Green light by BaFin consolidates ability to operate throughout Europe, with European Passport already granted to XY by FCA in the UK

Zurich, December 13, 2019 – XY, an international group specialized in strategic consulting and the control of large estates, announces it has achieved a new milestone in its effort to pursue the industry’s highest quality standards and set the benchmark for players operating in the wealth management sector. BaFin, the German Federal Financial Supervisory Authority, has granted XY authorization to operate as investment consultant in Germany and throughout the EU with a European Passport.

“BaFin’s prestigious authorization is of particular relevance for XY,” says Daniele Migani, Founder and CEO of XY. “On one hand, we are now the most ‘authorized’ European consulting firm addressing the wealth management industry, with specific authorizations in Switzerland, UK and Germany, as well as passport authorization to operate in all other countries of the European Union supported both by the FCA and BaFin; on the other, the Group is now shielded from some foreseeable geopolitical changes that are likely to affect the finance industry and its markets.”

XY specializes in independent data intelligence and strategy consulting services for high-end wealth management providing global estate orchestration for families, corporate organizations and governments. Its target market in Europe is German-speaking Switzerland, with natural extensions to Germany and the UK. Headquartered in Zurich, the Group’s other main offices are in New York, London, Frankfurt and Chiasso, with further operations in other countries.

“With Brexit looming as a major disrupting element in the finance sector, there is great uncertainty among players who operate in Europe with the European Passport granted from the UK’s Financial Conduct Authority,” says Daniele Migani. “With the results of yesterday’s elections in the UK, the chances that FCA’s authorization may soon no longer be valid in the EU have increased. In this light, we are particularly satisfied to announce that we have license from BaFin, communicated to us on December 5th, to operate in Germany and throughout the European Union. The application process with the local authorities was initiated after inaugurating XY’s new operations in Frankfurt early this year. This move clearly underscores XY’s intention to continue spearheading the adoption of the most stringent quality measures by the wealth management industry. However, at this particular moment in time, it also assumes the relevance of a strategic decision.”

XY sets the standard in the financial services industry also as early adopter of ISO 9001:2015, certification achieved already in August 2017. The company is supervised in Switzerland by a self-regulatory organization (OAD-FCT) recognized by the Swiss Financial Market Supervisory Authority (FINMA). Authorizations obtained to date in the European Economic Area include the UK Financial Conduct Authority’s authorization, with European Passport authorizations in several European countries, and others underway. BaFin’s authorization consolidates the position of XY as a top player throughout Europe.