Portfolio manager licence (Switzerland)
The Portfolio manager licence (Vermögensverwalter nach Art. 17 FINIG) is issued by Swiss Financial Market Supervisory Authority (FINMA) under Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinMIA, SR 958.1). The official register lists 1359 current holders. The legal decision period is No fixed calendar deadline under Swiss administrative law (pre-assessed by a FINMA-recognised Supervisory Organisation prior to FINMA decree). Ownership changes need the regulator's approval before completion.
At a glance
| Official name | Portfolio manager licence1 |
|---|---|
| Local name | Vermögensverwalter nach Art. 17 FINIG |
| Also known as | FINMA portfolio manager licence · Swiss asset manager licence · FINIG portfolio manager licence |
| Issued by | Swiss Financial Market Supervisory Authority |
| Jurisdiction | Switzerland |
| Licence family | Investment firm / broker-dealer |
| Legal basis | Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinMIA, SR 958.1)2 Federal Act on Collective Investment Schemes (CISA, SR 951.31)3 |
| Passporting | Domestic only |
| Statutory decision time | No fixed calendar deadline under Swiss administrative law (pre-assessed by a FINMA-recognised Supervisory Organisation prior to FINMA decree)1 |
| Public register | official register4 |
| Current holders | 13594 |
What it lets you do
| Portfolio management | Managing client portfolios that include financial instruments on a discretionary, client-by-client basis. |
|---|
Where it is valid
Buying a company that already holds it
Prior approval required. A qualifying participation is defined as directly or indirectly holding at least 10% of the capital or voting rights, or otherwise exerting a significant influence over the company (BankA Art. 3 para. 2 let. c; FinIA Art. 11 para. 1). Notification to FINMA is mandatory prior to acquiring, disposing of, or reaching, exceeding, or falling below the statutory thresholds of 10%, 20%, 33%, or 50% (BankA Art. 3 para. 5; BankO Art. 8a; FinIA Art. 11 para. 4). For FinTech licence holders (Art. 1b BankA), FINMA's FinTech Licensing Guidelines explicitly mandate prior formal approval before completing any change in qualified participations. Furthermore, when foreign control is established or modified in a Swiss bank or securities firm, a supplementary licence (Zusatzbewilligung) is mandatory under BankA Art. 3bis. For SRO-affiliated financial intermediaries, Art. 6 para. 2 of SRO regulations (e.g. VQF) mandates prior written notice and SRO approval before transferring qualified holdings.5
IF in other countries
| Country | Licence | Regulator | Min. capital | Application fee | Statutory time |
|---|---|---|---|---|---|
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | FSRA | n/a | USD 40,000 | n/a |
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Matched Principal (Category 3A) | FSRA | n/a | n/a | n/a |
| Abu Dhabi Global Market (ADGM) | Investment firm licenceFinancial Services Permission for Advising on Investments or Arranging Deals in Investments (Category 4) | FSRA | n/a | n/a | n/a |
| Australia | Australian financial services licence (AFSL) | ASIC | n/a | n/a | n/a |
| Bermuda | Investment Business LicenceInvestment Business Licence (standard licence, under the Investment Business Act 2003) | BMA | n/a | n/a | n/a |
| British Virgin Islands | Investment Business LicenceInvestment Business Licence (Categories 1-4: dealing, managing, advising, custody/administration of investments) | BVI FSC | n/a | n/a | n/a |
| Cayman Islands | Securities Investment Business Licence / Registered Person | CIMA | n/a | n/a | n/a |
| Cyprus | Cyprus Investment Firm (CIF) authorisation | CySEC | n/a | EUR 7,000 | ~6 mo |
| Czech Republic | Investment Firm licence | CNB | n/a | CZK 20,000 | ~6 mo |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Principal (Category 2) | DFSA | n/a | USD 40,000 | n/a |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Dealing in Investments as Agent or Operating an Alternative Trading System (Category 3A) | DFSA | n/a | USD 25,000 | n/a |
| Dubai International Financial Centre (DIFC) | Investment firm licenceFinancial Services Permission for Advising on Financial Products or Arranging Deals in Investments (Category 4) | DFSA | n/a | USD 15,000 | n/a |
| Estonia | Authorisation as an investment firm | FI | n/a | EUR 3,000 | ~2 mo |
| France | Financial investment adviser status | AMF | n/a | n/a | n/a |
| Germany | Investment firm licence | BaFin | n/a | EUR 6,336 | ~6 mo |
| Hong Kong | Type 1 Licence for Dealing in Securities | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 2 Licence for Dealing in Futures Contracts | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 4 Licence for Advising on Securities | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 6 Licence for Advising on Corporate Finance | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Hong Kong | Type 7 Licence for Providing Automated Trading Services | SFC | n/a | HKD 4,740 | ~3.5 mo |
| Ireland | Investment Firm Authorisation (MiFID II) | CBI | n/a | n/a | n/a |
| Italy | Investment firm licence (SIM) | CONSOB | n/a | n/a | ~6 mo |
| Latvia | Investment firm licence | LB | n/a | n/a | n/a |
| Lithuania | Financial brokerage firm licence | LB | n/a | n/a | n/a |
| Luxembourg | Investment firm authorisation | CSSF | n/a | EUR 50,000 | ~6 mo |
| Malaysia (Labuan) | Securities Licensee licenceSecurities Licensee licence (dealing in / advising on securities) | Labuan FSA | n/a | n/a | n/a |
| Malta | Investment services licence (Category 1, 2, or 3) | MFSA | n/a | EUR 7,250 | ~6 mo |
| Mauritius | Investment Adviser Licence | FSC | n/a | n/a | n/a |
| Mauritius | Investment Dealer Licence | FSC | n/a | USD 500 | ~0.5 mo |
| Netherlands | Investment firm licenceInvestment firm licence (Vergunning beleggingsonderneming) under Wft Article 2:96 and MiFID II | AFM | n/a | EUR 200 | ~3 mo |
| Poland | Brokerage House licence (dom maklerski) | KNF | n/a | EUR 4,500 | ~2 mo |
| Seychelles | Securities Dealer's Licence | FSA | n/a | n/a | n/a |
| Singapore | Capital Markets Services (CMS) Licence | MAS | n/a | SGD 1,000 | n/a |
| Slovakia | Investment firm licence | NBS | n/a | n/a | n/a |
| South Africa | Financial Services Provider licence - Category IFinancial Services Provider licence - Category I (advice and/or intermediary services, non-discretionary, incl. crypto assets) | FSCA | n/a | n/a | n/a |
| South Africa | Financial Services Provider licence - Category II (discretionary FSP) | FSCA | n/a | n/a | n/a |
| South Africa | Over-the-Counter Derivative Provider (ODP) authorisationOver-the-Counter Derivative Provider (ODP) authorisation under the Financial Markets Act | FSCA | n/a | n/a | n/a |
| Spain | AV) investment firm licence | CNMV | n/a | EUR 10,000 | ~6 mo |
| Spain | Empresa de Asesoramiento Financiero (EAF) licence | CNMV | n/a | EUR 1,000 | ~6 mo |
| Switzerland | Portfolio manager licence | FINMA | n/a | n/a | n/a |
| Switzerland | Securities firm licence | FINMA | n/a | n/a | n/a |
| United Kingdom | MIFIDPRU Investment Firm Authorisation (Part 4A FSMA) | FCA | n/a | GBP 2,820 | ~6 mo |
Values come from each licence's page, where every figure has its source.
Sources
- finma.ch: portfolio managers and trustees · retrieved 2026-09-24
- Swiss federal law (Fedlex): 853 · retrieved 2026-09-24
- Swiss federal law (Fedlex): 822 · retrieved 2026-09-24
- finma.ch: vvtr (PDF) · retrieved 2026-09-24
- finma.ch: fintech bewilligung · retrieved 2026-09-24
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