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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 ......................

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