The Swiss Financial Market Supervisory Authority (FINMA) announced this Monday that it has appointed a new Head of the Asset Management division – Thomas Hirschi, who will commence the new role on the 1st of January 2020.
In addition to leading the regulator’s asset management unit, Hirschi will also join the Executive Board of the Swiss agency. He joins FINMA from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM) international financial center.
The asset management division is made up of approximately 50 employees. The main role of the unit includes authorizing institutions, collective investment schemes, and the supervision of approved companies and their products. Altogether, the division supervises a total of around 9,800 investment funds and about 730 institutions.
Thomas Hirschi Returns to FINMA
The appointment announced today will see Hirschi return to the Swiss watchdog. Between 2004 until 2015 he held various senior positions at both FINMA and the Swiss Federal Banking Commission.
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His most recent position with the regulator was Head of the Risk Management section within the Banks division. Previously, the 44-year-old Swiss citizen was in charge of supervising a large bank.
At ADGM, Hirschi was responsible for the authorization and supervision of both banks and insurance companies. According to the statement, he was instrumental in setting up the present structures of the regulatory authority in ADGM.
Commenting on the appointment, FINMA CEO Mark Branson said: “I am delighted that Thomas Hirschi is joining FINMA’s Executive Board. As a leader with international experience, Thomas is well aware of the specific challenges facing supervisory authorities, but he is also very familiar with FINMA and the Swiss financial centre.”
The appointment of Hirschi completes the regulator’s Executive Board, after having been vacant since Michael Loretan passed away, the statement released by the regulator today said.