Title: Switzerland : a growing centre for single manager hedge funds
Authors : Anhorn, Regina
Meier, Peter
Extent : 80
Publisher / Ed. Institution : ZHAW Zürcher Hochschule für Angewandte Wissenschaften
Publisher / Ed. Institution: Winterthur
Issue Date: 2008
License (according to publishing contract) : Licence according to publishing contract
Language : English
Subjects : Regulation hedge fund; Single manager hedge fund; Swiss hedge fund
Subject (DDC) : 332.6: Investment
Abstract: It is with great pleasure that I present you this survey entitled “Switzerland – A Growing Centre for Single Manager Hedge Funds”, conducted by ZHAW Centre Alternative Investments & Risk Management. Funds of Hedge Funds (FoHF), as a form of alternative investment, have been a core business in Switzerland since the first of these funds launched in the early 1980s. The first onshore FoHF, and Swiss-exchange listed investment companies, were launched in the mid 1990s. Today, Swiss-domiciled FoHF have an impressive market share of approximately 30% of the global FoHF industry but the rate of growth of the Single Manager Hedge Fund (SMHF) industry falls well short of this. Recent press articles have indicated increasing competition among different jurisdictions in the SMHF space in Europe. Some European countries have taken measures to make their respective markets more attractive to hedge funds and their managers. However, as evidenced in some countries, success is limited if these measures are half-hearted, constrained by an inflexible regulatory environment, or uncompetitive tax regimes. Switzerland has recognised that a major opportunity could be missed if it does not face up to the issues around this increasingly competitive market and make itself a more attractive location for SMHF. (See next page for initiatives “under way”). As a leading global FoHF provider, with a track record of over two decades in the alternative investment arena, GAM was approached by ZHAW Centre Alternative Investments & Risk Management to give financial and technical support to this independent research project analysing the Swiss SMHF market. The survey is based on a comprehensive questionnaire and in-depth interviews with representatives from Swiss SMHF. The results, including noted recommendations are, therefore, entirely the views of the participants. I hope this survey gives you both an interesting and inspiring insight into the current landscape of Swiss SMHF. A group of government institutions and industry associations, including the Swiss Funds Association SFA, has launched the "Financial Centre Dialogue” to promote Switzerland as a more competitive financial centre. This includes measures to improve the current business conditions in key sectors of the Swiss financial industry. The Swiss Confederation and the financial sector have established the "Financial Centre Dialogue Steering Committee". Several working groups are currently examining existing and new practices to better financial conditions, including the area of alternative investments. One of the main areas under review is “Private Equity/Hedge Funds”. This survey has been commissioned by GAM and developed outside the framework of the “Financial Centre Dialogue”. Nevertheless, I would like to thank both GAM, one of our prominent members in the area of alternative investments, and the ZHAW for this ground breaking survey. It provides valuable insights into the least known, but fast growing sector of the Swiss Fund and Asset Management industry: Single Manager Hedge Funds. I hope the survey will further stimulate growth and prosperity of this developing business cluster in Switzerland.
Departement: School of Management and Law
Organisational Unit: Institute of Wealth & Asset Management (IWA)
Publication type: Working paper – expertise – study
URI: http://shfc.ch/images/sampledata/PDF/Articles_Papers/SMHFSurvey.pdf
https://digitalcollection.zhaw.ch/handle/11475/16328
Appears in Collections:Publikationen School of Management and Law

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