This publication is holding the inaugural Switzerland and Liechtenstein Awards for outstanding performance, both at the institutional and individual level, in wealth management. (To view the full details of these awards, see here.) A crucial part of the process of course is having a panel of judges with the experience and knowledge to assess the entries.

Here is Edouard Cuendet, Secretary General of the Geneva Private Bankers Association. Cuendet joined the GBA 14 years ago and was appointed its general secretary in January 2010 where his role is to represent the organisation to various local political and economic organisations. He is also its principal spokesman. He couples his work with the association with those of legal advisor to the Swiss Private Bankers Association, board member of the Geneva Financial Centre Foundation, and, since 2004, member of the Geneva Parliament where he works in the financial commission and on the economy committee. Before he joined the Geneva Bankers Association, Cuendet worked at Borel & Barbey where he was an associate in its litigation department.

What are his views?

"Switzerland’s economy, employment and public finances remain still in relatively good shape compared to countries facing the sub-prime crisis in 2007 and those within Europe, which need to resolve a sovereign debt crisis. However, Switzerland is also impacted by the regulatory issues," he told this publication.

"Never has the number of legislative and regulatory projects affecting wealth and asset management been so great. The industry is facing two major challenges. On the one hand, in most countries, strained state finances lead to a new paradigm in taxation affecting, among others, banks and their clients. On the other hand, a trend towards protectionism is an indirect consequence. Switzerland is close to the European Union but not a member of it, which means any move within the EU may affect its – already limited – market access," he said.

"Almost four years ago, the Federal Council defined four strategic issues for Switzerland’s policy with respect to the financial centre: competitiveness, market access, resistance to crises and integrity. The first two topics have been largely neglected. What is at stake? It is not the future of Swiss banks as such. The issue is the future of jobs in Switzerland. In the long term, the problem of market access is of much greater strategic importance than the tax issues that have been the subject of debate over the last months," he continued.

"The private bankers put all their strengths to make sure Switzerland maintains favourable legal conditions for wealth and asset management. Turbulent times also offer opportunities. Now investors are seeking greater geographical diversification in their portfolios. The Swiss wealth management industry with its broad range of services and outstanding expertise is making a significant contribution in this respect," he added.