Asset managers, trustees and family offices

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Alongside the banks, the Basel financial centre includes a large number of independent asset managers, trust companies and family offices. Independent asset managers manage the assets of their clients under a mandate, while the assets are held in custody by a bank. Trust companies administer trusts and act as trustees for families from Switzerland and abroad, whereas family offices manage the wealth of a single family or of several families.

Until 2020, independent asset managers in Switzerland were subject only to the anti-money laundering rules, through their affiliation to a self-regulatory organisation, and escaped prudential supervision. The Financial Institutions Act, in force since 1 January 2020, introduced a licensing requirement for portfolio managers and trustees, who must obtain a licence from FINMA and are supervised on an ongoing basis by supervisory organisations authorised by FINMA.¹ Once the transitional period ended at the end of 2022, the asset managers that had not obtained a licence had to cease their activity or join a larger firm.

The new regime led to a consolidation of the independent asset management industry. Small firms, which could not bear the costs of the licensing, compliance and audit requirements, merged with others or were acquired. Family offices that manage only the assets of a single family remain outside the scope of the Financial Institutions Act, as long as they do not provide services to third parties on a professional basis. The author, who has advised asset managers on regulatory matters and served as external compliance officer for a regulated fund management company in Singapore, has observed the same development in other financial centres: the professionalisation and consolidation of independent asset management under the pressure of regulation.

Notes

Federal Act on Financial Institutions of 15 June 2018 (FinIA, SR 954.1), in force since 1 January 2020; licensing of portfolio managers and trustees by FINMA (Art. 17 ff. FinIA) and ongoing supervision by supervisory organisations (Art. 61 FinIA; Federal Act on the Financial Market Supervisory Authority, Art. 43a ff.); transitional period until the end of 2022. To be verified. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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Asset managers, trustees and family offices

Notes

Setting up or expanding in Switzerland?