Swiss To Level The Playing Field

• AIFM Directive discriminates against non-EU managers, says Swiss report
• Industry seeks to negotiate reciprocity with Europe

Switzerland's Federal Council has released a report, (16 December), which notes that the Alternative Investment Fund Managers (AIFM) Directive (http://tinyurl.com/mkf36v) as currently proposed discriminates against non-EU managers, and expressing the concern that the directive would see fund managers leaving Switzerland with repercussions for the Swiss economy.

The broad-ranging report (http://tinyurl.com/yjtxcmb) on Switzerland's financial market policy notes that while Swiss banks are finding it "increasingly difficult or impossible" to offer wealth management services abroad from Switzerland, insurance companies, asset managers and funds providers are also encountering market-entry problems.