December 16, 2022
A credible sustainable financial centre without greenwashing
Today, the Federal Council published its Sustainable Finance Strategy for the Swiss financial centre until 2025 and defined fields of action for measures to be developed. The Asset Management Association Switzerland (AMAS) welcomes this strategy update and, together with the other Swiss financial associations, supports the common goal of establishing a leading sustainable financial centre.
Switzerland needs a holistic climate strategy
AMAS is convinced that this goal, and in particular the net zero target, can only be achieved in line with the long-term Swiss Climate Strategy 2050, which includes all parts of the Swiss economy. We do not see isolated national sectoral agreements for the financial industry as being conducive to achieving this goal.
New product category for impact investments
Among the further measures for a leading sustainable financial centre, the Federal Council has identified the mainstreaming of impact investments. A working group with industry representatives is to examine the introduction of a new product category oriented towards the characteristics of a Long-Term Investment Fund (LTIF). AMAS considers the integration of the distribution perspective to be central, as such products have a higher degree of complexity and are associated with additional risks compared to traditional investment products.
Previous experience with the European Long-Term Investment Fund (ELTIF) has shown that a corresponding effect is only achieved with private investors if the threshold for the minimum investment is set correspondingly low (for example at CHF 10,000).
Financial products must show sustainability impact
Today, the Federal Council also defined the further procedure to avoid greenwashing in the financial market. Like the Federal Council, AMAS also takes the view that there needs to be a clear and general understanding of when a financial product or service can be offered as sustainable. AMAS has already set this out comprehensively in its self-regulation and will contribute to the working group set up to prevent greenwashing.
AMAS welcomes the fact that the Federal Council advocates differentiated communication to investors on the sustainability impact of investment products. Products that only include sustainability indicators or exclude certain companies lack a direct link to sustainability goals.
Effect of self-regulations to be seen
In its self-regulation on transparency and disclosure for collective assets with sustainability reference published last September, AMAS no longer classified such products as "sustainable". The binding requirements contained in the self-regulation serve the goal of establishing high quality standards for sustainability-related financial investments in the Swiss asset management industry.
Both the self-regulation and the self-regulation of the Swiss Bankers Association (SBA) continue to pursue the goal of preventing and combating greenwashing at the organisational and product levels specified by the Swiss Financial Market Supervisory Authority (FINMA). AMAS is convinced of the subsidiary role of the state communicated by the Federal Council last year. The implementation of the two self-regulations and the development of their effect remain to be seen.Federal Council defines measures for a sustainable financial centre
Federal Council wants to prevent greenwashing in financial market
December 15, 2022
Celebrating 30 years
Our association is turning 30! And this is how our members and board members celebrate the anniversary.Link to video
December 14, 2022
ASIP ESG-Reporting 2022
Der ASIP verfolgt daher das Ziel, über ein regelmässiges, ganzheitliches Reporting die Transparenz bezüglich ESG-Umsetzung zu erhöhen. Im Fokus steht eine transparente Offenlegung von ESG-Informationen, mit welchen alle involvierten Stakeholder nachverfolgen können, wie die Pensionskassen investiert sind und welche Entwicklungsschritte bezüglich Nachhaltigkeit realisiert werden. Dazu soll der heute publizierte ESG-Reporting-Standard dienen. In ein ESG-Reporting gehören qualitative Aussagen zur Art und Weise, wie die Pensionskassen mit diesem Thema umgehen, und auch quantitativeZur ASIP Webseite
Angaben zu einzelnen Anlagen.
Der vorliegende Standard wurde in Zusammenarbeit mit anderen Verbänden - u.a. der Asset Management Association, Swiss Sustainable Finance und den Anlagestiftungen - erarbeitet.
November 24, 2022
Pacta Climate Test 2022: Potential for climate-friendly financial flows
In the PACTA Climate Test published today, the Federal Office for the Environment (FOEN) has again taken stock of the climate compatibility of financial flows. While the FOEN identifies potential for further development in the report, AMAS points out that Swiss asset managers provide their clients also with other transparent methods for the differentiated assessment of the climate compatibility of a portfolio.
After 2020, Swiss financial institutions have again been invited by the Federal Office for the Environment (FOEN) to participate in the voluntary "PACTA Climate Test 2022" in 2022. The "Paris Agreement Capital Transition Assessment" aims to create transparency in an internationally coordinated manner in the financial flows and portfolios of the various financial sectors regarding their alignment with the goals of the Paris Climate Agreement. This has the goal of limiting global warming to 2 degrees Celsius.
The report published today sheds light on and provides important insights into the progress made by the Swiss financial sector regarding the climate compatibility of financial flows. The Asset Management Association Switzerland (AMAS) had - as in 2020 - supported its members to participate in the "PACTA Climate Test 2022". The creation of comparable transparency, as intended by the PACTA methodology, as well as measurable bases to support climate-friendly investment decisions is an important concern for AMAS. However, PACTA is only one of numerous methodologies for measuring climate impact and is not applied across the board in the industry.
AMAS is focusing on Swiss Climate Scores
Since asset managers act on behalf of their clients, implement their investment objectives and thus fulfil their fiduciary duty, it is highly relevant that the methods used for a differentiated assessment of the climate impact of a financial product and portfolio also meet the needs and information requirements of the clients so that they can make qualified investment decisions.To the PACTA climate test
For this reason, AMAS and the Swiss asset managers are currently focusing on the implementation of the Swiss Climate Scores. Thanks to six indicators, these provide statements on the transition towards net zero and thus on the effective impact of a financial product, in addition to transparency regarding climate compatibility.
In the current year, AMAS has also introduced the environmentally relevant indicators for Swiss real estate funds, which are binding for AMAS members through the self-regulation on transparency and disclosure for collective assets with sustainability relevance published in September 2022. Furthermore, by joining the Net Zero Asset Manager Initiative a year ago, AMAS has committed itself to the net zero goal and to promoting this important initiative among its members.
AMAS supports all methodologies to create and increase transparency on the climate impact of portfolios. Currently, it recommends the use of Swiss Climate Scores to increase the significance and transparency of the climate impact of financial investments and financial flows.
November 9, 2022
Accusations against Swiss asset managers and false theses in the book „Das Rentendebakel“: AMAS takes a stand
In the recently published book „Das Rentendebakel“ (The Pension Debacle), the authors point out system errors in the Swiss 2nd pillar pension system and condemn the financial industry across-the-board for gambling away pension funds. In the runup to the book, AMAS had commented in detail on a list of questions posed by the authors. However, the answers of AMAS were hardly taken into account in the book and only with omissions. To correct the distorted and in some cases simply false picture painted in the book on the role of asset managers in the Swiss pension system, AMAS once again presents the facts on the main points.FAQ Rentendebakel 221108 en
November 1, 2022
Welcome Guillaume Toffel!
Guillaume studied law in Freiburg, Heidelberg and Philadelphia (UPenn). He was admitted to the bar in Geneva before joining a consulting firm. After leaving the asset management division of FINMA, he joines us as Senior Legal Counsel.Team
October 5, 2022
AMAS and SSF present template for calculating Swiss Climate Scores
The Swiss Climate Scores (SCS), launched by the State Secretariat for International Finance (SIF) in June 2022, establish best-practice transparency on the Paris-alignment of financial investments to foster investment decisions that contribute to reaching the climate goals. The SCS introduce six indicators which are based on existing and internationally established criteria and methods.To clarify open issues, upon publication of these indicators, AMAS and SSF in a joint working group initiated the work to create a template that guarantees standardised calculation of the different indicators and uniformly displays results. Through the extensive know-how from experts in the field, AMAS and SSF are now able to present an excel template that supports Swiss actors in providing comparable reports on the Swiss Climate Scores. This template, based on expert consensus, is available to the general public and supplies users with needed definitions and calculations to be able to better understand and report on the recommended indicators. SIF encourages financial players to voluntarily report on these six indicators on a portfolio level to fulfil the SCS, creating comparable data sets for stakeholders. The Federal Council recommends that Swiss financial market players apply the SCS to financial investments and client portfolios where appropriate.This first version of this template is a starting point and will be tested by industry players. We thank all members of our joint working group on Sustainable Finance that contributed to the development of this tool. We welcome any feedbacks for future improvements.Swiss Climate Scores
September 26, 2022
Sustainable finance: AMAS introduces self-regulation for asset managers and designers of collective investment products
AMAS continues to raise the bar for quality and transparency of sustainable assets managed collectively with its new self-regulation framework for sustainable finance. This framework lays down the organisational requirements for financial institutions, as well as for product design and disclosures to investors. With this voluntary self-regulation framework, AMAS raises the standards of the Swiss financial centre in sustainable finance, both in Switzerland and abroad.Sustainable Finance Self-regulation
For the first time, financial institutions that design and manage collective sustainable investment products will be subject to binding and self-regulated standards, along with disclosure obligations.
The "Self-regulation on transparency and disclosure for collective assets with sustainability relevance" was developed under a broad-based approach. It will come into force on 30 September 2023. With its explicit references to both institutional and product levels, it dovetails with the self-regulation process of client advisory that the Swiss Bankers Association has introduced.
September 5, 2022
AMAS expands the Datacenter
The "AMAS Datacenter" is now available to our members in a greatly expanded and revised version. We have expanded the offer in the individual categories so that data can now be accessed in greater detail.The "AMAS Datacenter", launched last April, allows comprehensive access and download of data and statistics on the fund and asset management industry in Switzerland.We make current data on the following topics available in a collected form:
- Asset Management
- Pension & Savings
- Swiss Fund Market
All figures and graphics can be exported as images, PDF or Excel files and used for personal purposes. The second, revised version of the data center offers a greatly expanded range of data, a clearer look and simplified navigation.AMAS Datacenter
August 25, 2022
Withholding tax: A sensible reform
The Asset Management Association Switzerland (AMAS) supports the campaign in favor of the reform of the withholding tax. This is because the reform is a tax prerequisite that promotes favorable conditions for the Swiss capital market. AMAS strives to promote this goal and is publishing the position paper "A sensible reform of the withholding tax that will bring additional tax revenue and new jobs to Switzerland".Position papers