Benedicte Gravrand, Opalesque Geneva:
The finance industry is an instrumental part of the Swiss economy, said André Valente, Head UBS Fund Services Switzerland during Terrapinn’s recent Hedge Funds World conference in Zurich. Indeed, it generates 10% of the Swiss GDP (22% in the Zurich region).
In 2011, 211,000 people (or 6% of working population) worked for the financial industry in the likes of Zurich, Geneva, Basel and Lugano. Switzerland is a leader of cross-border private wealth management, managing 27% of it or CHF 2.1bn, and Swiss banks manage CHF5.6bn of assets.
Backed by a historical tradition in institutional asset management, private banking and family offices, the Swiss financial centre is a major force for currency trading, commodity trading and management of funds of hedge funds (FoHF). This was confirmed by the Swiss Federal Council who said earlier this year that Switzerland was one of the most important commodity trading centres in the world.
The country houses more than 400 alternative asset managers, and 20 of 108 multimanager hedge fund managers of ......................
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