A Swiss fintech wants to make it easier to compare the performance of private banks. The company has now linked up with a German company.
Finguide, a startup based in Horgen, helps rich people select the most suitable wealth manager. The company is employing a data base of banks and independent wealth managers to choose the best option for its clients.
Investors with half a million Swiss francs or more ($516,000) receive the service for free, according to the company.
Swiss-German Link-Up
German company Firstfive has a similar business model based on a comparison of private bank performance. Finguide and Firstfive have linked up to increase their market share in Switzerland, according to a statement released on Thursday.
Finguide will try to get more banks and asset managers to sign up to its performance comparison to increase transparency in Swiss banking.
Compliant With MiFID II
The industry can use the measures provided by Firstfive to evaluate their performance on a continuous basis and to compare with rivals on the basis of return, risk and performance. The measurement method complies with MiFID II.
«The external rating increases the trustworthiness of published performances vis-à-vis potential clients and is most helpful as a track record in the framework of new mandate acquirements,» said Matthias Hunn, founder and CEO of Finguide.
The company publishes a quarterly list of the five best performers with conservative, balanced, moderately dynamic and dynamic over 12, 24 and 36 months.
