Asset Managers, Family Offices and Trustees — conclusion

Conclusion of Chapter II

The private wealth economy of Zug consists of independent asset managers, family offices, trustees and fiduciaries, who serve the wealthy families of the canton and clients around the world, and of the lawyers and tax advisers who advise them. Unlike Geneva, Zug has no private banking tradition. The assets of its clients are held by banks elsewhere. Since 2020, the portfolio managers and trustees have been subject to licensing by FINMA and to supervision by supervisory organisations, one of which has its seat in Zug. The licensing process, completed for most firms by early 2025, led to a consolidation of the industry. Single family offices remain outside the licensing regime, while their number and assets have grown. The revision of the anti-money-laundering law adopted in 2025 will extend due diligence obligations from 1 October 2026 to lawyers and advisers for the formation and administration of companies and trusts. Chapter III examines the instruments that these professionals use to structure the wealth of their clients.

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 September 2025.

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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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