ASSET MANAGER 19E : simplebooklet.com

Book courses now: academy.iguv.chIGUV ACADEMY: PROFESSIONAL TRAINING FOR ASSET MANAGERSBENEFITS FOR YOUAs a member, you benet from free courses on Swiss inheritance law, digital assets and regulatory monitoring. Non-members can access these for a fee. Our platform enables exible learning tailored to your schedule with up-to-date and practical content. Certicates conrm your advanced knowledge.WHY PARTICIPATE NOW?In the dynamic nancial sector, technical knowledge is crucial. The IGUV Academy supports you with speci-alised courses that bolster your professional expertise. Take advantage of this opportunity to network with experts and obtain a certicate of ac-credited advanced training.CREATE YOUR FUTURE WITH US!Lay the foundation for a future of professional excellen-ce with the IGUV Academy.Systematically expand your expertise.

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DEAR READERS, Since our last publication, IGUV has increased its membership to 81 companies, a growth of 3.8 %. On LinkedIn, we were also able to organically increase our reach to 885 people, an increase of 2.3 %.In this issue, we explain, among other things, our rea-sons for canceling our nancial fair project, WealthIN, and the goals we are pursuing with our new training platform, the IGUV Academy.We would like to extend a warm welcome to our new cooperation partner, QCAM Currency Asset Manage-ment, and we look forward to working with FinLantern in the eld of event organisation.A special thank you goes to Ms Michele Landtwing of MME for her insights on regulatory monitoring and Mr Dominic Rogger of Pontinova for his expertise on Swiss inheritance law, which they share in informative inter-views in this issue.We are still looking for specialist topics and experts for the IGUV Academy, reinforcement for the IGUV Execu-tive Board and cooperation partners willing to support and nance larger projects for asset managers. If this appeals to you, do not hesitate to contact me.Kind regards, David KrausIMPRINTReaders: 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, SulgenPhotos: Unless otherwise marked, from OpenAi, Midjourney or Adobe Stock 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 recommendations 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.DAVID KRAUSCo-founder and IGUV Board Member kraus@iguv.ch CONTENTS 4 Too many ombudsman services 6 Unfair FINMA levies 8 The new IGUV Academy 10 E-learning regulatory monitoring 12 E-learning Swiss inheritance law 14 E-learning digital assets 16 FINMA Reporting requirements 20 OpenAI certicate in retrospect 24 IGUV Portfolio Competition 28 KORTO Blockchain Archive 30 IGUV workshop series 34 AI, fake news and risks 36 Perplexity 38 Devin.AI from Cognition 40 INVESTORY - providing connecti-on42 Internal Control System (ICS) 44 WEALTHIN 46 Workshop in Lugano48 Benets of membershipASSET MANAGER • NO.19 / 2024EDITORIAL / CONTENT • 3

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A central concern lies at the heart of the Swiss -nancial system: the protection of investors and the integrity of the market. The legal basis for this is provided by the Financial Services and Markets Act (FIDLEG) and the Financial Institutions Act (FI-NIG), which oblige asset managers, among other things, to join an ombudsman's ofce recogni-sed by the EFD (Swiss Federal Department of Fi-nance (FINIG Art. 17 Para. 1, Art. 16), nance them (FIDLEG Art. 75 Para. 1 and 80) and inform their clients about these mediation options (FIDLEG Art. 8 Para. 1 c, Art. 79). These guidelines are in-tended to promote transparency and strengthen investor protection. However, reality shows that the well-intentioned set of rules does not work in practice and causes more effort than effectively protecting dissatised investors or contributing to strengthening the reputation and competiti-veness of the Swiss nancial centre (Art. 1 FILDEG).Currently eight nancial services ombudsmen are recognised by FINMA in Switzerland. Such a frag-mented mediation system raises questions, parti-cularly when efciency of the nancial market and investor protection should be a top priority. Only a single ombudsman ofce in Switzerland is sufcient for both banks, which cover multiple jobs and business volumes, private insurance compa-nies and health insurers. Looking beyond the bor-der also shows that Switzerland is alone in the ne-wly invented pseudo-competition for ombudsmen for nancial service providers. The IGUV believes that it is equally important for -nancial service providers and investors to be able to rely on an independent, impartial, transparent, professionally competent and easily accessible ombudsman to, among other things, adequately manage legal and reputational risks (FINIG Art. 9 Para. 2). The IGUV has chosen the ombudsman of-ce FINSOM for convincing reasons – a decision ba-sed on its early approval, its independence, inves-tors' freedom from costs, competent management and attractive conditions. The IGUV's offer to cover the costs of afliation with FINSOM for its members represents considerable added value for its mem-bers. Nevertheless, the change remains an excep-tion due to the massive bureaucratic and cost-in-tensive hurdles.The administrative burden associated with a ch-ange of ombudsman can quickly result in several 10,000 francs for a small asset manager with only a few clients. An effective approach to minimise the hassle of a change is to only list the ombuds-In an ideal nancial system, guided by transparency and efciency, a surpri-sing discrepancy reveals itself: an apparent competitive landscape shaped by the diversity of FIDLEG ombudsmen leads to a bureaucratic dilemma far removed from these principles.Author: Roger Fromm, IGUVTHE CALL FOR OMBUDSMAN REFORMASSET MANAGER • NO.19 / 20244 • OMBUDSMAN REFORM

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man in the appendix to the asset management contract. In the current situation, howe-ver, bureaucratic barriers and the fear of exchange costs al-low inefcient ombudsmen to continue to exist even if they rarely process cases. This not only harms competition, but also the quality of me-diation work and ultimately the reputation of the nancial centre.The costs and services of the various ombudsmen are not always transparent, making it difcult to compare. The time and resource required to make an informed decision and adapt the client informa-tion (FIDLEG Art. 8 and 79) often exceed the interest of most companies that do not seriously intend to need an ombudsman ofce. This then poses the question as to whether competition between these 'independent' ombudsmen in the same sector ma-kes any economic sense at all. Against this background, the IGUV is calling for a much-needed reform. A central solution could sig-nicantly increase efciency and reduce adminis-trative effort. A small number of cases is not only inefcient from an economic point of view, but also means that the mediators lack the necessary practical experience.Although we will not receive answers to our critical ques-tions in the near future, we hope that FINMA (Swiss Fi-nancial Market Supervisory Authority) will consider including the name of the ombudsman in its pu-blished list of approved asset managers - just as FINMA's three advisor registers for client advisors do. The Federal Department of Finance has already agreed to only provide the web address of the om-budsman's ofce and to communicate the postal address on request. With a centrally managed list, the bureaucratic effort that only Swiss asset ma-nagers have to endure in Europe would also be re-duced or abolished for investors and supervisors.We strongly hope that FINMA will consider adapt-ing its public list of authorised asset managers and thus contribute to reducing the administrati-ve costs associated with FIDLEG Art. 79. Of course, we hope that our federal legislative will also criti-cally question the number of ombudsmen ofces in the nancial sector and the future of mediation in Switzerland as a whole.«APPARENT COMPETITION LEADS TO A BUREAUCRATIC DILEMMA.» What do you mean, you just wanted to change the ombudsman's ofce...?

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The debate on FINMA levies on independent as-set managers focuses on questions of fairness, transparency and efciency. The Swiss Financial Market Supervisory Authority (FINMA), a monopoly authority in Switzerland, levies fees from supervi-sory organisations (SOs), which are then passed on to the nancial insti-tutions without a transparent break-down of the costs. This practice raises important questions, which are discussed from different perspectives below.IGUV criticises the lack of transparency and ar-bitrariness in FINMA leviesThe Community of Interest of Independent Asset Managers (IGUV) has pointed out the lack of trans-parency and the apparent arbitrariness in the cal-culation and distribution of these levies. A total levy of CHF 1,875 million was passed along to 591 appro-ved persons, which corresponds to an average bur-den of CHF 3,147.40 per asset manager. The SOs and UNFAIR FINMA LEVIES:CRITICISM OF FINMA'S FEE PRACTICEFINMA's practice of ensuring supervisory levies without transparency is wi-dely opposed by independent asset managers. Learn how the industry is ghting for transparency, fairness and a reevaluation of levies.Author: Roger Fromm, IGUVtheir members face the challenge of bearing the-se costs without clearly understanding how these amounts arise.FINControl Suisse AG: Efforts for clarity failFINControl Suisse AG, a supervisory organisation, has tried to bring more trans-parency to this process by requesting a challengeable injunction from FINMA after clarifying discussions did not lead to more clarity. Ho-wever, FINMA's response fell short of expectations and did not provide any substantial information or justi-cation for the amount of the levies. Despite a care-ful risk analysis and the use of external experts, FIN-Control decided against further escalation through an administrative court complaint, as the chances of success appeared low and the additional effort disproportionately high.Systemic problem: Dependence on FINMAThis situation highlights a systemic problem in dea-ling with supervisory levies: the dependence of the SOs on FINMA and the resulting need to assign par-«A FLAT-RATE LEVY THAT DOES NOT BURDEN SMALL ENTERPRISES.» 6 • FINMA LEVY

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tially ambiguous invoices to their members. Asset managers' reactions range from incomprehension to outright rejection, emphasising the urgency of solving this problem.Asset managers: between incomprehension and rejectionThe IGUV has repeatedly campaigned for more transparency and a fairer, more equitable distri-bution of levies, but with limited success. FINMA's practice contradicts the expectations placed on the institutions it supervises and undermines the principles of fair and efcient nancial market regu-lation. The at-rate levy does not take into account turnover, the number of employees or any other causal principle of cost allocation, which places a disproportionate burden on smaller asset mana-gers in particular.Demand for transparent, fair distribution of taxesIt is therefore essential that FINMA makes its proce-dures transparent and asks itself critical questions. The demands for a transparent, fair and equitable distribution of FINMA levies, based on the provisions of administrative procedural law and in accordan-ce with the principles of FINMAG Art. 15, are clear and justied. Affected parties have the right to request detailed information about the calculation basis of the fees, which is in the interest of a trustworthy and functioning -nancial market regulation.Conclusion: a review of the FINMA practice is necessaryFinally, the efciency and working methods of FINMA itself must be scrutinised. The current processes and lack of communication pose a signicant pro-blem not only for asset managers, but also for su-pervisory organisations and industry associations. It is time for a critical review of FINMA's role and me-thods to ensure that it meets the needs of the mar-ket and the requirements of a modern supervisory authority.Join the IGUV and support the interests of asset managers together with us. Your membership enables a constructive dialogue for transparen-cy and fairness in dealing with FINMA. Join now to advocate for fair representation.ASSET MANAGER • NO.19 / 2024INJUSTICE AND NON-TRANSPARENT • 7

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With the introduction of the IGUV Academy, the initiative once again underscores its commit-ment to excellence and practical relevance in advanced professional education.Background of the AcademyThe regulatory landscape for asset managers is becoming increasingly complex. In addition to the mandatory advanced training in compliance and regulation, FINMA also requires proof of professio-nal training. This is where the IGUV Academy co-mes in: it offers online courses that not only meet the regulatory requirements, but also specically promote the professional expertise of asset ma-nagers.The Academy was developed based on the re-cognition that there is a gap between the avai-lability of relevant training opportunities and the specic requirements of the industry. Our previous workshops, which cover a wide range of specialist topics, have shown a great need for practice-ori-ented and professionally recognised advanced training. The positive response and consistently high rating of our events conrm our approach.Goals and benets of the platformThe IGUV Academy aims to provide asset mana-gers with centralised access to high-quality e-le-arning modules. These courses allow participants to deepen their knowledge specically in the areas IGUV ACADEMY: PROFESSIONAL TRAINING FOR INDEPENDENT ASSET MANAGERSIn an era where knowledge and competence are key competitive advanta-ges, IGUV has launched an innovative platform tailored to the specic needs of independent asset managers.Author: Roger Fromm, IGUVthat are of the utmost importance for their daily work and the development of their company. The platform represents exibility in learning and pro-motes efcient knowledge transfer based on the individual needs and schedules of asset mana-gers.Another benet of the IGUV Academy lies in its WIN-WIN principle. The Academy creates added value for all participants: asset managers benet from free or funded training opportunities, subject matter experts receive appropriate remuneration for their expertise, and sponsors can identify and approach potential clients through their engage-ment. This model not only promotes the quality and diversity of the learning content, but also con-tributes to nancing the platform.Invitation to active participationThe IGUV Academy is an ongoing development. In order to constantly expand and improve our of-fer, we are looking for subject matter experts and sponsors who would like to participate in this inno-vative project. Together, we can create a platform that not only provides asset managers with the knowledge they need, but also prepares them for the challenges of the future.The IGUV Academy is more than just a training platform; it is a commitment to the quality, rele-vance and sustainability of the industry.8 • ACADEMY

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REGULATORY MONITORING: UPDATE VIA E-LEARNINGThe regulatory environment for asset managers is subject to continuous ch-ange. Based on a report prepared exclusively for IGUV by MME, IGUV provides an e-learning module on Regulatory Monitoring. This offer gives asset mana-gers the opportunity to update their knowledge and skill set efciently and easily.Interview with Ms Michèle Landtwing Leupi, Legal Partner at MME, and Sebastian Hepp, Legal Associate at MMEMs Landtwing Leupi, as an external compliance ofcer and expert in nancial market law, you are deeply immersed in the regulatory challen-ges. What signicant regulatory changes have occurred in recent months and how are they affecting the industry?MME Legal: We have seen increasingly stricter re-gulation, especially with regard to Risk Analysis 2.0. FINMA has set clear expectations for money laun-dering risk analysis. However, many institutions are experiencing delays in implementation, which is a challenge, especially for smaller nancial institu-tions. Also signicant is the dynamic in sanctions law, which requires a exible and rapid adjustment among asset managers due to the current world situation.With regard to compliance and risk ofcers, how do you assess the increased requirements and their impact on the industry?MME Legal: FINMA has raised the bar. This now re-quires more in-depth operational expertise in risk management, which makes it difcult to nd sui-table specialists and will likely lead to additional costs. It is important that a pragmatic approach is maintained to ensure feasibility and cost-efcien-cy, particularly for smaller asset managers.The new company law has also brought chan-ges. Can you specify them and explain their effects?MME Legal: Particularly noteworthy is the increa-sed need to regularly audit books and balance sheets to identify liquidity bottlenecks, capital los-ses or imminent over-indebtedness at an early stage and be able to take the necessary measu-res immediately. This requires reinforced internal control and monitoring processes.What challenges arise in complying with repor-ting obligations and mastering the mutation processes?MME Legal: Compliance with reporting require-ments and navigating the mutation processes is a key challenge for nancial institutions, as regula-tory requirements are frequently in ux. Errors here can be costly. To ensure compliance, it is essential to stay up to date and adjust internal processes accordingly.10 • ACADEMY

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How do you help your clients comply with the latest anti-money laundering and compliance regulations?MME Legal: Our support includes advice on current legislative changes and close monitoring in adap-ting the internal organisation. We attach great im-portance to our clients being able to operate safely in a regulatory environment.From your experience, what stumbling blocks do your clients encounter in the FINMA approval process and how do you help them overcome them?MME Legal: The greatest challenges lie in the inter-nal organisation and the high demands on techni-cal, risk and compliance knowledge. We support this by providing targeted advice and imparting specialist knowledge.Do you have any best practices from your audits that you can share?MME Legal: : An essential aspect is the timeliness of the documents. Good preparation and complete documentation can substantially facilitate the au-dit process and save costs.What is the role of technology, particularly n-tech and DLT, in the development of compliance strategies? MME Legal: Technology offers enormous advanta-ges for automating and increasing the efciency of compliance processes. At the same time, there are challenges associated with the introduction of new technologies, such as controlling transactions and complying with legal regulations. Still, integrating technologies is critical to keeping up with the dy-namics of regulation and efciently ensuring com-pliance. As a member of the Board of Directors and Advi-sory Board, how do you combine sustainable in-vestments and ntech with regulatory require-ments?MME Legal: The interface between regulatory re-quirements and innovative nancial products is complex. It is important to have a balanced regu-latory framework that promotes innovation without neglecting investor protection and market integri-ty. Sustainable investments and ntech offer gre-at opportunities, but also require exible and for-ward-looking regulation.How do you change your clients' perceptions of compliance and regulatory matters?MME Legal: By clarifying and efciently integrating compliance processes into the business model. Compliance should not be seen as an obstacle, but as a quality feature that provides security and strengthens client trust. We are working on desig-ning compliance in such a way that it supports the day-to-day business without burdening it. The e-learning module Regulatory Monitoring, based on the MMU report, will be available at aca-demy.iguv.ch at the end of April 2024. SEBASTIAN HEPPLegal Associate at MMELawyer sebastian.hepp@mme.chMICHÈLE LANDTWINGLegal Partner at MMELawyer, Notary (ZG), Dipl. International & Swiss Fund Ofcermichele.landtwing@mme.chASSET MANAGER • NO.19 / 2024REGULATORY MOUNTING • 11

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INHERITANCE LAW FOR ASSET MANAGERS:NOW AS AN E-LEARNING MODULEThe recent changes in Swiss inheritance law, which have been in force since 1 January 2023, result in important adjustments for asset managers and their clients. The new e-learning module on Swiss inheritance law supports asset managers in effectively upgrading their expertise.Interview with Roger Fromm, IGUVRoger, you have launched the IGUV Academy, an online platform to provide continuous education opportunities for asset managers. What motivated you to take this step?Roger Fromm: The motivation came from the need among our members for high-quality, practi-cal training. We have identied a gap between the requirements of the profession and existing offers. With the IGUV Academy, we are closing this gap by tackling relevant topics such as Swiss inheritance law and packaging them so that they make the everyday lives of our members easier and convey valuable know-how in a compact manner.How does the IGUV Academy ensure that its content meets the needs of asset managers?Roger Fromm: Our course content is based on careful research and collaboration with subject matter experts. We particularly emphasise the to-picality and accuracy of the material, so we have drawn on the expertise of a specialist lawyer to review the inheritance law module. We strive not only to keep our members up to date with the ne-west legislation, but also provide them with practi-cal tools.How do you use technology to drive course cont-ent development?Roger Fromm: Technology, particularly AI mo-dels such as ChatGPT, has been a valuable tool for creating and improving our course content. It has enabled us to efciently identify and structure relevant topics. However, subject matter experts provide a nal review of the content to ensure the quality and reliability of our offers.How has working with subject matter experts inuenced the content of the course, and what signicance does this have for participants?Roger Fromm: Working with a subject matter ex-pert and attorney is a core part of our approach to ensuring the precision and relevance of our cour-se content. By involving experts such as Mr Domi-nic Rogger, who has carefully reviewed the course, we ensure that our participants have access to reliable and up-to-date information. This not only enhances the credibility and quality of our offe-rings, but also assures asset managers that they are expanding their expertise on a solid and audi-ted basis.«ARE YOU UP TO DATE ON SWISS INHERITANCE LAW?»12 • ACADEMY

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DOMINIC ROGGERlic. iur., LL.M., LawyerManaging Partner, Pontinova drogger@pontinova.law +41 44 288 37 37ROGER FROMMFounder and honorary board member, IGUVfromm@iguv.ch+41 078 880 47 30What challenges do you identify in continuing legal education and how do you meet them?Roger Fromm: One of the biggest challenges is the balance between legal understanding and practical application without assuming the role of a legal advisor. This course aims to provide asset managers with the necessary knowledge to iden-tify and respond appropriately to legal aspects in their work.To what extent will the IGUV Academy expand its offerings in the future?Roger Fromm: We plan to continuously expand the range of courses on offer to cover a wide ran-ge of relevant topics of interest to our members. In the long term, we want subject matter experts from a wide variety of industries to use our plat-form themselves to share their knowledge and be-net from the advantages of the community.What do you want to ultimately equip asset ma-nagers with upon completion?Roger Fromm: In the dynamic world of asset ma-nagement, where the legal framework is cons-tantly evolving, it is essential to stay abreast of current trends and developments. Advanced trai-ning ensures that we not only meet the require-ments and needs of our clients, but are also able to support them with the highest level of compe-tence. Our e-learning module on Swiss inheritance law, specically developed for asset managers, is an excellent tool for understanding and imple-menting the latest legal developments. This cour-se is available to our members free of charge – an ideal opportunity to deepen your expertise and in-crease the added value of your services.«INHERITANCE LAW EXPERTISE: YOUR KEY TO OPTIMAL CUSTOMER SUPPORT.»ASSET MANAGER • NO.19 / 2024SWISS INHERITANCE LAW • 13

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DIGITAL ASSETS: OPPORTUNITIES AND CHALLENGESDiscover how digital assets are redening the rules of wealth management and the opportunities it presents for the future.Interview with: David Kraus, Management and IT Consultant, as well as IGUV Board MemberMr Kraus, digital assets are becoming increa-singly important. How do you perceive the role of digital assets in the future landscape of asset management?David Kraus: Digital assets are no longer just a marginal phenomenon, but an integral part of future asset manage-ment. They offer an exceptional opportuni-ty for diversication, but also present new challenges, such as risk management and regulatory compliance. Wealth managers need to address these developments in order to provide innovative and safe investment opportunities.Which specic trends and developments in the eld of digital assets do you think are particular-ly inuential?David Kraus: Asset tokenization is one of the most exciting developments. It enables a new form of asset representation and distribution, particularly in the real estate sector. I also nd DeFi, an alter-native to traditional banking services, particularly relevant. These technologies not only expand the range of possible asset classes, but also democra-tise access to investment opportunities.They support asset managers in evaluating new technologies. What challenges do you foresee here, especially with regard to the integra-tion of digital assets into existing systems?David Kraus: One of the biggest challenges is compatibility with existing systems. Many asset managers work with established portfolio and cli-ent relationship management systems. The inte-gration of digital assets requires not only techno-logical adaptations, but also changing in thinking in terms of security, compliance and risk manage-ment. Building knowledge and condence in these new technologies is critical to successful integra-tion.Given the importance of education and trai-ning, how can asset managers best prepare for «ADVANCED PROFESSIONAL TRAININGIS ESSENTIAL TO THE SUCCESSFUL INTEGRATION OF DIGITAL ASSETS.»14 • ACADEMY

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the opportunities and challenges digital assets present?David Kraus: Advanced professional training is essential. Wealth managers should continuous-ly keep abreast of the latest developments in the eld of digital assets. This includes not only the technological aspects, but also an understanding of the associated legal and regulatory framework. My goal, through the online course and my work at IGUV, is to make this knowledge accessible and provide asset managers with practical tips on how to safely and effectively integrate digital assets into their investment strategies.What motivated you to create an online course on digital assets at IGUV Academy?David Kraus: The motivation came from my own interest and the increasing demand for knowled-ge in this area. I have found that many of my col-leagues and clients in the nancial sector are loo-king for a deep understanding of digital assets, whether from an investment perspective or to ex-pand their services. With the course, I want to cre-ate a sound knowledge base that makes it possib-le to identify the opportunities and understand the risks associated with digital assets.Finally, what personal goals and visions do you pursue in your work with IGUV and in the eld of digital assets?David Kraus: My ultimate goal is to contribute to the professionalisation and further development of asset management in the digital age. Through my work with IGUV and the online course at the Academy, I want to empower asset managers to face the new challenges and take advantage of the diverse opportunities offered by digital assets. Ultimately, it is about making the industry t for the future and helping to build condence in new forms of investment.«Digital Assets» course now availableacademy.iguv.chDAVID KRAUSBusiness and Technology Consultant for DKS Management Consulting GmbH kraus@iguv.ch +41 76 276 59 59

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FLAT-RATE FINMA REPORTING REQUIREMENTS:NO DIFFERENTIATION IN RISKFirst Positive DevelopmentFINMA has recently made signicant adjustments to the reporting obligations, which represent an initial relief. These changes precisely dene which cases do not trigger a reporting obligation, thus minimising the administrative burden. The follo-wing examples illustrate the positive development:1. Individual new asset management mandates or trustee activities: If an asset manager accepts a new mandate or takes on a new trustee activity for a trust that does not inuence the business area dened under the organisational regulations, there is no reporting obligation. 2. Changes in participation rates: Changes in the par-ticipation rates of the qualied persons involved, who have no direct inuence on the management or control structures, do not have to be reported.3. Adjustments to nancial guarantees: Financial adjust-ments that do not lead to failure to meet the statutory minimum requirements are not covered by the repor-ting obligation.4. Personnel changes in non-critical areas: Changes in personnel, such as in the portfolio management, sales, marketing or administration departments, do not prompt a reporting obligation, provided that these ch-anges do not endanger the company's good reputation.5. Changes in the infrastructure: The adaptation of the business premises or the IT infrastructure, such as the purchase of additional ofce space or changing the core systems in portfolio management, also does not fall under a reporting obligation, as long as a signicant delegation of tasks does not occur. 6. Acquisition of operating material and software: The purchase of ofce equipment, IT systems, standard software, ofce equipment or vehicles does not have to be reported. 7. Delegation of non-essential tasks: Tasks such as nan-cial accounting (apart from trust accounting), hosting websites without client-related data or the maintenan-ce of internal systems are exempt from the reporting obligation.Critical consideration of current reporting obli-gations and the disadvantage of smaller insti-tutionsWhile recent adjustments to FINMA's reporting re-quirements have brought some administrative re-lief to asset managers, a closer look reveals a cri-tical picture of the current regulatory practice. The 'risk-based monitoring' proposed by FINMA hardly applies in reality. Instead, all institutions, regard-less of their size and individual risk prole, will be subject to the same strict reporting requirements. This practice places a disproportionate burden on smaller institutions that face the same regulato-ry requirements as their larger counterparts, but have signicantly fewer resources to meet them.The recent adjustments to FINMA's reporting obligations highlight structural injustices by continuing to place a disproportionate burden on smaller asset managers in particular – a critical analysis that highlights urgently needed reforms.Author: Roger Fromm, IGUVASSET MANAGER • NO. 19 / 202416 • FINMA

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The apparent discrepancy between theory and practice in FINMA's regulatory practice, particularly in reporting obligations, is reected in a fee struc-ture that systematically disadvantages smaller institutions. It is assumed that the majority of the costs that cannot be directly allocated arise from the activities of large and complex institutions. The application of a at-rate FINMA fee for allocating these costs to all institutions effectively leads to a cost shift from the large to the small institutions. This approach favours larger institutions that, due to their more extensive resources and higher bu-siness volumes, have the capacity to more easily bear and distribute such costs, as has already been discussed on page 6/7 of this magazine.The consistent application of such a at fee and the undifferentiated handling of reporting obliga-tions suggest that this is a deliberate decision by FINMA that ignores the structural differences bet-ween large and small institutions. This approach is in direct contradiction to the propagated goal of risk-based, differentiated regulation and leads to a distortion of competition in the nancial mar-ket. Smaller institutions are faced not only with a disproportionate regulatory burden, but also with a nancial disadvantage that further restricts their competitiveness vis-à-vis larger players.In order to ensure fairer and more efcient moni-toring of the nancial market, it is essential to esta-blish a differentiated regulatory practice that aligns both the fee structure and reporting obliga-tions based on the size and specic risk prole of the institutions. Such an approach would not only strengthen the integrity of the nancial market, but also promote the innovative strength and competitiveness of smaller institutions, which play an essential role in the diversity and stability of the market. «JUSTICE IN THE FINANCIAL SECTOR IS NOT A LUXURY, BUT A NECESSITY.»

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Communication decits and lack of transparencyFINMA's communication regarding the revised re-porting requirements reveals serious deciencies, in particular due to the limited availability of the information, which is only provided to the super-visory organisations and not published directly. This approach leads to a pronounced information asymmetry, which forces asset managers to ob-tain relevant information through various, often in-efcient channels. The resulting discrepancy in the level of information makes it considerably more difcult for the supervisors to comply with the re-porting obligations in the manner intended by the supervisory board. It is therefore crucial that FIN-MA simplies access to information and promotes transparency and efciency for all parties invol-ved by providing all relevant documents and gui-delines directly and transparently on its website. High costs and limited agilityFor the supervised institutions, FINMA's extremely long processing times for reporting obligations result in disproportionately high costs. This not only signicantly aggravates the administrative burden, but also slows critical business processes, substantially impairing the capacity of these insti-tutions to respond quickly to market changes. In a market environment characterised by dynamism and the need for quick decisions, this poses a par-ticular challenge. The practice of rst examining all change reports in detail by the supervisory organisations before a thoroughly reviewed report is forwarded to FINMA via EHP clearly illustrates that a large part of the preparatory work is already done by the SOs. Ne-vertheless, FINMA takes several months to approve these carefully examined facts and charges fees that consistently exceed the legally stipulated mi-nimum amount of CHF 200. This causes not only inefcient but also costly de-lays that hamper the operational business of as-set managers. Such administrative tasks are very manageable in their complexity and could also be handled by less experienced personnel; ne-vertheless, they become a disproportionately ex-pensive and time-consuming process. The high costs of change notications, accompanied by the unfair FINMA fees already discussed on page 6/7, underscore the pattern of an unnecessary and excessive cost burden that primarily affects smal-ler institutions, impairing their competitiveness.Lack of a risk-based approachWhen introducing new legislation such as FIDLEG and FINIG, FINMA has repeatedly emphasised that these laws would take a risk-based approach, al-lowing institutions to be handled differently de-pending on their risk prole. Such assurance ai-med to establish a distinction between high-risk and low-risk or no-risk institutions. However, the reality of supervised institutions does not reect these promises. So far, institutions have not ex-«REGULATION THAT DOES NOT DIFFERENTIATE IS A MISSED OPPORTUNITY.»18 • FINMA

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Integrating a signicant part of the reporting re-quirements into the regular audit process would not only reduce the burden on asset managers, but also allow FINMA to use its resources more ef-fectively and focus on the truly important regula-tory challenges. This move would not only enable more efcient monitoring, but also strengthen condence in the regulatory practice.Join the IGUV to collectively strengthen the voice of asset managers. It is important to recognise that supervisory organisations require approval from FINMA, which limits their ability to represent the interests of their members vis-à-vis FINMA. Their membership supports the establishment of a constructive dialogue with FINMA, aims at trans-parency and fairness and promotes a balanced representation of all parties involved.«TRANSPARENCY PROMOTES TRUST – IN REGULATION AND BEYOND.»perienced any noticeable differentiation, neither in terms of risk assessment nor in terms of size or associated costs. It seems that FINMA is taking a unied approach that puts the majority of asset managers at a disadvantage by lumping them together – an approach that runs counter to the actual objectives of the new laws.Conclusion In conclusion, the current situation around FIN-MA's reporting obligations and fee structure illus-trates the urgent need for a reform that focuses on transparency, fairness and efciency. FINMA's recent adjustments, although positively intended, clearly show that without a real risk-based dif-ferentiation, smaller institutions will continue to be disproportionately burdened. For a fair nancial market, the regulatory authority must take a ge-nuine risk-based approach that appropriately ac-counts for the size and risk prole of the supervised institutions. Moreover, FINMA must take proactive steps to publish all relevant information directly and in an accessible manner to avoid information asymmetries and give all institutions a fair chance to operate in accordance with the regulations.

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«AI: A KEY THAT OPENS NEW DOORS.»20 • FIRST REVIEWsitive impact on their business results, were able to achieve a remarkable 27.5 % performance, signi-cantly outperforming the development of S&P 500, which increased by 17.7 % over the same period.However, it is important to emphasise that these results were achieved in a relatively short and the-refore not necessarily representative period of time. Although this initial positive assessment pro-vides encouraging signs of the success of an AI-based selection strategy, it requires conrmati-on over longer periods of time. The future will show to what extent these innovative approaches can permanently outperform traditional investment strategies. In this regard, a degree of cautious op-timism is warranted as we continue to monitor and evaluate the long-term performance and ro-bustness of our methodology.OPENAI TECHNOLOGY: ONE YEAR LATERThe integration of articial intelligence (AI) into the selection process of in-vestment portfolios has gained signicant importance in recent years. Author: Roger Fromm, INVESTORYA year ago, we presented an innovative approach in this magazine, using AI, specically OpenAI's ChatGPT, to identify potential investment oppor-tunities. One year later, we offer insight into the experiences, successes and inherent risks of this methodology.AI as a tool for expanding analysis capacitiesThe application of AI in the selection process en-ables a much more comprehensive and in-depth analysis of potential investments. By processing and analysing large amounts of data, AI can iden-tify patterns and make predictions that human analysts may miss. Last year, we used this techno-logy to identify companies from a wider selection that could particularly benet from AI technolo-gies.Review and PerformanceThe carefully compiled selection of 22 companies from various industries based on AI-supported analyses illustrates the potential of such techno-logies in asset management. These rms, selec-ted for their afnity with AI and the projected po-

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Companies ISIN 22. Feb. 23 Perf. Index* ShareUnitedHealth Group US91324P1021 USD 490.3416 -6.24 % 4.00 4.24Elevance Health US0367521038 USD 480.7882 5.24 % 3.67 4.76CVS Health US1266501006 USD 87.4499 -14.69 % 3.33 3.86JPMorgan Chase & Co. US46625H1005 USD 138.9586 42.70 % 4.00 6.45BlackRock US1266501006 USD 689.5613 18.16 % 4.00 5.34Apple US0378331005 USD 148.2519 14.43 % 5.00 5.18Goldman Sachs US38141G1040 USD 359.9459 15.02 % 4.00 5.20Amazon.com Inc. US0231351067 USD 96.5221 88.98 % 5.00 8.55Walmart Inc. US9311421039 USD 145.0696 -59.03 % 4.33 1.85Alibaba Group US01609W1027 USD 93.8428 -22.81 % 5.00 3.49Target Corporation US87612E1064 USD 167.7697 4.60 % 3.67 4.73Alphabet Inc. (Google) US02079K3059 USD 91.8109 70.32 % 4.33 7.70Tesla Inc. US88160R1014 USD 194.9982 -13.65 % 4.33 3.91General Motors US37045V1008 USD 40.9893 10.20 % 3.67 4.98Salesforce.com US79466L3024 USD 163.3905 86.51 % 4.67 8.44Chegg US1630921096 USD 15.7216 -54.27 % 3.67 2.07Pearson GB0006776081 GBP 9.1389 16.08 % 4.00 5.252U Inc. US90214J1016 USD 9.3671 -96.26 % 3.33 0.17Netix US64110L1061 USD 336.3454 87.33 % 4.33 8.47Spotify LU1778762911 USD 120.5094 142.11 % 4.00 10.95Adobe US00724F1012 USD 350.8345 41.67 % 4.67 6.41Facebook Meta Platforms US30303M1027 USD 171.2853 195.85% 4.67 13.38BENEFICIARIES OF OPENAI TECHNOLOGYTracker Certicate OPAILK, ISIN: CH1181315651, issued by Luzerner Kantonalbank, launched on 22 February 2023 and settled on 1 March 2023. Performance as of 4 April 2024: +30.08%. This performance reects the value development since settlement. The underlying index is based on an analysis of ChatGPT, considering three main factors: afnity for new technologies, the industry potential in terms of AI, and the company's potential to optimise business out-comes with AI. A higher index value indicates greater AI potential of the respective company. The weighting of the titles as of 4 April 2024 is based on performance since launch and therefore no longer corresponds to the original weighting of 1/22.OPAILK • 21ASSET MANAGER • NO. 18 / 2023

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We are convinced that a new megatrend is emerging here. For this reason, we launched a broadly diversi-ed OpenAI Basket Tracker Certicate with the symbol OPAILK, comprising the previously mentioned 22 posi-tions.Should you have any questions, please feel free to contact me at 078 880 47 03 or info@investory.ch.22 • CHAT GPTConclusionThe supporting role of AI in the selection process of investments has proven to be valuable, but requi-res a critical review and expansion through hu-man expertise. The experience of the past year conrms that a balanced approach that harnes-ses the strengths of AI without ignoring the risks is key to success. For asset managers, integrating AI is an excellent way to expand their analytics ca-pabilities while maintaining a deep understanding of the dynamic markets. The future of investment selection lies in the symbiotic relationship bet-ween man and machine. Responsible Use of AIThe use of AI in the investment process has gre-at potential, but it also carries a responsibility that should not be underestimated. It would be imprudent to rely entirely on AI suggestions from the outset. Ultimately, AI bears no responsibility for the consequences of its selection. Therefore, the nal selection of companies for our portfolio was done manually by the expert. This deliberate step not only ensures the quality and relevance of the selection, but also underscores the responsibility we bear as a provider towards our investors. The nal decision by people ensures that each inves-tment is carefully weighed and assessed in the context of the current market situation and future developments.Risks and ChallengesThe use of AI in the investment process is not wi-thout risks. Algorithms can only learn and decide based on the data available to them. This leads to potential distortions and overvaluations of trends that are overrepresented in the data. Moreover, there is a risk of overtting which occurs when models are too closely aligned with historical data and thus lose their predictive power for future de-velopments.ASSET MANAGER • NO.19 / 2024«THE CHALLENGE IS NOT IN THE TECHNOLOGY ITSELF, BUT IN THE WISDOM TO USE IT RESPONSIBLY.»KURSENTWICKLUNG01.03.2023 20.05.2023 08.08.2023 27.10.2023 15.01.2024 04.04.202496100104108112116120124128132Zertifikat EmissionspreisSZENARIO: RÜCKZAHLUNG BEI VERFALLPERF. BASKETRÜCKZAHLUNG NOMINALERWARTETE GESAMTRENDITE129.10%29.32%29.102% (14.694% p.a.)VERFALL 24.02.2025ÜBERBLICK BASISWERTEBasiswert Whg. Gew. Fixierung Kurs Perf.2U Inc USD 4.54% 9.37 0.35 -96.26%Adobe Systems USD 4.54% 350.83 497.01 41.67%Alibaba Group Holding Ltd USD 4.54% 93.84 72.44 -22.81%Alphabet Inc USD 4.54% 91.81 154.92 68.74%Amazon.com Inc USD 4.54% 96.52 182.41 88.98%Apple Inc. USD 4.54% 148.25 169.65 14.43%BlackRock Inc USD 4.54% 689.56 814.80 18.16%Chegg Inc. USD 4.54% 15.72 7.19 -54.27%CVS Health Corporation USD 4.54% 87.45 74.60 -14.69%Elevance Health Inc USD 4.54% 480.79 506.00 5.24%General Motors Co USD 4.54% 40.99 45.17 10.20%Goldman Sachs Group Inc USD 4.54% 359.95 414.00 15.02%JPMorgan Chase & Co. USD 4.54% 138.96 198.30 42.70%Meta Platforms Inc USD 4.54% 171.29 506.74 195.85%Netflix INC USD 4.54% 336.35 630.08 87.33%Pearson GBP 4.54% 913.89 1’023.50 11.99%salesforce.com inc USD 4.54% 163.39 304.74 86.51%Spotify EUR 4.54% 120.51 291.77 142.11%Target Corp. USD 4.54% 167.77 175.49 4.60%Tesla Motors Inc USD 4.54% 195.00 168.38 -13.65%UNITED HEALTH GROUP INC USD 4.54% 490.34 459.74 -6.24%Walmart Stores INC USD 4.54% 48.36 59.43 22.90%Basket USD 100% 99.50 128.68 29.32%2/12CAT Financial Products AG | Tessinerplatz 7 | CH-8002 Zürich | +41 43 311 27 40 | info@catfp.ch | www.catfp.ch

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The competition offers much more than just a platform for portraying portfolio performance. The following key factors should encourage as-set managers to enter the IGUV portfolio compe-tition.1. Present your track recordOne of the most important opportunities offered by the competition is the presentation of their track record. By participating, asset managers can present their proof in a real portfolio. Daily updated PDF les are available and can be used in client meetings or on your own website. This transparen-cy strengthens credibility and supports efciency in client communication.2. Strengthen your credibilityNothing impresses potential clients more than awards and accolades. Winning IGUV's portfolio competition can signicantly increase credibility. Wealth managers can present the award on their website and use it in marketing materials. In ad-dition, a mention in specialist magazines such as Asset Manager Magazine can further bolster legi-timacy.3. Increase your reachThrough participation in the competition, asset managers have the opportunity to increase their awareness and address potential clients who were not previously on their radar. Positive reporting and interview opportunities grant asset managers signicantly increased visibility in the industry.4. Benet from a legitimationIn a market characterised by trust and credibili-ty, legitimacy is vital. Participating in the portfolio competition helps asset managers earn this le-gitimacy and prove their expertise. This can help THE PORTFOLIO COMPETITION THE CHANCE TO MAKE A NAME FOR YOURSELFIGUV's portfolio competition is an outstanding opportunity for independent asset managers to present their investment strategies to a broad audien-ce and stand out from the competition.Author: Roger Fromm, IGUV24 • CATEGORY HEADING24 • PORTFOLIO COMPETITION

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ensure that interviews and specialist articles are taken more seriously by potential clients.Tips for ParticipantsTo stand out from the competition, wealth ma-nagers should specialise in a niche topic and de-velop a unique selling proposition. It is important to differentiate yourself and not just be part of the mainstream. A clear positioning and expertise in a specic area can help attract attention and address potential clients.Prerequisites for participation in the 2025 Portfo-lio CompetitionIn order to participate in the portfolio competition, asset managers must have an account with Cor-nertrader or Swissquote Bank with their own real money. The account must be in the name of the asset manager and no cash ows are permitted to ow through it during the com-petition. IGUV membership is required, but participation is free for members.Summary: Why participate?Participating in the IGUV portfolio competition of-fers asset managers numerous advantages, in-cluding the opportunity to present their own track record, strengthen credibility, increase reach and benet from legitimacy. It is an opportunity to stand out from the competition and display your own expertise. Sign up today and take advantage of this opportunity to move your business forward.Contact us via the IGUV website to register: www.iguv.ch/competition«STAND OUT – BECOME UNIQUE.»Join now for free!

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SECURITY AWARENESS TRAININGSKOSTENLOS FÜR IGUV-MITGLIEDERwww.iguv.ch/security-awarness-trainingEinführungsprogramm: Informationssicherheit - In vorderster ReiheTraining: Modernes ArbeitenTraining: Klassizierung von InformationenTraining: Die Kehrseite des PhishingsTraining: VerhaltenskodexTraining: EU Datenschutzgrundverordnung (EU-DSGVO)Microlearning: Datenschutz und Privatsphäre – hinter Schloss und RiegelMicrolearning: Wie müssen Informationen klassiziert werden?Security ash: Klassizierung von InformationenSecurity ash: Arbeiten in der ÖentlichkeitMicrolearning: Arbeiten von zu Hause aus – Zu Hause ist es am schönstenSecurity ash: Sicherheitsvorfälle meldenMicrolearning: Melden von SicherheitsvorfällenMicrolearning: Internet of Things (IoT)Security ash: PhishingLevel 1: Basic Level 2: AdvancedLevel 3: MasterTraining: Physische SicherheitTraining: RisikomanagementTraining: Arbeiten in der CloudTraining: Mobile Geräte - Alle Augen auf SieTraining: Cyber-SicherheitTraining: MalwareTraining: Ransomware - Schicht für SchichtTraining: Social Engineering - Ein soziales DilemmaTraining: Security by design - Funktionalität vs SicherheitMicrolearning: Sichern Sie Ihre mobilen GeräteSecurity ash: Soziale Medien & Arbeiten in der CloudSecurity ash: Bring your own deviceMicrolearning: Verwendung von Passwörtern - "P@ssw0rt1"Security ash: ZutrittskontrolleSecurity ash: Aufgeräumter Schreibtisch, aufgeräumtes Büro und gesperrter BildschirmMicrolearning: RansomwareSecurity ash: MalwareMicrolearning: Vergewissern Sie sich, mit wem Sie es zu tun habenSecurity ash: Starke PasswörterSecurity ash: Social engineeringLevel 1: Awareness Booster Level 2: Awareness Booster Level 3: Awareness BoosterWAS IST WAS?Einführungsprogramm: Hier werden grundlegende, sichere Verhaltensweisen zum jeweiligen Thema vermittelt. Diesen Kurs schließen die Lernenden durch einen Test ab. Training: Die Kurse vermitteln das Wissen anhand praxisnaher Aufgaben und Beispiele. Am Ende steht wieder ein kurzer Test. Microlearning: Die Kurse wiederholen die Themen der Trainings. Sie sind abwechslungsreich aufgebaut und vertiefen spielerisch die Inhalte vorangegangener Kurse. Security Flash: Die Security Flashes wiederholen ebenfalls die Themen der Trainings. Sie bestehen aus einem Video und einem anschließenden Test. Unsere Security Awareness Trainings schicken die Teilnehmenden auf eine Lernreise, die sich in drei Level gliedert – von grundlegendem Wissen zu digitaler Sicherheit bis hin zum Experten-Level. Jedes Level enthält zusätzliche Awareness Booster, die das Gelernte in kurzen Einheiten wiederholen und somit fest im Gedächtnis verankern.Gesamtdauer: ca. 5,5 Stunden

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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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The IGUV workshops offer an ideal platform not only to experience this change, but also to acti-vely participate in shaping and promoting one's own professional development.Why you should participate 1. Exclusive insights and trainingThe workshops offer independent asset mana-gers and interested nancial advisors a unique opportunity for further training. With 15 to 20 pre-sentations covering a wide range of relevant to-pics, participants can expand their knowledge and gain new inspiration for practice. A conrmation of participation is issued, which serves as proof of the annually required professional training.2. Networking and sharingParticipants will have the opportunity to engage with peers and industry experts, forge partners-hips and benet from valuable insider informa-tion. This exchange not only promotes personal development, but also strengthens the asset ma-nager community.3. Free participationFor the year 2024, IGUV will cover most of the costs, which are up to CHF 1,000 per participant. To be able to realise this offer, sponsors contribute up to 50% of the funding which signicantly strengthens our commitment. We would like to take this oppor-tunity to thank our workshop sponsors 2024: M&G Investments, Q-CAM Currency Asset Manage-ment, INSA Investment Software, Zürcher Kanto-nalbank, Advice Online, Digipal.ai and WealthArc. This generous support highlights the importance and value of advanced training education in the industry and enables us to ensure high-quality education.Important Information for RegistrationTo ensure smooth organisation and communica-tion, registration for the workshops is only possible online. Previous experience has shown that regis-trations via email, WhatsApp or phone led to mi-sunderstandings, which in some cases resulted in registered individuals not receiving access to the workshop. Online registration ensures your partici-pation and guarantees that you will be informed of all important information, including any changes to the venue.At a time when the asset management industry is undergoing unpreceden-ted change due to technological advances, increased client expectations and regulatory adjustments, new opportunities are opening up for indepen-dent asset managers.Author: Roger Fromm, IGUVRETHINKING ASSET MANAGEMENT: IGUV WORKSHOP SERIESPhotos: Thomas Hinder on behalf of IGUV30 • WORKSHOPS

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The Renaissance of Asset ManagerThe workshops take place against the backg-round of an industry that is fundamentally chan-ging as a result of digitisation. Individual portfolios, tailor-made investment strategies and improved communication with clients are now possible, opening up new ways for independent asset ma-nagers to optimise their services and stand out from the competition.Collaboration and MembershipThe IGUV promotes cooperation within the indus-try and offers an excellent opportunity for exch-ange and networking through events such as the workshops. Membership in IGUV provides access to a community of like-minded, valuable resour-ces and tools specically designed to support as-set managers in this rapidly changing landscape.ConclusionParticipation in the IGUV workshops is an invest-ment in one's own future and the future of the in-dustry. Take this opportunity to expand your ex-pertise, network with colleagues and industry experts, and jointly develop innovative solutions to the challenges of our time. The future of wealth management is full of challenges, but also full of opportunities. Let's discuss these together.THE NEXT WORKSHOPS• Thursday, 16 May 2024 Zurich • Zunfthaus zur Zimmerleuten• Thursday, 13 June 2024 Lugano • Villa Sassa• Thursday, 12 September 2024 Zurich • Zunfthaus zur Zimmerleuten• Thursday, 21 November, 2024 Zurich • Zunfthaus zur ZimmerleutenRegister now for free: iguv.ch/event Photos: Thomas Hinder on behalf of IGUVFOR ASSET MANAGERS • 31«WHERE KNOWLEDGE GROWS, THERE ARE OPPORTUNITIES – IGUV 2024 WORKSHOPS.»

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Book your courses now: www.iguv.ch/e-learningREGULATORY ADVANCED TRAINING FROM EQUILASYOUR 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 LLC und R Consult LLCThe fund business is complex, more and more internationally and thus market partici-pants challenged about with the diversity and high complexity of innovations and the extended scope of the use of investment funds. Legal and tax regulations are also con-stantly changing, which is why the challenges in product design and processing, as well as in marketing and sales, are constantly growing. Fund providers and users alike face corresponding challenges. Fund-related services have also become more demanding for law rms and auditing companies. Those who do not stay t in the industry will fall behind; the international competitive pressure is merciless.The „Friends of Funds“ forum offers a platform for the regular transfer of information and knowledge. It helps to network and exchange ideas. The forum was launched in Zurich in 2003; regular discussion rounds have also been held in Geneva since 2007. Friends of the fund idea from all professions related to the collective investment business meet regularly, exchange ideas and cultivate contacts.Take the opportunity to discuss the topic of collective investments in a relaxed atmo-sphere outside your immediate professional environment. The independent platform includes a panel discussion followed by an aperitif and is ideal for expanding your per-sonal network. In a simple and informal way, the opportunity can be used for high-level dialogue with key personalities from industry, academia, authorities and politics.Next events in Zürich until end of June:30 Digital assets & cryptocurrencies – APRIL more opportunities than risks?28 Challenges in risk and operations MAY management25 ESG update: regulation, key gures, cate- JUNE gorization, data quality and approaches

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www.friends-of-funds.chpowered by Landert & Partner LLC und R Consult LLCThe fund business is complex, more and more internationally and thus market partici-pants challenged about with the diversity and high complexity of innovations and the extended scope of the use of investment funds. Legal and tax regulations are also con-stantly changing, which is why the challenges in product design and processing, as well as in marketing and sales, are constantly growing. Fund providers and users alike face corresponding challenges. Fund-related services have also become more demanding for law rms and auditing companies. Those who do not stay t in the industry will fall behind; the international competitive pressure is merciless.The „Friends of Funds“ forum offers a platform for the regular transfer of information and knowledge. It helps to network and exchange ideas. The forum was launched in Zurich in 2003; regular discussion rounds have also been held in Geneva since 2007. Friends of the fund idea from all professions related to the collective investment business meet regularly, exchange ideas and cultivate contacts.Take the opportunity to discuss the topic of collective investments in a relaxed atmo-sphere outside your immediate professional environment. The independent platform includes a panel discussion followed by an aperitif and is ideal for expanding your per-sonal network. In a simple and informal way, the opportunity can be used for high-level dialogue with key personalities from industry, academia, authorities and politics.Next events in Zürich until end of June:30 Digital assets & cryptocurrencies – APRIL more opportunities than risks?28 Challenges in risk and operations MAY management25 ESG update: regulation, key gures, cate- JUNE gorization, data quality and approaches

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AI AND FAKE NEWS: RISKS TO DEMOCRACY AND FINANCIAL MARKETSIn the era of digital information technology, articial intelligence (AI) has pro-ven to be a double-edged sword. On the one hand, it revolutionises industries, improves efciency and enables groundbreaking innovations. On the other hand, it opens up new arenas for disinformation and manipulation, particu-larly in the context of fake news.Author: Roger Fromm, IGUVAI-driven fake news: A new dimension of disin-formationWith technologies such as deepfakes and text-ba-sed AI systems, it is now possible to generate rea-listic but false content that is difcult to distinguish from real content.The spread of AI-generated fake news poses sig-nicant risks to the democratic process:• Public opinion manipulation: Targeted disinformation campaigns can be used to manipulate public opinion on specic candidates or political issues. • Undermining trust: Trust in democratic institutions and processes is undermined when voters can no longer dis-tinguish between true and false information. • Politicization and polarization: AI-generated fake news amplies political polarization by promoting extreme views and poisoning social discourse.Consequences for Democratic ElectionsThe spread of AI-generated fake news poses sig-nicant risks to the democratic process, from ma-nipulating public opinion to undermining trust in democratic institutions.Risks to Financial MarketsFinancial markets are particularly vulnerable to di-sinformation, as decisions are often made based on current events:• Market manipulation: Misinformation about companies can lead to unfounded price increases or falls that market participants exploit to make prots. • Volatility: Spreading fake news can lead to increased volatility as investors try to respond to the alleged facts. • Loss of trust: AI-driven disinformation can undermine trust in the integrity of nancial markets over the long term.34 • ARTIFICIAL INTELLIGENCE

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The Challenge of Freedom of ExpressionCombating AI-generated fake news raises import-ant questions about the freedom of expression. A balanced approach is needed to protect freedom of expression while taking action against delibera-te misinformation.Meaningful action against AI-driven fake newsCombating AI-enabled disinformation requires a set of preventative and reactive measures:Responsibility of the Media• Strengthening journalistic standards: Media companies need to prioritise veried information and carefully review sources. • Media literacy education programmes: Fos-tering the ability to critically evaluate infor-mation is essential.Platform Liability• Legal responsibility: Platforms should be liable for disseminating demonstrably false information that can po-tentially cause harm.• Transparency in algorithms: Insight into how recommendation algorith-ms work can help understand and curb the spread of fake news.Punitive Measures and International Cooperation• Cross-border law enforcement: As the Inter-net knows no borders, international coope-ration is needed to enforce penalties against the spread of disinformation. • Establishment of international standards: Developing and enforcing common guide-lines for dealing with fake news.Technical and Procedural Measures• Verication of sources: The implementation of technologies that facilitate the verication of the origin of information. • AI to detect fake news: The use of AI itself to identify and ag fake content.The challenges posed by AI-generated fake news are complex and require coordinated efforts by governments, the private sector and civil socie-ty. By combining technological solutions, stricter regulations, educational initiatives and interna-tional cooperation, the spread of disinformation can be contained without undermining funda-mental freedoms.«AI-GENERATED FAKE NEWS: WHEN LIES HAVE SHORT LEGS BUT STILL OUTRUN THE TRUTH.» 35

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With the introduction of Perplexity, an advanced search engine that uses AI technology to deliver direct answers and in-depth analytics, we now have a tool at our disposal that revolutionises how professionals search for and process infor-mation. Discover how Perplexity transcends the boundaries of traditional search engines and AI dialogue systems and the benets this brings to journalists and professionals in the nancial industry.IntroductionNavigating the digital ood of information ef-ciently is crucial for success in the fast-paced world of nance. Traditional search engines and AI-based dialogue systems offer extensive data, but often lack precision, timeliness and reliability. This is where Perplexity comes in as an innovative platform specically tailored to the needs of pro-fessionals that combines the strengths.Perplexity vs. Traditional Search EnginesDirect and precise answersUnlike Google, which presents users with a list of links, Perplexity provides direct answers to com-plex questions. This ability to generate accurate information saves time and improves research ef-ciency.Sources for TransparencyPerplexity stands out by providing a list of sources so that users can verify the origin of the informati-on. Such transparency is particularly important in the nancial sector, where the reliability of data is crucial.Perplexity vs. ChatGPTTimeliness and Fact CheckingWhile OpenAI's ChatGPT relies on information up to a certain point in time, Perplexity provides ac-cess to current data. This is essential for nancial journalists who report on the latest market de-velopments.THE NEW ERA OF INFORMATION GATHERINGIn a world where information ows faster than ever, sourcing data efciently and accurately is a constant challenge – especially in the dyna-mic nancial industry.Author: Roger Fromm, IGUV«EFFICIENT INFORMATION GATHERING FOR PROFESSIONALS.»

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Specialisation in User RequestsPerplexity draws from a variety of AI models to adapt its responses to users' specic needs. This exibility makes it possible to provide tailor-made information for the nancial industry.Perplexity Pro BenetsUnlimited requests and advanced AI modelsWith Perplexity Pro, users not only have the ability to make unlimited requests, but also have access to advanced AI models such as GPT-4 and Clau-de-2.1. These models offer specialised features that are of great value to the nancial industry.Adjustment and Focus FunctionThe Pro version enables advanced customisation of the search experience and offers a focus fea-ture that provides more accurate answers. This is especially useful for complex inquiries such as in the nancial industry.ConclusionPerplexity is revolutionising online search and AI interaction by pushing the boundaries of traditio-nal search engines and dialogue systems. With its advanced features and the ability to provide di-rect, accurate and source-based answers, Perple-xity is an indispensable tool for professionals in the nancial industry. The platform not only offers a competitive advantage through more efcient re-search, but also greater reliability and transparen-cy of the information. At a time when fast and ac-curate information gathering is critical, Perplexity is a groundbreaking solution that redenes how we search for and process information.More information can be found on the website www.perplexity.ai. «PERPLEXITY: PRECISE ANSWERS WITH SOURCES.»ASSET MANAGER • NR. 19 / 2024 • 37

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The Advantages of DevinDevin offers a variety of advantages that help de-velopment teams increase productivity and bring innovative solutions to market faster:• Complete autonomy: Devin works indepen-dently and takes care of the entire life cycle of software development. This autonomy allows AI to efciently handle complex tasks such as writing, debugging and implementing code. • Real-time troubleshooting: Devin's ability to detect and correct errors in real time sa-ves valuable time and effort for development teams. This feature helps to improve the quali-ty of the code and reduce development times. • Superior performance: Devin has demonstra-ted unmatched performance by using SWE-bench, a coding benchmark, for evaluations. Compared to other AI models, Devin stands out for its broader range of functions and au-tonomy.Devin ApplicationsThe application areas of Devin AI are diverse and range from standalone code development to end-to-end project management. AI can assume complex software development tasks and help development teams focus on more creative tasks that require human intelligence.Signicance for the IndustryThe introduction of Devin AI in the software de-velopment industry marks a turning point in the way software is developed. By leveraging this in-novative AI platform, companies can optimise their development processes, shorten time to market and improve the quality of their products. Overall, Devin AI promises to usher in a new era in software development by equipping development teams with powerful tools to work more efciently and innovatively. This technology will not only in-crease productivity, but also open up new oppor-tunities for creative solutions and sustainably ch-ange the industry. By integrating Devin AI into the everyday work of development teams, companies can gain a competitive advantage and consoli-date their position as innovation leaders in the software development industry. With Devin AI at their side, development teams are poised for a fu-ture of efciency, innovation and breakthrough solutions.More information can be found on the website www.devin.ai. DEVIN.AI: THE REVOLUTION IN SOFTWARE DEVELOPMENTDevin, a pioneering AI development from Cognition Labs, has turned the wor-ld of software development on its head. This groundbreaking AI platform pro-mises not only to increase efciency in software development, but also to revolutionise how development projects are conducted.Author: Roger Fromm, IGUV• 39

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Roger, can you explain to us the idea behind INVESTORY and why you believe this is of particular interest to self-employed asset ma-nagers?Roger Fromm: Of course. With increasing regulati-on in the nancial industry, it is becoming substan-tially more important for independent asset ma-nagers to leverage syner-gies and minimise costs. INVESTORY, an association of currently three esta-blished asset managers, offers a platform that addresses precisely the-se challenges. We take on virtually all regulatory responsibilities for our part-ners, allowing them to focus fully on client services and portfolio management.What does collaboration with INVESTORY look like in detail?Roger Fromm: As soon as the clients of a new bu-siness partner are onboarded with us, I assume all regulatory tasks as an internal compliance of-cer. A change of the custodian bank is usually not necessary. Our Internal Control System (ICS) auto-matically noties the partner of upcoming inspec-tions, which can be documented directly in our ICS. Through IGUV, we also offer our partners free re-gulatory and technical training to ensure that they are always up to date.What are the nancial terms of a partnership with INVESTORY?Roger Fromm: At INVES-TORY, we attach great importance to clear and competitive pricing in or-der to offer our partners maximum transparency and predictability. The -nancial conditions for a partnership are as fol-lows: each client is char-ged CHF 100 per year for connection costs. In ad-dition, there is a staggered fee starting at 0.1 % of assets under management (AUM) for amounts up to CHF 10 million. For assets over CHF 10 million, this fee is reduced to 0.05 % per year.Example: An asset manager brings 15 clients with total assets of CHF 20 million to INVESTORY. The connection costs amount to CHF 1, 500 (15 clients x CHF 100). In addition, there is CHF 15, 000 for the AUM, resulting in a total of CHF 16, 500. My services as compliance ofcer incur annual costs of CHF 5, 000, divided into quarterly contributions of CHF 1, 250 each. As an alternative to the return on equity FOUNDED IN KLOTEN IN 2011YOUR KEY TO A WORRY-FREE FUTUREINVESTORY offers independent asset managers a platform to increase ef-ciency and reduce costs. By taking on regulatory responsibilities, it enables focused client services and portfolio management.Author: Roger Fromm, INVESTORY«OUR SOLUTION IS NOT ONLY MORE FINANCIALLY ATTRACTIVE, BUT ALSO SIGNIFICANTLY REDUCES THE ADMINISTRATIVE BURDEN.»

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of CHF 2, 500 per year, it is possible to make a secu-rity deposit of CHF 50, 000, whereby the total costs amount to CHF 21, 500. This corresponds to 0.1075 % of the AUM. With assets under management of CHF 40 million and the same number of clients, the to-tal costs increase to CHF 31, 500 and decrease to 0.0787 % of the AUM.It is important to note that collaboration elimi-nates costs. These include, for example, fees for FINMA, contributions to supervisory organisations, costs for audits, compliance outsourcing, om-budsman services, training and other regulatory obligations. If you compare these savings, it quick-ly becomes clear that our solution is not only more nancially attractive, but will also signicantly re-duce your own administrative effort. In particular, the constantly increasing audit costs, which can vary considerably, represent a major burden for many asset managers. Our strategy of running the lowest-risk business model is aimed at minimising the frequency and thus the cost of audits.What advantages does INVESTORY offer in addi-tion to cost savings?Roger Fromm: In addition to the nancial benets, our partners secure their representation and suc-cession and benet from generous compensation for their survivors in the event of retirement or ear-ly prevention. In addition, the partnership elimina-tes all additional costs and efforts associated with compliance with FINMA regulations. This compre-hensive relief allows our partners to focus on what they do best: personal and individual support of their clients as well as optimal management of the assets entrusted to them.Which asset managers does INVESTORY appeal to in particular?Roger Fromm: We focus on asset managers with Swiss private clients. Our goal is to maintain close and personal cooperation with our partners, who attach importance to comprehensive and careful support of their clientele. Our focus on Swiss inves-tors enables us to specically address and opti-mally meet the specic needs and requirements of this client group.What plans does INVESTORY have for the future?Roger Fromm: Our short-term goal is to attract two more business partners to benet from simplied compliance without incurring a higher cost boost from increased compliance requirements. We are looking for asset managers who are reected in our model: a focus on Swiss investors and the pursuit of efcient, risk-minimised asset management. 41ASSET MANAGER • NO.19 / 2024ROGER FROMM Founder, shareholder and VRP of the asset management company founded in Kloten in 2011 and approved by FINMA of as 5 September 2022.INVESTORY AGFlurstrasse 338302 Kloten www.investory.chinfo@investory.chfromm@iguv.ch+41 (0)78 880 47 03

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EFFICIENT INTERNAL CONTROL SYSTEM:A MUST-HAVE FOR COMPLIANCE AND SECURITYToday, asset managers face a variety of challenges to meet regulatory re-quirements and implement an effective internal control system (ICS). This is particularly relevant for FINMA-approved asset managers, for whom compli-ance responsibility often lies directly with the executives.Author: Roger Fromm, IGUVIGUV introduces an innovative solution: an ICS tool specically designed to simplify and streamline the setup and management of inter-nal controls.Easy Identication of RisksOur tool provides a comprehensive and customi-sable list of typical business processes as well as potential risks, their causes and consequences. This allows asset managers to quickly identify re-levant risks and develop custom solutions for their business model.Dened ControlsFor each identied risk, the tool enables the de-nition of an individual control process. Complian-ce ofcers can determine which persons handle which tasks as well as the frequency and duration of these tasks to ensure complete monitoring and review of each control activity.Documentation and VeriabilityThe central storage of all necessary documents and records in the tool not only facilitates audits and the fullment of regulatory requirements, but also ensures that the documentation is auditable and accessible at all times.Monitoring and OverviewAn integrated monitoring function automatically sends reminders for pending controls and enab-les effective progress tracking to ensure the time-liness and completeness of the ICS.Security and TechnologyOperated on designated XELON servers in Switzer-land, our ICS tool offers SSL 256-bit encryption and meets the highest security standards. The link vali-dity of 15 minutes providing exibility without sacri-cing security is a new feature. • INTERNAL CONTROL SYSTEM42

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Sign up here for your free trial!Use and ImplementationThe ICS tool can easily be introduced in a 5-mi-nute video tutorial and optional personal training (CHF 500 plus VAT). The tool itself is free to use for IGUV members or for an annual fee of CHF 2,500 without membership.Community-driven DevelopmentWe strive to continuously improve the tool based on feedback from our users. New risks and featu-res are added to provide users with the latest risk monitoring and management tools.Operation StepsWe invite all interested asset managers to watch our introductory video and create a test setup for their company. The basic setup takes 5 minutes, and the risk identication and employee assign-ment can be implemented quickly and efciently.The IGUV's ICS tool offers a unique opportunity to make your internal control system efcient, secure and cost-effective. Take control and ensure your company's compliance and securi-ty with our tool specically designed for asset managers.«REVOLUTIONISE YOUR INTERNAL CONTROL SYSTEM - SIMPLE, SAFE, EFFECTIVE!» 43

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Question: Mr Fromm, after announcing the We-althIN nancial fair planned for 2024 in the last magazine, you have decided, after months of in-tensive preparation, to cancel it. Can you explain the reasons for this decision?Roger Fromm: Of course, the decision to cancel WealthIN was not easy for us. Our team spent weeks working hard on a concept that would have revolutionised the way nancial fairs are held. Our vision was to revolutionise matchmaking between exhibitors, speakers and visitors through the use of technology – specic to an innovative app. Un-fortunately, we were not able to secure sufcient nancial support by the decisive deadline. Our aim to secure at least 50 % of our target budget of CHF 520, 000 by December 2023 regrettably re-mained unfullled. With only CHF 120, 000 pledged, just 23% of the total budget, as an agile start-up, we could not bear the associated risk.Question: What would have distinguished We-althIN from other nancial fairs?Roger Fromm: WealthIN represents innovation and networking in a constantly changing industry. We not only wanted to challenge the status quo, but also redene what a nancial fair can do. With features such as a speed dating app for efcient networking, rst-class panel discussions and an interdisciplinary approach, we wanted to create a platform where business, science and politics come together to actively shape the future of the nancial sector.Question: What do you think ultimately hindered the project from receiving the necessary support?Roger Fromm: One of the biggest challenges was gai-ning the trust and commitment of potential exhibitors and sponsors. Although the feedback was overwhel-BEHIND THE SCENES : WEALTHIN IS OFFThe reasons for the cancellation of the WealthIN nancial fair, a project with high innovation potential that could not be realised due to various challenges.44• INTERVIEW ON THE CANCELLED WEALTHIN

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mingly positive, many initially wanted to experience the fair as guests before deciding to attend the fol-lowing year. In addition, the support of the exhibitors and speakers required signicantly more effort than expected, which put a heavy strain on our capacities.Question: What lessons have you learned from the experience with WealthIN?Roger Fromm: Two key ndings stand out. Firstly, even a concept that is perceived as genius is by no means a guarantee of immediate commitments to cooperation. Secondly, we signicantly unde-restimated the intensity of support that exhibitors and speakers in the nancial sector expect. These experiences are valuable and will guide us in the future.Question: Are there any plans to restart the pro-ject at a later date?Roger Fromm: At the moment, we have no inten-tion of making a new start. However, the detailed concept is waiting in the wings. If major sponsors who are willing to share the risk with us come fo-ward in the future, we are denitely open to dis-cussions. The vision of WealthIN is still alive, and we rmly believe that it has the potential to revo-lutionise the nancial fair landscape.Question: What advice would you give to others planning similar events?Roger Fromm: My most important recommenda-tion is to communicate openly with potential part-ners at an early stage. Building a strong network and gaining the trust of the industry is crucial. In addition, alternatives and exible participation models should be offered to address the needs and uncertainties of exhibitors and sponsors.Question: In conclusion, how do you see the fu-ture of nancial fairs in general?Roger Fromm: The future of nancial fairs lies in in-novation and the ability to adapt to the rapidly ch-anging needs of the industry. Trade fairs must be more than just exhibition spaces; they should ser-ve as catalysts for networking, knowledge transfer and innovation. With the right concepts and indus-try support, nancial fairs have the potential to play a key role in shaping the future of the nancial sector.ASSET MANAGER • NR. 19 / 2024 45

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Nell'idilliaca cornice di Lugano, più precisamen-te nella Villa Sassa, il 13 giugno 2024 si terrà un evento esclusivo per i gestori patrimoniali del Ticino. Dalle 14:00 alle 20:00, questo workshop unico invita i gestori patrimoniali a familiarizzare con i servizi di IGUV e i suoi sponsor INSA e QCAM, con il sostegno di FINLANTERN.Perché partecipare?• Vantaggi unici: Scoprite i vantaggi esclusivi, su misura per le vostre esigenze, offerti da oltre 20 partner collaborativi• Visione chiara: La visione del workshop si basa su soluzioni WIN-WIN eque, che assicurano il massimo benecio per tutti i partecipanti.• Raggiungere più insieme: Concentrandosi sul benecio reciproco, l'obiettivo è raggiungere di più insieme e supportare lo sviluppo di ogni partecipante.Questo workshop offre non solo la possibilità di connettersi con i principali gestori patrimoniali, ma anche l'accesso a corsi online di prima classe, al servizio di ombudsman di FINSOM e a strumenti innovativi per il soddisfacimento dei controlli inter-ni e per la formazione professionale e normativa.L'evento è stato già valutato da oltre 250 gestori patrimoniali con un punteggio medio di 4.63 su 5, evidenziando il nostro impegno per la qualità. Co-gliete questa opportunità per espandere la vostra rete e far parte di una comunità di gestori patri-moniali impegnati nel successo nella gestione del patrimonio.Non perdete l'occasione di essere presenti il 13 giugno 2024 nella Villa Sassa a Lugano. Questo workshop rappresenta un punto di svolta per tutti i professionisti del settore della gestione patrimo-niale che desiderano ottimizzare la loro offerta e portare la loro pratica al livello successivo. Regis-trati ora e diventa parte di un movimento basato su innovazione, cooperazione e successo recipro-co. La tua partecipazione a questo workshop è il primo passo verso un futuro in cui tu e i tuoi clienti potrete raggiungere di più insieme.WORKSHOP ESCLUSIVO PER GESTORI PATRIMO-NIALI A LUGANOAutore: Roger Fromm, membro del consiglio direttivo e fondatore dell'IGUV46 • CATEGORY HEADING46 • LUGANOASSET MANAGER • NR. 19 / 2024

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INSA è una società specializzata nello sviluppo e nella fornitura di sistemi di gestione del portafoglio per gestori patrimoniali indipendenti, banche e in-vestitori istituzionali. Con installazioni presso oltre 60 clienti in tutto il mondo,INSA offre un sistema completo e innovativo che include funzionalità quali l'elaborazione degli or-dini con risparmio di tempo, strumenti di analisi e modellazione e il consolidamento di portafogli provenienti da banche diverse.QCAM Currency Asset Management è una società specializzata nella gestione valutaria e nella gestio-ne patrimoniale. È stata fondata con la fusione de-lle competenze in questi due settori e ha una base di clienti che comprende fondi pensione, family of-ce, fondi di investimento, gestori patrimoniali, cli-enti aziendali e ONG. QCAM è riconosciuta per la sua indipendenza, trasparenza e afdabilità e offre un'ampia gamma di prodotti e servizi. La società è regolamentata sia dalla FINMA che dalla SEC, garan-tendo il rispetto dei più elevati requisiti di conformità.Foto: Lugano di notteI prossimi workshop a Lugano:• Giovedì, 13 giugno 2024Iscriviti ora: https://iguv.ch/it/event/

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THE BENEFITS OF A IGUV MEMBERSHIPThe following is a detailed overview of all ser-vices offered:Memberships and Cooperation Model• Free memberships: Benet from free members-hips with the Schweizer Kaderverband and the Financial Services Ombudsman (FINSOM).• Workshops: Participate in industry-specic workshops that advance your knowledge and skills for free.Regulatory and Compliance• Advanced training: Take advantage of free regulatory and professional advanced training offerings.• Professional indemnity insurance: A FIN-MA-compliant professional indemnity insuran-ce policy from Liberty that can be counted as equity.• Compliance outsourcing: Access to various compliance outsourcing solutions and their associated tools.• Support: Get support in nding qualied represen-tatives and an independent Board of Directors.• Free ICS: An internal control system that ensures the implementation and monitoring of internal controls.IGUV Membership provides asset managers with a unique range of services and benets aimed at optimising their professional practice and supporting them in a constantly changing nancial environment.Author: Roger Fromm, IGUV• Regulatory Monitoring: Stay up to date with free Regulatory Monitoring, updated biannually.• Initial consultation: Free initial consultation for complex compliance problems with your own compliance lawyer.IT Solutions• IT services: Support with the evaluation of software, cloud, outsourcing suppliers and the implementation of IT solutions. • Compliancetool.ch: Solution for the exible delegation of the compliance function without expensive outsourcing.• Data protection analysis: Free analysis of your website's data protection compliance through articial intelligence from Mondata.• PMS tool from INSA: Get advantageous offers for this efcient Portfolio Management System.• Website design: Support with the design of your own website, including the integration of a customer portal.• Equity and fund research: An attractive offer for equity and fund research from Screener.com.• IGUV Academy: Access to free e-learning mo-dules designed specically for asset managers.• Job portal: An efcient job portal for nding em-ployees, portfolio managers and new business partners.48 • IGUV

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Investment Solutions and Other Services• Support: Support in launching AMCs and priva-te label funds.• Financing solutions: Attractive nancing solu-tions for investment properties and cooperation solutions for property sales.• Pension fund consulting: Services such as the preparation of living wills and tax returns.• Portfolio contest: Free entry in a portfolio com-petition for asset managers.Additional Benets (Added Values)• Network and community: A strong network and regular events provide an opportunity to exchange ideas and form new partnerships.• Advocacy group: The IGUV actively repre-sents the interests of its members vis-à-vis the regulatory authorities and FINMA.• Industry studies: Participation in studies on the technical needs of the industry up to re-gulatory costs.This extensive range of services and benets is complemented by a strong community and net-work support that helps members navigate an in-creasingly complex nancial world and run their businesses effectively. In addition to the services mentioned, representing the interests of our mem-bers vis-à-vis regulation is an essential part of our services. Networking and exchange among the members themselves is of great importance and has already led to several partnerships. Our events also offer the opportunity to become familiar with cooperation partners and their services. Take ad-vantage of an IGUV membership, grow your net-work and strengthen the industry. The more mem-bers our association has, the more effectively we can represent the interests. Sign up now and pay only 50% of the annual mem-bership fee for 2024. Scan the completed questi-onnaire on page 51 and send it in an email to info@iguv.ch. We would appreciate your support.«BECOME A MEMBER NOW AND BENEFIT!»ASSET MANAGER • NO.19 / 2024MEMBERSHIP • 49

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Scan the completed questionnaire and send it in an email to info@iguv.chMembership as an asset manager FINIGCompanyQty. Employees with activity subject to approvalApproval category Legal form Asset managers (Art. 17 Para. 1 FINIG) Public Limited Company Trustee (Art. 17 Para. 2 FINIG) Limited Liability Company Managers of collective assets (Art. 24 FINIG) Sole proprietorship FinTech (Art. 1b BankG)Supervisory organisation Ombudsman's ofce OSFIN www.ofdl.ch AOOS www.nos.ch FINControl www.ombudsnance.ch OSIF www.nsom.ch SO-FIT www.swissarbitration.org KAG FINMA direct www.terraxis.ch www.schlichtungsstelle.liNotice periodMembership renews automatically each year. Termination is possible no later than 14 days before the end of the year in order to terminate it for the following calendar year.Responsible person & billing addressName and Surname Position at companyStreet and house number Direct telephone and mobilePost code and city Email:Place and date SignatureMembership fee The annual fee is CHF 200 per person subject to regulation. The minimum contribution per company is CHF 1, 000 and the maximum contribution is CHF 5, 000. For the year 2024, a pro rata contribution of only CHF 500 applies from now on for up to 5 people.

ASSET MANAGER 19E

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