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ISSUE NO. 18 • 2023 • LIMITED EDITIONwww.iguv.ch • info@iguv.ch • Subscribe free of charge to the online or printed editionTOO MANY OMBUDSMAN OFFICES? • P. 10 / 11 REPORTABLE CHANGES FOR EAM • P. 12 / 13DISCREET PARTNER SEARCH MADE EASY • P. 38 / 39MANDATORY CONTINUING EDUCATION - WHAT COUNTS • P. 8 / 9 TOGETHER CAN WE ACHIEVE MORE • POWERED BY IGUVASSET MANAGERWEALTHIN THE FINANCIAL FAIR 2024P. 24 – 29ARTIFICIAL INTELLIGENCE IN THE FINANCIAL INDUSTRYP. 4 / 5

INTERNAL CONTROL SYSTEMOur ICS tool gives asset managers the ability to quickly and easily automate and monitor their control activities. With minimal effort and at an unbeatable price, you can now ensure that your business meets the regulatory requirements.Try it now and see how easy it can be to optimise your internal controls.Free for members!Register now and try our ICS tool for free: iks.iguv.chFor more information, see page 42 / 43.

DEAR READERS, Since our last edition six months ago, IGUV has made remarkable strides. Our membership has grown by 13 percent to a current total of 78, and on LinkedIn, we have expanded our reach by 6.8 percent to a com-mendable 865 followers.We would especially like to spotlight the newly esta-blished IGUV Chapter in Lugano, under the dedicated leadership of Bruno Chastonay and Franz Alberini.Our heartfelt gratitude is extended to our collabo-ration partner, philoro, the experts in physical gold trading. It is an honour to have such esteemed com-panies by our side.Special thanks are also due to Mrs Kindler from OSFIN and Mrs Lygren from FINSOM for their insightful inter-views in this edition.We are thrilled to introduce WealthIN, our innovative nancial fair for 2024, and warmly invite experts from academia, politics and the business sector to this industry highlight.We eagerly anticipate welcoming you in person at one of our events soon and wish you an enlightening read.Warm 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 AI in the Consulting Industry 6 Challenges – Financial Centre 8 Mandatory Continuing Education10 Too Many Ombudsman Ofces?12 Reportable Changes14 Study on the New FINMA Audit16 Experience Report: Starlink 18 Study on IT Needs of the UVV26 WealthIN30 Added-Value Workshops32 IT Evaluation and Outsourcing33 Professional Indemnity Insurance34 Free Continuing Education35 Friends of Funds36 Innovative Job Portal for UVV38 Discreet Partner Search40 INVESTORY – Offering Connection42 Free ICS44 The New IGUV Chapter in TicinoASSET MANAGER • NO. 18 / 2023 EDITORIAL / CONTENT • 3

AI TECHNOLOGY IN THE CONSULTING INDUSTRYA glance at efciency enhancement through ChatGPT.Author: Roger Fromm, IGUV Board Member and FounderThe introduction of AI technologies, notably ChatGPT, has revolutionised the consulting sec-tor. A recent study, published in the «Australian Financial Review», sheds light on the impact of this technology on consultant performance.Consulting professionals employing advanced AI systems like ChatGPT-4 achieve more impressive results in their tasks than their counterparts who do not utilise such systeMs Intriguingly, however, high-performing consultants derive less benet from these technologies than their less procient peers.According to the study cited in the «Australian Fi-nancial Review», conducted by Harvard Business School, consultants with previously below-aver-age performances were able to enhance their ef-ciency by a remarkable 43 percent through the use of AI. In contrast, top-tier consultants could only boost their efciency by 17 percent.The adoption of ChatGPT has overall led to an improved work quality among consultants. They were not only able to achieve superior qualitative results but also complete their tasks in a shorter timeframe.Despite the evident advantages of AI in consulting, the study points out the importance of striking a balance between technology and human judge- ment. Over-reliance on AI systems can lead to errors, especially when tasks surpass the capabili-ties of the system.ConclusionThe integration of AI technologies like ChatGPT of-fers immense advantages to the consulting indus-try. However, it's crucial for consultants to nd a balanced relationship between technology and human discernment. In a digital era where AI is be-coming ever more prevalent, it's imperative for consultants to familiarise themselves with best practices and serve their clients efciently.4 • ARTIFICIAL INTELLIGENCE (AI)ASSET MANAGER • NO. 18 / 2023

«CONSULTANTS BOOST THEIR EFFICIENCY BY AN INCREDIBLE 43 PERCENT THANKS TO CHATGPT!»GAME CHANGER • 5

Imagine a nancial hub regarded as top-tier by independent asset managers from around the world. A place where transparency, efciency and innovation go hand in hand, and where as-set managers operate in an environment that is both supportive and challenging. A locale not only recognized for its banking secrecy but also for its forward-looking regulation and premier expertise. This is the vision for the Swiss nancial centre.Yet, like any vision, this one has its challenges. It's crucial to view these challenges not as obstacles but as opportunities - opportunities that aid our evolution and growth. In this vein, we aim to high-light some of the core challenges the Swiss nan-cial centre currently faces and suggest ways to surmount them.1. Expertise and Clarity in Supervision:Problem: FINMA intervenes in the supervisory ac-tivities of supervisory organizations, leading to du-plications, delays and increased costs.Challenge: Ensuring that FINMA and supervisory organizations have clearly dened roles and res-ponsibilities.Solution: Clearly delineate responsibilities bet-ween FINMA and supervisory organizations to avoid redundancies and enhance efciency.2. Transparent Authorization Process:Problem: The authorization process is lengthy and opaque, causing delays and frustration. Potential newcomers are deterred.Challenge: Creating a transparent and efcient authorization process.Solution: Introduce FAQ pages and complimen-tary FINMA hotlines for regulatory queries, clear guidelines on what directives must contain and improved communication between regulatory authorities and asset managers.3. Efciency and Purpose of Reporting Obligations:Problem: The new reporting obligations are inef-cient and lead to overlaps in monitoring.Challenge: Optimizating reporting obligations to re-duce unnecessary administrative burdens and costs.Solution: Revise and streamline reporting obliga-tions, with FINMA focusing on its core competen-cies and not intruding into areas already covered.4. Uniform Interpretation of Regulations:Problem: There's a plethora of opinions and inter-pretations regarding regulations and their imple-mentation.Challenge: Creating a consistent and clear inter-pretation of regulations.Switzerland, a nation renowned for its precision, reliability and integrity, has the potential to position itself as a global frontrunner in the nancial sector.Author: Roger Fromm, IGUV Board Member and FounderFUTURE VISION OF SWITZERLAND'S FINANCIAL CENTRE: CHALLENGES AND SOLUTIONSASSET MANAGER • NO. 18 / 20236 • CHALLENGES

Solution: Establish clear guidelines, introduce FAQ pages and hotlines, and improve communication between regulatory authorities and asset mana-gers.5. Stable Legislation:Problem: Every change in legislation leads to un-certainty and higher costs.Challenge: Ensuring stable and predictable legis-lation.Solution: Closer collaboration between legislators, regulatory authorities and asset managers to en-sure legislative changes are sensible and neces-sary.6. Promotion of Cross-Border Business:Problem: Current regulations for cross-border business are restrictive, and requirements for as-set managers are higher than for bank employees.Challenge: Creating a level playing eld for as-set managers and bank employees in interna- tional business.Solution: Recognize training proofs and certif- icates issued by banks as sufcient legitimacy for asset managers in cross-border business.7. Promotion of Fair Competition:Problem: FINMA doesn't always seem to consider the interests of smaller asset managers, and fair competition isn't anchored in its mandate.Challenge: Ensuring fair and equal competition for all market participants.Solution: Revise FINMA's mandate to pro- mote fair competition and ensure the interests of all market participants are considered.In conclusion, despite current challenges, Switzer-land's nancial centre possesses a solid founda- tion. With a stable economy, a robust legal sys-tem and a deeply rooted nancial tradition, Swit-zerland has the necessary resources to continue establishing itself as a leading nancial hub. It's up to us to seize the current challenges as opportuni-ties for further development and future-proof the Swiss nancial centre.It's time to act proactively to further enhance Switzerland's strengths in the nancial sector and solidify its position on the global stage.«SEVEN CHALLENGES AND SOLUTION APPROACHES TO STRENGTHEN THE SWISS FINANCIAL SECTOR.»

In the dynamic nancial landscape, regulatory requirements are a constant companion. A topic frequently discussed in our workshops is the train-ing and continuing education obligations for as-set managers. To gain profound insights into this matter, we have the privilege of interviewing Ms Kindler, the Managing Director of the supervisory organization OSFIN.Ms Kindler, OSFIN was established through the initiative of SRO PolyReg and SRO FCT to super- vise nancial institutions. Could you elaborate on the core tasks of your organization?Certainly. OSFIN was founded to offer asset man-agers and trustees, previously supervised by the SROs, continuity of supervision under the new su-pervisory regime as FINMA-approved nancial in-stitutions. Our task is partly to accompany nan- cial institutions to FINMA approval by pre-examining their application. On the other hand, we are res-ponsible for the ongoing supervision of approved nancial institutions in all relevant nancial mar-ket legislations.FinSA and FinIA are omnipresent in the indus- try. What central aspects do these laws regulate, and why are they of such profound signicance?FinSA and FinIA set the standards for the activity and organization of nancial institutions. Their pri-mary goal is to ensure harmonized competition among nancial institutions while simultaneously strengthening customer protection.MANDATORY CONTINUING EDUCATIONWHAT COUNTS?How does the supervisory organization dene what counts as creditable con-tinuing education and what doesn't? Ms Kindler, Managing Director of OSFIN, lifts the veil in an interview.Interview with Caroline Kindler, Managing Director of the Supervisory Organization OSFINTraining and continuing education obligations are a core topic of this conversation. How are these obligations specically codied?The training and continuing education obligations for asset managers arise from the FinIA, FinSA and AMLA as well as the associated regulations. Art. 25 para. 3 Financial Institutions Ordinance (FinIO) sti-pulates that asset managers must maintain their acquired competencies through regular further training. According to Art. 6 FinSA, nancial service providers must ensure that their employees have sufcient knowledge of the rules of conduct and the necessary technical knowledge, which also includes continuous further training. Art. 27 AM-LA-FINMA also establishes a regular further train-ing obligation for employees in the AMLA area. The exact requirements can vary depending on the eld of activity and specic tasks.There is a list of annual training requirements provided by the supervisory organizations (as per the illustration). Could you explain in more detail which criteria are essential for these train-ing obligations?Correct: Since the further training requirements were not specied by the legislator or by the Fe-deral Council or FINMA, the supervisory organi-zations have agreed on a common minimum framework, which is depicted in the schematic rep- resentation you mentioned. This denes the re-quirements for annual further training. For topics like FinIA, FinSA and AMLA, the denition is clear. 8 • CONTINUING EDUCATION OBLIGATIONS

As for technical and professional knowledge, this depends on the respective (nancial) service pro-vided: it includes knowledge of economic and technical processes as well as awareness of legal implications. Depending on the area of activity, for example, the following technical and professional knowledge was mentioned: asset management and portfolio management (for persons active in the core area of asset management); and for compliance, nance and taxes (for employees active in other areas, if applicable). It is thus about the technical and professional knowledge of the practiced profession. Of course, every nancial in-stitution is free to attend further training on other current or otherwise interesting topics such as data protection or security; however, these can-not be credited.The training certicate from a renowned pro- vider was rejected by an auditor. What criteria are decisive for such a training certicate?I cannot comment on the specic case due to a lack of knowledge of the exact facts. In general, a training or further training certicate must at least contain the training provider, the topics covered and time specications. So far, we have not had to reject any training certicate, but in individual cases, facts could be claried through a query to the training provider.We sincerely thank Ms Kindler for her valuable insights and her willingness to actively and openly contribute to transparency in this essen-tial area.CAROLINE KINDLERlic. utr. iur., LL.M., Managing Director OSFIN OSFIN was founded by the self-regulatory organizations SRO PolyReg and SRO FCT to supervise nancial intermediaries who require FINMA approval. The organization received approval as a supervisory organization from FINMA on 6 July 2020.ProleAMLA (Anti-Money Laundering Act) FinSA FinIATechnical and Professional Knowledge3Total per YearQualied Managing Director and DeputyMandatory weighting according to current eventsMandatory weighting according to current eventsMandatory weighting according to current eventsAs needed or with another cumulative function1At least 1 dayCompliance Ofcer and Risk ManagerMandatory Mandatory MandatoryAs needed or with another cumulative function1At least half a dayEmployees who perform an activity or functions with customer contact subject to the AMLAMandatory weighting according to current eventsAt least half a day2CONTINUING EDUCATION REQUIREMENTS FOR THE SUPERVISEDSource: OSFIN1 As a reminder: no more than ve full-time positions or an annual gross revenue (Art. 26 Para. 2 Financial Institutions Ordinance (FinIO)).2 If documented, internal AMLA training is possible.3 Technical and professional knowledge: Compliance, Taxes, Asset Management, Risk and Portfolio Management, and Finance.ASSET MANAGER • NO. 18 / 2023 INTERVIEW • 9

Since 1 January 2023, nancial service pro- viders in Switzerland are obliged to afliate to an ombudsman ofce recognized by the Federal Department of Finance (FDF). The introduction of eight different ombudsman ofces has raised questions among nancial service providers. We spoke with Ms Jennifer Lygren, director of the Financial Services Ombudsman (FINSOM), to le-arn more about the necessity of this multitude of ombudsman ofces.What are the specic tasks of the ombudsman ofces according to the Financial Services Act (FinSA)?The FinSA ombudsman ofce should primarily deal with complaints from private clients who are dissatised with a nancial service provider's complaint management. Under certain condi-tions, it can also conduct civil mediation. It should also contribute to public information and market supervision. Moreover, it is crucial for it to act as a neutral mediator between nancial service pro-viders and their customers to promote trust and transparency in the nancial sector.How has the landscape of ombudsman ofces for nancial services developed since 1 January 2020?Before FinSA came into force in 2020, the Swiss Banking Ombudsman was the only ombudsman ofce specialized in nancial services. He has been responsible for handling complaints about mem-THE MULTIPLICITY OF OMBUDSMAN OFFICES: NECESSITY OR EXCESS?With eight different ombudsman ofces, the question arises about the neces-sity of this multitude. Jennifer Lygren from FINSOM provides clarity.Interview with Jennifer Lygren, Director of the Financial Services Ombudsman (FINSOM)bers of the Swiss Bankers Association (SBA) since 1993, with only 10 percent of the complaints pro-cessed in 2018 relating to nancial services. With the adoption of FinSA in June 2018, the need to es-tablish at least one more ombudsman ofce for nancial services became apparent. However, this led to the emergence of nine ombudsman ofces for "nancial services" under FinSA in 2020. One of the nine ombudsman ofces recognized in 2020 disappeared after two years, leaving eight still in existence today.How many complaints and mediation proce-dures concern independent asset managers among the eight FinSA ombudsman ofces?It is not easy to create a consolidated analysis of the ombudsman ofce statistics. However, pub-licly available statistics currently show an aver-age of fewer than 200 complaints per year for a FinSA ombudsman ofce. Of these, fewer than 50 percent end in mediation. It is noteworthy that the civil complaint and mediation rates among nancial service providers, including independent asset managers, do not seem to be higher than in other sectors of the nancial industry. Complaints about fraud and identity theft committed from abroad seem to be more common.What are the advantages or disadvantages of this high number of ombudsman ofces?The choice is often seen as an advantage, but "too many options can be overwhelming and 10 • OMBUDSMAN'S OFFICE

make the choice difcult". It is also challenging to compare the ombudsman ofces quickly. One di-sadvantage would be cost inefciency. Addition- ally, the multitude of ombudsman ofces could confuse nancial service providers and especial-ly clients, as they are unsure which ombudsman ofce is most suitable for their specic needs.What is the situation in neighbouring countries?According to a 2012 World Bank study, competition between ombudsman ofces in Switzerland is one of the few exceptions.In your opinion, does the number of FinSA om-budsman ofces meet the needs of the Swiss -nancial sector?In my view, the number of FinSA ombudsman of-ces does not seem to meet the needs of inde-pendent asset managers in Switzerland or the nancial industry in general. There is a risk that too many ombudsman ofces will impair the efcien-cy, effectiveness and transparency of the system.Why are there so many ombudsman ofces for nancial services?Good question. The answer lies neither in the need nor in the interest of nancial service providers or the Swiss economy.We would like to thank Ms Jennifer Lygren for this enlightening interview.It would be desirable if the regulator would pub-lish the number of cases handled by each om-budsman ofce in the future to provide more transparency and clarity in this area.JENNIFER LYGRENDirector of the Financial Services Ombudsman (FINSOM) FINSOM was founded as a specialized mediation institution for the Swiss nancial sector and was recognized by the Federal Department of Finance (FDF) according to the Financial Services Act (FinSA). FINSOM is a member of INFO-Network and an associate member of FIN-NET. «WHY SO MANY OMBUDSMAN OFFICES?NOT IN THE INTEREST OF THE FINANCIAL WORLD!»ASSET MANAGER • NO. 18 / 2023 INTERVIEW • 11

NOTIFICATION TO FINMA:APPROVAL AND NOTIFICATION OBLIGATORY CHANGESNew Reporting and Approval Obligations for Asset ManagersAsset managers are facing new, extensive repor-ting and approval requirements. Before they can make signicant business decisions such as ap-pointing new board or executive members, organi-zational changes, or transferring signicant shares, they must meet these requirements. These new obligations pose challenges for both asset man- agers and auditors, consultants and regulatory au-thorities.It is essential that asset managers constantly meet the approval criteria. For any changes that could affect the original approval, they must inform the supervisory organization (SO).If the change is of great signicance, the law re- quires not only a report to the SO but also approval by FINMA. This is despite the SO being responsible for monitoring asset managers. Signicant chan-ges requiring approval include, for example, chan-ges to the articles of association, changes to the or-ganizational regulations, changes to the minimum capital or serious incidents related to guarantors.List of Changes Requiring ApprovalThe law has established a list (see right) of changes that require direct approval by FINMA. This list has been further specied and expanded by SO guide-lines. For example, changes to professional liability insurance or a change in the responsible persons at an outsourcing partner must rst be approved by FINMA.Approval ProcessA change request should rst be directed to the SO. Afterward, the SO's feedback should be sent to FIN-MA along with the approval form. The SO reviews the application formally and in terms of content and forwards it with the audit result to FINMA. This can lead to further inquiries and delays. The pro-cess ends with a decision by FINMA and an invoice to be settled by the asset manager.Asset managers, be careful: New notication and approval obligations could affect your business decisions. Find out which changes must be directly approved by FINMA and how this could impact your operations.Author: Roger Fromm, IGUV Board Member and Founder«THE STRICT HANDLING OF THESE REQUIREMENTS WILL LEAD TO DELAYS AND ADDITIONAL COSTS FOR ASSET MANAGERS.»12 • FINMA REPORTING OBLIGATIONS

1. Changes to the organizational and corpo-rate documents. Note: The Establishment and abandonment of a branch/representation in Switzerland and abroad must be described in the orga-nizational regulations.2. Changes to persons entrusted with man- agement and executive functions.3. Facts that could jeopardize the good rep- utation or guarantee of proper business activity of the nancial institution or persons entrusted with management tasks, as well as owners of a qualied participation, espe-cially the initiation of criminal proceedings.4. Facts that question the prudent and solid business activity of the nancial institution due to inuences by owners of a qualied participation.5. New owners of a qualied participation.6. Changes to minimum capital and equity, especially falling below the minimum require- ments (e.g. notications regarding capital increases, underfunding, underbalance, ca-pital loss and over-indebtedness).7. Termination/change of professional liability insurance.Mandatory Reporting ChangesOther changes that do not require FINMA's approv-al only need to be reported to the SO. These in- clude, the loss of a qualied person, the change of the audit company and address changes.Tightening of Approval RequirementsThe current interpretation of Article 8 FinIA has led to a tightening of requirements. More changes requi-re approval than provided for by law. Asset man-agers must turn to FINMA and the SO much more fr- equently, bringing additional burdens and uncer-tainties to their business operations.8. Transfer of tasks of all kinds (individual case examination, whether it is a transfer of essential tasks): - Transfer of a task; - Change of the commissioned party; - Change of the person(s) responsible for the transferred task at the commissioned party; - Change of the person responsible at the approval holder.9. Foreign business: - Establishment/acquisition/abandonment of subsidiaries and qualied participations in companies abroad; - Abandonment of business activity abroad; - Change of business activity abroad; - Change of the auditing company; - Change of the supervisory authority in the foreign country of residence or domicile.10. Change of the supervisory organization.11. Mergers, splits, transformations and asset transfers according to the Merger Act.12. New qualied participations and mandates of persons entrusted with senior manage-ment or executive functions (including B2 and B3 forms).13. Other signicant changes to facts that un-derlie the approval.Disadvantages of Strict RequirementsThe strict handling of these requirements can lead to delays and additional costs for asset managers. There are also increased compliance risks.ConclusionIt remains to be seen whether the current system with its reporting and approval obligations is sus-tainable. It might make sense to revise the list of changes requiring approval to strengthen the role of the SO.Source: Overview of Approval Changes for Asset Managers and Trustees of OSFIN from 2021, translated by IGUVASSET MANAGER • NO. 18 / 2023 CHECKSLIST • 13

But how did this process unfold? What costs are associated with it? And how do the experiences of asset managers differ?Our Survey: An Initial InsightWe conducted a survey among asset managers who recently received FINMA licensing. Although many clicked on the survey, only a few completed it to the end. The majority of respondents had not yet had a new audit, while others had only under-gone an extended AML review. However, most had already undergone a comprehensive FinIA audit.What we want to knowWhat effort is associated with the audit?What costs were incurred?How did it differ from the old SRO review?Are there differences between audit rms in terms of cost and effort?Initial FindingsThe costs for the pure AML audit ranged between CHF 1,680 and CHF 2,500, with one outlier even charging CHF 5,925.00. For the comprehensive audit, costs ranged between CHF 4,500 and CHF AUDIT FOR FINMA-LICENSED ASSET MANAGERS:A GLIMPSE BEHIND THE SCENESThe FINMA licensing for asset managers has been a hot topic in the industry. With the introduction of new rules and regulations, many asset managers had to undergo an audit for the rst time.Author: Roger Fromm, IGUV Board Member and Founder16,000. However, it should be noted that the num-ber of participants is still low, and the data is there- fore not representative.Beware of hidden costs!Some asset managers reported unexpected-ly high costs, especially for expenses and hourly rates. For instance, one asset manager paid CHF 237 in expenses for an online audit that lasted only about an hour – without any travel costs or mate-rials.Agree on a cost ceiling from the outset!Switching or aborting during the audit is not pos-sible. Therefore, it's crucial to make clear agree-ments about hourly rates, expenses and maximum effort from the start. Otherwise, you risk unexpec-tedly high bills.High satisfaction with audit rmsDespite the challenges mentioned, over 50 percent of asset managers are very satised with their au-ditor. However, many criticize that the new audit takes too long and offers no added value in terms of security or risk.14 • STUDY ON THE NEW AUDITASSET MANAGER • NO. 18 / 2023

JOIN IN AND BRING TRANSPARENCY TO THE AUDIT PROCESS!We aim to provide a comprehensive picture of the audit process for FINMA-licensed asset managers. That's why we invite you to partici-pate in our study. Your experiences are valuable and can help im-prove the audit process for all stakeholders.Take part in our survey now!«AUDITS TODAY: LONG DURATION,QUESTIONABLE BENEFIT.»

EXPERIENCE REPORTSURFING WITH STARLINKORDERING AND DELIVERY: A BREEZEI ordered the Starlink satellite receiver online and was amazed at the price of just CHF 321, including shipping costs. Within two weeks, I had the pack-age, the size of a travel bag, in my hands. The qual-ity of the goods was impressive: A corrosion-free stand for the satellite receiver, a sturdy outdoor antenna cable and a futuristic hub for the apart-ment that can also be connected to a phone.FIRST TEST: AT HOME IN ZURICHBefore testing Starlink at my vacation spot in Cor-sica, I wanted to ensure everything worked. The test on my balcony in Zurich was a complete suc-cess. Within ve minutes of downloading the Star-link app and connecting all the cables, I was surf-ing the internet with excellent quality.STARLINK IN CORSICA: A MINOR HITCHThe main reason I chose Starlink was the lack of internet connection in the Corsica region, where I often vacation. Upon arriving in Corsica, how-ever, I found that my connection wasn't working. After some research, I realized I needed a special subscription for use outside of Switzerland. After upgrading to the CHF 100 subscription, everything worked perfectly.The digital world has captivated us, and a stable internet connection is essential today. Whether at home, in the ofce or on vacation, we are con-stantly online. But what do you do when you're in a remote location without reliable internet? Enter Starlink.Author: Roger Fromm, IGUV Board Member and Founder16 • EXPERIENCE REPORT

EXPERIENCE REPORTSURFING WITH STARLINKPRICE OVERVIEW FOR STARLINK• Satellite receiver with accessories complete including shipping CHF 321.• Monthly subscription Switzerland CHF 65 per month, with no contract term.• Monthly subscription Europe CHF 100 per month, with no contract term.• Additional accessories e.g. roof mounts vary by product.• Payment options: Credit card.CONCLUSION: STARLINK IS A WINNERThe internet connection was impressive, com-parable to my cable internet at home with download speeds of up to 250 Mbit/s. There were some minor interruptions while making calls, but I attribute this to the poorly chosen location of the receiver. In the future, I'll ensure I have the right subscription before traveling abroad. Starlink has won me over, and I'll deni-tely continue to use it while on vacation. A small suggestion for improvement: Information about the different subscription models could be more easily found on the Starlink website. Otherwise, I'm thoroughly impressed!«WHERE TRADITIONAL INTERNET FAILS, STARLINK STEPS IN.»ASSET MANAGER • N0. 18 / 2023 STARLINK • 17

To the Survey for EAMs (German)

Why is this study signicant for your bank?• Strategic Alignment: The study provides you with a solid foundation to align your IT strategy and service offerings specically to the needs of the EAM.• Data Exclusivity: The study's results will be made available exclusively to participating in-stitutions, giving you a competitive edge.• Cost-Benet Optimization: With pricing based on the number of your participating EAMs, IGUV ensures you extract maximum value from your investment.• Future-Oriented Decision Making: The stu-dy also takes into account future regulatory requirements, allowing you to act proactively and implement automation solutions.STUDY A STRATEGIC STEP TO OPTIMIZE YOUR COLLABORATION WITH EXTERNAL ASSET MANAGERS (EAM)In today's dynamic nancial world, clear insights into the needs and expec-tations of your partners are invaluable. IGUV recognizes that it's crucial for banks to precisely understand the technological needs of external asset man- agers to effectively tailor their services and stand out from the competition.Author: Roger Fromm, IGUV Board Member and FounderThe study encompasses numerous essential ser-vices evaluated by EAMs This offers you the op-portunity to conduct a detailed strengths and weaknesses analysis and position your services compared to competitors. Based on these in-sights, you can take targeted actions to optimize collaboration with EAMs and strengthen your mar-ket position.Next Steps for Interested Banks:If your bank makes the strategic decision to partic- ipate in this groundbreaking study, you'll gain ac-cess to valuable insights and the opportunity to specically enhance your services and offerings.For more information and details for banks regard- ing this study, visit www.iguv.ch/survey To participate, please contact us directly at info@iguv.chASSET MANAGER • NO. 18 / 2023 EAM STUDY • 19

Actively Managed Certicates, known as AMCs (short for Actively Managed Certicates), have been in high demand for several years. They are particularly popular among asset managers as they allow them to implement investment strat-egies for their clients efciently, quickly and cost-effectively.What are AMCs?When one thinks of structured products, Barrier Reverse Convertibles or capital protection prod-ucts often come to mind rst. However, for about ten years, asset managers have shown a rapidly growing interest in AMCs. With these nancial in-struments, the performance of a portfolio can be replicated one-to-one, similar to an actively man-aged investment fund. The difference is that in-stead of buying fund shares, a certicate issued by a bank is purchased.Why are AMCs so successful?The success of these certicates lies in their exibi-lity, customizability, rapid implementation and the opportunity to benet from an active investment strategy.When are AMCs particularly suitable?Private banks and asset managers have various options to implement their investment strategies. In the classic approach, they receive a mandate from their clients to manage the assets deposited with their custodian bank. While this solution of-fers clients full transparency regarding positions and portfolio reallocations, it has its limitations. For the asset manager, with a growing number of cli-ents using different custodian banks, it can quickly become challenging to implement their strategy efciently. Moreover, certain investments re- quire high minimum investment amounts, compli-cating efcient portfolio diversication. To better diversify investments and better implement their investment strategy for various clients, many as-set managers therefore launch their investment funds. However, typically, an investment volume in the double-digit million range is required to ade-quately cover the costs associated with launching a fund. Furthermore, it usually takes several weeks or even months to introduce a fund to the market. For many institutional clients, launching a fund makes sense given the high available investment amounts. For smaller sums, however, AMCs are a good alternative. Even for institutional asset man-agers, AMCs can prove extremely practical. Since AMCs can be launched with a smaller volume, it is possible to implement new strategies with them more exibly, cost-effectively and signicant-ly faster. If the product meets expectations, the same strategy can later be transferred to an in-vestment fund – the preferred investment vehicle for institutional investors.How does an AMC work?For an AMC to be launched, the asset manager must inform the issuer of the original composi- tion of the basket underlying the certicate. This can contain several asset classes such as stocks, bonds, conventional and alternative funds, ETFs, structured products or exchange-traded options. ACTIVELY MANAGED CERTIFICATES (AMC):An Ideal Solution for Efcient Implementation of Investment StrategiesInterview with Erwin Naescher, Head of Sales for Structured Products at BCV20 • BCVASSET MANAGER • NO. 18 / 2023

ERWIN NAESCHER is responsible for the sale of Structured Products and coordinates a sales team in Lausanne and Zurich. He began his professional career at Leonteq Securities in Zurich. In 2017, he moved to BCV in Lausanne, and in 2019, he opened the Structured Products desk in Zurich. He holds a Master of Science in Finance from the University of Neuchâtel and is uent in German, French and English.Banque Cantonale Vaudoise, Talacker 35, 8001 Zurichstructures@bcv.ch, 044 388 71 33, www.bcv.ch/psAfter the certicate's issuance, asset managers can inform the issuer at any time about the real-locations they desire. The issuer also takes care of the certicate's valuation and organizes the se-condary market to ensure the certicate's liqui-dity. In addition to operational and administrative tasks, he also handles reporting and provides va-rious information sheets and statutory prospec-tuses. This allows the asset manager to focus on their core competency in asset management. The certicate is provided with an ISIN number and is thus a securitized security that can be booked with various custodian banks. It can be traded over-the-counter – which is usually the case – or listed on the stock exchange for more visibility and an extended distribution radius. As structured prod-ucts, AMCs contain a credit risk, which is why the nancial solidity of the issuer should be taken into account during the selection process.How does BCV position itself in the AMC busi-ness?With over ten years of experience in launching AMCs, BCV is one of Switzerland's leading AMC is- suers. To optimally support its AMC clients, inclu-ding banks, independent nancial advisors and independent asset managers, BCV has invested signicantly in the development of digital tools in recent years: the AMC Access360 web platform for AMC management and reporting and the fac-tor-based investment tool AMC Select360 for sys-tematic stock selection of the underlying AMC in-vestment strategy. This reduces the administrative effort for customers, allowing them to focus enti-rely on their core business: asset management.BCVs, Trading Floor in Lausanne«AMCs CAN BE LAUNCHED MORE FLEXIBLY, COST-EFFECTIVELY AND SIGNIFICANTLY FASTER.»

FIXED INCOME: ACTIVE MANAGEMENT UNDER THE MICROSCOPEPassive investment strategies have gained popularity in recent years. We believe there are several compelling advantages to active management for xed-income investments. This is especially true at present: Uncertainty about future interest rate and ination developments has further increased volatility in this asset class.Author: Fixed Income Team, M&G InvestmentsA Deep, Diverse and Growing Investment UniverseWhat value-add – or alpha – can fund managers achieve? It depends on their skills and the diversity of available opportunities. The more market inef-ciencies there are, the more likely experienced managers can achieve returns that exceed those of an index or a passive instrument trying to repli-cate such an index.It's therefore encouraging that the global bond market continues to grow robustly. Its volume stood at around USD 127 trillion in June 2023.1 For compa-rison, this is more than three times the global stock market. The bond market has been a hub of in-novation over the past 40 years. Many new asset classes have emerged – such as ination-protec- ted securities, Asset-Backed Securities (ABS) and high-yield bonds, to name a few. Future advance-ments are likely, providing active fund managers with even more opportunities to generate alpha: They can draw on a broader toolkit than ever be-fore.The current environment of rising ination and interest rates is undoubtedly challenging for xed- income investors. However, we believe it has also created diverse opportunities for well-positioned active managers. Volatility typically leads to mar-ket price distortions. Currently, we observe signi-cant spread dispersion in global corporate bond markets, both between different titles and across various economic sectors.The uncertain economic environment and higher borrowing costs have another consequence: Parts of the credit market are likely to see increased de-faults in the coming years. This could be exacerba-ted by tighter credit conditions, a result of recent turmoil in the US banking sector, which led to the collapse of several mid-sized US banks in recent months.For all these reasons, we are convinced that in- formed investment decisions in xed-income se-curities are more crucial than ever. In the later sta-ges of the economic cycle, thorough credit risk as-sessment will be essential. Only then can investors determine the appropriate compensation for their risk-taking.The value of a fund's assets can fall as well as rise. This means the value of your investment can go up and down, and you may get back less than you originally invested. Investments in bonds are inu-enced by interest rates, ination and credit ratings.

ROBIN DIENERSenior Sales Representative +41 43 443 82 07Robin.Diener@mandg.comMARC-ANDRÉ HUGHead of WholesaleSwitzerland +41 43 443 82 05Marc-Andre.Hug@mandg.comM&G INVESTMENTShas been investing money for 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 foundation of our approach.The forwarding of this document in or from Switzerland is not permitted, except for forwarding to qualied investors within the meaning of the Swiss Collective Investment Schemes Act ("Qualied Investors"). Intended exclusively for use by the original recipient (provided they are a qualied investor). This nancial advertisement is issued by M&G Luxembourg S.A. Registered Ofce: 16, boulevard Royal, L 2449, Luxembourg.CREDIT MARKETS: A DEEP, DIVERSE, AND GROWING INVESTMENT UNIVERSEIt's possible that bond issuers will not make interest payments or return the capital. All these events can reduce the value of bonds held by the portfolio. High-yield bonds typically carry a higher risk that bond is-suers may not be able to make interest payments or return the capital.Source: M&G, Bloomberg, 22 December 2022. 1 https://www.sifma.org/resources/research/research-quarterly-xed-income-outstanding/«THE CURRENT ENVIRONMENT OF RISING INFLATION AND INTEREST RATES CREATES DIVERSE OPPORTUNITIES FOR WELL-POSITIONED ACTIVE MANAGERS.»ASSET MANAGER • NO. 18 / 2023FIXED INCOME • 23

WEALTHIN THE FUTURE OF THE FINANCIAL SECTOR STARTS NOW!24 • THE INNOVATIVE FINANCE FAIR

Why WealthIN?WealthIN is the response to the ever-evolving landscape of the nancial sector. In an era where innovation and connectivity are paramount and only hindered by regulation, we set new benchmarks and redene what a nance fair can and should be.Our StrengthUniqueness: While other fairs maintain the status quo, we break with traditions. With our innovative speed dating app, top-tier panel discussions and an interdisciplinary approach, we are the pioneers of a new era.The Vision Behind WealthINWe don't wait for the future to come to us. We shape it. WealthIN is where business, science and politics converge to collaboratively mold the future of the nancial sector.Our Invitation to YouBe part of this movement. As an exhibitor or indus-try expert at WealthIN, you not only position your-self at the forefront of the nancial sector but also become part of a community driving the sector forward. This is not an opportunity to be missed.WealthIN is more than a fair. It's a vision, a move- ment, a revolution. And it starts now. Be there as history is made.Don't miss the chance to stand at the forefront of this movement. Request your tailored offer now and secure your spot at WealthIN.Simply scan the QR code below to directly request an offer.www.wealthin.ch Request your offer now and secure your spot! WEALTHIN • 25ASSET MANAGER • NO. 18 / 2023

WEALTHIN YOUR EXPERTISE IN THE SPOTLIGHT!What we offer:• A professionally moderated platform where you can voice your opinions.• The opportunity to deliver a 15-minute keynote presentation following the panel discussion.• An exclusive VIP event where you can net-work with other participants in a relaxed at-mosphere.We are convinced that WealthIN will be a mile- stone in the nancial industry. However, the true value and success of the event depend on you, the experts. We warmly invite you to be part of this positive movement and join us in shaping the nancial world of tomorrow.Register now and secure your spot on the panel in your area of expertise!Dear Industry Experts and Panel Participants,The nancial world is facing unprecedented chal-lenges and opportunities. At WealthIN, we offer you the platform to share your expertise, engage with peers and actively shape the future of the -nancial industry.Why you should be there:• Inuence: Seize the opportunity to voice your opinions on current topics and steer the dis-cussion in a direction benecial for the entire industry.• Expand your network: Meet decision-makers, industry leaders and other experts. Broaden your professional network and discover new collaboration opportunities.• Share knowledge: Share your insights, experi-ences and visions with an engaged audience that can benet from your expertise.26 • INDUSTRY EXPERTS AND PANEL PARTICIPANTS

www.wealthin.ch«WEALTHIN: WHERE INNOVATION MEETS EXPERTISE.» Register now and secure your spot! ASSET MANAGER • NO. 18 / 2023 WEALTHIN • 27

WealthIN Trade Fair 2024Next year, WealthIN trade fair will take place in the heart of Zurich, impressing not only with its prime location but also with its innovative orientation and excellent networking in the nancial industry. If you're an exhibitor looking for a platform that offers not just visibility but also real value, then WealthIN is the place for you.1. Speed-Dating App for More LeadsOur unique Speed-Dating App allows trade fair vis-itors to quickly and efciently connect with the ex-perts they're looking for. For you as an exhibitor, this means more qualied leads in less time.2. Exclusive VIP EventAs an exhibitor, you are cordially invited to our exclusive VIP event on the rst evening. Take the op-portunity to network with high-ranking politicians, inuencers, scientists and other industry leaders.3. All-Inclusive PackageFrom booking to the day of the fair – we take care of everything! Choose between different booth sizes and designs and benet from a fully equipped, high-quality exhibition stand, food vouchers, tickets for potential clients and much more. Preparing for the fair couldn't be easier or more convenient.4. Target Group FocusedOn the rst day, we cater to decision-makers and industry leaders in the B2B segment of wealth management. On the second day, the focus is on professional investors, HNWI, UHNWI, as well as YouTubers and inuencers.5. Support for ExhibitorsFrom coaching sessions with our moderator to creating a prole in our Speed-Dating App to the option of booking your own presentation rooms – we support you at every stage of your trade fair participation. WEALTHIN WHY YOU SHOULD BE AN EXHIBITOR!28 • EXHIBITORS AND SPONSORS

6. Attractive Sponsorship PackagesIncrease your visibility and present yourself as a leading company in the industry. Our sponsorship packages offer numerous advantages and are tailored to your needs.7. Exclusive DiscountsAs a booth exhibitor, you benet from a 50 percent discount on all publications in the ASSET MANAGER magazine. An unbeatable offer that further enhan-ces the value of your trade fair participation.WealthIN is more than just a trade fair – it's a move- ment that brings together the leading minds and experts from regulation, business and science. Be part of this movement and seize the opportunity to position yourself as a leading company in the -nancial industry.www.wealthin.ch Book now and benet from the advantages! ASSET MANAGER • NO. 18 / 2023 WEALTHIN • 29

The landscape of wealth management is under-going unprecedented changes. Technological advancements, heightened client expectations and regulatory adjustments are transforming the sector at an unparalleled pace. But within every change lies an opportunity. And for us wealth managers, it means it's time to redene ourselves and actively shape the future of the industry.The Renaissance of the Wealth ManagerNever before has the potential for independent wealth managers been as signicant as it is today. With digitization, we can make our services more efcient, transparent and client-centric. Individu-al portfolios, tailored investment strategies, and nearly seamless communication with our clients have now become a reality.Collaboration as the KeyGoing it alone in this rapidly changing industry can be risky. Hence, we should harness the power of collaboration. Events like WealthIN, organized by IGUV, provide an excellent platform for networking, exchanging ideas and collectively developing in-novative solutions. Here, we can learn from best practices, forge partnerships and stay informed about the latest industry trends.Investing in EducationBesides technology, education is a crucial factor for our success. IGUV recognizes this and is offering a series of workshops in various cities including Zurich, Lugano, Basel, and Zug again in 2024. Here, we have the opportunity to expand our knowl- edge, interact with peers, and learn from industry experts. And the best part: Participation is free for members!Membership is the Key to SuccessIGUV not only offers a community of like-minded wealth managers but also valuable resources and tools that help wealth managers navigate this ever-changing landscape. The positive feedback Photos: Thomas Hinder on behalf of IGUVIGUV – A premier service provider with added-value workshops and cus- tomized solutions for wealth managers and nancial advisors.Author: Roger Fromm, IGUV Board Member and FounderINNOVATION AND COLLABORATION:THE FUTURE OF WEALTH MANAGEMENT«IN THE WORLD OF WEALTH MANAGEMENT, ADAPTABILITY AND INNOVATION ARE NO LONGER OPTIONS – THEY'RE NECESSITIES.»30 • ADDED-VALUE WORKSHOPS

on our services indicates that we're on the right track. So, it's worth becoming a member or contin- uing the membership.Closing WordsThe future of wealth management is lled with challenges but also brimming with opportunities. Photos: Thomas Hinder on behalf of IGUVAs wealth managers, we are uniquely positioned to actively shape this future. Let's utilize the resour-ces available to us and look forward to a prosper- ous future together.Already as a Standard Plus cooperation partner, the service can become part of the IGUV offer with its landing page.UPCOMING IGUV WORKSHOPSThursday, 25 January 2024 Zurich • Zunfthaus zur ZimmerleutenThursday, 15 February 2024 Lugano • Hotel BellevueThursday, 21 March 2024 Zug • Spaces GrafenauThursday, 25 April 2024 Basel • Hotel BaselThursday, 16 May 2024 Zurich • Zunfthaus zur ZimmerleutenThursday, 13 June 2024 Lugano • Hotel BellevueThursday, 12 September 2024 Zurich • Zunfthaus zur ZimmerleutenThursday, 24 October 2024 Lugano • Hotel BellevueThursday, 21 November 2024 Zurich • Zunfthaus zur ZimmerleutenRegister now for free: www.iguv.ch/event ASSET MANAGER • NO. 18 / 2023 FOR INDEPENDENT WEALTH MANAGERS • 31

DAVID KRAUSCorporate and TechnologyConsultant of DKS Management Consulting GmbH andIGUV Board Member info@dkservices.chwww.dkservices.chLOOKING FOR THE RIGHT SOFTWARE?Are you in search of a PMS, CRM, archiving software, cloud provider or an IT outsourcing partner? With us, it's straightforward. We nd the right providers for you.The top four advantages of independent consultation by the specialist:1. TIMEA thorough test phase for, say, a new PMS platform can take months. Setting up a test environment alone can take several weeks. Often, there's not enough time to test a sufcient number of provid- ers regarding all relevant functions. Focusing on the best solutions allows your company to save valuable time.2. RISKBeing dependent on a single platform can be cru-cial for your business. A wrong choice due to inad- equate analysis of your requirements or missing out on essential questions can have severe con-sequences. A second opinion from a specialist can help you avoid potential mistakes and provide ad-ditional security for your company.3. EXPERIENCEWe have many years of expertise in evaluating and introducing software solutions. Our experience is an invaluable support that will be practically in-dispensable to you in your decision-making.4. SUBSTANTIAL SAVINGSThe mentioned services can incur annual costs that vary signicantly. The one-time consultation fees (with a discount for IGUV members) are rela-tively low compared to these expenses. Moreover, our specialist can enable substantial savings for your company.CONTACT US TODAY!Ready for the optimal solution? Reach out to us today to learn more about our services and nd out how we can ele-vate your business to the next level. Schedule a 30-minute free initial consultation now.32 • SOFTWARE EVALUATION AND OUTSOURCINGASSET MANAGER • NO. 18 / 2023

ATTRACTIVE PROFESSIONAL LIABILITY INSURANCE FOR SELF-EMPLOYED INDIVIDUALS AND SMESform. 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 in-surance 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 FinIA, independent asset managers are struggling to implement the new regulations. An important pre-requisite for registration in the Advisory Register is proof of professional liability insurance with suf-cient coverage. The SKV offers profession- al liability insurance that is specically tailored to the needs of nancial service providers and asset managers and op-timally meets the legal requirements 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 liabili-ty insurance as well as organ liability in-surance (D&O, Directors & Ofcers).IGUV members benet from a free mem-bership to SKV receive substantial premi-um savings and can apply online via the simple and uncomplicated application www.kaderverband.ch

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?

www.friends-of-funds.chpowered by Landert & Partner GmbH und R Consult GmbHNächste Anlässe in Zürich bis Ende Januar:21.11.23 Zukunft des L-QIF – eine Standortbestimmung23.01.24 Net-Zero Asset Management: Wie lassen sich Portfolios dahingehend ausrichten?Das Fondsgeschäft ist komplex, stets internationaler geprägt und die Marktteilnehmer ange-sichts der Vielfalt und der hohen Komplexität vieler Fondsinnovationen bzw. des erweiterten Einsatzbereiches von Anlagefonds stark gefordert. Gesetzliche und steuerliche Grundlagen verändern sich überdies laufend, weshalb die Herausforderungen in der Produktgestaltung und Abwicklung, aber auch im Marketing und im Vertrieb ständig wachsen. Entsprechend gefordert sind Fondsproduzenten und Nutzer zugleich. Fondsbezogene Dienstleistungen sind auch für Anwaltskanzleien und Revisionsgesellschaften anspruchsvoller geworden. Wer sich in der Branche nicht t hält, fällt ab; gnadenlos ist der internationale Wettbewerbs-druck.Das Forum «Friends of Funds» bietet eine Plattform für den regelmässigen Infomations- und Wissenstransfer. Es hilft vernetzen und sich auszutauschen. 2003 startete das Forum in Zürich; seit 2007 nden auch in Genf regelmässige Diskussionsrunden statt. Freunde der Fondsidee aus allen Berufsgattungen rund um das Geschäft mit Kollektivanlagen treen sich regelmässig, tauschen Ideen aus und pegen Kontakte.Nutzen Sie die Gelegenheit, sich in entspannter Atmosphäre ausserhalb des unmittelbaren beruichen Umfeldes mit dem Thema der Kollektivanlagen auseinanderzusetzen. Die un-abhängige Plattform umfasst ein Podiumsgespräch mit anschliessendem Aperitif und eignet sich hervorragend zur Ausweitung des persönlichen Beziehungsfeldes. Auf einfache und informale Art kann die Gelegenheit zum High-Level-Dialog mit Schlüsselpersönlichkeiten aus Industrie, Lehre, Behörden und Politik genutzt werden.

INNOVATIVE JOB PORTAL: WHERE ASSET MANAGERS MATCH DISCREETLYDavid, thank you for taking the time. First, tell us how the idea for IGUV's job portal came about.The idea emerged from a real need. As a manage-ment and IT consultant for independent asset man- agers, I frequently received enquiries from clients and workshop participants looking for business partners. It became clear that there was a lack of a central platform where asset managers could network and establish new business or employee relationships.What sets your job portal apart from others?Our job portal offers a unique anonymous search. This means that individuals or asset managers looking for connections don't have to reveal their identity. We remove all identifying information, leaving only relevant details visible. This ensures the utmost discretion – a must in our industry.How successful is this anonymous search?So far, we've had a 100 percent closure rate for an-onymous ads. This indicates that our platform pro-vides precisely what asset managers are looking for: discretion, fair pricing and a high probability of a match.David Kraus introduces IGUV's job portal, a game-changer in partner search. Learn more about discretion, success, and the vision behind the platform in this interview.Interview with: David Kraus, Management and IT Consultant, and IGUV Board MemberAnd what about the non-anonymous ads?For non-anonymous ads, based on the feedback we have, the success rate is over 30 perscent. However, getting precise numbers is challenging as many don't respond to our follow-up queries.How do you promote the ads?Each ad is shared on LinkedIn and in the IGUV Newsletter, which means that instantly 2,000 to 3,000 people from the target segment are infor-med. It's a very effective way to reach the right au-dience.With tighter regulations and rising audit costs, do you see an increase in asset managers want-ing to merge?Absolutely. We had anticipated that many merg-ers would occur post-FINMA approval and that the situation would stabilize afterwards. But reali-ty shows that due to tighter regulations and rising costs, many asset managers remain interested in joining forces with colleagues.36 • IGUV JOB PORTAL

What are the next steps or plans?Our primary goal is to continue providing a reli- able and discreet platform for asset managers. We plan to expand our reach and continuously adapt to the industry's changing needs. It's an exciting time, and we're thrilled to support asset managers every step of the way.David, thank you for the insightful conversation and the glimpses into IGUV's work!I hope our discussion was helpful for potential job seekers and job providers.For more information, visit the job portal directly at iguv.ch/jobsDAVID KRAUS is a management and IT consultant anda board member of IGUV.He is the founder and CEOof the company: DKS Management Consulting GmbH www.dkservices.chinfo@dkservices.chkraus@iguv.ch+41 76 276 59 59«THE IDEA EMERGED FROM A GENUINE NEED.»ASSET MANAGER • NO. 18 / 2023 FOR ASSET MANAGERS • 37

Our new job portal for wealth managers is already enjoying great popularity. We have already heard of at least four successful transactions between wealth managers and have recorded over 40 page visits per day in the initial months.Wealth managers looking for a partner already approved by FINMA can choose from more than two dozen offers. The anonymous posting of ad-vertisements on our job portal offers advertisers the opportunity to develop a Plan B. For instance, Plan A might involve applying for FINMA approval oneself, while Plan B keeps a backdoor open, ap-plying to an already approved partner in case of rejection.As an anonymous advertiser, you can decide for yourself whether you want to respond to a re-quest and reveal your identity. Our job portal offers wealth managers the discretion and exibility they desire in their planning.Private bankers who wish to leave their clients and become independent often join a former col-league they already know. However, they often overlook more attractive solutions in the market because they rely on discretion and are unaware of possible alternatives.With the new FINMA approval under FinSA and Fin-IA, the step towards independence has become more complicated and expensive. A partnership with an already approved wealth manager offers many advantages and saves time and costs for approval and audit.Our job portal offers private bankers the oppor-tunity to search anonymously for a suitable part-ner without having to disclose their identity. The market for wealth managers is fragmented, and with an advertisement on our job portal, you can create more transparency and get to know further opportunities.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 specialized wealth managers that you might not have been aware of before. For more information on the job portal and condi-tions, please visit www.iguv.ch/jobs.DISCREET PARTNER SEARCH MADE EASYQuickly and discreetly nd the right partner for your wealth management. Discover the benets of our platform now and enjoy greater transparency and exibility in your planning.Author: Roger Fromm, IGUV Board Member and Founder38 • JOB PORTALASSET MANAGER • NO. 18 / 2023

Find your perfect partner quickly and discreetly...

In an ever-evolving nancial world, INVESTORY stands rmly by your side as a FINMA-approved Swiss wealth management rm. Since our inception in 2011, we have specialized in serving Swiss private clients with Swiss custodian banks, focusing on direct investments. Our clients have trusted us as a reliable partner for over two decades.The nancial landscape is changing, and regulatory re-quirements are continually increasing. Many seasoned wealth managers and bankers are looking for ways to free themselves from these burdens without losing their autonomy. This is where we come in. At INVESTORY, you are not just a number but a valued partner. We offer you the opportunity to join our skilled team without having to deal with approvals and regulations.INVESTORYwww.investory.chOur fully digitalized internal processes and client doc- uments allow us to work exibly and independently of location. With our in-house developed IT solutions, we guarantee the highest security standards. This digital approach enables us to operate efciently and cost-ef-fectively, which in turn benets our partners.If you're looking for a partner who supports you as an equal, gives you the freedom to be your own boss and at the same time wants to benet from a modern in-frastructure, then INVESTORY is the right place for you. Become a part of our team and benet from our long-standing experience, our extensive expertise and our innovative strength.INVESTORY - Your Path to the Future of Wealth Management!Are you looking for a way to free yourself from regulatory burdens without losing your inde-pendence? INVESTORY offers the perfect solu-tion. Join our seasoned team and benet from our modern infrastructure and expertise. We are more than just a partner – we are your path to the future!

WE LOOK FORWARD TO YOUR CONTACTCUSTODIAN BANKS• Swissquote Bank• Cornertrader• Zuger Kantonalbank• Other banks per requestOUR OFFER• Flexible, affordable and tailored solutions for asset managers and bankers• Option for partnership• Own compliance platform• Client login for online portal• Employment with salary state-ment and pension provision• Deputy and succession solution• Collaborations in various areas.SUPERVISORY AUTHORITIES• OSFIN• FINSOM ombudsmanMARKETS• Switzerland• Germany• Additional markets may be developedOUR TEAM• Roger Fromm• Peter Stalder• Peter L. MüllerCONDITIONS• Costs: 0.05% - 0.15% p.a. of AuM• Custom offer upon requestREQUIREMENTS• SRO-regulated asset manager or• banker with client rela- tionships going back at least 10 years• German-speaking• Domiciled in Switzerland• 100 percent remote• at least CHF 10 million AuMFOUNDED IN KLOTEN IN 2011ROGER FROMMAsset Manager, Partner +41 78 880 47 03PETER STALDERAsset Manager, Partner +41 79 443 53 08ASSET MANAGER • NO. 18 / 2023

ICS Redened:Simple, Digital, Free of Charge.

EFFICIENT INTERNAL CONTROL SYSTEM:NOW EASIER THAN EVER!For FINMA-approved asset managers, a reliable Internal Control System (ICS) is indispensable.Author: Roger Fromm, IGUV Board Member and FounderHowever, many face the challenge of effectively implementing such a system. The IGUV associa-tion has the answer: A newly developed ICS tool, offered free of charge to all members.With the ICS tool, implementing an ICS becomes a breeze. It addresses and resolves the four main challenges that can arise during setup in a simple, digital and cost-effective manner.Risk IdenticationThe tool provides a standard list of business pro-cesses that can be customized as needed. It also features a detailed risk list that considers causes and effects. Members can select the risks relevant to them.Control DenitionMembers can set specic control measures for each identied risk. They can determine who takes on which tasks, how often and for how long these tasks should be performed. This allows for seam-less monitoring of every control activity.Central Document ManagementThe ICS tool offers a central platform where all necessary documents can be stored and retrieved. This simplies audits and helps meet regulatory standards.Continuous MonitoringAn integrated monitoring function sends auto-matic reminders for upcoming controls and al-lows progress tracking. This way, members can be assured that their ICS is always up-to-date and compliant.Currently, 30 asset managers benet from this tool, and for some, it was the primary reason to join IGUV. Similar services cost thousands of francs, yet the ICS tool is completely free for IGUV members.Want to leverage the benets of this innovative tool? Become an IGUV member today!ASSET MANAGER • NO. 18 / 2023 ICS • 43

Negli ultimi anni, IGUV ha ottenuto impressio-nanti successi nella Svizzera di lingua tedesca. Con un chiaro focus su valore aggiunto, rete e servizi specici per il settore, IGUV ha creato una nicchia nel settore della gestione patrimoniale che non ha eguali. Ora è il momento di portare questo successo nella Svizzera di lingua italiana.Perché il Ticino?Il Ticino, con la sua ricca cultura e storia, offre un enorme potenziale per la gestione patrimonia-le. Con la fondazione di un capitolo autonomo a Lugano, IGUV intende rivolgersi direttamente ai gestori patrimoniali ticinesi e sostenerli. E cosa potrebbe essere meglio se non farlo con due nuovi membri del consiglio di lingua italiana?Nuovi volti, nuove opportunitàCon Bruno Chastonay e Francesco Alberini, abbia-mo portato a bordo due professionisti esperti che non solo comprendono la lingua e la cultura del Ticino, ma hanno anche una profonda compren-sione delle esigenze e delle sde dei gestori patri-moniali nella regione. La loro competenza e la loro vasta rete contribuiranno senza dubbio a rendere il capitolo IGUV in Ticino un grande successo.Collaborazione e cooperazioneIGUV è attivamente alla ricerca di opportunità di cooperazione con aziende ticinesi interessate all'organizzazione di eventi per gestori patrimonia-li. Insieme possiamo creare sinergie e offrire eventi di altissima qualità che siano sia informativi che orientati alla rete.Vantaggi di una membership IGUVEssere membri di IGUV non è solo una members-hip - è un investimento in conoscenza, rete e ser-vizi specici per il settore. Dagli workshop gratuiti agli sconti su vari servizi, no a soluzioni software specializzate, IGUV offre un valore ineguagliabile ai suoi membri.IL NUOVO CAPITOLO IGUV IN TICINO: UN INVITO ALLA COLLABORAZIONEAutore: Roger Fromm, membro del consiglio direttivo e fondatore dell'IGUV44 • IL NUOVO CAPITOLOASSET MANAGER • NO. 18 / 2023

Un invito a partecipareInvitiamo calorosamente tutti i gestori patrimoniali ticinesi a partecipare ai nostri prossimi workshop e a conoscere i vantaggi di una membership IGUV. Lavoriamo insieme per plasmare il futuro della ge-stione patrimoniale in Ticino e portare il settore al livello successivo.ConclusioneIl nuovo capitolo IGUV in Ticino è più di una semplice espansione - è una promessa di qualità, collabo-razione e sviluppo. Con i nostri nuovi membri del consiglio, la nostra visione e il nostro impegno per l'eccellenza, siamo pronti a supportare la gestione patrimoniale in Ticino. Unisciti a noi in questo entu-siasmante viaggio e insieme raggiungiamo grandi risultati. I prossimi workshop a Lugano:• Giovedì, 15 febbraio 2024• Giovedì, 13 giugno 2024• Giovedì, 24 ottobre 2024Iscriviti ora: iguv.ch/it/event/ BRUNO CHASTONAYGestore patrimonialeComitato consultivo dell'IGUV +41 079 621 31 40 chastonay@iguv.chFRANCESCO ALBERINIAvvocato Comitato consultivo dell'IGUV +39 32 869 20 071alberini@iguv.chFoto: Lugano di notte

MANY THANKS TO OURCOOPERATION PARTNERS46 • OUR COOPERATION PARTNERSASSET MANAGER • NO. 18 / 2023

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 for Yield Properties Group insurance for professional liability Free access to our ombudsman's ofce Workshops for wealth managers EAM Publication in ASSET MANAGER Sponsorship / Booth at WealthIN. a webinar and training provider a bank an insurance an IT service provider IGUV membership Participation in the study RE/MAX – Real estate sales Free e-learning modules Own Succession Solution as EAM 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 Advertisement on Job Portal Compliance tool/outsourcing Country manuals a board member a sponsor a retirement specialist a journalist & bloggerPlease prepay the postagePlease prepay the postage

AMC SPECIAL OFFER FOR INDEPENDENT ASSET MANAGERSInstead of a retrocession, asset managers benet from a free IGUV membership and all associated advantages. With a subscription from CHF 100,000 per asset manager, the membership is gifted.For an asset management with ve advisors, a subscription of CHF 500,000 is required. The costs of the membership are covered by the sponsor as long as the position is maintained.PERFORMANCE HIGHLIGHTSFrom 1 January 2021 to 7 March 2023: +108.3%Since launch on April 18, 2023: +9.7%Outperformance of 1.5% compared to Shell stockSTRATEGYThe AMC invests in Shell stocks and simultaneously sells covered call options. The primary goal of this strategy is to achieve outperformance in a side-ways trending market through additional option premiuMs In a rapid price increase, the stocks could be sold due to option obligations, which could lead to a lower performance compared to the pure stock. In a signicant price drop, the certif- icate will perform similarly to the stock, provided it is fully invested.ISSUER RISKLeonteq Guernsey, secured by TCM(Total Collateral Management) at the SIX ExchangeCONDITIONS• The issuer charges 0.5% p.a. including TCM collateral and Public Listing at the SIX• Management Fee is 1.5% per year• Listing: SIX Swiss Exchange AG• Currency: EUR• Duration: Open End• ISIN: CH1257338785• Valor: 125733878• Symbol: WXGLTQAMC COMPOSITION REPORT AS OF 10.10.2023TRACKER CERTIFICATE ON OPTION WRITER STRATEGY INDEXCERTIFICATE DATAINDEX SPONSORINVESTORY AGISSUERLEONTEQ SECURITIES AG, GUERNSEY BRANCH, GUERNSEYCALCULATION AGENTLEONTEQ SECURITIES AG, SWITZERLANDISINCH1257338785BASE CURRENCYEURISSUE PRICEEUR 100.00CERTIFICATE VALUATIONEUR 110.04 INITIAL FIXING DATE14.04.2023FINAL FIXING DATEOpen End UNITS0.9914MANAGEMENT FEE1.75% (currently accrued EUR 0.05 per Certificate)COLLATERAL FEE0.25% (currently accrued EUR 0.01 per Certificate)CERTIFICATE RETURN AND RISK FACTORSAVERAGE YEARLY RETURN**10.04%VOLATILITY p.a.**7.80%MAX DRAWDOWN**-3.55%** Since InceptionCERTIFICATE PERFORMANCE CHARTCERTIFICATE PERFORMANCE TABLEDATA AS OF 10.10.2023VALUATION1 DAY1 MONTH1 YEARMTDYTDITDTRACKER CERTIFICATE ON OPTION WRITER STRATEGY INDEX110.040.01%0.18%10.04%0.22%10.04%10.04%SHELL PLC (ADJ.)31.240.39%5.72%10.88%2.39%10.88%10.88%MTD = Month-to-Date, YTD = Year-to-Date, ITD = Inception-to-DatePage 2Report generated on 11.10.2023 23:53 Subscribe and become an IGUV member for free! CERTIFICATE PERFORMANCE CHART (ISIN: CH1257338785)IMPORTANT INFORMATIONThis marketing advertisement is exclusively for use by professional investors in Switzerland. Investors should read the sales documents before making a nal investment decision. This marketing document does not constitute a recommendation to buy or sell a particular asset class, nancial instrument or strategy. The document is not subject to regulatory requirements that promote the impartiality of investment recommendations/investment strategy recommendations and the prohibition of trading before the publication of the investment recommendation/investment strategy recommendation.AMCShell