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Glossary entry

German term or phrase:

Einfache Vermögensverwalter

English translation:

asset managers

Added to glossary by barbarameyer
Nov 10, 2015 15:41
8 yrs ago
1 viewer *
German term

Einfache Vermögensverwalter (pl.)

German to English Bus/Financial Finance (general) Changes to Swiss banking laws
I also have a "qualifizierte Vermögensverwalter" - so there seems to be a difference. I hesitate to use the word "simple" and merely saying "asset managers" might be confusing.
Many thanks for help.
Proposed translations (English)
4 -1 asset managers
5 (non-qualified) asset manager
4 common asset managers
Change log

Nov 15, 2015 10:14: barbarameyer changed "Edited KOG entry" from "<a href="/profile/591054">Camilla Seifert's</a> old entry - "Einfache Vermögensverwalter (pl.)"" to ""asset manager (refer to all references)""

Discussion

Camilla Seifert (asker) Nov 11, 2015:
I would like to thank everybody for their input. I really appreciate knowing that when I am stuck there is help and we are a team.
Camilla Seifert (asker) Nov 11, 2015:
Thank you Barbara. I found an identical reference by a law firm. The term asset manager is new in the new law - distinguishing between asset manager and qualified asset manager.
Ed Ashley Nov 10, 2015:
@Camilla Was the sentence you gave us for context taken directly from your translation, or did you just provide it for info? I only ask as it appears verbatim in the report and the corresponding English translation referenced in my answer below.
Ed Ashley Nov 10, 2015:
I've retracted my previous (somewhat rushed) answer, done some more digging and submitted what I think is a reasonable rendering of the German based on a report I found.
Daniel Arnold (X) Nov 10, 2015:
I don't like "unauthorized" because it's factually wrong. They just have a kind of lower-grade license....
Ed Ashley Nov 10, 2015:
Brigitte is right One of the sources I posted below refers to "qualifizierte Vermögensverwalter" simply as asset manager as well, so you'll have to be careful whatever terms you decide to go for. Another of my sources seemed to go with 'authorised' and 'unauthorised' in the same context.
Daniel Arnold (X) Nov 10, 2015:
The tricky part is how do you discriminate the two in English ? You can't use negative words like "lower" or "unlicensed"..... it's uniquely Swiss (as so many things), I'm looking forward to the suggestions.
BrigitteHilgner Nov 10, 2015:
Did you check: https://www.admin.ch/ch/d/gg/pc/documents/2384/RFA-FINIG-de....
page 35
BrigitteHilgner Nov 10, 2015:
Did you see: http://dievolkswirtschaft.ch/de/2014/07/wuerth_jungo/
This seems to indicate that the term "asset manager" is used for "qualifizierter Vermögensverwalter".
Camilla Seifert (asker) Nov 10, 2015:
One source on this subject refers to "independent asset managers".
Camilla Seifert (asker) Nov 10, 2015:
Die Einführung einer prudentiellen und damit umfassenden Aufsicht über die einfachen Vermögensverwalter ist als die wesentlichste Neuerung des FINIG für den Finanzmarkt zu beurteilen.
There is not much else really. This is a new regulation. The previous only spoke about "qualified".
philgoddard Nov 10, 2015:
Could we have the context please.

Proposed translations

-1
1 hr
Selected

asset managers

According to the PD-FinIA, in future all types of asset managers will be subject to prudential supervision, resulting specifically in constant supervision, obligations that have to be met on an ongoing basis, and the submission of annual regulatory audit reports to the supervisory body. The new law makes a distinction between asset managers and qualified asset managers:

An asset manager is someone who professionally manages assets on behalf and for the account of his clients under a mandate agreement or can otherwise dispose of his clients' assets.

A qualified asset manager is someone who professionally manages assets on behalf and for the account of collective investment schemes (asset managers of collective investment schemes) or for Swiss occupational benefits schemes.
http://www.mll-legal.com/index.php?id=446&L=2
Note from asker:
Thank you. Please also see my discussion entry. If I may, I will use your web site link as reference.
Peer comment(s):
disagree Daniel Arnold (X) : In the Swiss context, these are the "upper class" what is called "qualifizierte Vermögensberater". See the links.
2 hrs
Read BrigitteHilgner's 2nd link, posted in the D'box. The 'einfache' part doesn't add anything to the question term, except to distinguish it from 'qualifizierte Vermögensberater'.
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "I chose this as I found other sources confirming your suggestion. It was not queried by the client (an auditing company)."
5 hrs

common asset managers

Now that I have a little more time...

A report by PWC on new rules for the Swiss financial centre, of which the German and English versions are linked below, states:

"Die Einführung einer prudentiellen und damit umfassenden Aufsicht über die einfachen Vermögensverwalter ist als die wesentlichste Neuerung des FINIG für den Finanzmarkt zu beurteilen."

" The introduction of prudential, comprehensive supervision of independent
asset managers has to be considered the most significant change that FINIG will bring to the Swiss financial center."

However, it is not consistent, as for the rest of the document, starting with the illustration on page 5, it refers to einfache Vermögensverwalter as 'common asset managers'. Yet for me 'common' actually works pretty well. It is not offensive in a way that 'unqualified' or 'unauthorised' would be, and allows us to draw a distinction between einfache Vermögensverwalter and qualifizierte Vermögensverwalter, which, as we have already learned, the Swiss Federal Finance Administration refer to simply as 'asset managers' (see http://www.vsv-asg.ch/uploads/file/interessenvertretung/vern... ).

--------------------------------------------------
Note added at 5 hrs (2015-11-10 21:26:24 GMT)
--------------------------------------------------

I'm not sure what this signifies for the asker, since the sentence cited above is the exact one she gave us for context in the discussion above.
Reference:

https://www.pwc.ch/user_content/editor/files/publ_bank/pwc_neue_regeln_fuer_den_schweizer_finanzplatz_durch_fidleg_und_finig.pdf

https://www.pwc.ch/user_content/editor/files/publ_bank/pwc_new_rules_for_the_swiss_financial_centre_ffsa_and_finia.pdf

Something went wrong...
18 hrs

(non-qualified) asset manager

To differentiate the two categories, you do really need to add the bit in brackets, though I would keep it in brackets. Example from Swiss law on the subject: "A license to operate as a qualified asset manager thus also encompasses the ability to operate as a (non-qualified) asset manager (Art. 5 para. 3 FINIG)."
Something went wrong...
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