FINMA and FMA Licence for Asset Managers

Licensed in 4–6 months

With Peak Compliance, your licensing project is plannable from the outset. The timeline shows the phases, using the portfolio manager licence as an example, from needs analysis to decision. How we support you step by step is set out further below under How Peak Compliance supports your application.

Timeline to the licence: typically 4–6 months

1

Weeks 1–2

Needs analysis and proposal

Business model, key people, timeline; proposal.
2

Weeks 2–8

Organisation and documents

Directives, organisation chart, business plan, ICS, fit-and-proper files.
3

Months 2–3

Application on the EHP

Entry on FINMA's platform, enclosures, assignment to the supervisory organisation.
4

Months 3–4

Affiliation confirmed by the SO

Review by AOOS or OSFINcontrol, queries, confirmation.
5

Months 4–6

Review by FINMA

Submission with affiliation confirmation, queries, FINMA decision.
✓

After 4–6 months

Licence granted – start under supervision

Commercial register, ongoing supervision, compliance and risk management from day one.

Goal: licence after 4–6 months

Indicative values from completed procedures, from needs analysis to licence. The authority decides on the outcome and its timing.

Which licence fits your business model?

Three licensing routes for asset managers in Switzerland and Liechtenstein shown as a schematic illustration

Portfolio manager (asset manager) licence under Art. 17 FinIA. In everyday English, firms speak of an «asset manager», «wealth manager» or «external asset manager (EAM)». FinIA and FINMA use the term «portfolio manager»: a firm that manages client assets on a commercial basis, in the name and for the account of its clients. The application is first assigned to a supervisory organisation; its confirmation of affiliation accompanies the application to FINMA. Details: FINMA licence for portfolio managers.

Manager of collective assets licence under Art. 24 FinIA. Firms managing collective investment schemes or pension fund assets above the thresholds of Art. 24 para. 2 FinIA apply directly to FINMA and are supervised by FINMA. Details: licence for managers of collective assets.

Asset management company licence in Liechtenstein. Firms based in Liechtenstein obtain their licence from the Financial Market Authority (FMA) under the Asset Management Act (VVG). The FMA handles both licensing and supervision. Details: FMA licence in Liechtenstein.

AML affiliation via an SRO. Financial intermediaries that do not need a FinIA licence meet their anti-money laundering duties by joining a self-regulatory organisation (SRO); see SRO affiliation.

Coming from abroad: substance, language and timing

International founders and groups usually ask the same practical questions. The short answers:

Substance in Switzerland: a financial institution is effectively managed from Switzerland, and the persons entrusted with its management reside where they can actually exercise management (Art. 10 FinIA). Portfolio managers and managers of collective assets can also be represented by a person resident in Switzerland who sits on the management or the governance body (Art. 23 and Art. 37 FinIO).
Substance in Liechtenstein: the company's registered office and head office are in Liechtenstein, with appropriate business premises there (Art. 6 VVG).
Branches of foreign firms: a foreign asset manager that opens a Swiss branch or employs staff in Switzerland follows separate FINMA authorisation rules (Art. 52 and Art. 58 FinIA). The licences on this page concern firms established in Switzerland or Liechtenstein.
Language: FINMA provides its application templates in English, German, French and Italian. In Liechtenstein, the application is written in German and supporting documents may be in German or English (Art. 6 VVG).
Working with us from abroad: Peak Compliance works from Zurich and supports clients on site or remotely, so much of the preparation can run before your team relocates.

Roles in the process

FINMA: grants licences under FinIA and supervises managers of collective assets directly.
Supervisory organisation (SO): for portfolio managers, confirms affiliation and carries out ongoing supervision after licensing.
Audit firm: reviews compliance with the rules as part of ongoing supervision.
FMA: grants the licence in Liechtenstein and supervises asset management companies.
Peak Compliance: prepares the organisation and documents, guides you through the process and, if you wish, takes over compliance and risk management. The decision rests with the competent authority.

How Peak Compliance supports your application

1
Needs assessment
business model, client domiciles, products, custodian banks, key people and timetable; we identify the right licence.
2
Proposal
a quote with a fixed price and a defined scope.
3
Organisation
management, board oversight, risk management and internal control, designed to meet the legal requirements from the start.
4
Documents
Peak Compliance provides and tailors the templates: articles of association, directives, organisation chart, business plan, contracts and fit and proper information on key persons.
5
Submission
in Switzerland via FINMA's survey and application platform (EHP); in Liechtenstein to the FMA.
6
Questions and decision
we help you answer questions from the supervisory organisation or the authority until the decision.
✓
Day one
Peak Compliance can take over your compliance and risk management function as you start operating.

After licensing: compliance from day one

Ongoing supervision starts with the licence. Peak Compliance provides the compliance and risk management function through compliance outsourcing and risk management outsourcing, and in Liechtenstein through compliance outsourcing Liechtenstein. Background on the legal framework: FinIA explained and Liechtenstein financial regulation. Further reading: Supervisory review 2026: FINMA requirements for portfolio managers.

Legal basis

Financial Institutions Act (FinIA): licensing requirement (Art. 5), place of management (Art. 10), portfolio managers (Art. 17 et seq.), managers of collective assets (Art. 24 et seq.), supervision (Art. 61)
Financial Institutions Ordinance (FinIO): organisation, qualified management, capital
FINMA: Portfolio manager, Licensing process, Managers of collective assets, Supervisory organisations
Liechtenstein: Asset Management Act (VVG, German) and FMA – authorisation of asset management companies

The English versions of Swiss federal acts are translations for information; only the German, French and Italian texts are legally binding.

Why Peak Compliance

Focus: Peak Compliance AG, founded in 2024 and based in Zurich, specialises in portfolio managers, managers of collective assets and family offices in Switzerland and Liechtenstein.
Licensing experience: experience with authorisation processes at FINMA and the FMA, and mandates with asset managers supervised by FINMA and the FMA.
Cooperation: Peak Compliance works with the supervisory organisations AOOS and OSFINcontrol.
One partner: licence and ongoing compliance from a single source, with a fixed price for the process.
Team: co-founders Reto Picenoni (Board of Directors) and Isabelle Ledergerber (Managing Partner); meet the team on About us.

Book your needs assessment: on our contact page you can reach Peak Compliance by phone, contact form or online appointment booking.

At a glance

Licence	Typical applicant	Legal basis	Application route	Ongoing supervision	Peak Compliance fixed price
Portfolio manager licence (asset manager, EAM)	independent asset managers, family offices managing third-party assets	Art. 17 FinIA	via a supervisory organisation to FINMA	supervisory organisation	from CHF 10'000
Manager of collective assets licence	fund and pension asset managers above the thresholds	Art. 24 FinIA	directly to FINMA	FINMA	from CHF 15'000
Liechtenstein asset management licence	asset management companies based in Liechtenstein	VVG (German)	directly to the FMA	FMA	from CHF 15'000

Prices are Peak Compliance fees, set as a fixed price after the needs assessment. Authority fees are charged separately by the supervisory organisation and FINMA, by FINMA, or by the FMA.

Who it is for: founders, family offices and international asset management groups that want to operate from Switzerland or Liechtenstein, and existing firms adding a new business model.
What you get: strategic and operational support through the whole authorisation process, with templates for articles of association, directives, organisation chart, business plan and contracts.
How it works: clearly defined steps, from the needs assessment to submission and the authority's follow-up questions.
When to start: the licence is obtained before you begin operating; the best moment for the needs assessment is once your business model and key people are taking shape.

Frequently asked questions

Which licence does an asset manager need in Switzerland?

A firm that manages client assets on a commercial basis needs a FINMA licence as a portfolio manager under Art. 17 FinIA; FINMA uses the term «portfolio manager» for what the market often calls an independent or external asset manager (EAM). Firms that manage collective investment schemes or pension fund assets above the legal thresholds need a licence as a manager of collective assets under Art. 24 FinIA. Peak Compliance clarifies the right category in the needs assessment.

Can a foreign company or founder obtain a FINMA licence?

Yes, through a company established in Switzerland. FinIA requires the firm to be effectively managed from Switzerland, and its managers must reside where they can actually exercise management. Peak Compliance plans the Swiss set-up with you so that it meets these substance requirements from the start.

How long does it take to obtain a FINMA or FMA licence?

With Peak Compliance, the process typically takes 4–6 months from the needs analysis to the licence. The timing depends on how complete the documents are and on questions from the authority, which decides on the outcome. In Liechtenstein, the FMA decides within six months of receiving the complete application.

What does licensing support from Peak Compliance cost?

Peak Compliance works with a fixed price set after a short needs assessment: from CHF 10'000 for the portfolio manager licence and from CHF 15'000 for the manager of collective assets licence and the Liechtenstein licence. Authority fees are charged separately and directly by the authorities. You know the full budget before the project starts.

In which language can the application be prepared?

FINMA provides its application templates in English as well as in German, French and Italian. In Liechtenstein, the application itself is written in German, while supporting documents may be submitted in German or English. Peak Compliance prepares the file with you and handles the German-language parts.

Can Peak Compliance take over compliance after the licence is granted?

Yes. FinIA allows portfolio managers to delegate risk management and internal control to a qualified external entity (Art. 21 para. 2 FinIA). Peak Compliance takes over the compliance and risk management function, so the organisation described in your application is the one you operate.

Sources

Responsible

Isabelle Ledergerber

Managing Partner, Co-Founder · LinkedIn profile

FINMA licence and FMA licence for asset managers in Switzerland and Liechtenstein