François Rayroux

Lenz & Staehelin

Geneva www.lenzstaehelin.com

francois.rayroux@lenzstaehelin.com Tel: +41 58 450 70 00

Biograpy

Dr François Rayroux is the head of the investment management group at Lenz & Staehelin, Geneva. He advises Swiss and international financial institutions in all banking, asset management and regulatory matters. Consistently nominated as an expert in those fields by major directories, François Rayroux is also actively involved with the International Bar Association's asset management and investment funds committee, for which he acted as co-chairman in 2019 and 2020.

What motivated you to pursue a career in investment management?

My decision to pursue a career in investment management was first the result of a number of major asset managers becoming clients and then a conscious choice to have a clear field of activity and profile in the market, considering that banking in general profile is too broad. In addition, regulatory issues in the asset management sector post-financial crisis are highly interesting and include not only regulatory, but also tax and political aspects, including the provision of cross-border services. They are therefore extremely challenging.

What do clients look for when selecting an asset management specialist?

An asset management specialist in the legal and regulatory sector needs to have a precise understanding of the functioning of investment products, whether investment funds, structured products or certificates, including diversification, use of leverage, eligibility for target investors, cross-border offering, etc., while also having a broad understanding of any issues linked to direct mandates across various asset classes, whether securities, digital assets or real estate, etc. This requires a broad understanding of the functioning of the markets and of portfolio management.

How has the market changed since you first started practising?

The market, in particular since the 20072009 and 2021 financial crises, became increasingly regulated with, in the EU, new barriers to enter the common market. Substance requirements and requirements as to the transparency of products have significantly increased. In addition, ESG requirements have a substantial impact on the asset management sector.

How has your role in the IBA’s Asset Management and Investment Funds Committee enhanced your practice?

My co-chairmanship of the asset management and investment funds ommittee of the IBA strengthened my international connections and, in particular, as a result of the organisation of and participation in conferences and panels, my understanding of international legal issues.

What are the advantages and disadvantages of having a global practice?

An asset manager needs to have a global view and understanding of the issues of asset management clients across the world. This being said, it is key to know at least one jurisdiction well and be very technical as to the legal issues of this jurisdiction.

What makes Lenz & Staehelin stand out from its competitors in the market?

Lenz & Staehelin's particularity is to be a fully integrated firm. This helps young lawyers to specialise in fields such as asset management and develop their experience by participating in government working groups and being experts for self-regulated association, such as the Asset Management Association. This clearly makes us different from many Swiss firms, which do not share profits and costs and therefore have less incentive for young lawyers to specialise.

Looking back over your career, what has been your proudest achievement?

There are many very satisfactory elements for a lawyer being a partner at a major law firm in their own jurisdiction. The most satisfactory achievement is the building up of a new practice, like any other business, while maintaining integrity and being a recognised specialist in that field.

What advice would you give to younger practitioners hoping to one day be in your position?

As a young practitioner, it is important to have a sound and broad background in order to have the sensibility not only for banking issues, but also M&A experience, litigation experience and knowledge of key arbitration issues. This being said, a young lawyer should have a clear “branding” and be recognised by the market as a specialist in a certain field. A profile that is too generalist does not help developing one's own personal practice.

WWL says: François Rayroux is revered as “one of the leading practitioners in Switzerland”, recognised for his expert knowledge of asset management and investment funds.