Practitioner's note: establishing a portfolio manager or family office in Zug

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The practitioner who advises on the establishment of a portfolio manager or family office in Zug should address the following questions. Whether the activity requires a licence under the Financial Institutions Act, which depends on whether the firm manages assets for clients with whom it has no family or economic ties. If a licence is required, the organisation, capital, insurance, management and internal controls that FINMA and the supervisory organisation will require, and the affiliation with a supervisory organisation before the application is submitted. The rules of conduct under the Financial Services Act, including client classification, suitability, documentation and the affiliation with an ombudsman. The anti-money-laundering obligations, including the identification of clients and beneficial owners, the verification of the source of wealth and the affiliation with a self-regulatory organisation where no prudential supervision applies. The corporate and tax structure of the firm, including the taxation of its profits and of the income of its owners. And, for a single family office, the governance of the office, its relationship with the family and the family's companies, and the documentation that it serves only the family and is therefore exempt from the licensing requirement.

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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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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