The banks behind the managers

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The independent asset managers and family offices do not hold their clients' assets themselves. The assets are deposited with custodian banks, which execute the managers' instructions and report to the clients. The relationship between the manager, the client and the bank is governed by three instruments: the asset management agreement between the manager and the client, the account agreement between the client and the bank and the power of attorney that the client grants the manager over the account. The custodian banks for the managers of Zug are mostly located in Zurich and Geneva. Several banks have specialised in serving independent asset managers.

The banks conduct their own due diligence on the clients of the managers and monitor the managers' activities on the accounts. The regulation of the managers since 2020 has changed this relationship. The banks can now rely on the supervision of the managers by FINMA and the supervisory organisations, while the managers must meet the same standards of conduct towards their clients that the banks apply. The result has been a professionalisation of the industry, at the cost of higher compliance expenses, which has favoured larger firms and contributed to the consolidation described above.

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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