Investor type description
Investor type description
A retail client is a client organisation or individual who cannot meet one of the qualified investor criteria.
A qualified investor is one of the following:
- Swiss regulated financial intermediaries such as banks, securities broker/dealers, fund management companies and asset managers of collective investment schemes, or their existing clients, provided that the subscriptions are made on the basis of written discretionary management mandates which content must meet certain standards;
- Swiss regulated insurance companies;
- Public corporations, pension funds, commercial and industrial companies, whose assets are under professional treasury operations;
- High Net Worth Individuals who have confirmed in writing to a Swiss regulated financial intermediary (listed in the first category above) or to an independent asset manager who meets certain requirements (listed in the fifth category below), that he / she disposes directly or indirectly of "financial assets" of at least two million Swiss francs at the time of the purchase; "Financial assets" includes bank receivables payable at sight or at term, fiduciary instruments and life insurances, but not direct investments in real estate; or
- Independent asset managers and investors with whom the independent asset managers have previously concluded a written discretionary management agreement, if:
(i) the manager is regulated by the Swiss Anti-Money Laundering Act of October 10, 1997, in the capacity of financial intermediary;
(ii) the manager is subject to the regulations of a professional organisation which are considered as the minimal requirements by the Swiss Federal Banking Commission; and
(iii) the management agreement entered into complies with the regulations of a professional organisation (such as the Swiss Association of Asset Managers).
