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The courts of the Canton of Valais convicted the asset manager for misappropriation, criminal mismanagement, forgery of documents, money laundering and sentenced him to four years and six months of imprisonment.

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The asset manager appealed to the Swiss Supreme Court and contested in particular that he had committed criminal mismanagement according to Art. In its decision, the Swiss Supreme Court noted that it was the first time that it had to decide whether the violation by an asset manager of the duties to report, respectively return , retrocessions constitutes criminal mismanagement under Art.

Liquidity Metrics and Liquidity Risk Management in Investment Funds: where do we stand?

Accordingly, concealing information from clients in breach of the duty of loyalty Art. SCO , in particular, it must comply with the duty of loyalty Art. The Swiss Supreme Court applied by analogy the same reasoning in its decision of 14 August by considering that the duty of accountability under Art.

The Swiss Supreme Court also held that the duty of accountability was an increased or qualified obligation to act, the breach of which may constitute unfair management sanctioned by Art. The Swiss Supreme Court further held that the waiver signed by clients was invalid as it did not disclose the scales of the retrocessions and thus did not allow for an enlightened consent from the clients. Under his duties as curator, the asset manager had also the duty to recover money due to his ward by third parties, including by his asset management company.

Asset Liability Modelling Quickly Explained

In light of this decision, it can be expected that Swiss courts will only consider cases of a certain importance as falling within the ambit of criminal law, such as in case of churning for which the criteria to claim civil liability are not the same than those relating to criminal liability. Ryan Labs has particular expertise in managing public and private fixed income in total return and liability-driven investment approaches, while Prime Advisors is an insurance outsourcing specialist manager. On the real estate side, Bentall GreenOak, the result of a merger earlier this year between Sun Life's Bentall Kennedy unit acquired in and GreenOak Real Estate, manages both global real estate equity and debt independently under the Bentall GreenOak name. The creation of Sun Life Capital Management was driven by two "megatrends," the move to derisk many corporate pension funds through a move to liability-driven investing and strong growth in insurance investment outsourcing, Mr.

Proprietary Insurance Asset Management

By integrating the Sun Life Investment Management asset managers on a single investment platform and centralizing sales and distribution, institutional investors and insurance companies will have access to the full suite of LDI tools, ranging from public fixed income to private credit and real estate equity and debt to facilitate asset-liability matching, Mr. In the search for "higher-octane fixed income" to increase returns in asset-liability matched portfolios, Mr. Murphy said more defined benefit plans are moving into private credit and real estate debt, the demand for which SLC intends to meet.