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The independent survey, conducted by ZHAW School of Management and Law and
backed by active asset manager and leading fund of hedge funds specialist GAM,
highlights the importance of single manager hedge funds (SMHF) and their role in the
Swiss financial market.
The paper provides a comprehensive insight into the structure, development and performance
of the Swiss SMHF industry. Over 60% (represented by AuM) of Swiss hedge fund
managers participated in the survey, a high response rate despite turbulent market conditions.
Switzerland currently ranks as the third largest SMHF market in Europe. However, the vast
majority of funds, albeit managed or advised out of Switzerland, are domiciled abroad. The
results of the survey showed that hedge fund providers in Switzerland are constrained by the
uncompetitive Swiss tax environment and regulation or registration procedures and this is
preventing the industry from flourishing. Almost half of respondents said that the tax regime
was not competitive enough and 40% believe that regulation and registration procedures
represent a major hurdle.
Although Switzerland is a global Fund of Hedge Funds leader with a market share of approximately
30%, the SMHF universe is in its infancy, with assets under management (AuM)
of USD 15.2 billion across 116 funds run by 74 managers. Assets are highly concentrated,
with 70% of the smallest funds comprising only 10% of AuM. High Net Worth Individuals
(HNWI) represent the majority of Swiss hedge ...................... To view our full article Click here
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