meta_id 3209958

On June 3, 2026, the Swiss Financial Market Supervisory Authority (FINMA) concluded an enforcement proceeding against Wendelspiess Partners AG (in liquidation) and two individuals for serious violations of conduct rules governing the provision of financial services. FINMA imposed multi-year professional bans on two responsible persons and revoked Wendelspiess Partners AG's authorisation as an asset manager. FINMA initiated the enforcement proceeding in early 2025 following a report from the competent supervisory organisation indicating that customers of Wendelspiess Partners AG had invested in a foreign fund established and managed by the company since 2021, which experienced significant liquidity problems. The investigation revealed that Wendelspiess Partners AG managed a fund that invested predominantly in an investment company based in Zug canton and related entities, to which it also extended credit. Wendelspiess Partners AG and several of its organs held fund shares, creating undisclosed conflicts of interest. The investigation found that Wendelspiess Partners AG failed to conduct adequate suitability assessments for its over 400 customers, who possessed limited to moderate financial knowledge and generally considered themselves risk-averse. The fund was insufficiently diversified, concentrating risk significantly. Wendelspiess Partners AG invested nearly all customer funds unilaterally into this high-risk, undiversified fund with questionable value. The fund, managing over 83 million Swiss francs by end of 2024, now faces total loss. FINMA determined that Wendelspiess Partners AG systematically subordinated customer interests to its own interests, constituting serious violations of conduct obligations under the Financial Services Act (FIDLEG). Additionally, the company withheld relevant information during its authorisation process and repeatedly violated its disclosure obligations to FINMA. The decision is not yet final and may be challenged before the Federal Administrative Court by the parties involved.