SWITZERLAND - Swiss institutional investors have regularly waived investment guidelines, to invest in alternatives, the Swiss Institutional survey has shown. The survey found regulations were unable to meet the requirements of the constantly changing investment environment.
The majority of the 172 institutional investors that participated in the survey criticised the fact that the regulations fail to take the diverse nature of investment products and the growing internationalisation of investment opportunities sufficiently into account.
However, the surevy said restrictions could be waived under the terms of Article 59 of the BVV2 regulations which allow investments to be adapted in line with individual requirements.
80% of the institutions surveyed said they made use of Article 59, allowing for deviations from these investment limits.
Dr Graziano Lusenti , managing director of Lusenti Partners and author of the report said: “The application of Article 59 has becomethe rule not the exception for institutions, the proportion of investments in foreign currencies and foreign equities is continuing to increase and investments in non-traditional asset classes (hedge funds, private equity and commodities) are constantly growing.”
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