Investment Funds: Switzerland

Observers see this firm's investment funds team as the market leader in Geneva. Clients highlight the group's "top-quality advice and outstanding ability if you need to get complicated authorisations from FINMA." "If I had an investment fund matter in Geneva, I'd go to Lenz first," one reported. Practice leader François Rayroux is widely regarded as "Mr Funds in Geneva" and praised for his strength in "mediation between clients and regulators – he is analytical and  understands the business, not just legal issues." Recent work highlights include registering one of the first major Swiss SICAVs on behalf of investors close to the ABB Group. Clients regard Shelby du Pasquier as being especially strong in hedge fund and alternative investment fund matters: "He is one of the masters of legislation and registration in collective investment schemes." 

Naegeli & Partners is a specialist investment funds, derivatives and structured products boutique. Clients see it as the first port of call for new fund applications in Switzerland. The firm's lawyers advise a number of leading Swiss and international institutions. Its three partners maintain a compact, informal structure and concentrate on producing high-quality and cost-efficient work in their focused areas of expertise. "One of the main benefits of working with Naegeli & Partners is that they provide you with information you have not even thought of," say clients. They consistently praise practice leader Stefan Naegeli for his knowledge, experience, responsiveness and high-quality advice. Christoph Steiner is respected by peers for the quality of his legal opinions, and by clients for his solution-driven style. Peers rate Christoph Rohr as an expert on compliance matters. He provides "concise, timely and comprehensive feedback," according to clients. Observers note the firm's good relationships with the regulatory authorities. Its periodical updates on regulatory matters are also relied on by many clients.

This Zürich-based investment funds team now comprises approximately four partners and five associates. Market observers view the team as very responsive, diligent and efficient. Sandro Abegglen is especially prominent in the regulatory area, and has recently advised clients such as AXA Investment Managers and Zurich on the creation of a variety of funds. Clients appreciate the speed and quality of his work, and his ability to "raise points that other lawyers don't see." François Bianchi continues to be active in the field, and advises Man Investments and Man Fund Management on foreign and domestic collective investment schemes. Clients are impressed by the way Stefan Thomann has "stepped seamlessly into the breach" following the departure of Saro Grano. He brings "responsiveness, commitment, imagination and reliability" to his work, according to clients. 

Clients consistently praise the partners in this Geneva-based practice for their availability, competence and speed. "They have great expertise, take a proactive approach and do not hesitate to ask questions." The firm is known in the market for its involvement and expertise in issues related to the Madoff scandal. The group is also active in fund mergers, authorisations, limited partnerships and distribution of private placement agreements. Practice leader Frederique Bensahel is "highly competent in regulatory matters," say clients, while Jean-Louis Tsimaratos "brings his negotiation skills and knowledge of the players and offshore funds to the table." Monica Favre is commended for her tax and banking regulatory expertise.

"Pleasant and knowledgeable," Stephanie Comtesse heads the investment funds team of this leading Swiss firm. The practice is a subsection of the banking group and its members are mostly based at the firm's Zürich office. Recent highlights include working for a major bank on a complex system of templates for structured products.

This team forms part of Homburger's strong overall financial services department and offers specialised expertise in retail structured products. Clients appreciate the group's "very practical and pragmatic style of advice." Benedikt Maurenbrecher and Daniel Haeberli recently conducted offerings of structured products for long-standing client JPMorgan. René Bösch specialises in M&A-related fund matters, such as acquisitions of fund management companies by foreign investors.

The funds section of the Zürich-based financial services practice offers its clients "highly specialised, professional and solution-oriented advice." Practice head Werner Schubiger is "one of the renowned fund practitioners in Switzerland," say observers, who deem him "first-class" for work on regulated funds and smaller structures. Clients praise younger partner Dominik Oberholzer for his speed, responsiveness and high-quality work.

As one of the largest firms in the country, this outfit is able to serve both domestic and international clients with sizeable mandates. It remains to be seen how the recent departure of Gerhard Niggli will affect the practice. Robert Furter is now the contact for clients.

This integrated nationwide practice consists of nine partners working in investment funds, and remains a strong presence in the area despite the departure of Lionel Aeschlimann. It advises on a mixture of traditional investment funds, collective investment schemes, and regulatory and restructuring issues. Its clients include BNP Paribas, NBK Banque Privée and AIG Private Bank, which it advised on various private equity and hedge fund-related matters. Philippe Borens, Martin Lanz and Anita Schläpfer are the main contacts.

This group advises a number of banks and private equity outfits, and has particular experience in real estate funds. Peers consider the group to be most prominent on the structured products side. The team offers "profound knowledge about legal and regulatory issues regarding collective investment schemes," according to clients. Luc Defferrard is a key contact here.