The appointment comes at a time when the asset management division is expected to take on new powers and add to its headcount.

Switzerland's Financial Market Supervisory Authority, aka FINMA, has appointed Thomas Hirschi to be its new head of the asset management division, taking up the role from 1 January next year. His appointment comes at a time when the watchdog is gaining new powers to license independent asset managers.

Prior to this, Hirschi worked at the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM). At ADGM, the Swiss citizen was responsible for the authorisation and supervision of banks and insurance companies for almost four years. Between 2004 and 2015 Hirschi held various senior positions at FINMA.

Around 50 people are currently employed in the regulator's asset management division and it supervises a total of about 9,800 investment funds and approximately 730 institutions.

FINMA will be given new tasks when the Financial Institutions Act (FinIA) enters into force. As part of this, the asset management division will be responsible for licensing independent asset managers. The division is therefore expected to grow in the coming years, it said.