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Book courses now: academy.iguv.chIGUV ACADEMY: PROFESSIONAL TRAINING FOR ASSET MANAGERSBENEFITS FOR YOU• As a member, you gain access to free courses on Swiss inheritance law, digital assets, and regulatory monitoring. Non-members may access these courses for a fee. Our platform supports exible learning on your schedule with current, practical content. Certicates conrm your en-hanced knowledge. WHY PARTICIPATE NOW?• In the dynamic nancial sector, specialized knowledge is essential. The IGUV Academy supports you with speciali-zed courses that strengthen your professional expertise. Take this opportunity to connect with experts and earn certied continuing education credentials. SHAPE YOUR FUTURE WITH US• Begin your journey to professional excellence with the IGUV Academy.Systematically expand your expertise.

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DEAR READERS,IGUV continues to grow: The number of members has increased by 11.1% to 90, while our LinkedIn followers have risen by 4.1% to 922. Furthermore, ASSET MANAGER magazine now reaches approxi-mately 9,000 readers, one-third of whom receive the print edition. This development reects the growing interest in key topics related to indepen-dent wealth management.In this issue, we examine the systemic relevance of UBS and the question of whether Switzerland is prepared for a new banking crisis. Additionally, we analyze the regulatory challenges facing smaller asset managers, particularly in relation to an-ti-money laundering risk assessments.Further highlights include: the digital tax as a means of safeguarding Swiss prosperity, recent developments in Actively Managed Certica-tes (AMCs), and the IGUV Academy, which offers hands-on training opportunities for wealth mana-gers.Thank you for your trust – together, we are sha-ping the future of independent wealth manage-ment!Warm regards, Roger FrommIMPRESSUMReaders: More than 9,000Copyright: The texts published in this magazine are subject to the copyright of IGUV (unless otherwise stated). Publication and use in other media are only permitted with the express consent of the IGUV Board.Printing: Birkhäuser+GBC AG, ReinachDesign and Layout: Lambrigger Grakdesign, Sulgen, and IGUV, KlotenProofreading: text-korrekturen.ch, SulgenPhotos: Unless otherwise indicated, generated with OpenAI, X.AI, or sourced from Adobe Stock.Advertising: https://www.iguv.ch/media-datenResponsible for content:IGUV, Flurstrasse 33, CH-8302 Kloten, Tel. +41 78 880 47 03, info@iguv.chDisclaimer: Despite careful content control, we assume no liabi-lity for the content of external information. The respective provi-ders are solely responsible for the content of the supplied data. No guarantees, either explicit or implied, are made regarding the accuracy of information and opinions, including those 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 provided does not constitute any liability claims. Liability for potential nancial losses resulting from advice, suggestions, or recommendations published in the magazine is categorically excluded.Logos, brands, product, and trade names: All published logos, as well as brand, product, and trade names, are the property of their respective companies.ROGER FROMMFounder, Editor and IGUV Board Memberfromm@iguv.chCONTENTS 4 Credit Suisse: A Wake-Up Call? 8 JD Vance: A Wake-Up Call for Europe 10 Criticism of Swiss Hosting Providers 12 Small Asset Managers Struggling 14 The Marriage Penalty in Switzerland 18 VAT as a Growth Barrier 20 Digital Taxes for Protection 24 Interview: Leading AMC Provider 26 Interview: Articial Intelligence 28 The Advantages and USPs of Independent Asset Management 34 IGUV: Continuing Education 36 IGUV Workshops 2025 40 IGUV-IKS with Support Offering 42 Benets of IGUV Membership 44 IGUV-PMS SolutionASSET MANAGER • NO. 21 / 2025EDITORIAL / CONTENT • 3

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The Systemic Relevance of UBS – A Critical AnalysisThe Swiss Financial Market Supervisory Authority (FINMA) requires every licen-sed nancial institution to im-plement a risk-based risk ma-nagement framework. Even the smallest nancial rms, with only one employee and assets under management starting at CHF 5 million, must demonstrate the existence of an effective internal control sys-tem (ICS) and a structured internal directive fra-mework. These requirements are regularly revie-wed by supervisory organizations (AOs) on behalf of FINMA, placing immense nancial burdens on smaller asset managers—often amounting to dou-ble-digit percentages of their revenues.FINMA’s risk-based approach pursues clear objec-tives: strengthening the security of Switzerland’s -nancial center, preventing market distortions, pro-tecting investors and creditors, ensuring the proper functioning of nancial markets, and ultimately safeguarding Switzerland’s reputation as a global nancial hub. But how effective is this approach in practice?CREDIT SUISSE: A WAKE-UP CALL FOR EVERYONE?The PUK Report on Credit Suisse Reveals Serious Leadership Failures and Regulatory Oversight Shortcomings, Leading to the Emergency Merger with UBS. What Does This Concentration of Risk Mean for Switzerland’s Financial Stability?Author: Roger Fromm, IGUVRisk-Based Approach – Theory and PracticeAccording to FINMA, asset managers must syste-matically evaluate risks relevant to their business operations. Each risk is assessed in terms of pro-bability of occurrence, potential damage, frequency, and requi-red response time. This analysis forms the basis for a risk pro-le, which in turn determines the necessary control measures and risk mitigation strategies.The internal control system (ICS) ensures that the-se measures are monitored, documented, and adjusted as needed. As a result, risk management becomes the "DNA" of every board member and managing director of a FINMA-licensed nancial in-termediary.However, while small asset managers must meticu-lously comply with these requirements, Switzerland’s largest potential source of nancial instability—its systemically important banks—do not appear to be subjected to the same rigorous oversight, despite their systemic relevance and turbulent history.«UBS AND SOVEREIGNTY: A CONTRADICTION?»4 • UBS / CREDIT SUISSE

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The True Risk: UBSOne does not need a doctorate in economics to identify the greatest threat to Switzerland. It is neit-her climate change, demographic shifts, geopoliti-cal tensions, nor energy shortages. The most signi-cant risk to Switzerland is UBS—and, by extension, the country’s nancial stability.In 2008, the Swiss Federal Council, the Swiss Na-tional Bank (SNB), and the Swiss Federal Banking Commission were forced to take drastic measures to rescue UBS. Just 15 years later, another crisis was barely averted through the emergency merger of Credit Suisse with UBS. Yet the core issue remains unresolved. While the newly merged UBS/Credit Suisse entity is now 25% smaller than UBS was in 2008, the systemic risks it poses remain existential.These risks are not merely a function of the bank’s size relative to Switzerland’s GDP. The institution’s thin capital base, its exposure to high-risk inves-tment banking operations, and the Swiss state’s implicit liability combine to make UBS the country's nancial Achilles’ heel.Moreover, UBS presents a signicant vulnerability from a geopolitical standpoint. No other country is as easily subjected to external pressure as Swit-zerland. The United States and other global powers have repeatedly exploited this weak point in the past—and will undoubtedly continue to do so. The size and fragility of UBS erode Switzerland’s sover-eignty, the nation’s most valuable asset.ASSET MANAGER • NO. 21 / 2025

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A Third Banking Crisis? A Point of No ReturnIt is often said that “all good things come in threes.” However, in the context of Swiss banking crises, a third failure would be catastrophic. FINMA must move beyond merely reacting to crises. Proactive measures are urgently needed to safeguard UBS—and, by extension, the entire Swiss nancial sys-tem—from another disaster.Without decisive action, Switzerland’s prosperity is at risk. If another banking crisis were to occur, the country might no longer be in a position to correct its mistakes.Catalog of Measures for Risk Reduction Inuence EffectivenessCombined ImpactStrengthening Liquidity Buffers 9 9 81Separation of Investment Banking Activities 8 9 72Breakup of the Bank into Smaller Entities 8 9 72Stricter Stress Testing 8 8 64Enhanced Supervision by FINMA 8 8 64Increase in Capital Adequacy Requirements 7 9 63Tighter Regulation of Investment Activities 7 8 56Capital Restrictions on Dividends and Bonuses6 9 54Spin-Off of Non-Systemically Relevant Business Units6 7 42MEASURES AND PRIORITIES Prioritized Measures for Risk ReductionThe systemic importance of UBS extends far beyond macroeconomic risks. Its size and structure signicantly weaken Switzerland’s bargaining po-wer on the international stage, making the country vulnerable to external pressure. This risk must be not only continuously monitored but permanently eliminated as a strategic priority. The goal should not merely be to minimize the probability of a crisis or its potential fallout, but to structure the bank in a way that renders it ineffective as a tool of levera-ge against Switzerland. In short: UBS must become dispensable.Our proposed measures focus on reducing both the likelihood and the impact of a potential ban-king crisis. However, a crucial dimension remains absent from current assessments: the effect of these measures on Switzerland’s susceptibility to coercion and its sovereign independence. Only by incorporating this perspective can we determine which measures are not only necessary but long overdue. This expanded approach is essential to ensuring the long-term stability and independen-ce of Switzerland’s nancial system.ConclusionFINMA imposes stringent risk management requi-rements on small nancial institutions. However, these same standards must be applied with equal rigor to UBS. The Swiss Federal Council and FINMA must act now to prevent another banking crisis.Without decisive measures, UBS will remain a permanent threat to Switzerland’s prosperity and nancial stability.Source: IGUV6 • UBS / CREDIT SUISSEASSET MANAGER • NO. 21 / 2025

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A WAKE-UP CALL FOR EUROPE:JD VANCE’S WARNINGAND SWITZERLAND IN THE MIRROR OF EUROPEAN POLITICSJD Vance’s Recent Speech Is More Than Just a Political Address – It Is a Wake-Up Call That Urgently Reminds Us in Switzerland and Across Europe of the Importance of the Will of the People, Freedom of Speech, and Individual Sovereignty.Author: Roger Fromm, IGUVFrom a Swiss Perspective, Vance Hits a NerveWhile Switzerland has a strong foundation in direct democracy, political forces increasingly attempt to implement EU laws and their consequences without a public vote.The Danger of Automatic Legal AdoptionFor years, we have observed attempts to intro-duce EU laws and related regulations in Switzer-land almost automatically—contrary to the clear will of the people. Swiss citizens have repeatedly rejected EU membership in national referendums. Nevertheless, certain politicians continue to ingra-tiate themselves with the EU Parliament, disregar-ding explicit democratic decisions. This situation highlights a crucial point: only direct democracy can protect Switzerland from the gradual erosi-on of national sovereignty. Vance’s speech rein-forces this reality by emphasizing the primacy of the people’s will.An Unstable Neighbor and the Restriction of Free SpeechFrom a Swiss perspective, Germany is not only a geographically close neighbor but also a key poli-tical reference point. However, Germany’s current political climate appears increasingly unstable, with growing indications that the voice of its peop-le is losing signicance. Critical opinions—whether on migration policy or other fundamental issues—are frequently silenced. Since the COVID-19 crisis, it has become evident that free speech in Germa-ny is no longer guaranteed. Numerous lawsuits, some accompanied by drastic measures such as armed house searches, reveal a troubling trend: German citizens seem to be living under a system that systematically suppresses dissent.Individuals voicing concerns about uncontrolled migration are often labeled xenophobic or even extremist, simply because their legitimate wor-ries about immigration and its risks are not ack-James David VanceVice President of the United States, RepublicanBorn on August 2, 1984, in Middletown, Ohio, USA8 • JD VANCE'S WARNING

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nowledged. At the same time, segments of left-wing parties insist on prolonging the conict with Russia rather than seeking pea-ceful solutions through interna-tional cooperation. The German government had a crucial op-portunity to reset its course with the formation of a new admi-nistration on February 23, 2025. Instead, another coalition of ineffective parties was assem-bled—one that appears increasingly incapable of implementing the people’s will. The establishment of a political "rewall" against dissent only exacer-bates tensions in an already volatile situation.Shared Values – Sovereignty, Freedom, and Peace in EuropeJD Vance’s powerful speech strikes at the heart of the current debate: in a free society, sovereignty must always rest with the people. His words are not a call for populism but an appeal to all who believe in fundamental values such as freedom of speech, direct democracy, and peace in Euro-pe. At a time when supranational structures are gaining inuence in many European countries and democratic decision-making is being increa-singly undermined, Vance’s message serves as an important reminder.Switzerland’s system of direct democracy is an invaluable asset that has protected the coun-try from the consequences of indirect governance—unlike developments in Germany. A strong and effective govern-ment in Germany is not only desirable but essential for sta-bility in Europe. Only through genuine engagement with citizens and respect for the people’s will can a peaceful and sustainable Eu-rope emerge.ConclusionJD Vance’s speech serves as a stark wake-up call, highlighting a crucial point in today’s politi-cal landscape: the unchecked adoption of supranational legislation threatens national sovereignty and the democratic process. Only direct democracy can counteract this trend. The shared values of freedom, free speech, and the primacy of the people’s will are fundamental to ensuring strong, stable, and peaceful European neighbors. It is up to us to take this message seriously and to pave the way for a Europe where peace and democratic self-determination remain paramount. «THE PEOPLE’S WILL IN PERIL:WHAT JD VANCE MEANS FOR SWITZERLAND.»ASSET MANAGER • NO. 21 / 2025 A WAKE-UP CALL • 9

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Legal FrameworkFINMA circulars, such as 2008/21 and 2018/3, along with the Financial Institutions Act (FinIA), establish strict requirements for the secure storage and pro-cessing of critical data by nancial service provi-ders—requirements that go beyond those set by the Federal Act on Data Protection (FADP) and the Ordinance to the FADP (OFADP). These regulations include mandatory encryption, data storage within Swiss bor-ders, and the monitoring and oversight of subcontractors in-volved in data security.Lack of Suitable Standard So-lutionsOur research reveals a signicant gap in the mar-ket: not a single hosting provider was able to imme-diately meet this critical need of the nancial sector. None of the providers explicitly exclude the use of subcontractors in their publicly available standard documents. This nding is particularly relevant for smaller nancial service providers that rely on clear and reliable standard contractual terms to ensure compliance with FinIA and FINMA regulations.A CRITICAL LOOK AT THE DOCUMENTS FROM SWISS HOSTING PROVIDERSFor Swiss asset managers, protecting sensitive data is not only a regulatory requirement but also a core aspect of their business model. The strict regula-tions set by the Swiss Financial Market Supervisory Authority (FINMA) and the Federal Act on Data Protection (FADP) impose high standards, particularly concerning data security and the locality of data processing. One of the key challenges in this regard is the use of subcontractors.Author: Roger Fromm, IGUVConclusion and Call to Action for the IndustryIt is disappointing that none of the reviewed provi-ders offer a solution that explicitly excludes subcontractors or limits outsourcing to Swiss subcontractors. This highlights a substantial market gap while also presenting an opportunity for hosting providers willing to develop services tailored to the specic regulatory needs of the nancial sector.The information and assessments contained in this article are based solely on publicly available documents from the respective hosting providers, as they would be accessible to any customer. Despite thorough research, we cannot guarantee the completeness, accuracy, or timeliness of the data and conclusions presented. The results of our analysis do not constitute a nal evaluation of the services of the providers mentioned and should not be used as the sole basis for business decisions.«WHERE IS YOUR DATA STORED? A CRITICAL LOOK AT SWISS PROVIDERS.»10 • FINMA-COMPLIANT DATA BACKUPASSET MANAGER • NO. 21 / 2025

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ProviderData Stored in SwitzerlandSubcontractors Explicitly Excluded?CommentSwisscom Yes UnclearNo clear information on the use of sub-contractors.Infomaniak Yes NoUses subcontractors; transparency provided but not excluded.Green.ch Yes No No exclusion clause for subcontractors.Hostpoint Unclear NoData processing may take place outsi-de Switzerland.Cyon Yes No No explicit exclusion of subcontractors.DataQuest Assumed: Yes Unclear Missing information on subcontractors.iWay Yes No No exclusion of subcontractors.Metanet Yes NoInvolvement of international subcont-ractors.Nine.ch Yes NoOpen use of international subcontrac-tors.MiroNet Assumed: Yes No Uncertainty regarding subcontractors.Xelon Yes NoNo explicit information on the exclusion of subcontractors.OVERVIEW OF HOSTING PROVIDERSYes, the Company is Ba-sed in Switzerland—But the Servers are in India.Source: IGUV

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UNNECESSARY REGULATION – HOW SMALL ASSET MANAGERS ARE STRUGGLINGRules Exist to Create Order—But What Happens When They Are Applied Indi-scriminately, Placing a Disproportionate Burden on Small Firms?Author: Roger Fromm, IGUVAML Risk Assessment – A Disproportionate Bur-den on Small Asset ManagersA concrete example of regulatory overreach is the anti-money laundering (AML) risk assessment re-quired under Article 25(2) of the FINMA Anti-Money Laundering Ordinance (GwV-FINMA). This require-ment has led to excessive compliance obligations for small asset managers. The FINMA Supervisory Notice 05/2023, issued on August 24, 2023, criti-cized the inadequate implementation of AML risk assessments at several banks. In response, su-pervisory organizations (AOs) have increasingly mandated broader adoption—often beyond what is legally required.Legal Framework in FocusUnder Article 75(1) GwV-FINMA, small asset ma-nagers are exempt from conducting an AML risk assessment if they meet the following criteria:• They employ ve or fewer full-time staff or ge-nerate less than CHF 2 million in annual gross revenue; and• Their business model does not present heigh-tened AML risks.This provision is intended to prevent unnecessary administrative burdens on smaller rms. However, in practice, supervisory organizations frequently FINMA Requires It!... But We Are Not a Bank! 12 • ANTI-MONEY LAUNDERING RISK ASSESSMENT

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demand risk assessments even when these legal conditions clearly exempt the rm. The issue arises because AOs tend to follow FINMA’s stricter inter-pretations, which often exceed the legal minimum requirements.Impact of FINMA Supervisory Notice 05/2023In its notice, FINMA criticized the inadequate AML risk assessments at several banks, emphasizing their role as a core element of effective risk ma-nagement. Although the notice was intended for banks, supervisory organizations have extended these requirements to asset managers, failing to differentiate based on rm size or risk exposure.As a result, even small, low-risk asset managers—which should be exempt—are now required to conduct AML risk assessments, creating a signi-cant and unnecessary burden.Financial Strain on Small FirmsThe mandatory AML risk assessment is not only time-consuming but also costly. Beyond the as-sessment itself, rms must adapt internal proces-ses, update internal control systems (ICS), and revise compliance directives, tying up additional resources.We estimate that these excessive requirements have collectively imposed at least CHF 1 million in unnecessary costs on small asset managers. The enforcement of AML risk assessments in cases where they are not legally required is disproporti-onate to the actual risks posed by these rms.A Strategic Approach to Regulatory OverreachTo protect themselves from disproportionate re-quirements, asset managers should take the fol-lowing steps:1. Critically Assess Requirements: Verify whether a regulatory demand aligns with le-gal provisions. A detailed review of the actual text of the law can clarify whether a require-ment is legally justied.2. Engage with Industry Associations: Organi-zations such as IGUV and other nancial as-sociations can help challenge excessive regu-latory demands and work towards collective solutions.3. Direct Communication with FINMA: Do not hesitate to consult FINMA directly when in doubt. A clarication from the regulator can often prevent unnecessary compliance bur-dens.4. Optimize Internal Directives: Ensure that your AML policies and internal guidelines meet the legal minimum requirements without introdu-cing unnecessary obligations.ConclusionThe current regulatory environment demonstrates the need for a critical approach to compliance re-quirements. Excessive regulations pose a signi-cant challenge to small asset managers, not only in terms of costs but also by diverting resources from core business activities.An effective compliance strategy involves:• Carefully reviewing requirements,• Collaborating with industry associations, and• Engaging in direct dialogue with FINMA.By sharing experiences and resisting unnecessary regulatory overreach, asset managers can not only strengthen their own position but also contri-bute to a more balanced regulatory landscape for the entire industry.«QUESTION DISPROPORTIONATE INSTRUCTIONS!»ASSET MANAGER • NO. 21 / 2025AUDIT • 13

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THE MARRIAGE PENALTY IN SWITZERLAND:A SYSTEMATIC ATTACK ON FAMILIESAND THE FUTURE OF OUR SOCIETYSwitzerland Faces an Alarming Reality: The Tax System, Pension Structure, and Systematic Discrimination Against Married Couples and Families Are Pushing Society Into an Imbalance.Author: Roger Fromm, IGUVThe Marriage Penalty in Switzerland: A Syste-matic Disadvantage for FamiliesWhile singles enjoy signicant nancial benets, married couples and families—who are essential for the next generation—face systemic disadvan-tages. This imbalance has severe consequences, including economic and social tensions, declining birth rates, increasing psychological stress, and a growing labor shortage.It is time to challenge this anti-family system and demand meaningful reforms before the societal and economic repercussions become irreversible.The Marriage Penalty: Facts and FiguresSwitzerland’s tax system places a heavy burden on married couples due to the so-called marriage penalty. Since married couples are taxed jointly, they pay signicantly more in taxes than unmarri-ed couples with the same combined income.For example, a single person earning CHF 90,000 per year pays around CHF 10,800 in taxes. Howe-ver, a married couple with a combined income of CHF 180,000 is taxed at a much higher rate, re-sulting in an annual tax burden of approximately CHF 38,000. This means that the married couple pays CHF 16,000 more per year compared to two single individuals earning the same total amount.Over a 20-year period, this additional tax burden adds up to CHF 327,000, a nancial penalty that singles completely avoid.The Financial Reality for FamiliesIn addition to higher taxes, married couples with children must cover signicant costs for raising and educating their children. The total cost for a child who completes vocational training is esti-mated at CHF 351,000, while the cost for a uni-versity-educated child reaches CHF 414,000. For families with two children, this results in a total ex-penditure of CHF 765,000 over 20 years.Despite making these vital investments in the future workforce, families have signicantly less disposab-le income than singles. After accounting for taxes, vacation expenses, and child-related costs, a sing-le person has approximately CHF 208 per day to spend freely, while a family member in a four-per-son household has only CHF 58 per day. This means singles have nearly CHF 150 more per day to spend on personal needs and lifestyle choices.Additional Burdens from the Tourism IndustryFamilies are also disadvantaged when planning vacations, as they are bound to school holiday periods. Travel costs during peak seasons are, on average, 30% higher than during off-season pe-riods. «More Expensive Vacations, Less Money, Higher Taxes, Poorer Career Prospects: Switzerland’s Anti-Family System.»

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A single person traveling outside peak season spends around CHF 3,100 per year on vacations. In contrast, a family traveling during school holidays faces annual costs of CHF 17,700. Over 11 years of schooling, this results in an additional CHF 58,000 in vacation expenses—solely due to peak-season pricing.Career Disadvantages for ParentsBeyond nancial costs, parents also face additio-nal professional disadvantages. Career advance-ment is often limited due to a lack of exibility to work overtime or travel frequently, placing them at a competitive disadvantage compared to singles. Additionally, families are far less mobile, as they must consider their children’s education and their partner’s career before relocating for new job op-portunities.These factors further reinforce the nancial and professional advantages of singles over parents, making family life increasingly unattractive.The Societal ConsequencesThe systematic disadvantages for families have profound effects. High nancial and societal bur-dens discourage many couples from having chil-dren, contributing to declining birth rates and a demographic imbalance. With fewer young peo-ple entering the workforce, Switzerland becomes increasingly dependent on immigration to ll la-bor shortages, which in turn can lead to social ten-sions.At the same time, the nancial benets of being single, combined with growing social isolation, contribute to rising psychological stress—a prob-lem that is often overlooked.Inequality in Pension BenetsThe disadvantages for married couples continue into retirement. While a single person can receive a maximum AHV pension of CHF 2,450 per month, a married couple’s combined pension is capped at CHF 3,675 per month, which is only 150% of a single pension instead of 200%.This means that an individual in a married couple receives only CHF 1,837 per month, resulting in a yearly shortfall of CHF 7,350 per spouse compa-red to singles. Over a 20-year retirement period, this adds up to a total loss of CHF 147,000 per per-son, simply for being married.Isn’t That Tom from Our Old Class?Yes, I have his job now. He wasn’t exible because of his kids. Those same kids will have to fund my AHV pension in the future.ASSET MANAGER • NO. 21 / 2025THE MARRIAGE PENALTY IN SWITZERLAND • 15

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A More Family-Friendly System: Necessary ReformsTo eliminate these injustices and secure Switzer-land’s future, fundamental policy changes are re-quired.1. Abolishing the Marriage Penalty: Intro-duce a tax system where per capita inco-me determines the tax rate. For example, a family earning CHF 160,000 with four mem-bers should be taxed at the rate applicab-le to CHF 40,000 per person, eliminating the structural disadvantage for married couples. 2. Fair AHV Reforms: Married couples with children should not receive lower pensi-ons than childless, unmarried individuals. 3. Stronger Support for Families: Increase child allowances and provide greater tax bene-ts to ease nancial burdens on families. 4. Regulating the Tourism Industry: Implement laws against excessive peak-season pricing, ensuring that families are not nancially pen-alized for traveling during school holidays. 5. Promoting Work-Life Balance: Employers should support exible career paths for pa-rents, ensuring they can advance professio-nally without sacricing family life.Conclusion: Time for ChangeSwitzerland cannot afford to continue disadvan-taging families. A society that forces its most ta-lented and productive citizens to remain single in order to succeed nancially and professionally is headed toward an economic and social crisis.The solution is not continued reliance on immigra-tion, but rather a system that actively supports families instead of penalizing them. Politicians and business leaders must take responsibility and create a fair, family-friendly system that secures Switzerland’s long-term prosperity.Book One Week Earlier and Save CHF 4,875 as a Family!The Teacher Has Already Rejected Our Request.My Children Can Only Tra-vel During School Holidays. «Over 1 Million Francs Difference: Why Singles in Switzerland Have a Clear Advantage.» 16 • AN ANTI-FAMILY SYSTEMASSET MANAGER • NO. 21 / 2025

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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:25. MARCH Funds and pension schemes29. APRIL Analysing and comparing ESG / impact investments20. MAY Exportability of asset management «made in Switzerland»24. JUNE Asset Services: How to optimize the fund value chain?

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VAT OBLIGATION: A BRAKE ON INNOVATION AND ENTREPRENEURSHIPVAT Obligation: A Barrier to Innovation and EntrepreneurshipThe current VAT threshold in Switzerland, set at an annual revenue of CHF 100,000, may appear fair at rst glance. However, it disregards the income and cost structure of many micro-enterprises, making it more difcult for new innovations to emerge.The Real Earnings of Micro-Enterprises at CHF 100,000 RevenueA revenue of CHF 100,000 may seem like a solid foundation for a business. However, in industries such as agriculture, transportation, or gastro-nomy, only a small fraction remains as prot after all expenses are deducted. With a prot margin of just 5%, the remaining amount is CHF 5,000—well below the minimum subsistence level.The VAT obligation imposes further nancial burdens:• VAT payment: At a revenue of CHF 100,000, 8.1% VAT (CHF 8,100) must be paid. Although input tax deductions apply, the administrative effort remains signicant.• Accounting costs: Hiring an accountant can cost over CHF 1,800 per year.• Personal administrative burden: Entrepre-neurs must dedicate time and resources to bookkeeping, estimated at CHF 1,200 per year.The Bottom LineA real-world example highlights the issue:A Swiss agricultural business with a revenue of CHF 100,000 and a prot margin of 5 % generates just CHF 5,000 in prot. The VAT obligation, after in-put tax deductions, results in a net VAT payment of CHF 4,250. Combined with accounting and ad-ministrative costs of CHF 3,000, this results in a net loss of CHF 2,250.These gures demonstrate how the VAT obligation can threaten the very existence of micro-enterpri-ses.Unattractive Conditions for Startups and Inno-vationSwitzerland is frequently praised as a hub for in-novation. However, for many startups that barely generate prots in their early years, the dream of entrepreneurship quickly turns into a bureaucratic nightmare.• High administrative burden: Founders must focus on developing new products or services, but VAT compliance diverts their time and re-sources.• Growth deterrent: Many small business ow-ners intentionally keep their revenue below The Current VAT Obligation in Switzerland—Tied to an Annual Revenue of CHF 100,000—Represents a Signicant Barrier for Small Businesses and Startups.Author: Roger Fromm, IGUVASSET MANAGER • NO. 21 / 202518 • VAT OBLIGATION

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CHF 100,000 to avoid VAT obligations. This hin-ders expansion and limits the potential of the Swiss economy.Why Tying VAT Obligation to Revenue Is “Non-sensical”1. Minimal tax revenue: Micro-enterprises con-tribute only marginally to overall tax revenue. The cost-benet ratio for the federal govern-ment is negligible.2. Bureaucratic inefciency: The administration and enforcement of VAT collection require sig-nicant state resources, making it hardly justi-able for businesses with low taxable income.3. Unfair burden: Businesses with high revenue but low prot margins bear a disproportionate nancial burden, while high-margin busines-ses can absorb VAT costs more easily.A Better Approach: Linking VAT Obligation to Prot Instead of RevenueA fairer system would tie VAT obligations to pro-t rather than revenue. Setting a threshold at CHF 50,000 prot would ensure that only busines-ses nancially stable enough to handle VAT obli-gations are required to pay.What Would the Revenue Thresholds Be for CHF 50,000 Prot?• Agriculture: Between CHF 710,625 and CHF 2,842,500• Transport and Logistics: Between CHF 568,500 and CHF 1,895,000• Gastronomy: Between CHF 379,000 and CHF 812,143These gures illustrate that the current VAT obli-gation at CHF 100,000 revenue disproportionately affects micro-enterprises with extremely low prot margins.Conclusion: Reforming VAT Regulations for an Innovation-Friendly EnvironmentThe current VAT obligation hinders entrepreneurs-hip and sties innovation. It acts as a brake on startups and small businesses, which are essential drivers of economic growth.By linking VAT obligations to prot rather than re-venue, Switzerland could reduce the burden on small businesses while strengthening its position as an innovation hub. It is time to rethink bu-reaucratic hurdles and create an environment where entrepreneurship can truly ourish.«BUREAUCRACY INSTEAD OF INNOVATION: WHY THE VAT OBLIGATION MUST BE REFORMED»

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DIGITAL TAX: SAFEGUARDING SWITZERLAND’S PROSPERITYDigital Tax: Safeguarding Swiss ProsperityInternational tech giants like Netix, Spotify, Amazon, and Microsoft benet enormously from Swiss consumers’ purchasing power. At the same time, they charge signicantly higher prices in Switzerland than in neighboring countries—wi-thout making substantial local investments or creating jobs.Current Situation: Switzerland Pays More and Gets LessPrices for digital services in Switzerland are alrea-dy considerably higher than in Germany and Aus-tria. A standard Netix subscription costs CHF 18.90 in Switzerland, while the same service costs just EUR 12.99 (CHF 12.30) in Germany and Austria—a 50% premium for Swiss consumers. Similar dispa-rities exist for Spotify, Amazon Prime, Apple TV+, XING, and LinkedIn.Companies justify these price differences by citing Switzerland’s higher purchasing power, but in rea-lity, they result in an unjustied nancial burden on Swiss consumers.Furthermore, prots generated in Switzerland ow almost entirely abroad. These companies create few jobs and make minimal investments in the Swiss economy. This is not only an economic pro-blem but also a social one, as Switzerland must maintain high standards in education, infrastruc-ture, and social welfare.A Proposal for the Future: Introducing a Digital TaxA digital tax of 11.9% could curb the excessive ex-traction of Swiss wealth and help strengthen the local economy. This tax would apply to internati-onal companies with Swiss revenues exceeding CHF 50 million and global revenues over CHF 500 million.However, the digital tax would only be effective if combined with a legal price cap, ensuring that companies do not simply pass the tax burden en-tirely onto consumers.Comparison with Austria and GermanySwitzerland would not be alone in introducing a digital tax. Other European countries have already implemented similar measures:Switzerland Faces a Challenge That Affects Not Only Its Economic Sovereignty but Also Its Competitiveness and Social Cohesion: The Growing Extraction of Swiss Wealth by International Tech Giants Such as Netix, Spotify, Amazon, and Microsoft.Author: Roger Fromm, IGUV«SWISS CONSUMERS PAY TOO MUCH – THIS MUST CHANGE!»20 • DIGITAL TAX

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• Austria applies a 5% digital tax plus 20% VAT, resulting in a total tax burden of 25%.• Germany has 19% VAT and is considering an additional 3% digital tax, bringing the total burden to 22%.• France, Italy, and Hungary have also intro-duced digital taxes, with Hungary imposing the highest combined tax rate at 34.5%.Even with the proposed 11.9% digital tax, the total tax burden in Switzerland would remain at 20%, making it more competitive than most European neighbors.Using Tax Revenues to Support Small BusinessesA key aspect of this proposal is the targeted use of tax revenues. Funds collected from the digital tax could be used to reduce the VAT burden on micro-enterprises.For example, businesses with prots under CHF 1 million could be fully exempted from VAT, which would:1. Strengthen small businesses, many of which struggle with high administrative costs.2. Make Switzerland more attractive for entre-preneurs by positioning the country as busi-ness-friendly.3. Promote economic diversity, as tax relief for small companies would encourage innovation and family-run businesses.Protecting Swiss Consumers with a Legal Price CapTo prevent companies from passing the tax enti-rely onto consumers, a legal price cap should be introduced. This regulation would ensure that di-gital service prices in Switzerland do not exceed those in neighboring countries by more than 10%.Without such a measure, tech giants might simply increase their prices in response to the tax, nega-ting its intended effect.Addressing Common Criticisms of the Digital TaxCriticism: A digital tax would increase bureaucracy and administrative costs.Response: The tax revenues generated would far outweigh these costs.Criticism: Companies would pass the tax onto consumers.Response: A legal price cap ensures that Swiss prices remain competitive.Source: IGUVSurcharges for Swiss Consumers Are the Rule, Not the Exception.ASSET MANAGER • NO. 21 / 2025 FOR TECH GIANTS • 21

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International Precedents and Legal FeasibilityCountries like France, Italy, and Austria have suc-cessfully implemented digital taxes. These models can serve as blueprints for Switzerland. Additio-nally, careful tax structuring can ensure complian-ce with WTO rules and bilateral trade agreements.Conclusion: A Win-Win Solution for SwitzerlandA digital tax would help reduce the outow of Swiss wealth while strengthening the local economy. In-ternational tech companies would contribute fair-ly, while small businesses and consumers benet.By limiting price increases and redirecting tax re-venues to support micro-enterprises, Switzerland would preserve its economic sovereignty and reinforce its position as an innovation hub.It Is Time to Act. The introduction of a digital tax is not a burden—it is an investment in Switzerland’s future. The responsibility now lies with policyma-kers and business leaders to seize this opportuni-ty and implement meaningful change.Country VAT Digital Tax Total Tax Burden*France 20 % 3 % 23 %Italy 22 % 3 % 25 %Spain 21 % 3 % 24 %Austria 20 % 5 % 25 %United Kingdom 20 % 2 % 22 %Hungary 27 % 7.5 % 34.5 %Switzerland 8.1 % 11.9 % (Proposed) 20 %CURRENT TAX RATES FOR DIGITAL SERVICES:* Notes:• Digital Tax: This tax is typically applied to specic digital services, such as online advertising or the operation of digital plat-forms. • Value-Added Tax (VAT): Applies generally to the sale of goods and services to end consumers. • Tax Bases: The digital tax and VAT are calculated on different bases. The digital tax is often levied on the revenue from certain digital services, whereas VAT is applied to the nal sale price paid by consumers. As a result, the percentages do not simply add up to a total tax burden but are applied to different components of the transaction.These measures aim to ensure fairer taxation of the digital economy and prevent market distortions.Source: IGUV22 • DIGITAL TAXASSET MANAGER • NO. 21 / 2025

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LEADING PROVIDER IN ACTIVELY MANAGED CERTIFICATES (AMC)Leonteq Securities AG (Leonteq) is one of Switzerland’s leading specialists in derivatives. In addition to structured products, Actively Managed Certicates (AMCs) are a key strength of the Zurich-based company. Martin Overhoff, Head of Delta One Trading and Head of the AMC Platform, provides insights into the growing market for this investment instrument.Interview with Martin Overhoff, Head of AMC, LeonteqMr. Overhoff, what exactly is an AMC?An AMC (Actively Managed Certicate) is a struc-tured product, specically a tracker certicate lin-ked to an index. The key difference compared to traditional static indices like the SMI lies in active management: The underlying index is not passi-vely replicated but dynamically adjusted by an index sponsor—usually an asset manager. This allows for exible portfolio adjustments and stra-tegic shifts, making AMCs highly versatile invest-ment tools.What sets Leonteq apart in this space and ma-kes it a leading provider?Leonteq distinguishes itself with a high-perfor-mance and user-friendly platform. Built on our well-established LYNQS platform, which enjoys strong customer demand, we have developed a proprietary module that makes AMC manage-ment particularly intuitive, efcient, and reliable.One major advantage of our solution is its scala-bility—new AMCs can be launched with an initial investment volume of just CHF 500,000. Additio-nally, index sponsors benet from an exceptional-ly broad investment universe, extending beyond traditional assets like stocks, bonds, and ETFs. We also provide access to sophisticated nancial in-struments such as FX forwards, crypto assets, op-tions, and futures.A particularly noteworthy feature is the ability to combine multiple asset classes within a single in-dex, offering asset managers maximum exibility to implement customized investment strategies.Why should investors and, in particular, asset managers consider AMCs?AMCs offer both maximum exibility and out-standing cost efciency. For asset managers, this structure allows them to make their investment strategy accessible to multiple investors under a single ISIN, instead of managing numerous indivi-dual portfolios.24 • INTERVIEW

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MARTIN OVERHOFFis fully responsible for Leonteq’s AMC platform. He leads both the trading team and the project driving the continuous development of Leonteq’s AMC offering.After completing his Master’s degree in Banking & Finance at the Uni-versity of Zurich, Martin Overhoff joined Leonteq in 2014. Following two years in operations, he moved into trading and has been instrumental in building the AMC platform for over eight years.Leonteq Securities AG, Europaallee 39, 8004 Zurich info@leonteq.com +41 58 800 1000 www.leonteq.com/amc/For investors, AMCs provide tailor-made investment solu-tions, often surpassing what is available through traditional banks. This enables access to innovative strategies and a di-versied investment universe, tailored to individual needs.What are the risks associated with AMCs, and how can investors mitigate them?As a structured product, an AMC is exposed to market and currency risks, as well as issuer risk—meaning that in the event of an issuer default, the invested capital may be lost.To mitigate this risk, Leonteq offers collateralized AMC solutions. The collateral is managed via the Triparty Collateral Management (TCM) service of SIX, which operates under strict regulatory over-sight. This system ensures continuous manage-ment and adjustment of collateral, thereby mini-mizing issuer risk as effectively as possible.Is there still potential for growth or innovation in this segment?The AMC market remains a dynamic growth area for Leonteq, and we are observing a steady in-crease in demand. The fact that more competitors are expan-ding their offerings in this seg-ment further conrms the mar-ket’s potential.As an innovation leader, we are actively investing in new de-velopments, particularly in de-rivatives, leveraged products, and hedging solu-tions. Our goal is to introduce new solutions that provide investors with even greater exibility and efciency—whether through enhanced structu-ring, broader investment options, or innovative hedging strategies.How do you plan to further enhance the attracti-veness of your LYNQS platform?LYNQS is a modular platform, and we continuously enhance it to further improve usability and ef-ciency. A key focus is on creating synergies bet-ween its different modules.Our long-term vision is to establish a comprehen-sive ecosystem that seamlessly supports asset managers and investors in their daily investment decisions—with maximum efciency, transparen-cy, and ease of use.«LEONTEQ’S LYNQS PLATFORM – INTUITIVE SOLUTIONS FOR MODERN ASSET MANAGERS.»ASSET MANAGER • NO. 21 / 2025 LEONTEQ • 25

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Who Is the Target Audience for This AMC?As a private placement, our AMC is exclusively designed for asset managers and family ofces serving qualied investors. We have developed a product with a strong track record, combined with a highly competitive total expense ratio (TER) of just 0.5% – 0.6%. Additionally, it was launched in Swiss francs, making it particularly attractive for Swiss investors.How Does the New AMC Differ from Its Predeces-sor?Unlike our rst time-limited tracker certicate, this AMC is structured as an open-end investment, providing greater exibility in portfolio compositi-on. This allows me to invest with a long-term per-spective while dynamically responding to market developments.ARTIFICIAL INTELLIGENCE THE INVESTMENT GAME CHANGERSuccessfully Investing in Articial Intelligence Leaders. Insights and experien-ces from INVESTORY on how to minimize risks while maximizing potential.Interview with Roger Fromm, Founder of INVESTORY AGYour New Actively Managed Certicate (AMC) in Articial Intelligence (AI) Is Already Gaining Signicant Attention. Can You Tell Us About the Origins of This Product?Roger Fromm: Of course. This new AMC builds on the suc-cess of our rst certicate, which was repaid on February 23, 2025, after two years with an im-pressive return of +68.2%. The idea emerged when I recognized AI’s transformative power across industries. I wanted to explore whether a carefully selected and weighted portfo-lio of AI-focused early-stage companies could generate above-average returns. The results far exceeded my expectations, which led me to con-tinue developing an AI strategy in a more exible investment format.ROGER FROMM Board Member of INVESTORY AG, an asset management rm founded in 2011 in Kloten and FINMA-licensed since September 5, 2022.INVESTORY AGFlurstrasse 33 Phone: +41 (0)78 880 47 038302 Kloten Email: info@investory.chFOUNDED IN 2011 IN KLOTEN

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Furthermore, I am incorporating new AI algorithms into company analysis, using a multi-stage selec-tion and weighting process based on AI-driven criteria to optimize investment decisions.How Did You Select the Companies for This AMC?I developed a system that evaluates companies based on eight specic AI-related criteria. Each criterion—such as benchmark comparisons and competitive analysis—is individually weighted to assess a company’s strength in AI strategy.This approach enables me to identify true AI lea-ders, regardless of industry, sector, or country.How Does Risk Assessment Play a Role in This Process?Risk management is central to any investment strategy, but especially in a high-volatility sector like AI. We apply established methods from ex-perts such as Messod Beneish, Joseph Piotroski, and Edward Altman to assess nancial stability and operational efciency.These approaches allow me to identify risks early and adjust the portfolio accordingly. Additionally, I will present our risk management methodologies at upcoming IGUV workshops to share knowledge and discuss best practices. This exchange enhan-ces risk awareness and benets the entire invest-ment ecosystem.How Else Do You Use AI in Your Daily Life?Beyond my professional work, I actively use AI in creative projects. I produce animated lms, com-pose music, clone voices, write books, and conduct research on a wide range of topics. This allows me to explore innovative ideas in entirely new ways while staying at the forefront of AI advancements.Considering the Rapid Developments in AI, How Do You See the Future of This Technology?AI is transforming the world at an unprecedented pace, creating enormous opportunities for early investors. Companies that successfully integrate AI will gain signicant competitive advantages.For asset managers, it is crucial not only to follow these trends but to anticipate future develop-ments. We are still at the very beginning of a fun-damental shift, and I am convinced that AI will play a central role in investment portfolios moving forward.Thank You for Your Insights. We Wish You Conti-nued Success with the AMC.Thank you very much.For inquiries or further questions, feel free to con-tact us at info@investory.ch.Risk Disclaimer: This interview provides insights into the use of AI technologies for innovative investment strategies and is based on interpreted information from INVESTORY. The content is for informational purposes only and does not constitute investment advice or a recommendation. Investment decisions should always be based on an independent nancial analysis. We assume no liability for any losses or damages resulting from the use of this information. Investors should seek professional advice before making any decisions.INVESTMENT PRODUCT DETAILSIndex Sponsor: INVESTORY AGIndex Name: Managed Articial IntelligenceISIN: CH1409710733Base Currency: CHFCurrency Hedge: AllowedDenomination: CHF 100Offering: Private Placement for Qualied Investors onlySettlement Date: 20. Jan. 2025Issuer: Leonteq GuernseyCosi/TCM: NoTER: 0.5 % – 0.6 % p.a.Diversication: 25 – 30 positions 75 % America, 13 % Asia, 12 % EuropeASSET MANAGER • NO. 21 / 2025 AMC • 27

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THE ADVANTAGES AND UNIQUE SELLING PROPOSITIONS OF INDEPENDENT ASSET MANAGEMENTUnlike standardized banking offerings, independent asset managers provide genuine, tailored solutions with added value. Why are discerning investors increasingly turning to the expertise of neutral and independent asset ma-nagers?Author: Roger Fromm, IGUVIn the realm of nancial advisory services, in-dependent asset management represents a tailored, client-centric approach that distinctly sets itself apart from bank-afliated advisory models. This article highlights the fundamental advantages that independent asset managers offer their clients and illustrates why bank-in-dependent asset management is not merely an alternative but the preferred choice for many di-scerning investors. Tailored Advisory Services One of the key advantages of independent asset managers lies in their ability to provide customi-zed solutions that are precisely aligned with the individual needs and nancial goals of each client. This personalized approach stands in stark cont-rast to the standardized, one-size-ts-all strate-gies commonly employed by most banks.Unlike bank advisors, who often have internal in-centives to promote in-house products that may generate higher fees, independent asset mana-gers operate with full autonomy, allowing them to objectively identify the best solutions available on the market. This independence is crucial, as it en-ables them to recommend nancial products and services that genuinely align with the client’s spe-cic investment objectives. Personalized Service The direct and personalized service provided by independent asset managers enhances commu-nication and fosters a deeper understanding of each client’s specic needs and preferences—an essential factor in effective decision-making. In contrast to bank advisors, who are often encoura-ged to prioritize in-house solutions, independent asset managers seek out the best available op-tions in the market for their clients.Consider the example of nancing: Bank advisors frequently face an inherent conict of interest, as they must simultaneously minimize risk for the bank while ensuring that the client does not turn to a competitor. As a result, clients often receive less favorable conditions unless they engage in tough negotiations. Banks are structured to maximize their margins and typically refrain from offering -nancing arrangements that do not yield sufcient protability.By contrast, an independent asset manager acts as an objective partner who is not bound by inter-nal bank policies. This independence allows them to select from a broad range of nancing options, securing the most competitive interest rates, the most favorable terms, and the greatest exibili-ty—perfectly tailored to the client’s specic requi-rements.ASSET MANAGER • NO. 21 / 202528 • INDEPENDENT ASSET MANAGEMENT

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Agile Decision-Making The independence from predened institutional policies, combined with the ability to swiftly res-pond to market changes, is a key advantage of in-dependent asset managers. This exibility enables them to react directly and efciently to new mar-ket information and opportunities without being hindered by the often slow and rigid bureaucratic processes of a bank.Independent asset managers are also not bound by internal standardized solutions or sales tar-gets. As entrepreneurs, they can make decisions locally and immediately. This allows them to act proactively and without delay, whether in respon-se to short-term market uctuations or long-term structural shifts. Their ability to act promptly—wi-thout having to navigate cumbersome approval processes—positions them to always act in the best interests of their clients and to swiftly adapt to changing market conditions. Fee Transparency Independent asset managers are distinguished by a clear and transparent fee structure, which is typi-cally free from the hidden costs and complex pricing models often associated with banking products.Traditional banks, by contrast, tend to bundle their services into opaque all-inclusive packa-ges that may initially appear convenient and advantageous. However, these packages are of-ten more expensive than the sum of individual services obtained from the best providers in the market. A common example is credit card bonus systems, which seemingly reward clients but, in reality, pass on the costs of the accumulated points through higher fees or indirect charges borne by merchants and ultimately the clients themselves. This practice illustrates how banks create perceived benefits to retain customers without delivering genuine added value.Independent asset managers place great emphasis on clearly communicating all costs—both direct management fees and third-party expenses associated with investment strategies. These transparent fee models help to mitiga-te potential conflicts of interest. This approach is both ethical and client-oriented, fostering a stronger relationship of trust. «WHY DISCERNING INVESTORS CHOOSE INDEPENDENT ASSET MANAGERS.»

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Expertise Independent asset managers often bring speci-alized experience that allows them to focus on specific asset classes or client segments. This in-depth expertise provides a significant ad-vantage, enabling them to offer tailored solu-tions that go beyond the standard offerings of most banks.Whether dealing with specialized investments such as forex management, commodities, ESG strategies, or private equity, or catering to specific client groups such as physicians or entrepreneurs, the speciali-zation of independent asset managers allows for wealth management that is better aligned with clients' unique needs. While banks frequently market their services as "tailo-red solutions," these are often based on stan-dardized risk profiles that categorize clients into predefined segments. In contrast, independent asset managers deliver truly bespoke strate-gies. Instead of mass-market products, clients receive personalized solutions that not only yield better results but also enhance client sa-tisfaction and long-term loyalty. Strategic Risk Management Effective risk management is a critical compo-nent of asset management, particularly in times of uncertainty. Independent asset managers of-ten have a strategic advantage in this area, as they assess not only their clients' portfolios but also the financial stability of the custodian banks holding their clients’ assets.A key strength of independent asset managers is their abi-lity to provide objective as-sessments and take proacti-ve measures. If, for example, the creditworthiness of a bank holding a client’s significant assets comes into question, the asset manager can recommend reallocating funds to a more secure institution. This level of critical financial stability analysis extends beyond the standard services offered «MY BEST DECISION?INDEPENDENCE FROM MY BANK.»30 • INDEPENDENT ASSET MANAGEMENT

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by banks, where internal policies may prevent advisors from openly addressing such concerns.Additionally, independent asset managers are typically not just advisors but also personally li-able entrepreneurs or partners. Unlike salaried bank advisors, who bear little to no personal financial consequences for poor decisions, in-dependent asset managers assume substan-tial personal risk. This fundamental difference in perspective leads to a more conscientious and long-term approach to risk management. Rather than relying on standardized processes and generic risk classifica-tions, independent asset ma-nagers prioritize truly respon-sible, sustainability-focused advisory services—because their own financial well-being is as closely tied to the quality of their decisions as their cli-ents’ wealth. Partnerships with Specialized Experts Another signicant advantage of independent asset management is access to a broad network of specialists across various elds, including trus-tees, pension specialists, and legal advisors.By contrast, bank-afliated estate planning spe-cialists often recommend themselves as execu-tors of wills, which can be particularly problematic for high-net-worth individuals with assets spread across multiple banks. Consolidating an estate under the authority of a single bank may disad-vantage heirs in several ways, including potential conicts of interest and higher costs.Furthermore, professionals in specialized depart-ments within banks—such as pension planning, nancial planning, and taxation—frequently ch-ange roles, leading to a less personal and less consistent advisory relationship. Independent specialists, such as tax lawyers or estate planning experts, often work as entrepreneurs for deca-des. Their motivation to collaborate with an asset manager is fundamentally different from that of salaried bank employees, as it is driven by their independent business model and their focus on building long-term, stable client relationships. Banking Conicts of Interest Conicts of interest within banks can signicantly impair the objectivity of investment recommen-dations, particularly for high-net-worth clients. A well-known example is the case of Christopher Chandiramani, an analyst at Credit Suisse who was dismissed in 2000 for publicly discussing Swis-sair’s nancial difculties. This case illustrates how banks can pressure employees to withhold critical information in order to avoid upsetting major corpora-te clients.Independent asset managers are not subject to such conicts and can provide their clients with truly imparti-al advice. They are free to disclose all relevant -nancial information without being constrained by corporate agendas that could compromise their clients’ nancial security. Independence from Banks Banks often encourage clients to consolidate all their nancial services within a single institution, which can lead to signicant risks. In the event of a bank’s insolvency, it may have the right to ac-cess other client assets, posing a severe threat to nancial security. The age-old principle of diversi-cation—“Don’t put all your eggs in one basket”—is particularly relevant in this context. The perceived cost savings from consolidation are generally out-weighed by the benets of working with a neutral and independent advisor who actively seeks the most advantageous market conditions.Banks also have a strong tendency to promote in-house products, including investment funds, which may not always align with the client’s best interests. In contrast, independent asset mana-gers objectively analyze the market and select «INDEPENDENCE ALSO MEANS FREEDOM.»ASSET MANAGER • NO. 21 / 2025 DIE VORTEILE • 31

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products based on their actual performance and cost-efciency. As evidenced by a Vanguard stu-dy, independent asset managers are more likely to choose low-cost ETFs over expensive in-house funds, leading to reduced costs and improved re-turns for clients. Digital Transformation The future of banking is marked by a decisive shift away from traditional bank structures toward more efcient, digital solutions. The conventional banking model, with its costly and cumbersome infrastructure, is increasingly being replaced by in-novative digital platforms that offer more stream-lined and cost-effective nancial services. Steve Jobs once observed that effective banking does not require physical banks—only their services. This vision is now becoming reality.Independent asset managers are well-positioned to adopt and implement new, cutting-edge ser-vices without being hindered by legacy systems or rigid institutional policies. They leverage techno-logies that often face resistance within traditional banks, such as articial intelligence and block-chain.While current regulatory frameworks may slow down the full digital transformation, they cannot halt its inevitable progress. Independent asset managers, unencumbered by outdated structures, are in a privileged position to lead this evolution. Conclusion Independent asset management presents a cle-ar and valuable alternative to traditional banking services, offering bespoke and unbiased nanci-al strategies. It represents a forward-thinking, transparent, and highly personalized approach that delivers genuine value for discerning inves-tors.If you are ready to take your nancial future to the next level, do not hesitate to seek the expertise of an independent asset manager. Your nancial success deserves a level of care that is as indivi-dual as you are.«ASSET MANAGERS ARE PERSONALLY LIABLE FOR THEIR DECISIONS.»32 • INDEPENDENT ASSET MANAGEMENT

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IGUV Academy: A Clear Commitment to High-Level, Practical, and Future-Oriented Pro-fessional DevelopmentWhy Choose IGUV Academy?As demands on asset managers increase, while there is no shortage of regulatory training such as AML and FinSA, there is a clear gap in practical, professional, and compact continuing education.This is precisely where the IGUV Academy steps in. It was created to establish a platform that not only covers relevant topics but also sustainably en-hances participants’ professional competencies.Your Opinion Matters!We aim to expand our offerings and invite all as-set managers to share direct suggestions: Which topics are most relevant to you and your col-leagues? Your expertise and needs are key to de-veloping courses that provide genuine value.IGUV ACADEMYPROFESSIONAL DEVELOPMENT FOR INDEPENDENT ASSET MANAGERSIn a time when expertise is the key to success, the IGUV Academy offers a tailored e-learning platform precisely designed to meet the needs of inde-pendent asset managers.Author: Roger Fromm, IGUVSharing Costs, Expanding KnowledgeWe currently estimate costs for our high-quality e-learning modules at around CHF 400 to CHF 500 per participant. However, through partnerships and sponsorships, these costs could be signicantly re-duced. An attractive model for sponsors: by enab-ling their business partners to participate for free, they not only increase their visibility but also enhan-ce the reach and quality of educational offerings.Shaping the Future TogetherIGUV Academy stands for innovation and quality. Support us on this journey, whether through your suggestions, as a subject-matter expert, or as a sponsor. Together, we can create a learning plat-form that prepares independent asset managers for the challenges of tomorrow.34 • ACADEMY

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SWISS INHERITANCE LAW FOR ASSET MANAGERS INSTEAD OF CHF 1,280, FREE FOR MEMBERSREGULATORY MONITORING INSTEAD OF CHF 480, FREE FOR MEMBERSacademy.iguv.ch• Regulatory Challenges• Status of Licensing Procedures• Inadequate Anti-Money Laundering Risk Analysis• Dynamic Sanctions Law• Increased Requirements for Compliance and Risk Ofcers• FINMA Reporting Obligations• Costs and Transparency in FINMA Supervisory Fees• New Corporate Governance Duties for the Board of Directors• Outlook: New Transparency Register for Legal Entities• Multiple-Choice Test• Introduction to Swiss Inheritance Law• Statutory Inheritance Law• Disposition upon Death (i.e., Testamentary Succession)• Forced Heirship Rights• Renunciation of Inheritance and Unworthiness to Inherit• Inheritance Tax in Swiss Inheritance Law• Special Assets and Pension Plans• Life Insurance Policies and Pension Assets• The Role of the Asset Manager in the Event of DeathEach chapter is followed by a brief multiple-choice test.ASSET MANAGER • NO. 21 / 2025 PROFESSIONAL DEVELOPMENT • 35

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Starting in 2025, IGUV Workshops will feature a completely new structure. The new evening schedule and practical content provide independent asset managers with fresh opportunities for professional development and net-working. A closer look at the benets is well worth it.Author: Roger Fromm, IGUVIGUV WORKSHOPS 2025EVENING CONTINUING EDUCATIONASSET MANAGER • NO.21 / 2025IGUV WORKSHOPS 2025: Your Professional DevelopmentStarting in 2025, IGUV will offer its popular work-shops on a new schedule, from 4 p.m. to 9 p.m., making it even easier for independent asset ma-nagers to incorporate professional development into their workday. This training platform is desi-gned to help you tackle the latest challenges in the industry. Why should you participate?Expert Knowledge FirsthandIGUV Workshops deliver practical insights into the latest developments in asset management. From regulatory changes to technological innovations and investment strategies, the content is tailored to the daily demands of your profession. Benet from presentations by industry experts and recei-ve a certicate of attendance to support your an-nual continuing education requirements.Networking with PeersThe workshops also offer an excellent opportunity to expand your network. Engaging with colleagues and industry experts provides valuable new per-spectives and lays the groundwork for collabo-rations and partnerships. In the dynamic eld of asset management, being well-connected is es-sential.Flexible Schedule for Greater AccessibilityThe new workshop hours make it easier to t con-tinuing education into a busy schedule. Instead of blocking an entire day, you can participate from 4 p.m. in a relaxed setting while still meeting your professional commitments.Free Participation for Asset ManagersFINMA-approved asset managers enjoy the pri-vilege of free workshop participation, with most costs covered by our sponsors. Thanks to this sup-port, we can continue to offer you a high-quality training program in 2025.Register Online NowRegistration is online through our website to ensu-re clarity and smooth organization. Secure your place and take advantage of this opportunity!36 • WORKSHOPS

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Book Your Courses Now: www.iguv.ch/e-learningIGUV GIFTS ITS MEMBERS THE REGULATORY TRAINING FROM EQUILASYour Benets as an IGUV Member• Free Continuing Education – Complete all courses free of charge when booking the module online via the IGUV website.• Up-to-Date Expertise – Stay informed about the latest legal and regulatory require-ments.• Flexible & Standardized Training – Access training anytime, anywhere for your emplo-yees.• Certied Proof of Competency – Test modules ensure knowledge retention, and certi-cates serve as recognized proof of training for authorities, advisor registers, and audits.• SAQ-Accredited Certicates – Available optionally for only CHF 75.NEW: Professional Training & SAQ CerticationIn partnership with EQUILAS, we offer an e-learning package consisting of four specialized courses, which can also be credited toward an SAQ certication:• Standard Package: CHF 390 (including certicate)• SAQ Certication Package: CHF 490 (including SAQ certication)Overview of the Four Modules• AIA / FATCA / QI (4 Credits) – Practical knowledge on FATCA, AIA & Qualied Intermedi-ary.• Information & Data Security (2 Credits) – Data protection & banking secrecy.• ICT Security (2 Credits) – IT security & condentiality in the digital environment.• Sustainable Finance & ESG (4 Credits) – Sustainable nance & ESG investment strate-gies.Book now and secure your expertise!Why Pay More?

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Please send the completed questionnaire as a scanned copy via email to info@iguv.chMembership as an Asset Manager Company Number of Employees with Licensed ActivitiesLicense CategoryLegal Structure Portfolio Manager (Art. 17 para 1 FinIA) Corporation (AG) Trustee (Art. 17 para. 2 FinIA) Limited Liability Company (GmbH) Manager of collectiv Assets (Art. 24 FinIA) Sole Proprietorship (Einzelrma) Promoting Innovation (Art. 1b Banking Act)Supervisory Organization Financial Services Ombudsman OSFIN www.ofdl.ch AOOS www.nos.ch FINControll www.ombudsnance.ch OSIF www.nsom.ch SO-FIT www.swissarbitration.org Direct FINMA Supervision under CISA www.terraxis.ch www.schlichtungsstelle.liNotice PeriodMembership is automatically renewed each year. Termination must be submitted at least 14 days before the end of the year to take effect for the following calendar year.Responsible Person & Billing AddressFirst Name and Last Name Position in the CompanyStreet and House Number Direct Phone and MobilePostal Code and City EmailPlace and Date SignatureMembership FeeThe annual fee is CHF 200 per regulated individual. The minimum fee per company is CHF 1,000, while the maximum fee is CHF 5,000.

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AN EFFICIENT ICS FOR EVERY EAM:A MUST-HAVE FOR COMPLIANCE AND SECURITYThe IGUV ICS Tool offers FINMA-approved asset managers a simple, secure, and cost-effective solution to meet their compliance requirements.Author: Roger Fromm, IGUVSupport for Individual NeedsWith the growing use of the ICS Tool among our members, the need for enhanced support has in-creased. To meet this demand, we have expanded our offering:This support ensures that members can tailor the ICS Tool precisely to their business requirements, whether through direct training, virtual meetings, or customized risk models.Simple Risk Detection and Control DenitionThe IGUV ICS Tool provides a comprehensive risk list that can be exibly adapted to the specic needs of an asset manager. Members can ef-ciently identify risks and create tailored control processes. They can designate who is respon-sible for each control, how often it is conducted, and how it is monitored. Clear assignment and tracking of responsibilities enable seamless over-sight of risk controls.Centralized Document Management and Stre-amlined AuditsA key feature of the tool is centralized document management. All necessary documents are se-curely stored and can be accessed anytime in an audit-proof format. This simplies audit prepa-ration and ensures a smooth process during re-views. With centralized storage, companies can document regulatory compliance efciently, gre-atly simplifying the entire process.Continuous Monitoring with Automatic RemindersAn integrated monitoring function ensures no task is overlooked. Automated reminders help to • On-Site Training (Half Day): CHF 690 (Canton Zurich)• Zoom Meeting Support: CHF 120 per hour• Customized ICS Setup According to Risk Matrix: CHF 350 to CHF 700• Telephone Support: CHF 750 per year40 • RUBRIKENTITEL40 • INTERNAL CONTROL SYSTEM(ICS)

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complete upcoming checks on time and track progress. This feature keeps the ICS up-to-date, ensuring compliance with all regulatory require-ments.Highest Security StandardsThe ICS Tool is operated on dedicated servers in Switzerland and meets the highest security stan-dards with 128-bit SSL encryption. Access links are valid for only 15 minutes to maximize data security. This ensures the tool is both secure and user-fri-endly.Free Access for IGUV MembersThe ICS Tool is available free of charge to all IGUV members. Comparable tools on the mar-ket often cost thousands of Swiss francs per year, while IGUV members benefit from free ac-cess. Should additional customizations or sup-port services be needed, our expanded services are available.A Success StoryCurrently, 30 asset managers are already using IGUV’s ICS Tool. Many have chosen IGUV members-hip due to this offering. With continuous development based on member feedback, new risks and features are regularly added to keep the tool up-to-date.Join Our CommunityThe ICS Tool offers a unique opportunity to ma-nage your company’s internal controls efciently and securely. Whether you already have an esta-blished ICS or are in the process of implementing one, with our tool and comprehensive support, you’re well-prepared.Take advantage of this opportunity and secure free access to our ICS Tool by becoming an IGUV member today. With the right support and tools, meeting regulatory requirements in asset ma-nagement and effectively managing risks has ne-ver been easier.Test it for free now!

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THE BENEFITS OF IGUV MEMBERSHIPDetailed Overview of Our Services for Asset Ma-nagers:MEMBERSHIPS AND PARTNERSHIP MODELS• Free Memberships: Benet from complimen-tary memberships with the Swiss Kaderver-band and the FINSOM Ombud Ofce.• Workshops: Expand your expertise with free workshops on industry-specic topics.REGULATION AND COMPLIANCE• Training: Complimentary regulatory and pro-fessional training to keep you up to date.• Professional Liability Insurance: FINMA-com-pliant insurance solution from Liberty, eligible as equity capital.• Compliance Outsourcing: Access compre-hensive outsourcing solutions and tools for compliance needs.• Qualied Representation: Assistance in n-ding qualied substitutes and independent board members.Membership provides asset managers with tailored services and benets that enhance operational efciency and support their success in a dynamic nancial environment.Author: Roger Fromm, IGUV• ICS Solution: Free internal control system (ICS) to support the implementation and monito-ring of internal controls.• Regulatory Monitoring: Stay informed on re-gulatory changes with our free monitoring service.• Legal Consultation: Access specialized legal advice, with the rst two hours provided at no cost for complex issues. IT SOLUTIONS• IT Services: Support in selecting and imple-menting software, cloud, and outsourcing so-lutions.• Compliancetool.ch: Flexibly and affordably delegate compliance functions without ex-pensive outsourcing solutions.• Data Protection Analysis: Free website com-pliance check with AI-powered assistance from Mondata.• PMS Tool by INSA: Efcient portfolio manage-ment system offered at attractive rates.42 • IGUVASSET MANAGER • NO.21 / 2025

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• Website Design: Assistance with website de-sign and optimization, including client portal integration.• Equity and Fund Research: Access to profes-sional equity and fund research via theScree-ner.com.• IGUV Academy: Free e-learning modules de-veloped specically for asset managers.• Job Portal: Use our portal to nd qualied per-sonnel or new business partners.ADDITIONAL SERVICES• AMC and Fund Solutions: Support with laun-ching AMCs and private label funds.• Financing Solutions: Attractive options for -nancing investment properties and partners-hips in real estate sales.• Pension Consulting: Individualized solutions, including the creation of living wills and tax declarations.ADDITIONAL BENEFITS• Network & Community: Leverage our robust network and regular events to connect and form new partnerships.• Advocacy: IGUV actively represents your inte-rests with FINMA and other regulatory bodies.• Industry Studies: Participate in studies on re-gulatory and technical requirements within the industry.This comprehensive array of services is bolstered by a dedicated community and strong network support. Benet from advocacy on your behalf and dynamic exchange with fellow asset mana-gers. Your membership strengthens not only your own business but the industry as a whole.Become a Member Now! Register online at iguv.ch/registration to take advantage of these exclusive benets.Become a Member Now and Reap the Benets!

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IGUV LAUNCHES PMS INDUSTRY SOLUTION: EFFICIENT, SCALABLE, AND COST-EFFECTIVEAgainst this backdrop, IGUV, as an association re-presenting independent asset managers (IAMs) with currently 90 members, has developed an in-novative industry solution: a mandate-capable Portfolio Management System (PMS) that is pow-erful, exible, and signicantly more cost-effective than standard market alternatives. Why an Industry Solution? The IGUV-PMS solution is designed for asset ma-nagers who have not yet adopted a PMS due to the high costs of existing systems, which often do not justify the expense relative to their bene-ts. With this initiative, we offer a cost-efcient yet highly capable platform that outperforms many standard solutions.A key feature of this solution is its mandate capa-bility, which provides multiple advantages:Leveraging Economies of Scale – Instead of 20 asset managers paying for 20 separate bank in-terfaces, a single interface is used for all.In the world of independent asset managers (IAMs), the efcient manage-ment of client portfolios presents a key challenge. High-quality Portfolio Ma-nagement Systems (PMS) often come with signicant costs, making them difcult to afford for small and mid-sized asset managers.Author: Roger Fromm, IGUVCentralized Procurement of Modules – High-qua-lity modules can be distributed among partici-pants. A PMS module that would cost CHF 50,000 per rm can thus be made available for CHF 2,500 per participant.Centralized Management by IGUV – Each mem-ber receives their own individual access and can even grant free view-only logins to clients or au-ditors. Strict Selection Criteria for Providers The choice of a PMS provider is a critical factor in the success of this project. IGUV has established clear exclusion criteria to ensure high quality and efciency:• No foreign-controlled companies known for high costs and low performance.• No providers with English-only support, as Swiss expertise and local customer service are of great importance to us.44 • IGUVASSET MANAGER • NO. 21 / 2025

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• No providers with long implementation times— a system that takes 6 to 12 months to deploy is not an option.Of the 29 PMS providers contacted, 15 expressed interest in collaboration. The remaining providers were excluded based on publicly available infor-mation that indicated they did not meet our crite-ria. Another key requirement was that the provider already offers a fully operational mandate-ca-pable solution. IGUV will not participate in unnis-hed developments or assume project risks. Features of the IGUV-PMS Solution Our PMS is much more than just a cost-effective alternative to existing systems. It offers compre-hensive functionalities essential for professional asset management:• Advanced Performance Module – Compli-ant with GIPS standards, enabling customized performance analysis based on asset classes, currencies, countries, and more.• CRM Integration – Store and track documents, deadlines, and notes. Displays relationships between benecial owners.• Regulatory Compliance – Meets MiFID and FIDLEG requirements. AML-relevant transac-tions are automatically recorded in the com-pliance dashboard.• Tactical Asset Allocation Analysis – Provides detailed comparisons between planned and actual portfolio allocations.• Custom Benchmarks – Dene and analyze any comparative performance measures. Maximum Performance, Minimal Costs – A PMS Solution That Truly Pays«SHARED BENEFITS: SCALING MAKES PREMIUM FEATURES AFFORDABLE.»

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API Sponsorship by Custodian Banks Each integrated custodian bank incurs main-tenance and support costs for its API interface. Typically, an individual asset manager would pay CHF 2,400 per bank per year. However, IGUV offers an attractive API sponsorship model for custodian banks:• For just CHF 4,800 per year, a bank can spon-sor its API interface.• The sponsoring bank will be listed as an approved partner, granting all afliated asset managers free access to its API.• Banks without a PMS solution can offer signi-cant added value to their asset managers—without any project risk.A Win-Win Model• Asset managers benet from a more af-fordable PMS solution.• Banks enable seamless integration for their IAMs without additional development costs. Exclusive Early-Bird Advantage IGUV is pre-nancing the project and covering the one-time setup costs of CHF 6,000 per asset manager. These costs will be amortized over ve years and will only be partially charged in case of early termination.Cost Breakdown for Early-Bird Participants:Year 1: CHF 4,800Year 2: CHF 3,600Year 3: CHF 2,400, etc.This offer is exclusively available to early adopters who commit to the PMS project from the start. La-tecomers can still join but must pay the full setup costs upfront.Secure Your Spot NowEarly registration ensures preferential pricing and the opportunity to actively shape the PMS's future development. A Strategic Management Tool A Portfolio Management System (PMS) is no lon-ger just about consolidation, reporting, and risk management. Our solution provides valuable ma-nagement functionalities for business leaders:• Employee Performance Analysis – Which employees manage portfolios most efcient-ly? Where are the risks?• Detailed Key Metrics – Volatility, Sharpe Ratio, Drawdowns – all essential KPIs at a glance.• Client Activity Overview – Inows, outows, and key growth factors of client assets.• Professional Market Presence – A well-esta-blished PMS tool enhances credibility with po-tential business partners.• Business Continuity Management (BCM) – Successors gain secured access to all rele-vant data.• Company Valuation & Succession Planning – Essential metrics are readily available in case of a potential business sale. Attractive Pricing Model The advanced features included in the IGUV-PMS would typically cost an individual asset manager between CHF 20,000 and CHF 50,000 per year on the open market. Thanks to the scalability of our industry model, we can offer our members a sig-nicantly lower price:• Lowest available price: CHF 4,990 per year• Highest price to date: CHF 21,000 per year (for an asset manager with 10 custodian banks, in-cluding multiple exotic ones)The more participants join, the lower the xed costs for everyone—while allowing for the integration of additional modules and enhancements, making the PMS even more powerful and attractive.46 • IGUVASSET MANAGER • NO. 21 / 2025

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Calculate Your Costs Interested asset managers can calculate their in-dividual pricing using our PMS cost calculator:• PMS Cost Calculator: https://bit.ly/IGUV-PMS Book a Free Consultation Schedule a 45-minute Zoom meeting: https://calendly.com/fromm-iguv/45minPlease note: This meeting is exclusively for FIN-MA-licensed asset managers. Other interested parties can contact us at info@iguv.ch.Conclusion: A Milestone for Independent Asset ManagersThe IGUV-PMS industry solution is a groundbrea-king project, offering independent asset mana-gers a cost-efcient, high-performance, and fully regulatory-compliant alternative to existing PMS providers. This initiative combines Swiss quality, efciency, and scalability, delivering real added value for all current and future members.If you are interested in joining this industry solution—now or in the future—we look forward to hearing from you.«FOR JUST CHF 4,800 PER YEAR, YOUR BANK ENABLES ALL AFFILIATED IAMS TO ACCESS THE API FREE OF CHARGE.»

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