Jahresbericht AMAS 2021_franz_Korr

Jahresbericht AMAS 2021_franz_Korr_6

The Asset Management Association Switzerland is the representative association of the Swiss asset management industry. It aims to strengthen Switzerland’s position as a leading center for asset management with high standards of quality, performance, and sustainability. To this end, it supports its members in developing the Swiss asset management industry and adding value for investors over the long term. The Asset Management Association Switzerland is an active member of the European Fund and Asset Management Association (EFAMA) and The International Investment Funds Association (IIFA). Founded in Basel in 1992, the Asset Management Association Switzerland currently has almost 200 members. For further information, please see www.am-switzerland.ch.

Contents Foreword 2021 – strong momentum in asset management Asset management markets Facts & figures Global wealth Asset management in Switzerland Key issues in 2021 Financial Services Act (FinSA), Financial Institutions Act (FinIA), self-regulation Limited qualified investor fund (L-QIF) Withholding tax reform Sustainable finance International environment Swiss Fund Data (SFD) The Association‘s activities Portrait A review of events Specialist committees Changes in the Association Board of Directors Executive Board Members Membership List of members Appendix List of abbreviations 4 6 7 8 10 12 13 13 16 17 18 20 20 22 24 25 26 27 34

Foreword 2021 – strong momentum in asset management Iwan Deplazes Adrian Schatzmann Dear members, ladies and gentlemen Last year proved once again just how relevant the asset management industry’s solutions really are. First of all, the Swiss industry’s growth momentum remained strong in 2021 after a 10.6% rise in assets under management in Switzerland to CHF 2.79 trillion in 2020. While this growth was no longer supported by the financial markets to the same extent as in the previous year, the forecasts for 2021 point to net inflows of around 4%. Taking responsibility for sustainability Growth was especially strong in sustainable invest- ments, with a study by Lucerne University of Applied Sciences and Arts showing that their total volume more than doubled to CHF 775 billion. More and more investors are rightly demanding that attention be paid to environmental, social, and governance (ESG) criteria. At the same time, there is a heated public debate over which investment products can be labeled “sustainable”. The onus here is on asset managers themselves. It is they who decide, via their asset allocations, on the investment of large sums in sustainable companies and sectors, for example with a view to reducing global warming to 1.5°C between now and 2050. Meanwhile, they must also meet their clients’ expectations and sus- tainable investment goals and ensure transparency. With regard to its aim of positioning Switzerland as a leading hub for sustainable investment, AMAS made progress on various fronts in 2021. It published Recommendations on Transparency and Minimum Requirements for Sustainable Investment Approaches and Products together with Swiss Sustainable Finance. It also became one of the first financial industry associations to join the Net Zero Asset Managers initiative (NZAMI) and started work on binding self- regulatory guidelines on the topic of sustainability. Political developments A range of topics with relevance for AMAS took center stage in Bern last year. In its winter session, the National Council voted to amend the Collective Investment Schemes Act (CISA) in order to create a new category: the limited qualified investor fund (L-QIF). This represents an important step forward for the Swiss asset manage- ment industry and AMAS, which originally came up with the idea, since it strengthens Switzerland’s competitive- ness as a location for funds and asset management. The new fund category, which allows for a more flexible investment universe, is likely to be made available to qualified investors as soon as 2023. Self-regulation: a huge project Another huge project for AMAS last year was the revision of its self-regulation materials to account for the Financial Services Act (FinSA) and Financial Institutions Act (FinIA), which entered into force at the start of 2020. FINMA confirmed on 28 September 2021 4

Foreword that it had recognized AMAS’s revised guidelines as a minimum standard and acknowledged its revised model documents. The revised Code of Conduct and the guidelines on real estate funds, fund performance, valuation of assets, money market funds, and the total expense ratio (TER) entered into force on 1 January 2022. The further implementation of the self-regulation will again require some efforts from both AMAS and the individual Swiss asset managers in 2022, but FINMA recognition provides a solid basis for this work. AMAS has been very active in relation to the ongoing reform of withholding tax with the aim of creating a more competitive framework for production in the Swiss asset management industry. The reform of withholding tax was a relatively clear-cut issue in the Swiss Parliament: the Council of States followed the National Council not only in voting in favor of the draft law but also in adopting the majority proposal by its Economic Affairs and Taxation Committee (EATC-S) to abolish withholding tax on fund income from bonds as well as income from direct bond investments. In principle, therefore, there are no more obstacles to prevent the abolition of withholding tax at the start of 2023, although the Social Democratic Party has already announced that it plans to call a referendum. The Swiss electorate might thus have the last word on the reform. Focal points for 2022 The following themes will be at the forefront for AMAS this year: • Drafting liberal self-regulation on sustainable investment products with the aim of providing asset managers with an ideal framework to turn Switzerland into a leading hub for sustainable finance and contributing to existing international initiatives with regard to climate goals • Strengthening pension funds’ investment experitse and risk capacity in order to improve conditions for the pension system’s “third contributor” Implementing a new, proactive communication strategy for all of AMAS’s strategic priorities, including pensions and sustainability • • Focusing on innovation and future-proofing Swiss asset management: digital transformation, block- chain technology, talents, and education Lobbying with regard to current and upcoming legislative projects (acts and ordinances on regulatory and tax matters) • • Building on our relationships with political representatives at the national level • Providing members with information, training, and support to help them implement the changes required under the FinSA and FinIA Sincerely yours Iwan Deplazes President Adrian Schatzmann CEO 5

FaCts & Figures 179 member companies At the end of 2021, AMAS had 179 members. We welcomed 12 companies as new members during the year. Assets under management at new high despite COVID-19 Assets under management in Switzerland rose by 10.6% in 2020 to a record level of CHF 2.79 trillion thanks to high net asset inflows and rebounding financial markets in the second and third quarters of the year Substantial new money in 2020 Net asset inflows totaling CHF 100 billion across all asset classes and segments contributed four percentage points to the growth in assets under management. Strong results The Swiss asset management industry’s total revenue is estimated at CHF 15.67 billion, its earnings at CHF 4.10 billion. Asset managers creating jobs The industry directly employs around 10,300 people, and a further 47,400 are indirectly employed providing services related to asset management in the broader sense. Sustainable investments seen as biggest opportunity Continued strong demand from clients, risk considerations, and requirements under supervisory law are the main reasons for this. Growing segment with differentiated value proposition Asset management contributes to the diversification of the Swiss financial center, complementing private banking and wealth management as a separate discipline in its own right. Source: Swiss Asset Management Study 2021 6

asset management markets Global assets under professional management continued to chase new records in 2021, mainly as a result of the mood on the financial and real estate markets remaining upbeat. Assets under management in Switzerland also reached a new high thanks to capital gains and impressive inflows of new money. Global wealth Growth hit by coronavirus crisis Credit Suisse estimates that wealth worldwide grew by 7.4% year-on-year to USD 418 trillion at the end of 2020. Both financial and non-financial assets gained value, although growth rates varied significantly from region to region. North America (+10.0%) and Europe (+9.8%) in particular recorded above-average growth, while Latin America (-10.1%) and India (-4.4%) saw sharp declines. While average per-capita wealth world- wide once again hit new heights, wealth inequality is still very high. Switzerland remains in first place as regards both wealth per capita and the absolute increase in wealth per capita. Global wealth in 2020 3% 1% 3% 18% 32% North America: USD 136,316 billion Europe: USD 103,213 billion Asia-Pacific: USD 75,277 billion China: USD 74,884 billion India: USD 12,833 billion Latin America: USD 10,872 billion Africa: USD 4,946 billion 18% 25% Source (chart): AMAS 7

asset management markets Diverging trends among individual countries Despite temporary slumps of more than 30% due to the coronavirus pandemic, the stock markets proved robust and were comfortably in positive territory at the close of 2020, thus contributing substantially to the increase in global wealth. However, property prices were also resilient and continued to rise. Wealth per capita in North America rose to USD 487,000 at the end of 2020, well above the European figure of USD 175,000. Switzerland continues to occupy first place in this respect with USD 674,000, a full USD 71,000 higher than the year-back figure. Global market for asset management Financial assets make up the bulk of the wealth managed by asset managers. Bullish stock markets, driven by highly expansionary monetary policy, caused the global asset management market to grow by 11% to USD 103 trillion (source: Boston Consulting Group). Despite this sharp increase in volumes, the global asset management industry’s aggregate earnings stagnated at a high level as fees continued to decline – a trend that has now been observed for a number of years. Asset management in Switzerland Large volumes Extrapolating the figures, the total volume of assets managed by asset managers in Switzerland reached a new record level of CHF 2,787 billion at the end of 2020. The exceptionally strong year-on-year growth of 10.6% was attributable to booming financial markets as well as high net inflows of new money (almost CHF 100 billion). Discretionary mandates for Swiss and foreign institutional clients accounted for CHF 1,129 billion of this amount, with collective investment schemes under Swiss and foreign law making up the remaining CHF 1,658 billion. High diversity and good profitability Switzerland boasts a highly diverse range of asset ma- nagement providers. Most of them manage less than CHF 15 billion and have fewer than 250 staff. Ove- rall, asset management firms in Switzerland directly employ some 10,300 people and are responsible for a further 47,400 jobs at companies providing ancillary services to asset managers. The asset management industry in the broader sense is thus a key source of employment for highly qualified workers on the Swiss market. 8

asset management markets The Swiss asset management industry’s total reve- nue is estimated at CHF 15.67 billion, its earnings at around CHF 4.1 billion. The majority of the assets managed in Switzerland are managed by a relatively small number of large market participants, especially in the institutional mandate business. Swiss asset managers stand out internationally through the large number of products they offer in the area of alternative investments (real estate, private equity, private debt, infrastructure, hedge insurance-linked securities). As well as offering higher margins, this segment is also growing faster than the overall market. funds, commodities, and Positive market trend continued in 2021 The persistently positive backdrop for financial markets is likely to have resulted in further growth for the Swiss asset management industry in 2021. If we assume average growth of 3-4% in net new money and a performance figure of 8% for a typical institutional portfolio, then Swiss asset managers’ assets under management will have broken through the CHF 3,000 billion barrier for the first time ever at the end of last year. This means that they have gained around CHF 1,000 billion in the past three years alone. Assets under management in Switzerland (in CHF billions) 2,519 441 1,030 2,787 558 1,100 2,208 381 2,161 387 880 856 947 918 1,048 1,129 3,000 2,000 1,000 0 1,970 340 785 845 2016 2017 2018 2019 2020 Foreign collective investment schemes managed in Switzerland Swiss open-ended collective investment schemes Discretionary mandates for institutional clients Source: Swiss Asset Management Study 2021 9

key issues in 2021 AMAS brought one of its biggest projects to a close with FINMA’s recognition of the revisions to its self-regulation materials in line with the FinSA and FinIA. It also enjoyed success with regard to the introduction of a new fund category, the L-QIF, and the reform of withholding tax. Financial Services Act (FinSA), Financial Institutions Act (FinIA), self-regulation Publication of self-regulation materials revised in line with FinSA/FinIA The industry had entered the final phase of implement- ing the FinSA and FinIA in 2021. The transition periods specified in the FinIA for existing licensees had expired at the end of 2020. The FinSA, meanwhile, gave financial service providers until the end of 2021 to implement its new rules. The transitional provisions also specified deadlines for phasing out certain provisions of the old CISA, which also expired at the end of 2021. The following guidelines were published on 28 Sep- tember 2021: • Code of Conduct • Guidelines for real estate funds • Technical guidelines (Guidelines for money market funds, Guidelines on the valuation of assets and the handling of valuation errors, Guidelines on the calculation and publication of performance data, Guidelines on the calculation and disclosure of the TER) Supported by a working group, the Executive Board revised the Association’s guidelines and model docu- ments during the year in line with the FinSA and FinIA, the new CISA, and the related Federal Council and FINMA implementing provisions. As a rule, FINMA must recognize changes to the guidelines and acknowledge changes to the model documents. The new Ordinance to the Financial Market Supervision Act (FINMASA Ordinance) also required further consultation procedures within the federal government in relation to FINMA’s recognition of the self-regulation materials. The revised guidelines as recognized by FINMA, the model fund documents, and a new model “distribution agreement” were finally published on 28 September 2021, marking a significant milestone for the Association. The provisions of the old Transparency Guidelines were also revised and integrated into the revised Code of Conduct. The revisions entered into force on 1 January 2022, replacing the existing minimum standard with no interruption. The Distribution Guidelines and KIID Guidelines ceased to apply when the statutory transition periods expired because their content has now been subsumed within the FinSA.The guidelines published on 28 September 2021 as recognized by FINMA replace the versions published with the circular of 17 June 2021 (01/2021) without FINMA recognition. 10

The model fund documents published on 28 September 2021 were acknowledged by FINMA following their revision. The model documents for limited partnerships for collective investment, which have been revised with the help of the Swiss Private Equity and Corporate Finance Association (SECA), will be published in a second step. The revised model prospectuses are based on the system that has been in place to date. Annex 6 of the Financial Services Ordinance (FinSO), which sets out the minimum content of the prospectus for collective investment schemes, also introduced a new prospectus structure. While this new structure is not yet mandatory for the time being, we nevertheless recommend adopting it as quickly as possible. The new structure is likely to become mandatory for all funds in the medium term. investment schemes The new model agreement on promoting the sale of collective in Switzerland (previously “model distribution agreement”) has been acknowledged by the Federal Tax Administration (FTA) on behalf of the authorities. This model agreement aims to take account of industry practice in the new regulatory environment and provide a model for cases in which third parties are contracted to promote the sale of collective investment schemes (previously referred to as “distribution”). Continued use of SFAMA documents To ensure that the industry has enough time to implement the revised self-regulation materials, the Association asked FINMA to extend the deadline according to Art. 144 para. 3 CISO for submitting fund documents revised in line with the FinSA and FinIA until 30 June 2022. FINMA did so on 12 July 2021.

Parliamentary process The L-QIF project got up and running quickly by Swiss standards. The Federal Council instructed the Federal Department of Finance (FDF) on 5 September 2018 to draft the necessary revision of the law. The idea also met with widespread support in parliament. The motion put forward by Ruedi Noser of the Council of States was passed with large majorities by the Council of States in September 2018 and by the National Council in March 2019. Broad support for the idea was also expressed in the consultation opened on 26 June 2019. However, the Federal Council’s vote to adopt the dispatch was delayed by the coronavirus situation. The Council of States Economic Affairs and Taxation Committee discussed the matter on 20 April 2021 and voted with an overwhelming majority in favor of the L-QIF. The Council of States discussed the proposal at its plenary session on 9 June 2021 and adopted it unanimously (with one abstention). This represents another major success for the Asset Management Association Switzerland, which has proactively supported the project from the outset. The draft was finally discussed by the National Council’s Economic Affairs and Taxation Committee at the start of September 2021 and adopted by a plenary meeting of the National Council during the winter session. Subsequent efforts to resolve differences between the two councils resulted in a text agreed by both. The draft was then adopted in the final votes by the National Council (122 votes to 68) and the Council of States (30 votes to 12). It can be expected to enter into force in 2023 at the earliest. key issues in 2021 L-QIF Background In a competitive international market, Swiss funds are often not investors’ first choice, especially as regards alternative investments for professional investors. High time and cost pressure in the approval process mean that even Swiss investors often favor foreign collective investment schemes. The Swiss limited qualified investor fund (L-QIF) is intended as an innovative response to this problem. The Federal Council had taken up the idea on 5 September 2018 and presented a consulta- tion draft of a revised CISA taking account of it on 26 June 2019. The Asset Management Association Switzerland, one of the originators of the idea, supports this legislative project, which represents an important step toward strengthening the Swiss financial sector and enhancing Switzerland’s competitiveness as a location for funds and asset management. Idea The proposal centers on the idea of offering a flexible collective investment scheme under Swiss law that does not need to be approved by FINMA and can therefore be set up much more quickly and cheaply. L-QIFs will be offered exclusively to qualified investors who know exactly what they want to invest in and are looking for a bespoke investment solution. These are market participants who have excellent fund knowledge or receive professional advice on funds. The usual levels of quality and security will be ensured as the fund management company or manager of an L-QIF must be an institution authorized and supervised by FINMA. This takes full account of qualified investors’ need for protection. Other collective investment schemes for qualified investors will remain subject to FINMA approval. The L-QIF will merely be an additional option for qualified investors who are prepared to forgo dual supervision (institution and product). 12

key issues in 2021 Withholding tax reform Equal treatment of direct and indirect investments Reforming the withholding tax regime has been a key political issue for some time now. After reform attempts in 2010 and 2014 failed, the Federal Council decided to try again. It opened a consultation in April 2020 on revising the Withholding Tax Act with the stated aims of strengthening the debt market and closing existing loopholes. The intention was to implement the reform by partially introducing the paying agent principle for interest income. Under this principle, the tax would not be collected from the debtor of a taxable payment as is currently the case but from a paying agent. The deb- tor principle would continue to apply in all other cases. Various stakeholders – AMAS included – criticized this complete change of system and the complexity of putting it into practice in their responses to the consul- tation. The Federal Council took this criticism on board in the dispatch it forwarded to the Swiss Parliament in April 2021. Instead of a system change, it proposed a solution that would be easy to implement: abolishing withholding tax to a large extent. However, this proposal only included income from direct investments in bonds, not income from funds. The Federal Council thus expressly chose not to treat direct and indirect investments equally despite clear support for doing so in the consultation. It claimed that the resulting tax incentive to favor direct investments or investments in foreign funds was acceptable, given how complex it would be to ensure equal treatment in practice. The Asset Management Association Switzerland did not agree with this argument and made the case for abolishing withholding tax not only on interest earned from direct investments, but also on income from bonds held indirectly via Swiss investment funds, provided it is reported separately, in the interest of equal tax treatment. This would be easy to implement both in law and in practice. In May, AMAS had the opportunity to present its views during a hearing organized by the National Council’s Economic Affairs and Taxation Committee (EATC-N). The Committee discussed the draft in detail in August and decided that not only income from direct bond investments, but also income from indirect investments (i.e. fund income) should be exempted from withholding tax. The majority of the committee’s members believe in particular that this would prevent disadvantages for Swiss collective investment schemes relative to their foreign counterparts. The plenary meeting of the National Council, the Council of States Economic Affairs and Taxation Committee, and the plenary meeting of the Council of States all shared this view and thus voted in favor of extending the tax exemption to fund income. The draft was then clearly adopted in the final votes by the National Council (125 votes to 70) and the Council of States (31 votes to 12). Sustainable finance Need for clarity and transparency The topic of sustainability in the financial sector took on a whole new dimension in 2021. Internationally, the commitments to implementing the UN’s Sustainable Development Goals (SDGs) and limiting global warming to 1.5°C by 2050, which were renewed at the COP26 summit in Glasgow, confirm an underlying trend. Sustainability and with it sustainable asset management have gained relevance and begun to mature. This entails a learning curve, which is inevitable with any form of transition. It also brings the need to work out a clear definition of what “sustai- nable” really means. The requirement for clarity and transparency also goes hand-in-hand with a commit- ment to avoiding the risk of greenwashing. 13

key issues in 2021 In Switzerland, the regulatory authorities and politicians are addressing this issue. The Federal Council sees sustainability as an opportunity for the Swiss financial sector and has reiterated its aim of positioning Swit- zerland as a driving force in this field. In line with the principle of subsidiarity, it has instructed the financial sector to draw up principles, minimum standards, and rules that will shape future sustainability frameworks. This means that all Swiss financial players – banks, insurers, and asset managers – must speak with one voice. The industry associations, AMAS included, have a vital role to play here. AMAS is prepared for this and looks forward to working together with its members, politicians, other associati- ons, non-governmental organizations, and the industry as a whole. Strategic priority for Federal Council At a meeting last November, the Federal Council recommended more transparency and disclosure of climate-relevant non-financial information and indicators, more commitment to international net-zero initiatives from the financial sector, and the introduction of uniform definitions and standards for sustainable financial products and services in order to avoid all risks of greenwashing. With regard to the first point, the possibility of rolling out a Swiss climate label is to be investigated. A working group was set up for this purpose in mid-December on the initiative of the State Secretariat for International Finance (SIF). It comprises representatives from the financial industry (AMAS, Swiss Bankers Association, Swiss Sustainable Finance) and non-governmental organizations (Greenpeace and WWF) as well as industry experts. A number of exponents of the Swiss financial industry have already heeded the FDF’s call to decarbonize investment portfolios and join net-zero initiatives. In particular, 24 of our members have joined the Net Zero Asset Managers initiative (NZAMI). AMAS is convinced that this initiative is a good idea and is proud to be among the first national industry associations officially promoting it. AMAS is committed to raising its members’ awareness of NZAMI and encouraging them to join. 14 The Federal Council’s ultimate goal in combating greenwashing is to create a binding framework that will serve as a basis for the entire Swiss financial center. It requested a report on progress made to date in implementing its recommendations, to be submitted by December 2022. The message is clear: self-regula- tion is no longer optional when it comes to sustainable asset management, it is a necessity. Efforts to put a liberal system of self-regulation in place are likely to keep us very busy in 2022. FINMA’s goal: to protect investors The supervisory authority is also taking greenwashing very seriously. FINMA officially amended its circulars on disclosure for insurers and banks in May 2021 in line with the recommendations put forward by the Task Force on Climate-related Financial Disclosures (TCFD) to set out binding rules on the disclosure of climate risks. These rules arebinding for financial institutions in categories 1 and 2 only, with effect from July 2021. In November 2021, FINMA went one step further and published guidance on preventing and combating greenwashing, covering the fund industry and rules of conduct at the point of sale. Sustainability as a priority for AMAS A joint working group set up by AMAS and Swiss Sustainable Finance (SSF) carried out an in-depth investigation of greenwashing in sustainable asset management. AMAS and SSF published their Recom- mendations on Transparency and Minimum Require- ments for Sustainable Investment Approaches and Products at the end of November 2021 with the aim of building investors’ trust in the Swiss financial center. The recommendations have three main goals: to define the various sustainable investment approaches and instruments in more detail and set minimum criteria for implementing each of them; to specify minimum requirements for investor information on the different investment approaches and instruments; and to identify which sustainable investment approaches satisfy investors’ various goals most effectively.

key issues in 2021 The second Building Bridges Week, held in Geneva from 29 November to 2 December 2021, offered an opportunity to raise awareness of the recommendations and present them to a wider audience. The multi- stakeholder conference, which was co-founded by AMAS, was a huge success, attracting more than 1,000 attendees from a range of interest groups to over 70 events promoting the global agenda of a sustainable future for the financial industry. We look forward to contributing to the organization and content of the third Building Bridges Week. Taxonomy and SFDR – key elements of European regulation At the European level, 2021 was an eventful one in terms of sustainable finance: • The regulatory requirements under the Sustainable Finance Disclosure Regulation (SFDR) entered into force in March. Swiss fund providers with links to the EU must classify their products accordingly. Funds under Article 8 of the SFDR promote environmental or social characteristics. Those under Article 9 aim to invest sustainably. Funds that do not fall under Article 8 or Article 9 are classed as general products under Article 6. • The taxonomy that forms the basis of the EU’s sustainability regulations entered into force on 1 January 2022 for the first two of six environmental objectives. The taxonomy is the EU’s system of classifying sustainable economic activities. The first two objectives to which the rules apply concern mitigating and adapting to climate change. Funds classified under Articles 8 and 9 of the SFDR are therefore required to document the proportion of their investments aligned with these two objectives in accordance with the definitions set out in the EU taxonomy. It must be borne in mind that the implementation of the delegated acts (MiFID II, UCITSD, AIFMD, IDD, and Solvency II Directive) will not be completed until August 2022 in order to take account of clients’ preferences in terms of sustainability. • 15

were invited to provide their input by 16 December 2021, and the ESAs will report to the Commission on 30 April 2022. On 3 December 2021, the Federal Council extended the transitional deadline for producing a key information document (KID) for complex financial instrument by 12 months. This means that securities funds, other funds for traditional investments, real estate funds, and structured products can continue to publish their key investor information document or simplified prospectus under investment schemes legislation until 31 December 2022. This extension required amendments to the relevant articles of the Financial Services Ordinance (FinSO) and Collective Investment Schemes Ordinance (CISO). the old collective key issues in 2021 International environment Alternative Investment Fund Managers Directive (AIFMD), Undertakings for Collective Investment in Transferable Securities Directive (UCITSD) On 25 November 2021, the European Commission proposed amendments to both the AIFMD and the UCITSD concerning delegation, liquidity risk manage- ment, data reporting for market monitoring purposes, and regulatory treatment of custodians. With regard to delegation, the Commission acknowledges that the regime contributes to the success of the EU fund and manager labels. In particular, it allows for the efficient management of investment portfolios and for sourcing the necessary expertise in a particular geographic market or asset class. However, the Commission concludes (as ESMA did) that different national supervisory practices in fulfilling EU requirements for delegation of risk or portfolio management to third parties create inconsistencies that may reduce the overall level of investor protection. The Commission’s proposal was forwarded under the usual legislative process to the Council of the European Union and the European Parliament, which may make their own changes. Packaged retail and insurance-based investment products (PRIIPs) The European Parliament voted on 23 November 2021 to extend the transitional regime for investment funds under the PRIIPS Regulation and the UCITS Directive. Investment funds that currently produce a UCITS-KIID (key investor information document) now have until 31 December 2022 to replace it with a PRIIPs-KID (key information document). The European Commission’s original proposal entailed extending the transitional regime until the end of June 2022. The industry views this delay as sensible, given that the Regulatory Technical Standards (RTS) must first be in place to ensure that PRIIPs-KIDs can be produced correctly. The European Supervisory Authorities (ESAs) are also investigating on behalf of the Commission whether PRIIPs are achieving the desired effect. Stakeholders 16

key issues in 2021 Swiss Fund Data (SFD) SFD is a not-for-profit joint venture between the Asset Management Association Switzerland and SIX Swiss Exchange. It provides the Swiss fund market with high- quality information on the investment funds approved in Switzerland and makes it possible for fund providers to deliver all their data to one central body and efficiently fulfill their publication obligations. initial measures affecting New CEO and start of multi-year transformation After more than a decade of success as CEO, Erika Kessler handed the reins to Roman Aschwanden on 1 April 2021. At the same time, a multi-year techno- logical transformation was set in motion with the implementation of the company’s service offering and staff. This transforma- tion will massively expand SFD’s platform over the coming years. The focus will be on automation for fund providers using the openfunds standard, a significant increase in MyFunds functionality, modernized and more efficient fund search and analysis tools, and greater transparency through interactive fund league tables and more information on specific fund topics (e.g. Pillar 3 funds). Expanding the range of services The data offering was expanded in August 2021 to include ESG ratings and carbon data as well as a new market statistics report for sustainable funds. It is now possible to search for specific sustainable funds and subject them to peer-group comparisons using Morningstar data. SFD now also offers participating funds the option to deliver and manage their master data using openfunds. Further sharp increase in website use Use of the SFD website once again rose markedly year-on-year in 2021. The number of monthly users reached 80,000, with page views peaking at 500,000 per month. The SFD website is thus a firmly established source of information for investors. Over 70% of users are in Switzerland, followed by Germany, Luxembourg, and the USA. Some 52% of users are professional investors (asset managers, banks, pension funds, insurers), the rest retail investors. Fees unchanged The number of unit classes published on www.swiss- funddata.ch increased by approximately 7% in 2021. In addition, ten fund providers made use of SFD’s services for the first time, either as a publication medium or as a marketing platform. Thanks to this steady growth and SFD’s non-profit status, its range of services was continually expanded during 2021 without increasing the fees charged. 17

the AssoCiation's aCtivities Last year brought a wide range of challenges and exciting projects. Major domestic issues were on the agenda in 2021, including the legislative projects FinSA/FinIA and L-QIF, the revision of the self-regulation materials, and the work relating to sustainable finance. As regards international matters, the focus was on the EU dossiers. Portrait Efficient organization AMAS is the representative association of the Swiss asset management industry. It aims to strengthen Switzerland’s position as a leading center for asset management with high standards of quality, performance, and sustainability. To this end, it supports its members in developing the Swiss asset management industry and adding value for investors over the long term. AMAS is an active member of the European Fund and Asset Management Association (EFAMA) and the International Investment Funds Association (IIFA). Founded in Basel in 1992, AMAS currently has almost 200 members. The Association has a streamlined organization and a flat hierarchy. The specialist committees do the groundwork in the decision-making process. The Board of Directors also sets up ad-hoc working groups to support the Executive Board and deal with clearly defined tasks. The structure shown below ensures a high degree of efficiency and enables the limited resources available to be used strategically. AMAS Organization General Meeting Strategic/conceptual Board of Directors Specialist committees level Preparing decision-making basis Operational level Executive Board Ad-hoc working groups Source: AMAS 18

the AssoCiation's aCtivities Vision AMAS aims to strengthen Switzerland’s position as a leading center for asset management with the highest standards of quality, performance, and sustainability. Mission AMAS supports its members in their efforts to develop the strong Swiss asset management industry further and add value for investors over the long term. Membership as a hallmark AMAS is open to all fund management companies, asset managers, representatives of foreign collective investment schemes, and service providers active in the asset management area, regardless of their domicile or sector. Unlike most of the other national fund associations in Europe, it also accepts represen- tatives of foreign collective investment schemes as full members. By their presence on the market, these institutions also make a significant contribution to the importance and good reputation of the Swiss fund and asset management industry. Strategic priorities Strengthening Swiss asset management: promoting and developing the Swiss asset management industry and its individual member firms Savings and pensions: improving the frameworks for professional, cost-effective management of retirement assets and savings Innovation: promoting innovation, new technologies, and innovation- friendly national regulation Sustainable asset management: improving Switzerland’s standing and actively marke- ting it as a center for sustai- nable asset management 19

the AssoCiation's aCtivities A review of events 14 January 2021, virtual Webinar: Alternative Investments and the Sustain-able Finance Disclosure Regulation (SFDR) – ARE YOU READY? 27 April 2021, virtual Information Event for members 24 August 2021, Zurich/virtual Information Event for members 26 August 2021, Geneva/virtual Information Event for members 24 September 2021, Bern Annual General Meeting 24 September 2021, Bern Asset Management Day 9 November 2021, Zurich/virtual Information Event for members 11 November 2021, Geneva/virtual Information Event for members 1 December 2021, Zurich GIPS Day 2021 10 December 2021, virtual GIPS Beginners 2021 10 December 2021, Lugano Information Event for members Specialist committees Areas of activity The specialist committees undertake the preparatory work for decisions relating to their specific areas, which they then submit to the Board of Directors and the Executive Board. Such commitment and active support for the Association’s activities are not taken for granted, and we would like to express our thanks to all involved. The Association currently has the following specialist committees: • Alternative Investments • ETFs & Indexed Investments • Real Estate Funds • Processes & Operations • • • Risk Management • Taxes • Distribution & Marketing Legal & Compliance Legal & Compliance Asset Management 20 Alternative Investments specialist committee Chair: Régis Martin • Reviewing performance and the outlook/trends in alternative risk premiums and commodities • Hosting a webinar on the theme of sustainability (SFDR) and alternative investments • Discussing potential improvements in data quality for hedge funds • Assessing current ESG developments for alterna- tive investments • Discussing potential improvements in data quality for alternative investments • Starting an investigation into systematic risks of alternative investments • Continuing the discussion on systematic risks of alternative investment

the AssoCiation's aCtivities Legal & Compliance specialist committee Chair: Diana Imbach Haumüller • FinSA/FinIA workshops (sharing experiences and discussing various current issues, including distribution, handling intra-group remuneration, and KIDs) • Discussing the delegation of significant functions under the FinIA and the applicability of the FINMA Circular “Outsourcing” to funds and asset manage- ment • Discussing the changes needed to self-regulation in connection with the FinSA and FinIA • Discussing sustainable asset management, inclu- ding sharing experience of implementing the EU SFDR and EHP modules • Discussing international developments • Sharing experiences relating to COVID-19: changes and impact Legal & Compliance Asset Management specialist committee Chair: Jasmin Djalali • Discussing sustainable asset management, including sharing experiences with regard to implementing the EU SFDR and the FINMA Guidance on preventing and combating green- washing • Discussing the definition of prohibited leverage in infrastructure investments under OPO2 • FinSA/FinIA workshop (sharing experiences and discussing various current issues, including changes to organizational regulations, distribution, and affiliation to an ombudsman) Looking in depth into investment foundations; comparison with L-QIFs International developments, especially the CSSF FAQ dated 10 June 2021 and the impact of the failed talks on a framework agreement with the EU • • • Discussing the listing of ETF unit classes ETFs & Indexed Investments specialist committee Chair: Markus Götschi • Discussing listing possibilities for various unit classes and drafting suggested wording for revising the legal basis • Discussing income distributions by ETFs/index funds and drafting a proposal for amending the performance guidelines • Sharing experience with regard to random-sample audits of primary market trades Real Estate Funds specialist committee Chair: Roger Hennig • Reviewing the Association’s product-specific guide- lines with reference to the FinSA and FinIA • Finalizing the consolidated draft of the Association’s Guidelines for real estate funds (including liaison with FINMA) • Helping to revise the Guidelines for real estate funds and the model documents for self-regulation • Discussing sustainability developments and their impact on real estate funds • Assessing the potential regulatory impact of COVID- 19 on the Swiss real estate sector • Sustainability in the case of real estate funds: groundwork for a transparency standard (environ- mentally relevant key data) Involvement in the alliance of associations against a more restrictive Lex Koller • Processes & Operations specialist committee Chair: Samuel Mürner • Changes to self-regulation in connection with the FinSA/FinIA • Self-regulation update, deadline extension until 30 June 2022 for implementing model documents • Discussing progress with regard to withholding tax and stamp duty reform • Financial Stability Board consultation report “Policy Proposals to Enhance Money Market Fund Resi- lience” • EU Central Securities Depositories Regulation: introduction of settlement discipline measures • ESG regulation and CFA Institute Global ESG Disclosure Standards for Investment Products 21

the AssoCiation's aCtivities Risk Management specialist committee Chair: Robert Majewski • Discussing risk management topics in view of the revised self-regulation materials • Sharing experience of risk management in connec- tion with the management of pension assets • Discussing key topics from a risk management perspective, e.g. ESG risk and cyber risk Changes in the Association New members of the Board of Directors The following were newly elected to the Board of Directors: • August Benz, Head of Private Banking and Asset Management, Deputy CEO, Swiss Bankers Associ- ation (SBA), Basel • Sharing experiences with regard to the implemen- • Alexandre Meyer, Limited Partner, Lombard Odier tation of regulations on managing liquidity risks Group, Petit-Lancy • Discussing OTC counterparty rating guidelines (Art. 31 para. 1 CISO-FINMA) • Discussing principles of risk management and duties of the Board of Directors/Executive Board under Art. 8 FinIO-FINMA Taxes specialist committee Chair: Hanspeter Kurz • Assisting with the revision of the “model distribution agreement” in line with the FinSA/FinIA (tax law perspective) • Drafting and submitting a response to the FTA’s consultation on changes to the practices of the main VAT department (focusing on the section on collective investment schemes in VAT Info 14 – Financial Sector) • Analyzing and discussing the Federal Council’s dispatch on reforming withholding tax • Drafting documentation to aid the Association’s participation in the EATC-N hearing on 17 May 2021 re. the withholding tax reform • Assisting with the revision of the model documents for self-regulation The following were co-opted into the Board of Direc- tors: • Christel Rendu de Lint, Deputy Head of Invest- ments & Member of the Global Executive Board, Vontobel, succeeding Axel Schwarzer, Head of Asset Management, Vontobel Asset Management Ltd • Filippo Rima, Head of Asset Management Switzerland & EMEA & CEO, Credit Suisse Asset Management (Switzerland), succeeding Michel Degen, Managing Director and Head of Asset Management Switzerland & EMEA, Credit Suisse AG The Association would like to thank the departing members of the Board of Directors for their dedication. Executive Board New members of staff Stephan Artus (Senior Business Counsel) Stephan Artus spent 14 years in the audit business as Manager Financial Services Assurance & Regulation at KPMG in Zurich. He acted as lead auditor for various asset management institutions and their collective investment schemes and was seconded to the Authori- zation section of FINMA’s Asset Management division in 2020. Stephan has a degree in business studies from the Julius Maximilian University in Würzburg, Bavaria. He became a federally certified accountant in 2012 and is also licensed as an auditor by the Federal Audit Oversight Authority. 22

Markus Dinkelmann (Junior Analyst) Markus Dinkelmann completed his Master’s degree in banking and finance at the University of Zurich in 2019. Alongside his studies, he completed internships in the banking and fund industries in Vaduz, Liechtenstein. After graduating, he worked as a financial controller at a major insurance company in Zurich. Markus’s focus at AMAS is developing industry-relevant content, in particular data and quantitative analysis. Aurélia Fäh (Sustainability Expert) Aurélia Fäh has ten years’ experience in sustainable finance. She completed her studies at the University of St. Gallen and Sciences Po Paris with Master’s degrees in finance and international affairs and began her career with the International Finance Corporation (IFC). Working in Johannesburg (South Africa), Abidjan (Côte d’Ivoire), and Washington, D.C., she executed debt and equity transactions in banks, fintech companies, and insurers in sub-Saharan Africa and Latin America. After living and working abroad for seven years, Aurélia returned to Geneva to join a start-up providing credit to SMEs in developing countries. She represents AMAS in French-speaking Switzerland. Peter Hody (Senior Communications Manager / Media Spokesperson) Peter Hody is well acquainted with the Swiss financial center, having spent many years as a financial and business journalist. His last job was Editor-in-Chief of the financial news portal finews.ch, and he has also had management roles at the investor magazine Stocks and the investment portal cash.ch. In addition, he was the private TV channel RTL/ProSieben’s correspon- dent at the Swiss Parliament. A 53-year-old father of two sons, Peter is a historian and has an MBA in Media Management.

the AssoCiation's aCtivities Board of Directors Iwan Deplazes President Head of Asset Management, Swisscanto Invest by Zürcher Kantonalbank, Zurich Charlotte Bänninger Vice-President CEO UBS Asset Management Switzerland AG, Global Head Fixed Income, UBS Asset Management, Zurich August Benz Head of Private Banking and Asset Management, Deputy CEO, Swiss Bankers Association, Basel l Felix Haldner Partner, Partners Group, Baar, Zug Martin Jufer Global Head of Wealth Management, GAM Investments, Zurich Alexandre Meyer Limited Partner, Lombard Odier Group, Petit-Lancy Laurent Ramsey Managing Partner, Pictet & Cie Group SCA, Geneva Christel Rendu de Lint Deputy Head of Investments & Member of the Global Executive Board, Vontobel, Zurich Filippo Rima Head of Asset Management Switzerland & EMEA & CEO, Credit Suisse Asset Management (Switzerland), Zurich Mirjam Staub-Bisang CEO, BlackRock Asset Management Switzerland Limited, Zurich André Ullmann Country Head and COO, AXA Investment Managers Switzerland AG, Zurich 24

members Membership 179 members The Asset Management Association Switzerland’s membership has stabilized at around 180 in recent years. While the number of asset managers has been rising steadily, there has been a slight decline in the number of associate members. New active members • Heritage Bank Ltd • Energy Infrastructure Partners • Fairway Asset Management AG • Graubündner Kantonalbank • PAX Asset Management AG • Swiss Re Insurance-Linked Investment Management Ltd New associate members • AvelaLaw • • • • Wenger Vieli Ltd • ZZ Vermögensberatung (Switzerland) Ltd iCapital Network Ltd Intertrust (Switzerland) Ltd Lucht Probst Associates GmbH Membership structure as of end-2021 Members Active Members Total active members Total associate members Asset Managers Associate Members Fund Management Company Securities Funds Fund Management Company Real Estate Funds Fund Management Companies Representatives foreign CIS Banks and Insurance Companies Representative / Branch of foreign Asset Manager Custody Banks Association Law firms Auditors Others Source Charts: AMAS 26

members Active members 1741 Fund Solutions AG, St. Gallen www.1741group.com Banca Popolare di Sondrio (Suisse) SA, Lugano www.bps-suisse.ch 1875 Finance SA, Geneva www.1875.ch Banca Zarattini & Co. SA, Lugano www.zarattinibank.ch Aberdeen Standard Investments (Switzerland) AG, Zurich www.aberdeenstandard.ch ACOLIN Fund Services AG, Zurich www.acolin.com Albin Kistler AG, Zurich www.albinkistler.ch AllianceBernstein Schweiz AG, Zurich wwww.alliancebernstein.com Allianz Global Investors (Schweiz) AG, Zurich www.ch.allianzgi.com ARM Swiss Representatives SA, Gland www.armswissrep.com Avadis Vorsorge AG, Zurich www.avadis.ch AXA Investment Managers Schweiz AG, Zurich www.axa-im.ch Ayaltis AG, Zurich www.ayaltis.com Baloise Asset Management AG, Basel www.baloise-asset-management.com Banca del Ceresio SA, Lugano www.ceresiobank.com Banca del Sempione SA, Lugano www.bancasempione.ch Banque Bonhôte & Cie SA, Neuchâtel www.bonhote.ch Banque Cantonale de Genève, Geneva www.bcge.ch Banque Cantonale Vaudoise BCV, Prilly www.bcv.ch Banque Cramer & Cie SA, Geneva www.banquecramer.ch Banque Heritage SA, Geneva www.heritage.ch BERNINVEST AG, Bern www.berninvest.ch BlackRock Asset Management Schweiz AG Zurich www.blackrock.com/ch BNP Paribas (Suisse) SA, Geneva www.bnpparibas.com BNP Paribas Securities Services, Zurich www.securities.bnpparibas.com Bordier & Cie Banquiers Privés, Geneva www.bordier.com Bovay & Partenaires S.A., Lausanne www.bovay.ch BWM AG, Wilen b. Wollerau www.bwm.ch 27

members CACEIS (Switzerland) SA, Nyon www.caceis.com Fairway Asset Management AG, Zurich www.fairway-asset.com Candriam Suisse Sàrl, Geneva www.candriam.com FidFund Management SA, Nyon www.fidfund.com Cape Capital AG, Zurich www.capecapital.com First Independent Fund Services AG, Zurich www.fifs.ch Capital International Sàrl, Geneva capitalgroup.com Fisch Asset Management AG, Zurich www.fam.ch Carnegie Fund Services S.A., Geneva www.carnegie-fund-services.ch Flossbach von Storch, Zurich www.flossbachvonstorch.ch Carthesio SA, Lugano www.carthesio.com Franklin Templeton Switzerland Ltd, Zurich www.franklintempleton.ch Citibank (Switzerland) AG, Zurich www.citi.com Fundana SA, Geneva www.fundana.ch Cornèr Banca SA, Lugano www.corner.ch Credit Suisse Funds AG, Zurich www.credit-suisse.com Dominicé & Co, Geneva www.dominice.com Dreyfus Söhne & Cie AG, Banquiers, Basel www.dreyfusbank.ch DWS CH AG, Zurich www.dws.com FundPartner Solutions (Suisse) SA, Geneva www.pictet.com Galena Asset Management SA, Geneva www.galena-invest.com GAM Investment Management (Switzerland) Ltd, Zurich www.gam.com Generali Investments Switzerland Ltd., Adliswil www.generali.ch/investments GEP S.A., Lausanne www.gep.ch Edmond de Rothschild (Suisse) SA, Geneva www.edmond-de-rothschild.com GERIFONDS SA, Lausanne www.gerifonds.ch EFG Asset Management (Switzerland) SA, Geneva www.efgam.com Graubündner Kantonalbank, Chur www.gkb.ch Energy Infrastructure Partners AG, Zurich www.energy-infrastructure-partners.com Gutzwiller Fonds Management AG, Basel www.gutzwiller-funds.com 28

members HBM Partners AG, Zug www.hbmpartners.com Helvetia Asset Management AG, Basel www.helvetia-am.ch Helvetica Property Investors AG, Zurich www.helvetica.com Jupiter Asset Management (Switzerland) AG, Zurich www.jupiteram.com Kieger AG, Zurich www.kieger.com Heron Asset Management SA, Lugano www.heron.ch LGT Capital Partners AG, Pfäffikon SZ www.lgtcp.com HSBC Global Asset Management, Zurich www.assetmanagement.hsbc.com LLB Swiss Investment AG, Zurich www.llbswiss.ch Hyposwiss Private Bank Genève SA, Geneva www.hyposwiss.ch Lombard Odier Asset Management (Switzerland) SA, Petit-Lancy www.lombardodier.com Immofonds Asset Management AG, Zürich www.immofonds.ch LUKB Expert Fondsleitung AG, Luzern www.expertfonds.ch Intesa Sanpaolo Private Bank (Suisse) Banque Morval SA, Lugano www.intesasanpaolopbmorval.ch Lyxor Asset Management, Paris www.lyxor.com INVESCO Asset Management (Schweiz) AG, Zurich www.invesco.ch Investissements Fonciers S.A., Lausanne www.lafonciere.ch IPConcept (Schweiz) AG, Zurich www.ipconcept.com J. Safra Sarasin Investmentfonds AG, Basel www.jsafrasarasin.com J.P. Morgan Asset Management (Schweiz) GmbH, Zurich www.jpmam.ch Janus Henderson Investors, Zurich www.janushenderson.com Man Investments (CH) AG, Pfäffikon SZ www.man.com Man Investments AG, Pfäffikon SZ www.man.com MFM Mirante Fund Management SA, Lausanne www.mirante.ch Mirabaud Asset Management (Suisse) SA, Geneva www.mirabaud-am.com Mont-Fort Funds AG, Verbier www.montfortfunds.com Nordea Asset Management Schweiz GmbH, Zurich www.nordea.ch Notz, Stucki & Cie S.A., Geneva www.notzstucki.com 29

members Partners Group AG, Baar-Zug www.partnersgroup.com PAX Asset Management AG, Basel www.pax.ch/asset-management Pensimo Fondsleitung AG, Zurich www.pensimo.ch Pictet Asset Management SA, Geneva www.assetmanagement.pictet Procimmo SA, Zurich www.procimmo.ch Quaero Capital S.A., Geneva www.quaerocapital.com Quantica Capital AG, Schaffhausen www.quantica-capital.com Rahn+Bodmer Co., Zurich www.rahnbodmer.ch Raiffeisen Schweiz Genossenschaft, St. Gallen www.raiffeisen.ch RAM Active Investments SA, Geneva www.ram-ai.com RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zurich, Zurich www.rbcits.com Realstone SA, Lausanne www.realstone.ch Reichmuth & Co Investment Management AG, Luzern www.reichmuthco.ch Reyl & Cie SA, Geneva www.reyl.com RobecoSAM AG, Zurich www.robecosam.com 30 Schroders Capital Management (Switzerland) AG, Zurich www.schroderadveq.com Schroder Investment Management (Switzerland) AG, Zurich www.schroders.ch Schweizerische Bankiervereinigung SBVg, Basel www.swissbanking.org Schweizerische Mobiliar Asset Management AG, Bern www.mobi.ch SIA Funds AG, Lachen SZ www.s-i-a.ch SIX Group AG, Zurich www.six-group.com SKAGEN FUNDS, Stavanger www.skaGenevaunds.ch Société Générale Paris, Zweigniederlassung Zurich, Zurich www.sg-securities-services.com SOLUFONDS SA, Signy-Centre www.solufonds.com Solvalor fund management S.A., Lausanne www.solvalor.ch State Street Bank International GmbH, Munich, Zurich Branch, Zurich http://www.statestreet.com/about/office-locations/ switzerland.html Swiss Capital Alternative Investments AG, Zurich www.swisscap.com Swiss Finance & Property Funds AG, Zurich www.sfp.ch Swiss Life Asset Management AG, Zurich www.swisslife-am.com

members Swiss Re Insurance-Linked Investment Management AG, Zurich www.swissre.com Swisscanto Fondsleitung AG, Zurich www.swisscanto.ch Swissquote Bank AG, Gland www.swissquote.ch Symbiotics SA, Geneva www.symbioticsgroup.com VERIT Investment Management AG, Zurich www.verit-investment-management.ch Vontobel Fonds Services AG, Zurich www.vontobel.com Zurich Invest AG, Zurich www.zurichinvest.ch Systematic Investment Management AG SIMAG, Zurich www.simag.com AVELALAW AG, Zurich www.avelalaw.com Associate members SYZ Asset Management (Suisse) SA, Geneva www.syzgroup.com Alpha Financial Markets Consulting Switzerland, Zurich www.alphafmc.com Tareno AG, Basel www.tareno.ch Twelve Capital AG, Zurich www.twelvecapital.com Altenburger Ltd, Geneva www.altenburger.ch AMUNDI Suisse SA, Geneva www.amundi.com UBS Asset Management Switzerland AG, Zurich www.ubs.com UBS Fund Management (Switzerland) AG, Basel www.ubs.com/fms Unigestion SA, Geneva www.unigestion.com Union Bancaire Privée, UBP SA, Geneva www.ubp.com Valiant Holding AG, Gümligen www.valiant.ch ASMA Asset Management Audit & Compliance SA, Geneva www.amaudit.ch Baker McKenzie Zürich, Zurich www.bakermckenzie.com Bank Julius Bär & Co. AG, Zurich www.juliusbaer.com Bär & Karrer AG, Zurich www.baerkarrer.ch BDO AG, Zurich www.bdo.ch Vanguard Investments Switzerland GmbH, Zurich www.vanguard.ch BlueBay Asset Management AG, Zurich www.bluebay.com 31

members BlueStar Investment Managers SA, Lugano www.bluestar-im.ch Fund Channel (Suisse) SA, Nyon www.fund-channel.com Bratschi AG, Zurich www.bratschi.ch BRP Bizzozero & Partners SA, Geneva www.brpsa.com BZ Bank Aktiengesellschaft, Wilen b. Wollerau www.bzbank.ch CapstoneLaw, Zurich www.capstonelaw.ch Clearstream Banking S.A., Zug www.clearstream.com CMS von Erlach Partners AG, Zurich www.cms.law Deloitte AG, Zurich www.deloitte.ch DIAMOS Suisse AG, Zurich www.diamos.com Ernst & Young AG, Basel www.ey.com/ch FBT Avocats SA , Geneva www.fbt.ch FE fundinfo (Switzerland) AG, Zurich www.fe-fundinfo.com Fidinam & Partners SA, Lugano www.fidinam.ch Harmonic SA, Geneva www.harmonicfundservices.com Homburger AG, Zurich www.homburger.ch iCapital Network AG, Zurich www.icapitalnetwork.com Intertrust (Suisse) SA, Zug www.intertrustgroup.com JUNOD, MUHLSTEIN, LEVY & PUDER, Genva http://www.jmlp.ch/ Kellerhals Carrard, Zurich www.kellerhals-carrard.ch KGAL Investment Management GmbH & Co. KG, Grünwald www.kgal.de KPMG AG, Zurich www.kpmg.ch Lenz & Staehelin, Geneva www.lenzstaehelin.com Loyens & Loeff Schweiz GmbH, Zurich www.loyensloeff.ch Lucht Probst Associates GmbH, Frankfurt am Main www.l-p-a.com FIL Investment Switzerland AG, Zurich www.fidelity.ch M&G International Investments, Zurich www.mandg.ch FORT Investment GmbH, Küssnacht am Rigi www.fortinvestment.ch Migros Bank AG, Zurich www.migrosbank.ch 32

members MLL Meyerlustenberger Lachenal Froriep AG, Zurich www.mll-legal.com Profidata AG, Urdorf www.profidatagroup.com Morningstar Switzerland GmbH, Zurich www.morningstar.ch Schellenberg Wittmer SA, Geneva www.swlegal.ch Naegeli & Partner Rechtsanwälte AG, Zurich www.nastra.ch Nahmani Grunder & Cie, Zurich www.nahmanigrunder.ch Natixis Investment Managers, Switzerland Sàrl, Geneva und Zurich www.im.natixis.com Neuberger Berman (Switzerland) GmbH, Zurich www.nb.com Niederer Kraft Frey AG, Zurich www.nkf.ch SimCorp Schweiz AG, Zurich www.simcorp.com Suter Howald Rechtsanwälte, Zurich www.suterhowald.ch T. Rowe Price (Switzerland) GmbH, Zurich www.troweprice.com Tax Partner AG, Zurich www.taxpartner.ch Threadneedle Portfolio Services AG, Zurich www.columbiathreadneedle.com Northern Trust Global Services SE Leudelange, Luxembourg, Zweigniederlassung Basel www.northerntrust.com VISCHER AG, Basel www.vischer.com Walder Wyss AG, Zurich www.walderwyss.com Wenger Vieli AG, Zurich www.wengervieli.ch ZZ Vermögensberatung (Schweiz) AG, Vitznau OBERSON ABELS SA, Geneva www.obersonabels.com Pestalozzi Rechtsanwälte AG, Zurich www.pestalozzilaw.com PostFinance AG, Bern www.postfinance.ch Prager Dreifuss AG, Zurich www.prager-dreifuss.com PricewaterhouseCoopers AG, Zurich www.pwc.ch Primecoach AG, Wollerau www.primecoach.ch 33

appendix List of abbreviations Alternative Investment Fund Managers Directive Asset Management Association Switzerland Collective Investment Schemes Act Collective Investment Schemes Ordinance European Fund and Asset Management Association European Supervisory Authorities European Securities and Markets Authority Exchange-traded fund European Union Federal Department of Finance Financial Institutions Act Financial Institutions Ordinance Swiss Financial Market Supervisory Authority FINMA Financial Services Act Financial Services Ordinance Federal Tax Administration Global Investment Performance Standards Key information document Limited qualified investor fund Packaged retail investment and insurance-based investment products Swiss Funds & Asset Management Association Swiss Fund Data AG State Secretariat for International Finance SIF Total expense ratio Undertakings for collective investment in transferable securities AIFMD AMAS CISA CISO EFAMA ESAs ESMA ETF EU FDF FinIA FinIO FINMA FinSA FinSO FTA GIPS® KID L-QIF PRIIPs SFAMA SFD SIF TER UCITS 34