VZ Holding

VZ Holding Ltd.
Company typePublic limited company (Aktiengesellschaft)
SIX: VZN
ISINCH0528751586
IndustryFinancial services
Founded1993; 31 years ago (1993)
Founders
  • Matthias Reinhart
  • Max Bolanz
HeadquartersZug, Switzerland
Area served
  • Switzerland
  • Germany
Key people
Giulio Vitarelli (CEO)
RevenueSFr 464 million (2023)[1]
Number of employees
1,390 (FTE)[1]
Websitevermoegenszentrum.ch

VZ Group is a Swiss financial service provider based in Zug. It is known by the name VZ Vermögenszentrum (company's preferred spelling: VZ VermögensZentrum) on the market. Since March 2007, the holding company VZ Holding Ltd is listed on the SIX Swiss Exchange. The group employs around 1400 employees (in full-time equivalents) and managed client money amounting to CHF 45 billion as of 31 December 2023. VZ Vermögenszentrum has almost 40 locations in Switzerland, Germany, and England.[1]

Matthias Reinhart has founded VZ Group and is the main shareholder. He holds 61.1 percent of the voting rights (directly and indirectly).

Business orientation

The VZ Vermögenszentrum business model is focused on retirement and estate planning, as well as on asset management for individuals and insurance and pension fund management for companies. Further areas of business include mortgages, tax, insurance, pension provision, estate, and corporate succession.

According to its own accounts, the group sells neither financial products of its own, nor such by third parties for a commission or kickback payments and should therefore have no conflicts of interests.[2] Clients pay fees for the advisory services and for the management of their assets.[3] The services of VZ Group are targeted predominantly towards individuals and couples aged 50 or above, who wish to prepare for retirement.[4]

VZ Vermögenszentrum operates mainly in Switzerland, Germany, and England.

Executive Board and Board of Directors

In 2023, Giulio Vitarelli replaced VZ founder Matthias Reinhart as chair of VZ Group’s Executive Board. Prior to this, Vitarelli managed the company's consultancy business in all of Switzerland’s branch offices. He was replaced by Philipp Heer, who is also a member of the Executive Board.[5] At the same time, Reinhart was elected Chairman of the Board of Directors. Nadia Tarolli Schmidt, Henriette Wendt, Albrecht Langhart, Roland Iff, Roland Ledergerber and Olivier de Perregaux complete the Board of Directors.

Employees

VZ Vermögenszentrum has around 1400 employees (in full-time equivalents) and expands its workforce by around 100 employees per year.[6] In addition, every year the company provides between 30 and 40 apprentices with commercial and informatics training. It furthermore recruits dozens of interns every year. The consultants receive their education in the company's own, edu-certified academy.[7] Every year, more than 50 trainees begin their education programme, which lasts several years, in the areas of investment, tax, pension provision, estate, and mortgage financing.[8] Employees of VZ Group are also invited as experts in consumer magazines and TV shows.[9]

History

The company was founded in 1993 by Matthias Reinhart and Max Bolanz under the name of VZ Versicherungszentrum AG. Their aim was to bring transparency to Switzerland’s insurance and banking industries by providing price and service comparisons. The initial purpose of the company was the brokerage of insurance contracts.[7]

In 1997, together with the company's name change to VZ VermögensZentrum AG, the articles of association were amended. From then on, the focus was shifted from insurance to advisory services in finance and asset management. The service scope has subsequently been increasing on an ongoing basis and further fields of business have been added. Today, the financial service provider advises private individuals in the areas of retirement, tax, investment, mortgages, estate, and insurance. For institutional clients, VZ Group provides assistance with pension fund solutions, corporate succession, and the management of insurance policies.[10]

In 2000, a holding structure was introduced. Today, VZ Group comprises 15 legally independent companies.[11] They include a.o. Hypothekenzentrum AG, VZ Versicherungszentrum AG, VZ Vorsorge AG, and VZ Depository Bank Ltd.

In March 2007, the latter was authorised as a bank and securities dealer by the Swiss Federal Banking Commission.[12] In the same month, VZ Holding Ltd went public.[13]

In 2000, VZ Group expanded into Germany, where the previously separate units VZ VermögensZentrum and VZ Depotbank Deutschland were merged to VZ VermögensZentrum Bank AG. Like its Swiss counterpart, the public limited company holds a banking licence.[14] In addition, VZ Group acquired a majority stake at the London-based financial advisory company Lumin Wealth Ltd. In doing so, VZ Vermögenszentrum entered the market in Great Britain.[15]

Subsidiaries

VZ Group is organised as a holding company and comprises a.o. the following subsidiaries:

VZ VermögensZentrum AG, Zurich VZ VermögensZentrum AG offers fee-based independent asset advice to private individuals in Switzerland. It is headquartered in Zurich and has more than 30 branch offices across all regions of Switzerland.[16]

VZ Vermögenszentrum Bank AG, Munich VZ Vermögenszentrum Bank AG was founded in 2001 resulting from the merger of VZ Vermögenszentrum GmbH and VZ Depotbank AG (Germany). It operates as a fee-based advisory and asset management provider. It counts private individuals, companies as well as foundations and other institutions among its clients. It is headquartered in Munich and has branch offices in Düsseldorf, Frankfurt, Lörrach and Nuremberg.[17]

VZ Depository Bank Ltd, Zug The areas of business of VZ Depository Bank Ltd based in Zug include banking services, custody account advice, securities trading, and asset management for private individuals. The bank operates its own financial portal for clients and acts as custodian for institutional investors.[18] Since 2010, the unit operates a robo-advisor on the internet. The rule-based online offers cover free assets as well as tied pension assets in pillar 3a.[19] In Germany, the robo-advisor is available for free assets since 2013.[20]

Hypothekenzentrum AG, Zurich The VZ unit acts as lender that brings together mortgage holders and institutional investors and manages mortgages.[21]

VZ InsurancePool Ltd and VZ BVG Rück Ltd, Zurich Both subsidiaries offer property and liability insurance for private individuals in Switzerland on the one hand. On the other hand, they insure collective foundations against the risks of death and disability.[21]

VZ Vorsorge AG, Zurich VZ Vorsorge AG provides consultancy, administration and management services for investment foundations and occupational pension providers. With OPA, management provision, vested benefits, and pillar 3a, the VZ foundations cover the entire second and third pillars.[21]

Financial supervision

VZ Group is subject to the consolidated monitoring of the Swiss Financial Market Supervisory Authority (FINMA). VZ Vermögenszentrum Bank AG is subordinate to the Federal Financial Supervisory Authority (BaFin) and Deutsche Bundesbank.[22]

Ownership

Ownership as of 31 December 2023 [23]

Percentage
Matthias Reinhart (directly and indirectly) 61.14%
Other members of the Board of Directors 0.25%
Members of the Executive Board 0.73%
Employees 4.73%
Treasury shares 1.57%
General public/rest 31.58%

References

  1. ^ a b c "VZ Group Annual report 2023". Annual report VZ Group. Retrieved 7 March 2024.
  2. ^ "NZZ". Retrieved 3 November 2023.
  3. ^ "AssCompact". Retrieved 3 October 2023.
  4. ^ "Annual report". Retrieved 2 October 2023.
  5. ^ "finews". Retrieved 2 October 2023.
  6. ^ "Annual report". Retrieved 3 November 2023.
  7. ^ a b "fuw". Retrieved 6 October 2023.
  8. ^ "VZ VermögensZentrum Jobs". Retrieved 3 October 2023.
  9. ^ "SRF". Retrieved 3 November 2023.
  10. ^ "moneycab". Retrieved 2 October 2023.
  11. ^ "VZ VermögensZentrum Portrait". Retrieved 2 October 2023.
  12. ^ "finma". Retrieved 20 August 2018.
  13. ^ "NZZ". Retrieved 19 October 2020.
  14. ^ "private banking magazin". Retrieved 2 October 2020.
  15. ^ "finews". Retrieved 2 October 2023.
  16. ^ "VZ VermögensZentrum Branches". Retrieved 2 October 2023.
  17. ^ "VZ VermögensZentrum Contact". Retrieved 23 February 2023.
  18. ^ "VZ VermögensZentrum Banking". Retrieved 3 October 2023.
  19. ^ "HSLU". Retrieved 5 March 2018.
  20. ^ "INSIDE IT". Retrieved 5 March 2018.
  21. ^ a b c "Annual report 2022". Retrieved 2 October 2023.
  22. ^ "Investor Relations". Retrieved 23 February 2023.
  23. ^ "Annual report 2023" (PDF). Retrieved 7 March 2024.