker must bridge. It is therefore impossible to become self-employed alone as an indepen-dent asset manager.COOPERATION BETWEEN REGULATORY AUTHORITIES AND ASSET MANAGERSIt is important that FINMA and supervisory organ-isations work more closely with asset managers to ensure that the regulations are meaningful and effective. Approaches and efforts to support smaller asset managers in minimising regulatory burdens and promoting fair competition should also be explored. UNCERTAINTY AND DISCONTENT OF INVESTORSAnother problem that arises from over-regulation is uncertainty and discontent among many in-vestors. Many investors feel overwhelmed by the additional documents and information requiring signatures. As a result, investors may end their cooperationwithassetmanagersandlosecon-denceinthenancialindustry.APPROPRIATE REGULATION AS A SOLUTIONHowever, it is also important to note that the reg-ulation of nancial service providers and assetmanagersisimportantinensuringthatthenan-cial system is stable and consumer interests are protected. However, it is also important that reg-ulation be appropriate and fair and strive to mi-nimisetheimpactofitsdecisionsonthenancialsector and consumers. One approach would be to focus regulation on the actual relevant risks and problems and en-sure that the requirements are workable and realisible. “REGULATION SHOULD RELIEVE SMALLER ASSET MANAGERS MORE AND PROMOTE COMPETITION”

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Currently, several hundred applications are pending with FINMA. Does one get the impression that these tend to be complex applications and business models with increased risks compared to the approval procedures that have already been completed?FINMA: No, according to our experience, there is no correlation between late submission of appli-cations, the number of pending applications for approval and the complexity of applications. We could, however, determine that many asset man-agers and trustees (hereinafter "asset managers and trustees") did not submit their applica-tions until the end of the three-year transition period. There are many different reasons for this. Certain custodian banks apparently used the opportunity of the new subordination of asset managers to complicate their business or to at-tract the corresponding assets to themselves. What does FINMA expect from custodian banks in this regard? Basically, banks are free to choose with which com-panies and individuals they want to have business relationships. FINMA's mission is to protect credi-tors, investors, insured persons and the functioning ofnancialmarkets.On this basis,FINMAexpectsthe custodian banks to identify and adequately INTERVIEW WITH FINMAThe ASSET MANAGER editorial team has collected numerous critical questions from workshop participants and submitted them to FINMA.Interview with Laura Tscherrig, Head of Asset Management and Trusteesmanage the risks associated with the cooperation with independent asset managers and trustees. This means that they know their business partners and they are legally active. FINMA has approved ve supervisory organisa-tions. What are the costs associated with moni-toring and controlling these ve SOs?FINMA supervises the approved SOs on an ongo-ing basis and checks that all approval require-ments still continue to be met. If FINMA detects maladministration or decien-cies in the course of monitoring the SO, it shall take the neces-sary measures to restore the proper condition. FINMA shall cover the corresponding ex-penses in accordance with the FINMA Fees and Charges Ordinance issued by the Federal Council. The basic charge for each SO is 3,000 francs per year. With the variable addition-al charge, FINMA covers the remaining costs in-curred for the monitoring of the SO of the previous year. This is calculated for each SO according to its share in the total number of all asset managers and trustees subordinated to an SO. There are many mandatory reportable (even mi-nor) adjustments. Do unnecessary delays and duplications between the SO and FINMA during their inspection not occur? "FINMA DOES NOT CERTIFY IT SERVICE PROVIDERS".6 • INTERVIEW

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TheFederalCouncilhasdenedanumberofsig-nicantly meaningful changes which must bereported to FINMA. FINMA implements these re-quirements. FINMA ensures that the measures are suitable, necessary and reasonable. The division of tasks between the SOs (supervision) and FINMA (approval) provided for by the legislator means thatsignicantchangesarepre-checkedbytheSOand approved by FINMA. FINMA therefore listens to the SO in the context of the assessment of changes subject to approval so that no objections are ex-pressed. However, FINMA coordinates its activities with the supervisory organisations in the best pos-sible approach in order to avoid duplication. The fees charged by FINMA for its actions are non-transparent and seem high or dispropor-tionate. Can you bring light into the dark? The fees for issuing a FINMA order are based on the FINMA Fees and Charges Ordinance issued bytheFederalCouncil. If aframeworkisdenedin the Annex, FINMA shall determine the spe-LAURA TSCHERRIG has been the director of the Asset Manager and Trustees Team in the Asset Management division of the Swiss Financial Mar ket Supervisory Authority FINMA since 1 November 2022. In this posi-tion, she guides the competence centre in all questions relating to this new supervisory population in accordance with FinIA and is responsible for the operational implementation and professional management of the authorisation procedures in connection with asset managers and trustees.ASSET MANAGER • NO. 17 / 2023INTERVIEW • 7

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Ready.Click.Trade.LynQs: your digital marketplace for a new investment experience.Structured products bring the future to your portfolio.Under the following link you will nd more information and the most important risks in relation to our investment products and solutions:leonteq.com/investing-with-structured-productsatollcic fee to be paid within the framework basedon the average time spent on similar opera-tions. The average amount of time spent is de-termined by empirical values. The fee frame-work reects these empirical values. In the casean asset manager or trustee declares the issu-ance of an authorisation, the ordinance allows for a fee framework of CHF 2,000 to CHF 20,000 and, in the case of requests for amendments, a framework of CHF 200 to CHF 4,000. So far, the fees charged for approval procedures have averaged CHF 5,891.Which requirements for out-sourcing providers in the area of risk and compliance are of particular importance to FINMA?A nancial institution must always carefully se-lect , instruct and control an outsourcing partner. It must therefore have all the necessary resourc-es and expertise to supervise the delegation of tasks with the appropriate authority and control rights. In the case of outsourcing, the company management always retains overall responsi-bility. The company continues to bear the same responsibility towards FINMA as though it had performed the outsourced function itself. Out-sourcing providers in the area of risk and com-pliance must have the resources, expertise and professional experience necessary for this area and must be appropriately organised. Asset managers are trying to simplify the new requirements through IT solutions and tools. What should asset managers pay particular at-tention to when choosing these? What questions does the asset manager need to clarify with their IT service provider?If the new legal requirements are implemented using IT solutions and tools, a suitable security system is required. This must allow for the out-sourced functions to be able to continue in emer-gencies and for adequate protection against cyber risks. The latter includes a protection con-ceptandaresponseplantailoredtothenancial "LATE SUBMISSION OF GRANT APPLICATIONS SAYS NOTHING ABOUT THEIR COMPLEXITY". institution in the event of cyber incidents, as well as clear requirements regarding cybersecurity for service providers. Compliance with these require-ments must then be checked regularly as well. New IT solution providers want their tools and services to be certied by FINMA so that asset managers can offer them to independent asset managers as FINMA-certied and safe. What are FINMA's requirements and which company does FINMA work with for the testing pro-cess? What is the approval process for such providers? FINMA does not certify IT service providers. The responsibility for proper business operations al-ways lies with the outsourcing company. It is their responsibil-ity to carefully select and adequately instruct and monitor their outsourcing partner. ASSET MANAGER • NO. 17 / 2023FINMA • 9

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OBLIGATION TO NOTIFY OR OBTAIN PRIOR AUTHORISATION IN THE EVENT OF A CHANGE OF FACTSAsset managers must comply with new comprehensive reporting or authori-sation obligations before important corporate decisions, such as the replace-ment of members of the Board of Directors or the Executive Board, the change of organisation or the transfer of a signicant participation, can be done. The concrete implementation of these obligations poses challenges for asset managers, auditors, consultants and supervisory authorities.Authors: Dr. Fabian Schmid, Partner, Head of Regulatory & Compliance Financial Services, Grant Thornton AG, Mirna Matic, Senior Assistant, Regulatory & Compliance Financial Services, Grant Thornton AGThe licensing requirements must be adhered to at all times. For asset managers, this results in the obligation to inform the supervisory organi-sation (SO) in the event of changes of the facts on which the authorisation is based. If the change is essential, the law not only provides for a reporting obligation to the SO, but also for an obligation to obtain authorisation from FINMA. Not-withstanding the fact that the SO is responsible for the ongoing supervision of the asset managers. Substantial changes that are subject to report-ing obligations concerning FINMA include amend-ments to the Articles of Association or the Organ-isation and Business Regulations (OGR), changes to the minimum capital and own funds or events inconnectionwiththekeypersonsoftherm(e.g.the initiation of criminal proceedings against a member of the Executive Board).Catalogue of changes subject to authorisation The catalogue of mandatory changes as outlined in legal wording, which must be authorised directly byFINMA,hasbeensignicantlysubstantiatedandexpanded by published guidelines of the SO. Ac-cordingly, for example, the change in professional liability insurance or a change of the persons re-sponsible for the outsourcing partner must also be approved in advance by FINMA. Procedure for obtaining authorisation A change request must rst be sent to the SO.Subsequently, the feedback from the SO must be submitted to FINMA together with the authorisa-tion form for changes. In its preliminary review, the SO is mainly limited to the formal aspects. FINMA's task is to carry out a material assessment of the licensing requirements. Naturally, this can lead to queries, requests for change or restrictions from FINMA, accordingly to delays as well. This process is concluded with the issuance of a (determination) order from FINMA and the issuance of a fee invoice, which is to be paid by the asset manager.Reporting to the SO vs. obtaining athorisation from FINMA Othersignicantchangestofactsthatareprin-cipally subject to the asset manager's authorisa-tion only have to be reported to the SO but without obtaining prior authorisation from FINMA. Accord-ing to the requirements of the SO, this includes, for example, the following changes: omission of a qualiedparticipatingperson,changeoftheauditcompany,changeoftheombudsman'sofceand

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MIRNA MATICSenior Assistant Regulatory & Compliance Financial Services +41 43 960 72 54Mirna.Matic@ch.gt.comDR. FABIAN SCHMIDHead Regulatory & Compliance Financial Services +41 43 960 72 50Fabian.Schmid@ch.gt.comASSET MANAGER • NO. 17 / 2023OBLIGATION TO REPORT CHANGES • 11changes of address. In principle, the report must be made prior to the occurrence of the reportable fact or event. In the event of changes to facts over whichthelicenseehasonlylimitedornoinuence,thenoticationmustbemadeimmediatelyafterbecoming aware of these. More changes subject to authorisationTheinterpretationandspecication of Art.8Fin-IA by the supervisory authorities leads in practice to the fact that many more amendments are now considered to be subject to authorisation than can be inferred directly from the legal wording. As a re-sult, approved asset managers often have to sub-mit new change requests to FINMA and also sub-mit them to the AO in advance, even in the event of relatively minor changes or events. In the case of more highly regulated institutions, such as banks, to the extent evident, there is no comparable level of detail in the reporting obligations.Disadvantages of strict reporting obligationsThis strict handling of reporting obligations leads to delays and additional costs for many asset managers, especially since a request for change is often necessary in the event of relatively minor adjustments in the organisation or business mod-el. In addition, their compliance risks in connection with the omission of the authorisation and report-ing obligations increase.Against this background, difcult demarcationquestions arise in practice. It is not always easy toassesswhetheraspeciceventisnowsubjecttoauthorisationornotication,orneither.Ontheother hand, if the reporting obligation is not met, an asset manager risks a reservation by the audit rmandpossiblyregulatorysanctions.Priorclari-cationwiththecompetentsupervisoryauthorityas to whether a particular event is subject to noti-cationorauthorisationisthereforerequiredonaregular basis.Conclusions and forecastWhether the current practice on authorisation and reporting obligations in combination with a two-stage authorisation cascade consisting of SO and FINMA represents a promising solution will be shown. Since numerous change requests addressed to FINMA are required, many asset managers could establish a kind of "ongoing interaction with FINMA", while the SOs only act as an intermediary. Contrary to the original intention of the legislator, this will lead to the ongoing supervision of asset managers to a certain extent not only by the SO but also by FINMA. However, if the principle of ongoing supervi-sion by the SO is to be adhered to long term, it would be necessary to examine to what extent the cata-logue of facts, which (also) require FINMA authori-sation, can be reduced both at the legislative level and in practical application.

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THIS IS HOW ASSET MANAGERS SECURE THEIR AUTHORISATION FOR THE LONG TERMFINMA and the Supervisory Organisation (SO) regularly check whether the conditions are con-tinually met. Effective risk management is an important factor for securing authorisation for the long term and favourable performance in the audits.In this article, you will learn how to optimise risk management and the internal control system to perform well in regular audits.Asset managers and trustee service providers who have received FINMA ap-proval must now ensure that they permanently meet the conditions for this. Author: Christian Bärlocher, Lawyer, Compliance Expert and IGUV Board MemberRisk managementFinIAprescribesriskmanagement.Theidentica-tion, measurement, control and monitoring of risks as well as ensuring effective internal controls are required, Art. 9 Para. 2 FinIA. Art. 9 Para. 4 FinIA re-quires that risk management encompasses all business activities and must be organised in such a way that all principle risks can be recorded, as-sessed, managed and monitored.CHRISTIAN BÄRLOCHER is a lawyer and IGUV Board Member. He is the founder and managing director of the sole proprietorship: CHRISTIAN BÄRLOCHER RECHTSANWALT (LAWYER)Your independent compliance functionRüfegasse 12A7208 Malans, Switzerland www.chbrcompliance.chchristian.baerlocher@chbrcompliance.chbaerlocher@iguv.ch+41 76 488 86 9512 • INTERNAL CONTROL (ICS)

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Ideally, you should create a catalogue that de-scribesallthesignicantriskstoyourbusiness,in-cluding the description of the risk, scenario, causes, triggers and consequences of the risk occurrence, aswellastheimplicationsofnancialandrepu-tational risks. It is recommended to add a link or reference to the controls that manage the risk. IGUV has already integrated numerous risks into its ICS system, from which you can choose those that affect you.Onceidentied,therisksmustbeassessedbyas-signing a nancial value to each risk that is de-stroyed or created upon occurrence. At the same time, you need to assess the probability or fre-quency with which the risk is expected to occur. Multiplyingthesetwofactorsproducesthenan-cial dimension of the risk, which is ideally recorded in a risk matrix or heat map. A scheme is recom-mended for recording reputation risk in which the likelihood of risk occurrence is evaluated with the possible impact on your reputation. For example, you can estimate in which media and to what ex-tent negative reports would be made about you.It is advisable to repeat this activity periodically within one or two years and to record the results or include them in a risk report. It is advantageous if you have a risk management process or guidance that outlines the most important steps for your risk management. Furthermore, a plan outlining the activities to be performed within the course of the year can be an effective tool.Effective risk management helps you manage risks and make risk-based decisions to achieve long-term success. It can also help facilitate bet-ter management of unexpected events, such as nancialcrisesorregulatorychanges.Internal control system Another important factor for securing long-term FINMA authorisation is the internal control system (ICS).Thefederalguidelines for ICS denethatacompany must have an adequate and effective organisation, workows and controls in place toensure compliance with laws, regulations and in-ternal rules (Art. 21 FinIA). The ICS should also in-clude continuous monitoring and adjustment of controls to ensure that they are effective and meet current requirements.One way to ensure effective ICS is to implement controls that target the identied risks. This mayinclude, for example, reviewing transactions or monitoring key indicators to ensure that they re-main within acceptable limits. Documentation and logging of controls and processes can also help achieve a positive assessment in inspections by FINMA.Training and raising awareness among employees are also important to ensure that employees are familiar and comply with relevant laws, regulations and internal rules. Appropriate documentation and archiving of information can also help ensure ef-fective monitoring and adaptation of the ICS.Summary Compliance with the FINMA authorisation condi-tions requires appropriate risk management and effective ICS. The identication, measurement,control and monitoring of risks, as well as the im-plementation of controls aimed at the identiedrisks, are important steps for achieving long-term success. Training and raising awareness among employees, as well as appropriate documentation and archiving of information, are also crucial. By implementing these measures, asset managers and trustee service providers can ensure that they perform well in regular FINMA audits and secure their approval in the long term.ASSET MANAGER • NO. 17 / 2023RISK MANAGEMENT • 13

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IGUV, the Interest Group of Independent Asset Managers, offers an excellent range of services, which members have rated with an average of 4.63 out of 5. Our workshops have four main objectives:First objective Our goal is to provide independent asset manag-ers with as much important information as possi-ble within a limited period of time, thereby offering atremendousbenet.To this end, our workshops cover the 16 most im-portant topics, addressing each topic in just 20 minutes. The program is individually adapted to the needs and requests of the participants.When we started, we didn't have any FINMA-ap-proved participants, and, consequently, topics re-lated to authorisation were at the top of the wish list. But after the summer holidays, we already held our rst event with only FINMA-approved partic-ipants. Since then, the topics have shifted to the IGUV – A rst-class service provider with added-value workshops and individual solutions for asset managers and nancial advisors.Report by Roger Fromm, IGUV Board Member and Founder IGUV WORKSHOPS WITH ADDED VALUE AND WIN-WINimplementation of new requirements, experienc-es with FINMA, supervisory organisations and om-budsman'sofcesaswellasexchangeswithotherasset managers.Second objectiveCreating new added values. We would like to continue to offer our independent asset managers new added values in the future. Last year, several concrete solutions emerged from the needs of our participants: for example, our job portal and our ICS tool.TheICStoolenablesefcientandminimisedex-ecution and implementation of internal controls. The control function can also be easily trans-ferred to any person, which relieves the asset manager.The job portal not only offers the opportunity to search for employees, but also to nd potentialbusiness partners or part-time compliance of-cers. We are pleased that several successful14 • ADDED VALUE

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placements of asset managers have already tak-en place via our job portal. We are always striving to create further added value based on the specif-ic needs of our members, and we will continue to work on implementing this in the future. Third objectiveSponsors make a signicant contribution to thenancingofourworkshops.That iswhywewantto offer our cooperation partners genuine added value and provide a high-quality workshop. In-stead of organising our own events, our sponsors can participate in our workshop at a fraction of the cost and without any organisational effort and be able to address asset managers who they would otherwise not be able to reach.The detailed evaluation that the participants com-plete at the end of the workshop also gives spon-sors insights into how they present themselves and their services. Could the presentation be im-proved, and which participants are interested in a conversation?Whatarethebenets,andispartic-ipatinginfurtherworkshopsbenecial?Photos: Thomas Hinder on behalf of IGUVEven if a service receives an average of only 2.5 points, it may make sense for the provider to par-ticipate in further workshops and focus on the mi-nority that gave it a rating of 5.If it turns out that a sponsor offers an interesting servicethatmanyparticipantsndhighlybene-cial, we would then be interested in a closer col-laboration or cooperation with this provider.Professional liability insurance, country manu-als, ombudsman's ofces, memberships, job ad-vertisements, articles and advertisements in this magazine, compliance consulting as well as other consulting and services can be easily booked via the IGUV website. Bookings via our website are automatically for-warded to the service provider. Members rate each booking to ensure quality.A service offered by a cooperation partner with a Standard Plus status can become part of IGUV's offering with a landing page of its own.

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UPCOMING IGUV WORKSHOPSThursday, 13 April 2023 Zurich • Zunfthaus zum Zimmerleuten restaurant3 and 4 May 2023, FINANZ'23 Zurich • Hall 550, Zurich-Oerlikon nancial fair Thursday, 25 May 2023 Geneva • Hotel WarwickThursday, 15 June 2023 Zurich • Zunfthaus zum Zimmerleuten restaurantThursday, 29 June 2023 Lugano • Hotel BellevueThursday, 14 September 2023 Basel • Hotel BaselThursday, 28 September 2023 Zurich • Zunfthaus zum Zimmerleuten restaurantThursday, 5 October 2023 Geneva • Hotel WarwickThursday, 26 October 2023 Lugano • Hotel BellevueThursday, 16 November 2023 Zurich • Zunfthaus zum Zimmerleuten restaurant Register now for free: www.iguv.ch/event/ ATTRACTIVE PROFESSIONAL LIABILITY INSURANCE FOR SELF-EMPLOYED INDIVIDUALS AND SMESapplication form. Visit the IGUV website for more information: www.iguv.ch/berufshaftpichtSchweizerischer Kaderverband SKV, Zentral-secretariat, Lic. oec. H.J. Gerosa AG, Florastrasse 4, 9000 St. Gallen, Phone +41 71 245 84 25, info@kaderverband.chThe professional Swiss association, Schweizerische Kaderverband (SKV), helps self-employed individuals and SMEs, who are often overwhelmed with insur-ance and pension issues, nd access to attractive offers on the market. Since 1988, SKV has been offering advantageous collective agreements in various insurance and pension sectors, including professional liability insurance for nancial advisors and asset man-agers.Following the implementation of FinSA and Fin-IA, independent asset managers are struggling to implement the new regulations. An important prerequisite for registration in the Advisory Regis-ter is proof of professional liability insurance with sufcient coverage. The SKV offers pro-fessional liability insurance that is spe-cicallytailoredtotheneedsofnancialservice providers and asset managers and optimally meets the legal require-ments of the FinSA.The professional liability insurance at SKV alsoprovidesprotectionagainstnancialconsequences resulting from consultant errors for other consultant professions, such as architects, engineers, lawyers, trustees, IT service providers, business consultants and insurance brokers. In ad-dition to professional liability insurance for consultant professions, the SKV also offers pure business and product liability insurance as well as organ liability insur-ance(D&O,Directors&Ofcers).IGUVmembersbenetfromafreemem-bership to the SKV and receive substan-tial premium savings and can apply on-line via the simple and uncomplicated www.kaderverband.ch

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24TH SWISS FINANCE FAIR FOR PROFESSIONAL INVESTORS Wed. / Thur., 3 – 4 May 2023Zurich Oerlikon Halle 550Sponsor Media partnersCo-sponsors21Shares | Abrdn | Petiole Asset Management AG | RBC Bluebay Asset Management | SIX | T. Rowe PriceWEDNESDAY, 03. MAY 2023Program Roundtables & Specialist PanelsTHURSDAY, 04. MAY 2023Program Roundtables & Specialist PanelsROUNDTABLE10.30-11.30Fireplace Talk: Zukunft Finanzplatz SchweizDeutschSergio Ermotti, Verwaltungsratspräsident von Swiss Re Dirk Schütz, Chefredaktor BILANZ_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL12.00-12.45 ESG regulations and their impactEnglish_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL13.00-13.45 Emerging market debt and China in the current environmentEnglish_________________________________________________________________________________________________________________________________________________________________________________ROUNDTABLE10.30-11.30Globalisierung vs Re-Nationalisierung: Was kommt als Nächstes?DeutschBeat Rieder, Ständerat, Die Mitte Prof. Tobias Straumann, Professor für Wirtschaftsgeschichte Valentin Vogt, Präsident Schweizerischer ArbeitgeberverbandModeration: Mark Dittli, Chefredaktor, The Market_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 11.00-11.45Investing in renewable energyEnglish_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 13.00-13.45ESG und PerformanceDeutsch_________________________________________________________________________________________________________________________________________________________________________________ROUNDTABLE14.00-15.00Sind die Zentralbanken für die nächste Krise vorbereitet?DeutschProf. Ernst Baltensperger, Prof. em. für VWL an der Universität Bern, ehem. Direktor des Studienzentrums Gerzensee der SNBDr. Petra Gerlach, Stellvertretendes Mitglied des Direktoriums der SNBProf. Yvan LengwilerModeration: Fabio Canetg, Geldökonom und Moderator des Geldpolitik-Podcasts Geldcast_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 15.00-15.45Fixed Income, back to normal?English_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 16.00-16.45Private Equity / InfrastructureDeutsch_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 14.00-14.45Impact investing and governance, where are we today? English_________________________________________________________________________________________________________________________________________________________________________________FACHPANEL 15.00-15.45 Private Equity / InfrastructureEnglish_________________________________________________________________________________________________________________________________________________________________________________ROUNDTABLE15.00-16.00Energie-Strategie, wie weiter?DeutschJürg Grossen, Unternehmer und NationalratMartin Koller, Head Corporate Strategy & EconomicsWerner Luginbühl, Präsident ElComDr. Christoph Schäfers, UniperModeration: Dr. Sylviane Chassot, Ressortleiterin «Finanz und Wirtschaft»_________________________________________________________________________________________________________________________________________________________________________________HIGHLIGHTS OF FINANZ'23 FINANZ’23 offers around 100 lectures: Round tables, specialist panels, keynote speeches and exhibitor presentations with high-level speakers. www.ﬁnanzmesse.chWith this promocode you get a free ticket for FINANZ'23: BR-4825*Ticket price without promo code CHF 250.00 FAIR MOTTO 2023nanzmesse.ch«TURNING POINT»

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This means that U.S. companies are required to disclose information or provide surveillance technologies when requested to do so by gov-ernment authorities. This impacts the privacy and protection of customer data and can lead to legal or nancial consequences for companies.Many countries have similar laws. For example, in the United Kingdom: the Regulation of Investigatory Powers Act (RIPA); in France: the French Intelligence Law; in Germany: the Act on the Federal Intelligence Service (BNDG); in Russia: the Federal Law on Oper-ational-Investigative Activity and so on.ASwissnancialserviceprovidermustensurethatthe service provider it uses, which stores customer data, complies with the local requirements of the Banking Act (BankG) and FINMA supervisory law. To ensure that customer data is adequately protected, the provider must be able to demonstrate that they: • Have the necessary information security, including measures to prevent data loss, theft and manipu-lation; • Comply with valid data protection laws, including the Swiss Federal Act on Data Protection (DSG) and the European General Data Protection Regulation (GDPR); • Have procedures in place to ensure the integrity and availability of electronic customer data.A privacy policy does not provide protection to government bodies; it is simply a legal agreement between the company and its customers that denesthecompany'sobligations regarding thehandling of customer data. A privacy policy does not guarantee that a com-pany will protect its customer data from access by government authorities.The following are some relevant well-known cases that became public knowledge.• Microsoft Azure – Microsoft has historically argued against government requests to provide data in the context of the Patriot Act. In 2013, The USA Patriot Act impacts U.S. companies by facilitating government access to certain information and surveillance technologies to combat terrorism and criminal activity. An editorial contributionDATA PROTECTION RISKS FOR SWISS FINANCIAL SERVICE PROVIDERSASSET MANAGER • NO. 17 / 202320 • DATA PROTECTION RISKS

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Microsoft successfully fought a government re-quest to release email data from a data centre in Ireland. • Google Cloud – Google has historically argued against government requests to provide data in the context of the Patriot Act. A well-known exam-ple is a 2013 case in which Google fought against a government request to provide data about an international search query. • Dropbox – Dropbox has historically argued against government requests to provide data in the con-text of the Patriot Act. A well-known example is a 2014 case in which Dropbox fought a government request to provide a customer's data. • Apple – Encryption dispute between the FBI and Apple. In 2015 and 2016, Apple Inc. received and denied or challenged at least 11 orders from United States District Courts under the All Writs Act.It is important to note that these are only cases that were made public because the companies have resisted government requests. However, when companies cooperate with government au-thorities, this information usually does not reach the public at all.If a government authority requests data from a company, the company may be required to pro-vide this data, even if it comes from a customer from another country, such as Switzerland.Insummary,Swissnancialserviceproviderscre-ate data protection risks by using foreign cloud and data storage providers. The USA Patriot Act and similar laws give government authorities broad powers to access data held by foreign com-panies, calling into question the privacy policies of such providers. Therefore, it is important for Swiss nancialserviceproviderstominimizetheriskwithregard to data protection and resort to Swiss pro-viders. A Swiss solution offers the advantage of higher data protection and better legal certainty in the handling of sensitive data. DATA PROTECTION RISKS FOR SWISS FINANCIAL SERVICE PROVIDERS

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1. The new toolsThe law has provided professional, industry and business associations with incentives to develop codes of conduct. If the Federal Data Protection and Information Commissioner (FDPIC) issues a positive opinion on this, it is assumed that the code of conduct complies with the law. The association can hand over the code of conduct to its mem-bers, who can thus ensure data protection. A code of conduct has many advantages. The new law creates new possibilities for certi-cation (Art. 13 FADP): Services and processes can nowbecertied.Thelawrecognizesprivatecer-ticates.In accordance with Article 12 FADP, the responsi-ble persons and the processors must now keep a record of processing activities, i.e. a list of all data processing operations. This obligation applies to any company that processes personal data. The directory is a tool to facilitate compliance with fur-ther data protection obligations.With Art. 7 FADP, the new law creates the obliga-tions for "privacy by design" (data protection by technology) and "privacy by default" (data protec-tion by default settings). Companies must already take the appropriate technical and organisational protective measures when planning systems and processes.Anyone who intends to carry out processing that may entail a high risk to the personality or funda-mental rights of the data subjects must create a new data protection impact assessment (Art. 22 FADP). This contains, inter alia, a description of the processing, an assessment of the risks and the measures to protect the personality and funda-mentalrights(Art.22Para.3FADP).Ifacerticateor code of conduct is available (see above), this may be waived. 2. The new rolesThe controller is any person who alone or together with others decides on the purpose and means of processing. The controller is any person who pro-cesses personal data (Art. 5 lit. j. FADP). Processing, in this sense, means any handling of personal data (Art. 6 lit. d. FADP). Companies can appoint a data protection con-sultant (Art. 10 FADP). This can be a collaborating person or an external function. This gives compa-22 • NEW FEDERAL ACT ON DATA PROTECTIONNEW FEDERAL ACT ON DATA PROTECTION TOOLS AND ROLES IN FOCUSOn 1 September 2023, the new Federal Act on Data Protection (FADP) will come into force. It introduces new tools, new roles and new rights and obligations for data subjects as well as for companies that process personal data.Author: Christian Bärlocher, Lawyer, Compliance Expert and IGUV Board Member

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nies certain advantages when complying with the Federal Act on Data Protection.The role of the Federal Data Protection and Infor-mation Commissioner has also been strength-ened. Pursuant to Art. 49 FADP, they must now investigate all breaches of data protection ex ofcio.3. New rights and obligationsWhen disclosing personal data abroad – e.g. stor-age on foreign systems (Cloud) –, the require-ments of Art. 16 FADP must be complied with. The list of third countries ensuring adequate protec-tion, now part of the Data Protection Regulation (GDPR), must be observed. All countries must be indicated to the data subjects (customers, users). The controller must indicate the data protection guarantees or the exceptions to which they refer (Art. 19 Para. 4 FADP).The information obligations of the companies have been expanded (Art. 19ff FADP). The previous information of the data subject is now required for all processing cases; the content of the informa-tion is also mandatory.The data subject's right to information has been expanded: The list of minimum information that must be issued by the controller is included in Art. 25 FADP.There is also a new obligation for data controllers to report breaches of data security (Art. 24 FADP).Data subjects have also acquired a new right to data portability (Art. 28 FADP). At the request of the data subject, personal data must be provided in a common electronic format or transferred to a third party.I was a member of the Association for Corporate Data Protection (VUD) for 11 years. Since then, I have been able to help numerous companies with the implementation of the new EU GDPR and am avail-able as a competent contact person for the intro-duction and adjustments to the new Federal Act on Data Protection. www.chbrcompliance.chchristian.baerlocher@chbrcompliance.chbaerlocher@iguv.ch+41 76 488 86 95ASSET MANAGER • NO. 17 / 2023 NFADP • 23

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24 • OVER-REGULATIONEFFECTS ON THE SWISS FINANCIAL SECTOR THROUGH STRICTER REGULATIONStricter regulation impacts jobs and innovation. Asset managers are more strictly controlled, and the industry is consolidating. The higher requirements affect the innovative power.An editorial contributionEffects on employmentWith the introduction of FinSA and FinIA in Switzer-land, asset managers will be more strictly con-trolled and monitored, leading to a consolidation of the industry. The regulation requires a higher level of documentation and control of business processes, which in turn leads to a greater use of resources. It is expected that these addition-al costs will have to be borne by the customers. In addition, there is a higher bureaucratisation of work processes, which in turn leads to the restric-tion of autonomy and innovation. In Germany, the number of independent asset managers has dropped from 5 ,000 to 380 insti-tutes over the past decade. Now that Switzerland has adapted most of these laws under pressure from abroad, it is inevitable that a comparable development will now also emerge in Switzerland. Impact on innovationThe new laws also have implications for the Swiss nancial sector and its innovation. Due to thehigher requirements on the reporting obligations, documentation and controls of the business pro-cesses, it will become more difcult for smallercompanies to assert themselves in the market. Larger companies will be better able to meet the additional requirements due to their high level of resources and economies of scale. This will further increase the concentration in the industry and hinder the innovative power. In the future, this will take place outside Switzerland and Europe.It is undeniable that the U.S. is a world leader in the creation of high-tech companies and innovations. In contrast, Europe seems to be lagging behind in the creation of innovative companies. This devel-opment can largely be attributed to a controlling mentality that prevails in many European countries.Control and bureaucracy inhibit the ability to innovateIn Europe, a culture of control and bureaucracy is often promoted, which hampers the ability of companies to innovate. Bureaucratic stipulations and regulations mean that companies are less willing to take risks and pursue innovative ideas. Many of the most innovative companies were founded by entrepreneurs who were willing to take risks and pursue new ideas. In Europe, on the other hand, many companies are more concerned with

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MOTIVATION KILLER • 25ASSET MANAGER • NO. 17 / 2023preserving existing norms rather than breaking new ground. A conservative corporate culture that aims to minimise the risk of error rather than take risks and foster innovation is widespread in Europe.In most European countries, public funding for re-search and development is limited, and compa-nies are often unwilling to provide additional fund-ing for the development of innovation.ConclusionIt is obvious that the U.S. is a global leader in the creation of high-tech companies and innovations, and Europe lags behind. The main reasons for this development are a controlling mentality, bureau-cracy and a lack of risk-taking and innovation cul-ture. It is important that European companies and governments change their mentality and promote a culture that rewards risk and fosters innovation. This is the only way for Europe to return to the fore-front of innovation and play a leading role in shap-ing the future.It is therefore important that governments and authorities establish balanced regulation that promotes innovation but also ensures security. Some of the most important studies on the topic of innovation and autonomy vs. control are:• Amabile, T. M. (1998). How to kill creativity. Harvard Business Review, 76(5), 76-87. • Deci, E. L., & Ryan, R. M. (2000). The "what" and "why" of goal pursuits: Human needs and the self-determination of behavior. Psychological Inquiry, 11(4), 227-268. • Eisenberger, R., Fasolo, P., & Davis- LaMastro, V. (1990). Perceived organiza-tional support and employee diligence, commitment, and innovation. Journal of Applied Psychology, 75(1), 51-59. • Oldham, G. R., & Cummings, A. (1996). Employee creativity: Personal and contextual factors at work. Academy of Management Journal, 39(3), 607-634.• Zhou, J., & George, J. M. (2001). When job dissatisfaction leads to creativity: Encour-aging the expression of voice. Academy of Management Journal, 44(4), 682-696.

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The nancial industry faces a variety of chal-lenges that can be overcome by asset managers. These include regulatory requirements, compe-tition from new market participants and increas-ing digitalisation. This article examines the three biggest challeng-es and shows how asset managers can remain successful with the help of technological solutions and support from interest groups such as IGUV.Regulatory requirementsIndependent asset managers must comply with a variety of reg-ulations that are constantly being adapted and tightened. Compli-ance requirements must be ob-served particularly with regard to effectiveness, transparency and traceability as well as the preven-tion of money laundering. Compliance with these regulations is of great importance to asset man-agersinordertoavoidpenaltiesandnes.A study by PwC Switzerland shows that indepen-dent asset managers will have to invest more in the automation of compliance processes and the training of their employees in order to meet the TOP CHALLENGES FOR ASSET MANAGERSHow IGUV and banks help asset managers successfully master their challenges of digitalisation.An editorial contributionrequirements.IGUVhelpsassetmanagersndthebestsolutionsforeffectivelyandefcientlyimple-menting regulatory requirements.Competition from new market playersAsset managers face growing competition from new market players, particularly from digital and robo-advisoryrms.Theserelyonautomatedpro-cesses and online-based customer support, which can present signicant com-petition for conventional asset managers. In addition, the in-creasinguseofarticialintel-ligence (AI) can also become a serious competitor for asset managers. According to a study by the consulting rm EY, nancialservice providers will have to increasingly offer a combination of digital offers with personalised advice in the future to prove themselves in the competition. IGUV is committed to ensuring that asset managers remain compet-itive by either providing new technological solu-tions specically for asset managers or by pro-moting cooperation with specialised providers and cooperation partners."OVER 100 ASSET MANAGERS HAVE ALREADY PARTICIPATED IN THIS STUDY!"26 • CHALLENGES FOR ASSET MANAGERS

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Increasing digitalisationIncreasing digitalisation in the nancial sector isparticularly affecting the management of nan-cial data and communication with customers. IGUV supports asset managers in investing and evaluating new IT solutions in the area of portfolio management systems (PMS), client relationship management systems (CRM) and similar IT solu-tionsspecicallyforindependentassetmanagers.Upon request, IGUV also supports asset managers in the implementation and subsequent training of the employees.ConclusionAsset managers must face the challenges of dig-italisation in order to compete. Banks and interest groups such as IGUV can play an important role here by supporting asset managers and providing them with technological solutions. The importance of a comprehensive studyIn order to better understand the needs of asset managers in terms of technological solutions, IGUV is currently conducting a comprehensive study. More than 100 asset managers have al-ready participated in this study and expressed theirneedsandrequirementsintheeldofdig-italisation. The results of this study are invaluable for banks looking to strengthen their position in the market and optimise their services for asset managers.The benets of participating in the studyBy participating in this study, banks can better un-derstand the needs and requirements of their target group and develop the appropriate solu-tions. The study offers banks a unique opportunity to improve their competitiveness and optimise their services for asset managers. We invite banks toparticipateinthisstudyandreapthebenetsitoffers. IGUV is available to assist banks in their participation and provide them with the neces-sary data and information. Become part of this important initiative and strengthen your position in the asset management market. “THE RESULTS OF THIS STUDY ARE INVALUABLE FOR BANKS!”ASSET MANAGER • NO. 17 / 2023ASSET MANAGER STUDY • 27

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In this context, IGVU is conducting a comprehen-sive study on the technological needs of inde-pendent asset managers (UVV). The aim of this study is to give banks an overview of the needs of independent asset managers so that they can optimally serve them and stand out from the competition.Participation in the study is open to both banks and asset managers. The banks participating in the study will have the opportunity to better un-derstand their customers' needs and tailor their services to individuals. Asset managers can com-municate their individual needs and evaluate their custodian bank in relation to these points. As a re-sult, the range of services can continue to improve in the future to the extent this is possible.The study comprises a total of 17 valuable services, which independent asset managers can assess andcommentonbasedontheirpersonalbenet.The results of the study will be made available ex-clusively to the participating banks and the asset managers and will not be published.IGUV ensures that the project is as cost-effective as possible for banks. The pricing is based on the number of individual participating independent asset managers. The survey aims to increase prof-itability for the bank and prompt new independent STUDY ON THE TECHNOLOGICAL NEEDS OF INDEPENDENT ASSET MANAGERSDigitalisation has revolutionised the nancial sector in recent years. An in-creasing number of banks are relying on digital technologies to improve their services and offerings and provide customers with an optimal experience. An editorial contributionasset managers to come to the bank and exist-ing independent asset managers to consolidate more customers for the bank, because coopera-tion makes things even easier, faster and cheaper.However, the obstacles in a bank draft are ex-tremely high. The study therefore intends to show which services achieve the greatest benet forasset managers in order to inspire these and en-courage a change. In doing so, the new regulatory tasks for independent asset managers should also be taken into account and automated.The study is aimed at banks that want to cooper-ate with asset managers and learn which techno-logicalneeds havethegreatestinuenceonthecooperation and enjoy the highest priority.Overall, the study offers participating banks the opportunity to make a location determination and carry out a strengths/weaknesses analysis. In do-ing so, they can compare their services with those of the competition and nd out which servicescanbestbeusedtooptimisethebenetsforas-set managers. This allows them to reliably set pri-orities for additional further optimisation projects based on this study.Further information for banks related this study can be found at: www.iguv.ch/surveyASSET MANAGER • NO. 17 / 2023ASSET MANAGER STUDY • 29

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30 • PMS EVALUATIONIn Switzerland, there are about 40 providers of Portfolio Management Systems (PMS). Currently, 700 asset managers (AM) are FINMA-approved; according to estimates, FINMA has another 1 ,000 approvals. According to experts, only about 35 percent of these asset managers use a PMS solution. Thus, there are an average of 12 to 15 customers per PMS provider in the Swiss market with 500 to 600 po-tential customers. FOCUS ON PMS: HOW TO CHOOSE THE RIGHT SYSTEM?An editorial contributionAs a result of the new regulation, numerous asset managers will disappear, increasing competition among PMS providers. We can imagine that even isolated PMS providers are withdrawing from the Swiss market.Affordable PMS solutions are available from CHF 5 ,000 per year, while more expensive solutions are available with an initial starting price of CHF 60 ,000 per year. Upwards, however, the limits are open. Most PMS providers range between CHF 10 ,000 and CHF 30 ,000 per year.A CHECKLIST FOR PMS EVALUATION COULD INCLUDE THE FOLLOWING:Functionality Safety Cost-benetsEase of use and accessibilityData security and data protectionCost-benet analysisAbility to integrate with other systemsCompliance with le gal regulations and industry standardsLong-term compliance with busi-ness objectivesAdaptability and scalabilityReferences and experiences of other asset managersSystem updates and maintenanceReporting and analysis skillsIs a test phase possible Variable costsCustomer support and trainingSource: IGUV

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DAVID KRAUSIfyouarecurrentlydealingwiththeevaluationorarenotsatised with the current PMS solution, we recommend a conversation with our PMS expert. Our expert will also gladly assist you with the evaluation of CRM, DMS and WMS solutions. For more information: www.iguv.ch/it-servicesIt is not uncommon for an independent asset managertobedissatisedwiththeirPMSproviderbecause their needs are not covered by the tool. Often the error lies in an inadequate evaluation. Theassetmanagerhasnotdealtsufcientlywiththeir needs in advance. An explanation for each item should be provided on the left-hand side of the checklist. But in short: the asset manager should have clear ideas of what precisely they want, otherwise they run the risk of betting on the wrong horse. The investment in a PMS tool over a period of ten years is usually between CHF 50 ,000 and CHF 600 ,000 and should be carried out very thorough-ly for this reason alone. PMS contracts are usually intended for a period of several years. An incorrect decision can have existential consequences for asset managers. Merely listening to a recommen-dation from a good friend can be dangerous.IGUV offers its members support in a PMS evalua-tion. Our specialist has been supporting banks and independent asset managers as an independent consultant for many years. Our specialist is famil-iar with PMS providers on the market and can, on one hand, save asset managers considerable time in the evaluation, because he immediately recognizes which provider can be excluded. He can minimise the risk of making a wrong decision by asking the right questions, and, in the best case, heconrmsyourfavourite,therebyprovidingyouwith extra security.

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2 • INSA-INVESMENT.COMMeet Marvees The Al-powered document extraction service that understands your bank transaction advices, bank statements, passports and much more! Optimize your workows and fully automate document data extraction! Accelerate your business Accelerate your business processes by automating information extraction either from electronic or scanned printed document. Marvees applies advanced machine learning to accurately extract text and various amounts from your documents. AI Computer Vision TechnologieWith just a several samples, ve or more, of each advice type you can tailor Marvees to understand your documents. Turn documents into usable data at a fraction of the time and cost, so you can focus more time acting on the information rather than compiling it. Marvees extracts text using computer vision read, high-denition optical character recog-nition (OCR) enhanced by the latest technology articial intelligence and machine learning tailored for documents. lt also extracts the structures of tables with row and columns.lt supports printed and handwritten forms, PDFs, and images. Marvees supports multiple languages including English, French, German, ltalian, Spanish, Portuguese, Dutch, Chinese, Japanese and others.Marvees in Action Fully automatically transform this: into this:Output of the Marvees is a standardized format JSON le which can be used be Insa to import bank/broker transactions electronically or any other software systems. Seamless IntegrationMarvees integrates seamlessly with Korto Record Management System so it can auto-matically detect important keywords/tags and assigns them to the documents stored in the Korto system.Enterprise-grande SecurityMarvees is based on Microsoft Azure Form Recorgnizer which is part of Azure Applied AI Services backed by Azure infrastructure and enterprise- grade security, availability, compliance and manageability.Extract Data Cost EffectivelyMarvees comes without standard yearly license price but with a very aordable, pay-as-you go pricing based on the number of documents transformed, which is a fraction of the price compared with the cost of the manual data extraction!GermanyMainzerstr. 186D-55411 Bingen am RheinTel: +49 6721 9492 4747GET IN TOUCHSwitzerlandBahnhofstrasse 34 CH-8304 WallisellenTel: +41 44 221 30 20Marvees is part of Insa Korto Group korto.io info@korto.ioYour IntelligentDocument AssistantMARVEES

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These technologies can help analyse data faster and more accurately, automate processes and make better decisions. Using algorithms and AI in the nancial industry can lead to increased efciency, accuracy and security.Algorithms in Risk AnalysisAn important area of application for algorithms in the nancial industry is risk analysis. Using algo-rithms can help identify and quantify risks more quickly and accurately. This can help nancialcompanies make better decisions and avoid po-tential risks. Algorithms can also help integrate and analyse data from different sources to gain a more complete picture of potential risks.Articial Intelligence in Customer SupportAnother important area of application for AI in the nancialindustryiscustomersupport.ByusingAIsystems,nancialcompaniescanservetheircus-tomersfasterandmore efciently.Thiscanhelpanswer customer questions faster and help cus-tomers have a better experience. AI systems can also help to automatically collect and analyse customer data to make better decisions and bet-ter offers.Algorithms in Asset ManagementAnother important area of application for algo-rithmsin thenancial industryisassetmanage-34 • ARTIFICIAL INTELLIGENCE (AI)ALGORITHMS AND AIIN THE FINANCIAL SECTORThe nancial sector is one of the industries that can benet most from the use of algorithms and articial intelligence (AI).An editorial contribution

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ment. Using algorithms can help make investment decisions faster and more accurate. Algorithms can also help to automatically monitor and adjust investment strategies to achieve better re-sults.In summary, the use of algorithms and articialintelligence in the nancial sector has becomean important and indispensable aspect. These technologies make it possible to process large amounts of data more quickly and accurately, which in turn leads to better decision-making and moreefcientmethodsofworking.However,com-panies must also keep an eye on the possible risks, such as data protection problems or possible er-rors in the algorithms.It is important that companies carefully consider which algorithms they want to use and how they can ensure that these are used ethically and responsibly. This involves not only monitoring the algorithms them-selves, but also training employees to ensure they can use the technology effectively and responsibly.Overall, however, it is undeniable that the use of algorithms and articial intelligence in the nan-cial sector is a valuable tool that helps compa-nies work more efciently and successfully. We are looking forward to future development and how these technologies will continue to expand and improve. GAME CHANGER • 35ASSET MANAGER • NO. 17 / 2023 Algorithms in Asset Management Algorithms in Risk Analysis Articial Intelligence in Customer Support

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Book your courses now at: www.iguv.ch/e-learningIGUV OFFERS MEMBERSREGULATORY CONTINUING EDUCATIONYOUR BENEFITS AT A GLANCE• As an IGUV member, you can take part in all courses free of charge, provided that you book the modules online via our website. • You will become familiar with the current legal and regulatory requirements.• Your employees will receive the same training, no matter when or where they take the course.• The course content is continuously updated and reects the current regulatory landscape.• The necessary expertise is organisationally ensured and can be veried by means of test modules.• The test module certicate can be used as periodic proof of training for third parties (e.g., for supervisory authorities and bodies, for the register of advisers, and for auditing purposes).• Upon request, you can receive SAQ-accredited certicates for a contribution towards expenses of only CHF 75.Why pay more?

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ADVERTORIALWith an AMC, any imaginable investment strategy can be combined in just one product. However, unlike funds that are also actively managed, their costs and time-to-market are lower. This is a huge plus for both asset managers and their clients.WHY ARE ACTIVELY MANAGED CERTIFICATES SO POPULAR?LEGAL NOTICEThe features of the AMC offering and the AMC module in LynQs may vary from country to country and are subject to change without notice. Speciﬁc features may not be available worldwide. In addition, they may be subject to legal restrictions in certain countries. This publication is for information purposes only and does not constitute research; it does neither constitute a recommendation for the purchase or sale of ﬁnancial products nor an offer or invitation to make an offer. No assurance or warranty, whether express or implied, is made as to the accuracy, completeness or relia-bility of the information contained herein. An investment in ﬁnancial products exposes your capital to risk. Investors are strongly advised to contact their ﬁnancial adviser for advice speciﬁc to the investor's individual situation before investing in ﬁnancial products; the information contained in this document cannot replace such advice. Any reproduction, in whole or in part, of any document or image is only permitted with the permission of Leonteq Securities AG. We accept no liability for unsolicited submissions. Published by Leonteq Securities.WHAT ARE THE BENEFITS OF AN AMC? WHICH UNDERLYING ASSETS CAN BE COVERED BY AN AMC? A wide range of instruments is available to select from within the universe of underlying assets. This means that single-asset as well as multi-asset strategies can be tracked. WOULD YOU LIKE TO IMPLEMENT YOUR PER-SONAL INVESTMENT STRATEGY IN AN AMC?We tailor the experience and offering to match each individual client’s needs and we look forward to sharing this process with you.iguv.ch/leonteqSWIFT IMPLEMENTATIONIt takes only approx. 2 weeks to implement a strategy and it can be launched with an issue size of CHF 500,000 or more. SIMPLICITYLeonteq will take care of the implementation, the processing of the transactions as well as the daily evaluation. FLEXIBILITYVirtually all liquid strategies and fee models can be supported thanks to the customisation options.ACCESS & REPORTINGAll relevant information and daily reports are always available via LynQs, our web-based platform.LESS ADMINISTRATIVE HASSLEPortfolio adjustments can be implemented efﬁciently and completely digitally through a central rebalancing.SECONDARY MARKETLeonteq provides intraday liquidity daily for the trading of the certiﬁcates. Even a listing on the Swiss Stock Exchange is possible.TCM COLLATERALISATIONBy using the “Triparty Collateral Management” setup, the counterparty risk involved can be efﬁciently reduced.ACTIVELY MANAGED CERTIFICATEFOREIGNEXCHANGEEQUITYSTRUCTUREDPRODUCTOTCFUTURESBONDSFUNDSCRYPTO CURRENCIESLEONTEQ SECURITIES AGSales Zurich, SwitzerlandEuropaallee 39 | 8004 Zurich, SwitzerlandPhone +41 (0)58 800 1038solution@leonteq.com | sp.leonteq.com

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KORTO is a reliable anchor for customers’ records and documents, helping them to achieve compliance in a seamless and non-intrusive way.It uses AI to help customers to classify and ﬁnd their records, and it uses Blockchain to help them secure and provide evidence for records lifecycle.We would like to take the opportunity to share some quotes.«No matter whether I am at my desk in the ofﬁce, working from home, with clients or travelling, thanks to KORTO I have all my records available when I need them in no time.»CONTACT USADIS JUGOdeputy CEO Mainzerstr. 186D-55411 Bingen am RheinTel: +49 6721 9492 4747germany@korto.ioBERNARDIN KATICCEOBahnhofstrasse 34 CH-8304 WallisellenTel: +41 44 221 30 20switzerland@korto.ioYour records need an AnchorKORTO is your reliable anchor«KORTO also dramatically shortens the durations of an audit as it can be done directly from the desk of the auditor. No more preparation of ﬁle folders, meeting rooms and travel expenses from auditors…»«Thanks to KORTO we meet the requirements imposed by FINMA without a big effort.»«We are deeply impressed by the security standard including not just one but three blockchains to protect our precious data.»

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While environmental, social and governance (ESG) frameworks for government bonds have helped in setting long-term goals, they run the risk of failing to appreciate the varied develop-ment of countries.Existing ESG frameworks generally do not take into account the different development levels of emerging economies. This leads to distortions, as it is highly correlated with a country's performance on social and governance criteria.CONTRIBUTING TO MORE SUSTAINABLE DEVELOPMENTESG and emerging market bondsA more nuanced approachNuveen's ESG model for emerging market bonds addressesthesedecitsbytakingintoaccountthelevel of economic development in each country and helping to identify countries that are setting and/or pursuing higher sustainability goals more effectively.In low-income countries, for example, more em-phasis could be placed on building functioning institutions, combating poverty and climate resil-ience. In high-income countries, on the other hand, factors such as emission reduction, wealth gap or gender discrimination are given more weight.In this way, our investment approach also sup-ports a “just energy transition” – a gradual path that balances climate targets and other development goals.Focus on good governanceThe assessment by Nuveen's emerging markets debt team focuses on the governance aspect, as robust institutional structures create the best con-ditions for sustainable environmental and social policy and the realisation of sustainable develop-ment goals. In addition, good governance provides greater certainty for investors that their capital will be used for its intended purpose.COMPANY PORTRAITNuveen is the investment manager of the American Teachers Insurance and Annuity Association (TIAA), one of the largest pension funds in the USA. The company currently manag-es approximately 1.1 trillion euros of assets worldwide. Nuveen has de-cades of experience as an investor in emerging market debt and is a pioneer of responsible investing (RI) inxedincome.Ouremergingmarketdebt team was founded in 1997, and today Nuveen manages more than USD 13 billion in emerging market debt strategies covering all segments of the asset class.

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Greater opportunities for higher returnsOur approach selects the best-in-class issuers in all income groups with an attractive risk/reward prole for a portfolio diversied across all creditrating, classes, regions and macroeconomic driv-ers.With a exible approach, new information is di-rectly taken into account. In addition, broader ethical, geopolitical and regulatory consider-ations are incorporated into securities selection and risk management. We believe that an emerg-ing market-ESG debt portfolio compiled on this basis can deliver potentially above-average risk-adjusted returns over a full cycle.THE FACTS1.1 trillion assets under management in US dollars, including:• Fixed income: USD 429 billion• Equities: USD 313 billion• Real estate: USD 154 billion• Real assets: USD 27 billion• Private capital: USD 89 billion• Multi-assets: USD 78 billionStatus as of 31 December 2022CHRISTIAN LEGER Managing Director, Head of Switzerland, Global Client Group Nuveen Switzerland GmbHFlexOfceZurich,c/oNuveen,Fraumünsterstrasse 16, 8001 Zurich, SwitzerlandPhone: +41 79 648 66 44christian.leger@nuveenglobal.comwww.nuveen.comOnly for professional investors. Past performance is not a guarantee of future earnings.ESG • 41

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42 • MEGATRENDOn the table on the right, we have identied anoverview of the potential beneciaries and per-formed a more detailed analysis. The Industry col-umn evaluates the potential of OpenAI for the en-tire industry in which the company operates. The Afnity column assesses how much a company is interested in and uses new technologies to esti-mate whether it is an Early Adapter or a Laggard, and the third column, Result, assesses the impact potential on business results, provided that the company optimally exploits the potential of Ope-nAIandarticialintelligenceingeneral.Let's take a closer look at three companies: WalmartWalmart hasshownaclearafnityfortheuseofnew technologies in recent years. Examples include the introduction of robots for inventory, the use of AI systems to optimise inventories and the imple-mentation of blockchain solutions to improve food safety.For Walmart, the potential of OpenAI lies particular-ly in the ability to make data-driven decisions in the retail sector. The application of applying machine learning and deep learning could give Walmart the tools to better predict customer demand, plan stafngneedsandoptimiseinventory.THE WINNERS OF THE OPENAI TECHNOLOGYINVESTORY has observed that OpenAI is currently attracting attention at many companies. In this article, we would like to address the question of whether OpenAI could potentially trigger the next megatrend on the stock market.Author: Roger Fromm, Founder of INVESTORY AGOpenAI is one of the most well-known forms of articial intelligence worldwide and has attract-ed a lot of attention in recent years. OpenAI was founded by a group of entrepreneurs that included Elon Musk in 2015. The goal was to de-velop articial intelligence capable of mimickinghuman behavior. Today, OpenAI is a leading pro-vider of AI software and services used by compa-nies around the world.But which listed companies benet most fromOpenAI and the technologies they develop? In this article, we will look more closely at this issue. Which industries display the greatest potential for beneting from the technology?Retail 5 Healthcare 4Finance 4Education 4Media 4Automotive industry 3On a scale of 1 to 5, 1 means OpenAI is unlikely to impact the company's bottom line, while 5 means OpenAIwillhaveasignicantimpactonthecom-pany's bottom line.

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A tracker certicate with the symbol OPAILK, ISIN CH1181315651, issuer Luzerner Kantonalbank, depicts exactly this share basket and was secured for qualied investors on 22 February 2023 and released on 1 March 2023.ASSET MANAGER • NO. 17 / 2023OPENAI • 43BENEFICIARIES OF OPENAI TECHNOLOGYCompanies ISIN 22 Feb 23 Industry Afnity ResultUnitedHealth Group US91324P1021 USD 490,3416 4 4 4Elevance Health US0367521038 USD 480,7882 4 3 4CVS Health US1266501006 USD 87,4499 4 3 3JPMorgan Chase & Co. US46625H1005 USD 138,9586 4 4 4BlackRock US1266501006 USD 689,5613 4 4 4Apple US0378331005 USD 148,2519 5 5 5Goldman Sachs US38141G1040 USD 359,9459 4 4 3Amazon.com Inc. US0231351067 USD 96,5221 5 5 5Walmart Inc. US9311421039 USD 145,0696 5 4 4Alibaba Group US01609W1027 USD 93,8428 5 5 5Target Corporation US87612E1064 USD 167,7697 5 3 3Alphabet Inc. (Google) US02079K3059 USD 91,8109 4 5 4Tesla Inc. US88160R1014 USD 194,9982 3 5 5General Motors US37045V1008 USD 40,9893 3 4 4Salesforce.com US79466L3024 USD 163,3905 4 5 5Chegg US1630921096 USD 15,7216 4 4 3Pearson GB0006776081 GBP 9,1389 4 4 42U Inc. US90214J1016 USD 9,3671 4 3 3Netix US64110L1061 USD 336,3454 4 5 4Spotify LU1778762911 USD 120,5094 4 4 4Adobe US00724F1012 USD 350,8345 4 5 5Facebook Meta Platforms US30303M1027 USD 171,2853 4 5 5Source: INVESTORY AG

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ROGER FROMMWe are convinced that a new megatrend is eminent here. For this reason, welaunchedabroadlydiversiedOpenAIbaskettrackercerticatewith the symbol OPAILK to the aforementioned 22 positions.If you have any questions, please do not hesitate to contact me at 078 880 47 03 or info@investory.ch.44 • OPENAIPearsonPearson is a British company active in the eldof education. The company is committed to in-troducing technologies to improve learning and teaching. It has used various technologies to im-prove its products in the past. For example, it has developed personalised learning programs tai-lored to the individual needs of students with the application of articial intelligence and machinelearning. For Pearson, the potential of OpenAI lies mainly in the possibility of using the technology to improve personalised learning programs and the learning process as a whole. Pearson could also use OpenAI to make better decisions about the development of new courses and programs and provide per-sonalised support to students. The application of OpenAI could primarily have a positive impact on Pearson's bottom line by help-ing the company improve its products and ser-vices, thereby increasing customer satisfaction. In the long run, using OpenAI could also help open new business and income streams for Pearson, as the company could potentially sell its technology to other education providers or companies. The use of OpenAI could lead to an increase in sales for Walmart, as the company could better serve its customers through data-driven deci-sions. Improved staff and inventory planning could also reduce costs, which ultimately would have a positive impact on business results.BlackRockBlackRock is a global leader in wealth manage-ment and places great emphasis on the use of moderntechnologies.Articialintelligenceisused,for example, to analyse market data, implement automation solutions and develop digital invest-ment platforms. For BlackRock, the potential of OpenAI lies particularly in the ability to make bet-ter predictions and decisions in the area of asset management through the use of machine learn-ing and natural language processing. OpenAI enables the company to perform complex data analyses to improve investment performance.The use of OpenAI provides BlackRock with the opportunity to further optimise its investment strategies, thereby improving its business results. This could lead to higher returns and lower costs, which ultimately could result in higher sales and prots.ASSET MANAGER • NO. 17 / 2023

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ARE BONDS ATTRACTIVE AGAIN?Bond markets experienced one of the greatest price losses in their history in 2022. Concerns about sustained high ination have led to an aggressive tightening of monetary policy. There were few “hiding places” in xed income during this period: government bond yields have reached their highest level in over a decade, and corporate bond valuations have also come under se-vere pressure.Author: Fixed Income Team, M&G InvestmentsWhat does this mean for bond investors? We believe that the initial situation for investors shouldbemuchbetterin2023.Forthersttimeinmanyyears,wendthatinvestorsarewellcom-pensated for taking credit and interest rate risks. The current outlook is particularly clear in that cor-porate bond yields have all returned to the pos-itive range – the era of negative yields here has nallycometoanend.Inthecourse of 2023,wealso expect inationtodecline, supported by lower commodity prices, slower growth and favourable base effects. After a turbulent year for xed-income securities, thiscould cause central banks to slow down the pace of their interest rate increases. This could give bond markets a highly welcome tailwind.We consider the credit area to be particularly at-tractive. We believe corporate fundamental data are robust, and we expect low default rates to continue. Although further volatility is expected in the short term, we see a convincing risk/return dy-namic in corporate bonds in the long term. High Yield - Resilient between greed and fear?A notable bright spot in 2022 was variable-yield high-yield bonds (HY FRN), which have proven to be very resilient. While xed-income high-yieldbonds sold off strongly, HY FRN held up well and even managed to generate a small positive return over the year.A key factor in the relative outperformance of FRNs against their xed-income alternatives was thelackofdurationin2022:oaters'couponsareau-tomatically adjusted to short-term interest rates. They were therefore well-protected against the turmoil in government bond markets as the US Federal Reserve pushed ahead with its interest ratehikes.HYFRNbenetedfromanotherfeatureof the asset class: Their senior collateralisation gives them a strong claim on a company's assets in the default scenario. As a result, the recovery rates are generally signicantly higher than forunsecured bonds.After the end of the long period of low interest rates, we consider HY FRN to be an attractive source of income and a strong cushion against potential further market turbulence. Due to the lack of interest rate duration and the priority col-lateral, the asset class of 2022 has proven how resilient it can be. Since they offer yields with-outinterestraterisks,webelieveHYoaterswillcontinue to be valuable for bond portfolios in the future.

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ROBIN DIENERSenior Sales Representative +41 43 443 82 07Robin.Diener@mandg.comMARC-ANDRÉ HUGHead of WholesaleSwitzerland +41 43 443 82 05Marc-Andre.Hug@mandg.comCOMPANY PROFILEM&G Investments has been investing in private and institutional clients for over 90 years. Our principles of long-term investing, responsible asset management and active fund management have always been the basis of our approach. Source: ICE Bank of America Indices, 31 December, 2022. The performance of the index is 100% hedged against the USD. Global HY: ICE BoA Global High Yield Index. Global HY FRN: ICE BofA Global Floating Rate High Yield 3% Constrained (USD Hedged) Index. US HY: ICE BoA US High Yield Index. Europe HY: ICE BoA European High Yield Index. European bonds: Credit Suisse Western European Leveraged Loan Index 3 years DM. US Loan: Credit Suisse Leveraged Loan Index 3 years DM. The forwarding of this document to or from Switzerland is not permitted, with theexceptionofforwardingittoqualiedinvestorswithinthemeaningoftheSwissCollectiveInvestmentSchemesAct("QualiedInvestors").Onlyintendedforusebytheoriginalrecipient(providedthisindividualisaqualiedinvestor).ThisnancialadvertisementispublishedbyM&GLuxembourgS.A.Registeredofce:16, boulevard Royal, 2449, Luxembourg. BONDS • 47The value of the fund's assets can fall as well as rise. This means that the value of your investment can rise and fall, and it is possible that you may get less back than originally invested. Past perfor-mance is not an indication of future per-formance.Performance review80859095100105Jun-21 Sep- 21 Dec-21 Feb-22 May-22 Jul-22 Oct-22 Dec-2218 Month returns – rebased to 100 30.06.2021Global HY FRN EUR Loans US L oans US High Yield Europe High Yield Global High YieldFloating rate assets have been well insulated from interest rate and spread volatility for much of the last 18 monthsFloating rate vs fixed rate high yieldSource: ICE Bank of America Indices, 31 December 2022. Index performance shown 100% hedged to USD. Information is subject to change and is not a guarantee of future results. Global HY: ICE BoA Global High Yield Index. Global HY FRN: ICE BofA Global Floating Rate High Yield 3% Constrained (USD Hedged) Index. US HY: ICE BoA US High Yield Index. Europe HY: ICE BoA European High Yield Index. European loans: Credit Suisse Western European Leveraged Loan Index 3 year DM. US loans: Credit Suisse Leveraged Loan Index 3 year DMPast performance is not a guide to future performance. -9.80%-8.49%-11.47%2.70%0.89%0.77%PERFORMANCE – FLOATER VS. FIXED-INCOME HIGH-YIELD BONDS Past performance is not indicative of future performance.

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Mr. Ineichen, how do you dene the term "abso-lute return", which, depending on the provider, always includes other strategies and products?Investors often equate “absolute return” with hedge funds. However, that is not the case. Inves-tors do not want hedge funds but look for returns that are minimally or not correlated with the mar-ket. The idea of "absolute return" is based on the principle of losing as little money as possible in a difcult market phase and still achieving an at-tractive return in the long-term. We can illustrate this, for example, with our Absolute Return port-folio, consisting of various modules or building blocks (see chart). The portfolio has a concrete risk budget and aims to lose a maximum of 5% over acalendaryear,includingdifcultmarketphases.Evenintheexceptionallydifcultinvestmentyearof 2022, the portfolio was able to withstand the WE ALWAYS KEEP AN EYE ON THE RISK BUDGETIn addition to hedge funds, Alpinum offers a range of absolute return-oriented xed income fund products with a focus on mitigating losses during periods of market stress, while seeking attractive risk-adjusted returns in the long-term.Interview with Reto Ineichen, CIO of Alpinum IM.challenging environment. It is composed of inde-pendently operating building blocks, for example in the alternative or bond sector, which are man-aged separately. However, the concept does not only work during bear phases - the investor should also participate in rising markets.How do you achieve this absolute return?Our unique selling point is that we consistently stick to a stable risk budget for each of our prod-ucts.Wedonotdeneinadvancehowmuchre-turn we want, but how much risk we take at most – we are then constantly and opportunistically looking for the best possible source of return for this risk budget. It is always important that we do not build up new risks as long as our portfolio loses money. This investment philosophy has led to high risk-adjusted returns.Do you have an example of how you nd the highest return for the same level of risk?The Alpinum Ultra Short-Term Bond Fund consists of short-term bonds and money market invest-ments.Forexample,wehaveidentiedScandina-vian bonds. These bonds provide more return for a similar risk compared to Continental European issuers. Typically, such issuances are smaller in RETO INEICHENwww.alpinumim.comreto.ineichen@alpinumim.com+41 43 888 79 40

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size, often only a few hundred millions of local cur-rencies. Many of these bonds have no rating. For complexity reasons, large asset managers often neglect that market. We work together with spe-cialists from these regions and can thus generate currency-hedged excess returns.Meanwhile, however, “normal” asset managers also rely on bond investments. Is this a disad-vantage for you if returns can also be earned with traditional bond funds?For me, it's a relief. It is easier to talk about a top-ic–xedincomeinvestments,forexample,–thatessentially has a positive outlook.Are you now raising your target return as interest rates have increased?Yes, we are. The long-term performance of the ab-solute-return portfolio, for example, signicantlyoutperformed traditional portfolios even with low-er risk budgets, as illustrated in the chart above. Historically, the portfolio achieved a return of ap-proximately 5% p.a. in $ despite a low interest rate environment. With the higher interest rate level, the return potential increases enormously, as, for example our bond portfolio, is currently showing a yield of almost 9% p.a.This sounds complex and time-consuming: con-stant adjustment of the strategy, cooperation with specialised asset managers and alternative investments. Do you set out the target return net of fees?Yes, we do. We have a low fee structure:Forourglobalxedincome portfolioe.g.weonlycharge a management fee of 0.35%, which is less than the usual standard fees in the market. With 0.5% plus 5% performance fee, which is around half of the market average, even the Alternative Invest-ments strategy is very attractively priced.Everyone wants to invest in the top-tier hedge funds. Is it true that they are often closed and you can only invest with high minimum amounts?That's actually the case. But I have been in the hedge funds business since 2005 and have main-tained a very wide network. We have currently in-vested around $ 700 million in hedge funds, mak-ing us a trusted and reliable business partner. It even happens that closed hedge funds ask us if we want to invest. Confidential, for discussion purposes onlyΛLPINUM INVESTMENT MANAGEMENTPerformance - last 5 Years1Source: Alpinum Investment Management AG; Data 30.09.2017 – 31.01.2023 in USDAbsolute Return§ +29%Performance 5 Years:§ +12% Balanced§ +8% Yield§ +1% IncomeReturn expectation not fulfilledReturn expectation fulfilled-10%-5%0%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022Absolute Return - Alpinum Income - Classic MandateYield - Classic Mandate Balanced - Classic MandateTotal ReturnAbsolute Return Portfolio Alpinum IM vs classic bank mandatesConfidential, for discussion purposes onlyΛLPINUM INVESTMENT MANAGEMENTPerformance - last 5 Years1Source: Alpinum Investment Management AG; Data 30.09.2017 – 31.01.2023 in USDAbsolute Return§ +29%Performance5 Years:§ +12% Balanced§ +8% Yield§ +1% IncomeReturn expectation not fulfilledReturn expectation fulfilled-10%-5%0%5%10%15%20%25%30%2017 2018 2019 2020 2021 2022Absolute Return - Alpinum Income - Classic MandateYield - Classic Mandate Balanced - Classic MandateTotal ReturnAbsolute Return Portfolio Alpinum IM vs classic bank mandatesSource: ALPINUM INVESTMENT MANAGEMENT; data from 30.09.2017 – 31.01.2023 in USDPerformance – Last 5 yearsASSET MANAGER • NO. 17 / 2023ABSOLUTE RETURN • 49

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LYNDON MANLyndon Man has been with for over ten years. He is the responsible portfolio manager for Invesco's global Investment Grade corporate bond funds. The US asset manager is active globally in 120 countries and manages client assets of approximately USD 1, 400 billion.Do you have any questions? Please contact us. Invesco Asset Management (Schweiz) AGinfo@zur.invesco.comTHE INCOME IN FIXED INCOME IS BACKMr. Man, you rely on corporate bonds with investment quality. Why?There are three reasons for this: evaluation, funda-mental factors and technical factors. The valuation of corporate bonds has not been this attractive since thenancialcrisis.Webelieveinvestorscanexpecta mid- to higher-single-digit return on a corporate bond portfolio. On the fundamentals: We have seen aggressive rate hikes by major central banks over the past few months. Economic growth is now slow-ing, and there is a possibility of a mild recession. At thesametime,thereisaso-calleddisinationback-drop.SpotinationintheUSAisexpectedtodeclinerapidly to 3%. This is more than the basic effect – that theinationinMarch'23iswellbelowthatofMarch'22. A decline in consumer demand will support this trend.Invesco's portfolio manager, Lyndon Man, senses a tailwind for the bond market. In an environment of contracting economies, he favors high quality and duration bonds. Interview with Lyndon Man, Portfolio Manager at INVESCOWhat are the technical factors?Last year's headwinds are becoming tailwinds. In 2022, approximately 15% to 20% of the volume owedfromthebondmarket.Thistrendisnowre-versing. Moreover, despite an inverse yield curve indicating a recession, equity markets contin-ue to appear overvalued and sometimes quote close to record levels. Too many market players seem to continue to expect a soft landing of the economy. The slowdown in growth is likely to call for a more critical look at stock valuations.The US Federal Reserve presents a large question mark in the market. Many market observers be-lieve that the interest increase cycle could contin-ue for some time.

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The level of key interest rates, which is currently at 4.5 to 4.75%, is likely to increase by 0.25% in two steps. However, this will also happen more slowly than the market is currently predicting. In addition, three interest rate steps of a quarter percentage point have already been priced, and some market playersevenassumefour to ve steps.Wethinkthis is too aggressive. In the United States, there is often talk of a risk of reation. Is this real?No, in my opinion, there will be no relapse to high inationandstrongeconomicgrowth.USconsum-er demand is declining. The positive effects of the Covid payments are disappearing, but the real es-tatemarketisalsonolongerourishing.Thelabourmarket is tense, and, since the pandemic, the num-ber of workers has dropped and the willingness to work full-time is also decreasing. However, we ex-pect this to weaken as the savings rate of US house-holds has already fallen below 5%.The global system is deeply in debt. Is that a problem?In the US, the debt ceiling will weigh on consump-tion. In a divided Congress, the Democrats will have to make concessions to prevent the US from defaulting. This is likely to involve cuts in govern-ment spending in particular. The debt-to-GDP ra-tio has tripled since the late 1970s. This also elim-inates the possibility for aggressive interest rate steps. Every interest rate step today has a three times more sensitive effect on the debt situation than it did back then.So are there more attractive bond markets than the US market?We are relying on long-term structural trends and have an overweight in Asian bonds with China and the EU, while we have an underweight in the US. In Asia, due to the strength of the dollar, a sell-off occurred in 2022. This trend will now reverse, and the reopening of China after the pandemic is fu-eling the entire region. In Asia, growth is the issue, not recession. European bonds also suffered from the crisis in Ukraine last year. European bonds also sufferedfromtheUkraine-Russiaconict.Itissup-portedbyscalmeasuresininfrastructureandin-vestments in a net-zero economy.Which industries do you prefer for bond investments?In terms of sectors, we like Financials and see val-ue in core banks where fundamentals as mea-sured by their level of capital and liquidity are strong. We expect their credit quality to remain ro-bust as they continue to delever and become less cyclical to global growth. We also prefer Energy corporates, especially those which are leading the way in reducing CO2 emissions. INVESTMENT RISKSThe value of investments and the income from themaresubjecttouctuations. This may be partly due to changes in exchange rates. It is possible that when investors return their shares, the full amount invested will not be returned to them.IMPORTANT INFORMATIONThis marketing communication is for professional investors in Switzerland. Investors should read the legal documents prior to investing. This is market-ing material and not intended as a recommen-dation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not ap-plicable nor are any prohibitions to trade before publication.Data as at 1 March 2023, unless otherwise stated.Forecasts are not reliable indicators of future per-formance.ASSET MANAGER • NO. 17 / 2023FIXED INCOME • 51

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What is osmium?In its raw form, osmium is already extremely rare. The amount of gold available, for example, is far more than 1,000 times that of osmium. The pre-cious metal is issued in its crystalline form to in-vestors, as this is the only form that is processed in the jewelry industry and in the watch segment. This is simply because it sparkles like a diamond carpet but has an intrinsic value that allows it to be removed from the jewelry and become a materi-al investment metal again. However, this is hardly ever done because osmium jewelry itself is partic-ularly beautiful and durable.Due to its extreme value density, the equivalent of a single-family house can be carried in one's pocket. Osmium has also become a kind of “es-cape currency”. Furthermore, international cus-toms agreements allow for its ease of movement throughout the world. Osmium is not only considered the most beautiful, but it is also the only precious metal that cannot be falsied. Its crystal structure consists of mil-lionsofperfectmirrorswithxedorientations.Thisstructure enables the unequivocal recognition of each piece of crystalline osmium. It is stored in the Osmium World Database, which contains each piece with a high-resolution HDR surface scan and 3D relief scans. In addition, the weight and mass aswellastheenergyefciencyofthesurfacearestored. Photo: Orient Necklace and Wave Ring by Oslery GmbHOSMIUM • 53

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“OSMIUM IS CONSIDERED THE ONLY UNFALSIFIABLE PRECIOUS METAL".The German Osmium Institute for the Marketing andCerticationofOsmiumservesthepurposeofguaranteeing a uniform trade and processing of crystalline osmium and international promotion. It focuses on the establishment of further institutes around the globe and has advanced very far with 30 institutes. Osmium was largely unknown 10 years ago. Today, it seems to outstrip some long-estab-lished tangible asset metals.The remarkable success of os-mium is mainly due to the fact that it has succeeded in pro-ducing products that serve as semi-nished products for thejewelry market, which can be purchased by investors and lat-er returned to the manufactur-ing industry. For this reason, any type of crystalline osmium in disc or bar form is considered neutral and not dependent on the fashion of a particular year. It is processed when the jewelry shall actually be manufactured. Since the beginning of 2021, it has been possible to exchange bars and discs at the Osmium Institutes free of charge. In this way, bars can be purchased piece by piece and exchanged for discs on any given day. Resale of osmiumFor resale, both own contacts (such as jewellers or private material value investors) and www.Os-mium-Marketplace.com can be used, and the os-mium can be rewritten using the Owner Change Code. Here, osmium dealers around the world can be offered their own pieces with a self-chosen spread for resale. However, this platform is also important for people who wish to buy from private sources. The Osmium Institutes also guar-antees certication for privategoods. This means absolute certainty that you will receive genuine goods even on the secondary market. And buying used goods is undoubtedly not a problem, as this concerns the shelf lives of several billion years. That may also be the reason why osmium has the nickname "the eternal metal".Prices for crystalline osmium are still at a low levelIn addition to supply and demand for crystalline osmiumandrawosmium,factorsinuencingthecalculation of the price also include data such as the harvest rate. It indicates daily the percentage 54 • OSMIUM

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"OSMIUM AS A TANGIBLE ASSET FOR INVESTORS WITH A LONG-TERM HORIZON".of the cultivated osmium that must be recycled, as the watch and jewelry industry only accepts constant sparkle and no crystallization spikes.The price development known as Big Bang could trigger a special case on the market when osmi-um becomes unavailable, the arrival of which is possiblebutdifculttoestimateintime.It is clear that anyone who buys osmium should not speculate, but have a long horizon for their tangible assets.If you want to purchase osmium, you can view and order individual pieces as well as package offers from the Osmium Institutes on the website: www.osmium.com. Further information can be found here: www.iguv.ch/osmium. Of course, you can also contact us directly via the Osmium Institute Switzerland: +41 77 496 79 30, or via email to switzerland@osmium-institute.com.Photo: Osmium disc with OIC (Osmium Identication Code)OSMIUM • 55ASSET MANAGER • NO. 17 / 2023

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WHY SHOULD YOU INVEST IN GOLD BARS IN ADDITION TO ETFS?Professional investors are increasingly considering gold as well as other physical precious metals as an important portfolio component for long-term asset protection. For investments in precious metals, philoro is the compe-tent partner in Switzerland.Author: Christian Brenner, CEO philoro Schweiz AGAn increasing number of asset managers value gold as an investment form that is particularly re-sistant to crises. Over the past 50 years, gold has stabilised the portfolio very well across all bear markets,particularlyinthe2008nancialcrisis.Gold has also performed well in recent months compared to other forms of investment. From Feb-ruary 2022 to January 2023, gold gained 1.7% in val-ue in Swiss francs, while MSCI World lost around 13%.Experience shows that gold is a safe haven when stock market returns are dwindling. The reason for this is that gold has been coveted for the preser-vation of value for thousands of years. Gold is also only available to a limited extent and the amount cannotbearticiallyincreasedaswithsecurities.Physical investment provides more security than gold ETFsAlthough ETFs are widely used for investing in gold, there is always a counterparty risk with this solu-tion. In the physical investment, you are the owner of the gold. Physical gold is also attractive in terms of price. For example, a gold ETF incurs custody fees, while the physical investment, for example, via the precious metals dealer philoro, similarly requires lower storage costs in a duty-free ware-house. An important difference, however, is that an ETF incurs annual TER costs for the management of the fund. At philoro, these costs are complete-ly eliminated. So when it comes to gold, it makes sense not to rely on ETFs alone.Advantages of investing in gold coins/gold bars through an ETF:• No counterparty risk • No management fees• No information exchange (AEOI)• Bank-independent purchase and sale as well as storage• Riskdiversicationinthegoldportfolio• Smaller denominations available (from Vreneli to 100g gold bars) • Fast delivery (1 - 2 days)We work together with more than 100 asset man-agersandfamilyofcesalpin.Unisono,theseinsti-tutions value gold as well as other precious met-als in physical form due to their unique properties. ETFs or gold bars? No one asks this question. It is not either/or, but both. After all, customers want products they can touch, products that can also be delivered quickly if necessary", says Christian Brenner, philoro CEO. ASSET MANAGER • NO. 17 / 2023

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philoro is a reliable partner for the physical invest-ment in gold and other precious metals. In addition to private clients, the company also serves banks, assetmanagers,familyofcesandotherinstitution-al clients. In the philoro Group, the Institutional Cli-entsdivisionaccountsforasignicantshareoftotalrevenue, especially in Austria. More than 50 banks, savings banks as well as regional, cooperative and private banks rely on philoro's service in all areas of precious metals trading. “In the current economi-cally uncertain environment with rising prices, sup-ply chain problems and war uncertainties, it makes sense to maintain a share of physical precious met-als in the range of at least 10 percent in a portfolio”, says Christian Brenner.Gold as a xed component in every portfolio“The popularity of physical gold for a long-term in-vestment has increased sharply in Europe as a re-sult of the Ukrainian war. Last year, ination wasthe big topic; this year the recession clouds are becoming increasingly denser”, says Brenner. “The focus of gold investors has shifted from wealth ac-cumulation to stability and security compared to the era before the corona crisis,” explains Brenner. From Christian Brenner's point of view, the time for investing in gold is always good. “Gold is always recommended as a form of diversication andshould also be an integral part of an investment strategy.Addinggoldsignicantlyreducestheex-pected volatility of an investment strategy. As with stocks, you should not buy occasionally, but stick to your strategy, which is long-term oriented. Gold is like insurance – you leave it alone and establish real protection in case of an emergency”, explains Brenner. COMPANY PORTRAITphiloro SCHWEIZ AG was founded in 2017. The precious metals dealer, which operates throughout Europe, is part of philoro HOLD-ING GmbH, founded in Vienna in 2011, and is one of the leading private providers in the eldofhigh-qualitypreciousmetalsinvest-ment in Europe. The family business has around 220 employees and comprises 16 lo-cations in German-speaking countries and anofceinHongKongandNewYork.ThebranchofcesinSwitzerlandarelocatedinWittenbach close to St. Gallen and in Zurich near Bahnhofstras se. There is also a Liech-tenstein branch in Eschen.CHRISTIAN BRENNER, CEOPrecious metal full service from a single sourcephiloro supports institutional customers in consulting, buying and selling preciousmetals/oldgoldaswellasinaffairsinthenumismaticseld.The offer also includes systems for online trading as well as a wholesale platform. Telephone 071 229 09 99, Email info@philoro.ch, www.philoro.ch

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Mr. Naescher, why did BCV set up a Structured Products Desk in Zurich? How does BCV position itself, and how does it aim to stand out?In French-speaking Switzerland, we have long been a leading provider in structured products market. Wewanttomakeourmanyyearsofcerticationexperience available in the rest of Switzerland, and we are among the top issuers. For this reason, we opened a representative ofce in Zurich almostfour years ago. We offer our customers the oppor-tunity to diversify their issuer risk, particularly in the areaofActivelyManagedCerticates(AMCs).Withan AA rating from Standard & Poor's, BCV is one of the best-rated banks in Switzerland, and, as a can-tonal bank, it can count on the implicit backing of the government. We see great potential for our customers in the AMC sector. Our goal is to be one of the largest AMC providers in Switzerland.What advantages dos AMCs offer customers?AMCs are exible, adaptable and can be imple-mented quickly. The performance of a custom-er-selected investment strategy can be imple-mented one to one, and the portfolios can be individually adjusted. BCV has more than ten years ofexperienceinthiseldandhasissuedover300AMCs during this time. Our many years of pres-ence are proof that we can successfully master a wide variety of business cycles.Why is the soundness of the issuer crucial when it comes to certicates such as AMCs?Unlike funds, AMCs carry issuer risk. Therefore, for an asset manager considering the introduction of sucha certicate,thestabilityoftheissuerisanimportant factor. With an AA rating from S&P, we are not only one of the best-rated banks on the BECOMING A MAJOR ISSUER IN GERMAN-SPEAKING SWITZERLANDERWIN NAESCHER is responsible for structured product sales at BCV, coordinating sales teams in Lausanne and Zurich. He started his career at Leonteq Securities in Zurich. In 2017, he joined BCV in Lausanne, and he opened the Bank's Structured Products Desk in Zurich in 2019. He holds a Master of Science in Finance from theUniversityofNeuchâtelandspeaksuentGerman,FrenchandEnglish.Banque Cantonale Vaudoise, Talacker 35, 8001 Zurichstructures@bcv.ch, 044 388 71 33, www.bcv.ch/psBanque Cantonale Vaudoise (BCV) is a leading Swiss issuer of structured products and Actively Managed Certicates (AMCs). Erwin Naescher spoke with us about the Bank's goals in German-speaking Switzerland and the benets its AMCs can bring to wealth managers.Interview with Erwin Naescher, Head of Structured Products Sales for BCV58 • BCVASSET MANAGER • NO. 17 / 2023

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Swiss market, but we also rank among the 25 saf-est banks in the world.Which client segments are you targeting for expansion?We are primarily aiming for growth in the B2B sec-tor, i.e. we primarily address independent asset managers,familyofces,differenttypesofbanks,and insurance companies. Our offer includes Del-ta-1 products such as AMCs, which group client portfolios together under a single umbrella to sim-plify and streamline their management. We also offer non-linear products, such as barrier reverse convertibles, in order to capture short- and medi-um-term opportunities.Why should a customer consider BCV as an issuer?There are four key reasons for working with BCV: our commitment, solidity, service quality and pric-ing. I have already mentioned our long-standing market presence, which not all issuers can demon-strate, as well as our excellent creditworthiness. At the Swiss Derivative Awards, BCV has already been awarded the “Top Service” distinction six times. Our team also regularly ranks in the top three issuers of the Payoff Market Making Index (PMMI). This in-dex measures the quality of the secondary mar-ket for listed products on the SIX Swiss Exchange. In terms of pricing, it is important to mention that we offer an open architecture and work with several investment banks. This means that we are always able to offer customers a comprehensive range of solutionsandndthebestpricingforthem.With AMC Access360, you have created your own platform. What are the benets of this direct access for asset managers?AMC Access360 is an intuitive digital platform that allows AMC administrators to access all important informationabouttheircerticatesthrougha singleonlineinterface.Specically,userscantracktheper-formanceofcerticatesbasedonvariouskeyindica-tors and historical data, create individual performance reports and manage their AMCs independently. Other features such as tracking folders, custom reports and documentation are also available.What are the next development steps for AMC Access360? Among other things, asset managers will be given the opportunity to generate comprehensive re-ports on the transaction and management fees incurred over a given period and retrieve the en-tire transaction history. They will also be able to managetheircerticatesthroughdifferentmeth-ods, either through the Fondo Management ap-proach, which is similar to that of a traditional in-vestment fund, or through a target-weighted approach. With the Fondo Management approach, managershavemoreexibilityinrebalancingor-ders and have access to certain asset classes that require a high minimum investment, such as bonds and institutional funds. Photo: BCV's trading oor in Lausanne

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60 • CATEGORY HEADINGFounded in 2002, Invest-Partners Wealth Manage-ment AG, Zurich, is THE platform and service pro-vider for independent portfolio managers.Various partnership models for a cooperation are available, already for customer volumes starting at30 million. Invest-Partners offers interesting solutions for a cooperation for both existing portfolio manage-ment companies as well as for private bankers on their way to be independent. INVEST-PARTNERSHIPManage your customer base as a Senior Partner with us – with the same freedoms as you are used to.You look after your own customers under the umbrella of Invest-Partners - as before. For your daily business, weprovideyouwithofceswithamodernandsecureIT infrastructure in the city of Zurich, near Paradeplatz. We relieve you of administrative work, such as custom-er dossier management, invoicing and even account-ing. In addition, we take care and support all matters relating to risk & compliance, insurance and taxes, as well as periodic audits. Benet from our partner net-work, the exchange among like-minded people, and plan your representation and succession with us.INVEST-PARTNER SERVICESYou will remain an independent portfolio manager with your own FINMA-regulated company in the fu-ture.If you opt to cooperate with us, you will keep your own portfolio management company – as before. You will remain independent and your own principal – as be-fore. As an outsourcing partner, we will support you with regard to FinSA/FinIA regulation and its new re-quirements. We relieve you of administration and compliance, support you in the ongoing adherence to investment guidelines, offer assistance in cross-bor-der matters, etc. With us, you remain the leader in your own organisation, respectively in your own company. Because you delegate to Invest-Partners exactly what makes sense for you – especially after obtaining the FINMA approval.INVEST-PARTNERS WEALTH MANAGEMENT AGWith us, you are on the right track.After many successful years as an inde-pendent portfolio manager, wouldn’t it be better not to have your life made more dif-cultbyFinSA/FinIA?Thenletitstay-andcome to us! We have tailor-made offers so that you can (even gradually) step backandcontinuetoprotfromtheport-folio management of your customers.

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ASSET MANAGER • NO. 17 / 2023INVEST-PARTNERS WEALTH MANAGEMENT AG • 61MARIO PFIFFNER CEO, Invest-Partners Wealth Management AG mario.pffner@invest-partners.ch Tel. +41 44 202 16 82Invest-Partners Wealth Management AGTalacker 35, CH-8001 Zürichinfo@invest-partners.chJOIN OUR NETWORK If you have any questions or need further information, please do not hesitate to contact us.www.invest-partners.chPARTNER NETWORK• over 25 Senior Partners (with their own customer base)• already several independent portfolio managers with outsourcing mandateCUSTODIAN BANKS• over 25 custodian banks• (Large banks, universal banks, larger and smaller private banks, cantonal banks, regional banks; residing in CH/FL) MARKETS• CH• EU/EFTA• LATAM• Middle East PRODUCTS• independent; no own funds, AMCs, etc.OVERVIEW• FINMA-licensed (since July 2022) • AOOS – Switzerland. Supervisory Authority, Zurich • FINOS, Finance Ombudsman Ofce, ZurichMEMBERSHIPS• VSV – Swiss Association of Asset Managers (Sector Association)OWNERSHIP STRUCTURE• 100% of the shares of Invest-Partners are held by Swiss private individuals • Owner-managed

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We are a FINMA-approved Swiss asset management company that specialises in servicing Swiss private clients at Swiss custodian banks. Founded in 2011, we mainly rely on direct investments in portfolio manage-ment and only use structured products, ETFs or invest-ment funds in exceptional cases. Our customers have valued us as a reliable partner for over 20 years.We would like to strengthen our team and are looking for a self-employed asset manager or banker who has his/her own Swiss customer base and wants to join our small, but already FINMA-approved team. We rely on a combination of experience and a new perspective in order to be able to offer our customers the best possi-ble advice in the future.One of our particular strengths is digitalisation. All in-ternal control processes and customer documents are INVESTORYfully digitised, which enables us to work independently and autonomously from anywhere in Switzerland. We have developed all IT solutions ourselves and con-sciously refrain from any kind of risk.Our lean, risk-averse and digital structures make us an extremely attractive partner. Costs to join our structure typically range from 0.05% to 0.15% of assets under management. Our cost-efciency allows ourasset managers to offer professional and cost-cov-ering support even for smaller assets starting at CHF 100,000.Our many years of experience, our broad expertise and our digitalisation expertise make us the ideal partner. We are proud of our past successes and look forward to continuing to grow together with our customers in the future.We are YOUR partner on equal footing!As a successful independent asset manager, would you rather you are not burdened even further by the new regulation? Then reduce your effort now and join our small team! We offer you a customised solution.

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CUSTODIAN BANKS• Swissquote Bank• Cornertrader• Zuger Kantonalbank• Other banks per requestOUR OFFER• A exible, cost-effective and indi-vidual solution for asset managers and bankers who want to start their own business• Option to buy in as a partner• Access to our IT compliance platform • Customer login to our online portal• Employment status with salary statement and occupational old-age, survivors' and disability pension scheme• Mutual representation• Succession management solu-tion for ve years after the ofcial retirement date• Cooperation in the areas of du-ciary services, real estate manage-ment and sales, nancing, pension and succession planning, etc.SUPERVISORY AUTHORITIES• OSFIN• FINMA-approved• FINSOM ombudsmanMARKETS• Switzerland• Germany• Additional markets may be developedOUR TEAM• Roger Fromm• Peter Stalder• Peter L. MüllerDOCUMENTS• Curriculum Vitae• References• Debt recovery information• Criminal record check• Audit reportswww.investory.chROGER FROMMINVESTORY AG info@investory.ch+41 (0)78 880 47 03I LOOK FORWARD TO HEARING FROM YOUPRODUCTS• No own funds • No own AMC, etc.CONDITIONS• Depending on the type of cooperation, the total costs range from 0.05 % to 0.152 % of AuM p.a.• Individual offers available on requestREQUIREMENTS• SRO-regulated asset manager or• banker with client relation-ships going back at least 10 years• German-speaking• Domiciled in Switzerland• 100% remote• at least CHF 10 million AuMFOUNDED IN KLOTEN IN 2011ASSET MANAGER • NO. 17 / 2023

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Our new job portal for asset managers is already enjoying great popularity. We have already heard of at least three successful transactions between asset managers and are already re-cording over 40 page visits per day with a rising trend in the rst few months.Asset managers looking for a partner already ap-proved by FINMA can choose from more than two dozen offers. The anonymous placement of ad-vertisements on our job portal offers advertisers the opportunity to develop a Plan B. For example, Plan A may consist of personally applying for FIN-MA approval, while Plan B keeps a back door open and applies to an already approved partner in the event of refusal.As an anonymous advertiser, you can decide for yourself whether you want to respond to a request and reveal your identity. Our job portal offers asset managersthe desireddiscretionandexibilityinplanning.Private bankers who want to leave their clients and become self-employed often join a former work colleague they already know. However, more at-tractive connection solutions are often overlooked in the market, as one depends on discretion and is unaware of possible alternatives.The new FINMA approval under FinSA and FinIA has made the step towards self-employment more complicated and more expensive. A partnership with an already approved asset manager offers many advantages and saves time and costs for approval and revision.Our job portal offers private bankers the opportu-nity to anonymously search for a suitable partner without having to reveal their identity. The wealth manager market is fragmented, and placing an ad on our job portal will allow you more transpar-ency and more opportunities to explore.If you are a private banker with USD 200 million AuM (Emirates) or EUR 120 million AuM (Italy), you can search our job portal for specialised asset managers who were not previously on your radarFurther information on the job portal and condi tions can be found at www.iguv.ch/jobs. DISCREET PARTNER SEARCH MADE EASYFind the right partner for your asset management quickly and discreetly. Discover the advantages of our platform now and benet from more trans-parency and exibility in planning.An editorial contributionASSET MANAGER • NO. 17 / 2023JOB PORTAL • 65

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INTERNAL CONTROL SYSTEM SIMPLE AND EFFICIENTAs a nancial services provider, it is essential to have an adequate and effective Internal Control System (ICS). An editorial contributionHowever, this is often a challenge. The IGUV asso-ciation has now found a solution and developed an ICS tool, which has been made available to its members free of charge.The ICS tool facilitates the establishment of an ICS and solves the four challenges that arise online, in-expensively and with minimal effort.1. Identify risksThe ICS tool provides a predened list of typi-cal business processes that can be individually adapted to the business model. It also contains a comprehensive list of possible risks and their causes and consequences. Members can decide which risks are relevant to their business model.2. Dene controlsForeachactivatedrisk,memberscandeneanin-dividual control process in the tool. You can spec-ify which people need to perform which activities, how often they should be performed and how long they should last. This allows for every control activ-ity to be tracked and checked.3. DocumentationThe ICS tool allows members to store all required documents and records centrally and make them accessible at any time. This makes it easier to con-duct audits and meet regulatory requirements.4. Monitoring The ICS tool provides a monitoring feature that automatically remembers when checks need to be made and allows progress tracking. Members can hereby ensure that all necessary steps are carried out properly and that their ICS is always up to date.TheICStoolisavaluabletoolforallnancialser-vice providers who need to comply with their regulatory obligations regarding internal control. Over two dozen asset managers are already us-ing the tool, and, for half a dozen, it was the reason they became members. Similar services in this area cost several thousand francs, but the ICS tool is free for IGUV members. Become an IGUV member now and take advan-tage of this valuable tool.ASSET MANAGER • NO. 17 / 2023ICS • 67ASSET MANAGER • NO. 17 / 2023Free for members!

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The IGUV portfolio competition offers indepen-dent asset managers the chance to present their investment strategies to a wide audience for free and stand out from the competition. But not only that: Participants have the opportu-nity to present their track record, increase their reach,strengthentheircredibilityandbenetfromlegitimacy.1. Present your track recordAn important advantage of the IGUV portfolio competition is the ability to prove that your invest-ment strategy is truly exceptional. As a participant, youcandownloaddailyupdatedPDFlesandusethem in conversation with potential customers or include them on your website and in emails.2. Strengthen your credibilityNot only potential customers, but also existing customers are impressed by accolades and awards. As an asset manager, winning the IGUV portfolio competition with your investment strat-egy will greatly increase your credibility. You can present the award on your website and use it in your documents. In addition, you may be men-tioned in an interview or in an article in Asset Manager magazine, which further strengthens your legitimacy.3. Increase your reachAs an asset manager, it is important to be no-ticed by potential clients. By participating in the IGUV portfolio competition, you can increase your PORTFOLIO COMPETITIONFOR ASSET MANAGERSTake part in the IGUV portfolio competition and benet from numerous advantages.An editorial contribution68 • COMPETITION

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awareness and also be noticed by potential cus-tomers who have not yet appeared on the radar screen.Existingcustomersfeelconrmedintheirdecision and are more willing to make a recom-mendation.4. Benet from a legitimationReaders want to learn from the best. To be taken seriously in an interview or in an article, you must be legitimised as an asset manager. By partici-pating in the IGUV portfolio competition, you can earn that legitimacy and strengthen your credi-bility.Tips for participants• Specialise in a niche topic to stand out from the crowd and have less competition. A WIN-WIN SUMMARYEntering the competition offers the following advantages:Participation is free for members.Your track record, which is updated daily, is a valuable asset when in dialogue with customers, and you may include it on your website and in your email footer.Should you win, you can then use the success story, complete with an interview in this magazine and a special publication on the competition, for marketing purposes.By participating, your asset management business will become even more well-known.1.2.3.4.• Start early by opening an account with cornertrader or Swissquote Bank to be able to participate in the competition in good time.ConclusionThe IGUV portfolio competition offers independent asset managers numerous advantages to stand out from the competition. Participants can pres-ent their track record, strengthen their credibility, increasetheirreachandbenetfromlegitimacy.To enter the competition, register via the IGUV website and we will get back to you as soon as possible. www.iguv.ch/competitionIGUV • 69ASSET MANAGER • NO. 17 / 2023

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As a cooperation partner of IGUV, you have the unique opportunity to benet from our successful network, numerous services and added values. Author: Roger Fromm, IGUV Board Member and FounderBENEFIT FROM OUR SUC CESSFUL NETWORK AS A COOPERATION PAR TNEROur members, independent asset managers, fam-ily ofces and nancial advisors receive compre-hensive added value through IGUV and the sup-port of its cooperation partners, thus presenting your company in a positive manner.Through the opportunity to present yourself on our website and in this magazine, at our events and workshops and in our monthly newsletter, you reach a wide audience and will have the chance to personally meet your target audience. The ex-tensive reach of our magazine and our online pres-ence provide you with an opportunity to reach a wide audience with a low scatter loss.Our cooperation offer consists of three service packages: Standard, Standard Plus and Premium. With these packages, you save 35% compared to individual bookings. As an added bonus, you get a 50% discount on professional publications and in-terviews in this magazine.As a cooperation partner, you also have the oppor-tunity to participate in our networking events and have direct contact with the participants. This gives you the chance to directly introduce your company and your services and attract potential customers.BECOME A COOPERATION PARTNERTake the chance and become part of our successful network as an IGUV cooperation partner. If you are interested in a cooperation, you can simply register via the online form on our website www.iguv.ch/gesellschaften.70 • COOPERATION PARTNER

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BENEFIT FROM OUR SUC CESSFUL NETWORK AS A COOPERATION PAR TNER STANDARDParticipation as a speaker and main sponsor in one workshopOrganisation of a casual brunchProminently featured as a cooperation partner in ASSET MANAGER magazine and on the IGUV websiteOne article in the newsletter and on the IGUV news website per yearBenets with a total value of CHF 4 ,900 forCHF 3 ,430 STANDARD PLUSOne A4 double page in ASSET MANAGER magazineParticipation as a speaker and main sponsor in one workshopYour own landing page on the IGUV websiteOrganisation of a casual brunchParticipation as a guest at one IGUV eventProminently featured as a cooperation partner in ASSET MANAGER magazine and on the IGUV websiteOne article in the newsletter and on the IGUV news website per yearServices with a total value of CHF 16 ,275 forCHF 10 ,585THE BENEFITS OF COOPERATION MODELS PREMIUMParticipation in a roundtable eventTwo A4 double pages in ASSET MANAGER magazineParticipation as a speaker and main sponsor in two workshopsYour own landing page on the IGUV websiteOrganisation of one casual brunchParticipation as a guest in an IGUV eventProminently featured as a cooperation partner in ASSET MANAGER magazine and on the IGUV websiteTwo articles per year in the newsletter and on the IGUV news websiteServices with a total value of CHF 28 ,400 forCHF 18 ,460IGUV • 71ASSET MANAGER • NO. 17 / 2023

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IGUV is now planning to expand the model to Ro-mandy and Ticino and has founded independent chapters in Geneva and Lugano. Why is IGUV ex-panding into French-speaking and Italian-speak-ing Switzerland? Language and culture are often a major hurdle for establishing networks in Switzer-land. To overcome this hurdle, IGUV has decided that local members should be looked after by their own board, who speak the same language and live the same culture.What distinguishes IGUV from other organisations?One question often asked of IGUV's Board is what sets it apart from other organisations, such as the Swiss Association of Asset Managers (VSV) or simi-lar groups. IGUV emphasizes four main differences:1. THE EMERGENCE OFIGUV is not the result of a former compulsory mem-bership, but members join the organisation because they receive true added value through membership.2. THE BENEFITSIGUV members can use over 40 services from more than 26 cooperation partners partly free of charge or at advantageous conditions. This allows them to save many times more on the member-ship fee each year. No other organisation offers so many advantages from a single source and at such a price.3. THE VISIONIGUV always strives for a fair win-win solution in all cooperations. For example, IGUV would never con-tractually demand exclusivity from a cooperation partner. If a collaboration is not a win for a party, IGUV prefers to refrain from this.4. FOCUS ON THE BENEFITSIGUVfocusesoncreating a realbenetforeachindividual member. IGUV achieves this with a bot-tom-up approach, in which it seeks feedback di-rectly from its members.THE SWISS INTEREST GROUP OF INDEPENDENT ASSET MANAGERSThe Interest Group of Independent Asset Managers (IGUV) has achieved great success with its business model in German-speaking Switzerland in recent years.An editorial contribution72 • NEW CHAPTERSASSET MANAGER • NO. 17 / 2023

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What does the future hold for IGUV?IGUV plans to have its own board in each chap-ter, which will hold similar events as in Zurich and offerthesamebenetstolocalmembers.Thesenew chapters have access to all the services that IGUV has already developed. We have had very good experiences with small, personal workshops of 10 to 15 participants. More than a dozen of these workshops are planned again this year, including three in Geneva, two in Lugano and one in Basel. According to FINMA statistics, just under a third of all asset managers are based in French-speaking Switzerland, which means we have a target of 30 to 50 members for the Geneva chapter within the next two years. How can I join the IGUV Board?If you work as an asset manager in Romandy or Ti-cino and are interested in a board position at IGUV, you should ask yourself the following questions:• HowcanIbenetfromaboardpositionatIGUV?• How can I combine my own work with the re-sponsibilities of a board member?• How can I contribute to the success of the new chapter? By working as a board member at IGUV, you have the opportunity to present and promote your ser-vice to members and to non-members at work-shops.Youcanbuildupanetwork,benetfromtheservices of the cooperation partners and thereby offer your customers added value.By working as a board member, you also actively contribute to the success of the new chapter and help establish IGUV's business model in Romandy and Ticino.If you are interested in joining our board in Romandy or Ticino, please contact us at info@iguv.ch. We look forward to getting to know you and growing with you.Photo: Lugano at night

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IGUVFlurstrasse 338302 KlotenIGUVFlurstrasse 338302 KlotenI AM INTERESTED IN ANI AM INTERESTED IN A COLLABORATION ASIGUV – INTEREST GROUPOF INDEPENDENT ASSET MANAGERSIGUV – INTEREST GROUPOF INDEPENDENT ASSET MANAGERS Financing optim. for yield objects Group insurance for professional liabilityFreeaccesstoourombudsman'sofce Workshops for asset managers Publication in ASSET MANAGER Health care proxy, living will, etc. a webinar and training provider a bank insurance IT service provider IGUV membership Participation in the study RE/MAX – Real estate sales Free e-learning modules Participation in portfolio competition Free use of ICS tool a property manager an escrow agent a compliance specialist a software distributorFirst name / surname:Company:Street / No.:Postal code / city:Phone:Email:First name / surname:Company:Street / No.:Postal code / city:Phone:Email: IT consulting – software evaluation Compliance outsourcing Private label funds Free job portal Compliance tool/outsourcing Country manuals a board member a sponsor a retirement specialist a journalist & bloggerPlease prepay the postagePlease prepay the postage

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Patrick Roefs Head Fund OfferingHIGHLIGHTS OF FINANZ'23 FINANZ’23 offers around 100 lectures: Round tables, specialist panels, keynote speeches and exhibitor presentations with high-level speakers. www.ﬁnanzmesse.chSPECIAL PANEL Fund SelectionThursday, 04. May 202312.00-12.45 With this promocode you get a free ticket for FINANZ'23: BR-4825*Ticket price without promo-code CHF 250.00 24TH SWISS FINANCE FAIR FOR PROFESSIONAL INVESTORS Wed. / Thur., 3 – 4 May 2023Zurich Oerlikon Halle 550 Sponsor Media partnersCo-sponsors21Shares | Abrdn | Petiole Asset Management AG | RBC Bluebay Asset Management | SIX | T. Rowe Pricenanzmesse.ch«TURNING POINT»FAIR MOTTO 2023Sebastien Gentizon Head of Fund and Manager Research, Pictet Wealth ManagementModeration: Roman von AhVerwaltungsratsdelegierter und Geschäfts-leiter der Swiss Rock Asset Management AG, GründungspartnerAnna Obenhuber Head CIO Global IM Investment Fund Analysis, UBS