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BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 1
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 2
BENDURA FUND MANAGEMENT ALPHA AG
OUR PROFILE
As a 100% subsidiary of BENDURA BANK AG, domiciled in the principality of Liechtenstein,
we are regulated by the Liechtenstein Financial Market Authority FMA and audited by BDO
Switzerland.
With administered assets of several billion Swiss Francs within the group of BENDURA
companies in Liechtenstein we know wealth and how to deal with it.
Our focus is the structuring and administration of regulated investment vehicles according
to the European UCITS and AIFMD framework for highly individual purposes, investing in
listed and unlisted, traditional or alternative assets, on behalf of well-educated and
professional investors.
Areas of experience – besides traditional listed assets - include but are not limited to
- US Life settlements
- Real estate
- Private equity and debt participations
- Precious metals and stones
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 3
More information?
YOUR advantages
BENDURA‘s example cases
BENDURA‘s services
APPENDIX I:
about BENDURA
Table of contents
APPENDIX II:
BENDURA‘s 100% shareholder
p.25
p.20
p.11
p.4
p. 28
p. 31
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 4
BENDURA‘s
Services
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 5
Watch… listen… initiate your tailor-made fund
Company services and benefits CEO Statement, Mr. Glatzl
www.bendurafunds-alpha.li
Videos also available via our YOUTUBE channel
Watch them in:
RUSSIANGERMAN SPANISH TURKISHENGLISH
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 6
Investment funds can be structured according to
LawIUA
Investment
Undertakings Act
AIFM-A
Alternative Investment Fund
Manager Act
UCITS-A
Undertakings for Collective
Investment in Transferable Sec. Act
„Local supplementing
legislation for special
investor situations“
„New standard for handling
alternative assets, primarily
regulating the manager but
not the product“
„Highly standardized in terms of
investment universe and restrictions“
Restricted to structures
with no effective
distribution and known
investors
High regulation standards
leading to squeeze-out of less
qualified managers and
administrators. Licensed
managers (=AIFMs) can
undertake almost anything.
Focus on retail distribution, liquid
investments and high liquidity for
potential investors
BFMA‘s
focus
Holistic solutions,
- taking advantage of the flexibility of the laws and
resulting possibilities.
- almost no restrictions on assets involved, strategies
and/or legal forms of the structures
- BFMA can cover all related roles depending on
requirements of the client, assets and strategies involved
Setup and administration,
- whereas the client manages the
assets and distributes the fund units
Legal possibilities
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 7
Client relationship
Fund establishment
Regulatory reportings
Risk management
Investment management
Fund administration
Concept finalization
Requirements analysis
BENDURA‘s full lifecycle management
First stage / input leads to project
Fund counselling
Second stage / setup process
Third stage / full operations
Networking
Asset protection
Distribution questions
Core responsibilities Related support
&
&
1
2
3
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 8
Restructuring of
existing assets?
New projects: different target purposes require different solutions
Legal form of
YOUR fund structure
External capital
raising?
Inheritance
questions?
Asset protection? Keeping control? Tax structurings?
Plain vanilla
strategy?Alternative assets?
Others
? ? ?
First stage / „Client first, form follows function“
Division of
responsibilities
Public or non-public
fund structures
Analysis
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 9
Second Stage / fund establishment process
First consultations
/
Draftd of concepts
& term sheets
Constituting of
documents and
contracts
- Offering Memorandum
- Fact Sheets
- Depositary agreement
- Portfolio mgmt agreement
- Advisory agreement
- etc
Signing of initiating contracts
- Promoter agreement including
offer & code of
conduct
Final checks
- Client
- Depositary
- Audit office
Approval /
confirmation by
Financial Market
Authority FMA
Registration of
fund with public
register
Account openings
Administrative
steps
- Activate ISINs
- Prepare NAV
calculation
First issue of
units/shares
Duration: realistically 1 to 3 months
1 - 4 weeks 1- 4 weeks 1 week
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 10
Investors
* Natural persons
and/or legal entities
* Fund unit holders
* Asset protection
Fund Structure
* ISIN Investment
Fund
* Due diligence
* Investment
decisions
* Audited and
supervised
Assets
* Legal sub-
structuring
* Tax considerations
* Final Investments
YOUR
Investment
Fund
Audit / Supervision
Depositary
Precious
Metals/Stones
Special Purpose Vehicle
(SPV)
Real Estate
Liquid SecuritiesHolding
Company
A
Case A
Gold / Silver /
Diamonds / …
Equities / Bonds /
Derivatives / …
+ cash positions held with the Custodian Bank
Case B Case C Case D
AIFM
Administration
Portfolio
Management
Risk
Management
Distribution
Company
B
Investors
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 11
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
BENDURA‘s
Example Cases
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 12
Example Cases 1/4Life Settlements 1/2
Investments into American life insurance policies
Focus on large-scale institutional investors
Issue of derivative notes by such investors
Complex valuation approach based upon individual mortality curves
Absolute avoidance of US withholding taxes on maturity proceeds
INITIAL TARGETS / CHALLENGES
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 13
Example Cases 1/4Life Settlements 2/2
Policy Servicer
Mills Potoczak, Cleveland
Sub-Custodian
LIMITED
PARTNERSHIP
acc. to IUA
Fund
Administration
US Life
Settlements
General Partner
VFM Mutual Fund AG
Limited Partner
Dutch Pension Fund
Limited Partner
German Bank
Custodian / Depositary
AuditRevitrust Grant Thornton
Investment Advisory
Commerzbank London
Managing Limited Partner
Mr. F. Glatzl
Fund NAV Reviewer
Deloitte AG, Zurich
Policy NAV Reviewer
Deloitte Sàrl, Luxembourg
Indirect investors
Investment via linked notes
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 14
Example Cases 2/4Restructuring of offshore assets 1/2
Client with existing offshore holding-structure
Wish to onshore and regulate assets
Highest degree of confidentiality with respect to beneficial owners
Complex purchase contracts alongside safeguarding call options
Private equity participations
INITIAL TARGETS / CHALLENGES
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 15
Example Cases 2/4Restructuring of offshore assets 2/2
INVESTMENT
FUND acc. to IUA
Investors
Limited
company
Limited
company
BVI
CYP
LIE
Company
(LLC)
RUS
Listed securities
& cash
Limited
company
Real Estate
[Simplified illustration]
Equity/debtoptions
AIFM
Administration
Portfolio
Management
Risk
Management
Distribution
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 16
Example Cases 3/4Physically backed gold fund 1/2
Product for distribution to private banking / asset management clients
Physically backed investments into gold (round gold bullions)
Physical storage outside the banking system in Swiss Gotthard mountain
INITIAL TARGETS / CHALLENGES
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 17
Example Cases 3/4Physically backed gold fund 2/2
Physical Gold
Coin Fund
Gold
Depositary
Investors
Safe storage in
Gotthard mountain
via custody agent
AIFM
Administration
Portfolio
Management
Risk
Management
Distribution
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 18
Example Cases 4/4Indirect participations in diamond trading 1/2
Product for professional investors
Ideal taxation in location of diamond trader, investment fund and
investor level
High degree of safety for investors
Avoidance of direct ownership of precious stones
Full compatibility with AIFMD
INITIAL TARGETS / CHALLENGES
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 19
Example Cases 4/4Indirect participations in diamond trading 2/2
Stones in physical storage
SICAV according
to AIFM-A
Depositary
AuditSupervision
Investors
Diamond trader(Limited partnership acc. to
Liechtenstein law)
Limited Partner
Stones in circulation
AIFM
Administration
Portfolio
Management
Risk
Management
Distribution
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 20
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
YOUR
Advantages
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 21
Political and economical stability in the Principality
Stable national budget + financial sector
Parliamentary democracy under constitutional monarchyf
High level of education and customer orientation
EU-compatible fund laws due to EEA membership of Liechtenstein
Flexible regulatory frame parameters
Large professional network of financial experts within the Principality
Respect for private wealth and its protection
Locational advantages of Liechtenstein
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 22
BENDURA‘s advantages
Strong and stable
shareholder structure
Maximum flexibility
regarding the target
assets and regarding
the number of
investors
Broad know-how
within our network,
e.g. asset
management and
sales mandate
support
Embedded in an
international
shareholder structure
Convincing track
record, in particular
with complex and
alternative projects
No restrictions on
assets and strategies*
Highly skilled team
with many years of
experience
Asset protection by
the depositary and
respectively
subscribing banks
Individual solutions,
even for small-scale
volumes
Asset management
and sales mandate
support for
specialized fields
BENDURA FUND MANAGEMENT ALPHA AG offers a complete package
with clear advantages:
* strategies involving and depending on sophisticated technical back office-frameworks, such as algorithmic/high frequency trading in FX-markets are
not our core business but we are happy to hear your plan
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 23
Revenues of investment funds are exempt from taxation, therefore no
taxation on the level of the investment fund itself
No stamp duty tax on investments made
No value added tax on e.g. management and advisory fees in relation to
investment funds
Very low overall taxation in Liechtenstein which makes it an ideal location
for management entities and service providers
No withholding tax in Liechtenstein for distributions made
Growing network of double tax treaties
Liechtenstein investment funds are „deemed compliant“ under FATCA as
well as CRS
Tax advantages
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 24
Transformation of illiquid assets into a registered security with ISIN
Facilitation of succession planning / inheritance issues
(e.g. for divisibility of wealth)
Transformation (“wrapping”) of existing portfolios and structures
(e.g. combinations of several portfolios into one)
Combination possibilities with additional instruments like e.g. foundations
(above as well as below the investment fund level)
Centralized administration and management of wealth / assets
Fulfillment of a “family office”- function
Cash flow-structuring and tax-planning (internationally)
Fund raising pot for equity and debt capital
Motivations to create an investment fund
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 25
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
More ?
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 26
More information available upon personal
request on…
Family Office Funds
Combinations with foundations /
succession planning
Subscription process &
investor confidentiality
Contribution in kind
Delegation issues
Distribution issues
FATCA & CRS classifications
Please get in touch:
+423 388 1000
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 27
www.bendurafunds-alpha.li
Where to find BENDURA
BENDURA FUND MANAGEMENT
ALPHA AG
Schaaner Strasse 27
9487 Gamprin-Bendern
LIECHTENSTEIN
BENDURA FUND MANAGEMENT
ALPHA AG
Schaaner Strasse 27
9487 Gamprin-Bendern
Principality of Liechtenstein
Phone: +423 388 10 00
Fax: +423 388 10 01
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 28
BENDURA FUND MANAGEMENT ALPHA AG
Tailor-made and EEA-compliant investment fund solutionsaccording to Liechtenstein law
APPENDIX I:
About
BENDURA
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 29
BENDURA’s landmarks
BFMA is fully licensed for all currently possible investment fund
structures based upon European law and all potentially related
services
09 2008: Company registration and start of business operations with IUA-license
01 2009: First establishments of investment funds according to IUA
01 2010: Rebranding to
2011: Enforcement of focus on complex, individual and alternative funds
12 2011: Establishment of VFM Mutual Fund AG (100%)
03 2013: Receipt of regulatory UCITS-License
01 2014: Establishment of 100% subsidiary LFM Alpha Solutions AGmvK
08 2014: Receipt of regulatory AIFM-License
06 2016: First single AIF exceeding CHF 100m in AuM
02 2017: Rebranding to «BENDURA»
03 2018: Renewal of IUA-License
07 2018: Launch of first regulated AIF with natural diamond exposure
07 2018: Launch of first internal UCITS-Fund by Bendura Bank
03 2019: Gross managed real estate value exceeds CHF 1billion
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 30
Shareholder thinking enforces alignment
of interest
Sustained growth for many years in all
market environments in terms of
mandates, AuM and profits
BDO AG Switzerland as auditor and the
Financial Market Authority Liechtenstein
FMA do both guarantee for highest
international standards
Liechtenstein is triple AAA rated,
politically, socially and economically
highly stable
We are licensed to structure, administer
and manage all kinds of investment
funds according to IUA, UCITS-A and
AIFM-A
As of 31 DEC 2018 we do have a Tier 1
capital ratio of 23.23%.
Institutional investors, complex assets,
high degree of individualism
Highly professional team, cutting edge
approach in all required fields Favorable jurisdiction
Reputable auditors and
supervisors
Against all odds
Stable team
Intellectual market leader
Clear focus
Well capitalized
Fully licensed
BENDURA‘s profile
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 31
BENDURA BANK AG
85 %*15 %*
Management and
employees
BENDURA FUND MANAGEMENT
ALPHA AG
100 %
100 %
VFM Mutual Fund AG
Citychamp Watch & Jewellery
Group Limited*
Ca. 73 %*
Mr. Hon Kwok Lung
BENDURA‘s shareholders
LFM Alpha
Solutions AGmvK
Individually licensed according to IUA
(2011) for a life settlement project
Licenses:
- AIFM (2014)
- UCITS (2013)
- IUA (2007)
AIF-SICAV structure for special
projects
* All figures per end of 2018
BENDURA FUND
MANAGEMENT
ALPHA AG
Corporate
Presentation
page 32
INVESTMENT MANAGEMENT &
INVESTMENT STRUCTURING
RISK MANAGEMENT &
INVESTMENT CONTROLLING
EXECUTIVE BOARD
BOARD OF DIRECTORS
LEGAL & COMPLIANCE,
COMPLAINT MANAGEMENT
FUND ADMINISTRATION &
VALUATION SERVICES
INTERNAL AUDIT
IT
Accounting & Controlling
BENDURA‘s internal organisation
