Founded in 1956, VP Bank is one of the largest banks in the Liechtenstein financial centre. It has offices in six additional countries, employs around 800 people and attends to client assets totalling around CHF 42 billion (€ 39 billion). The shares of VP Bank are listed on SIX Swiss Exchange.
VP Fund Solutions is the international funds competency centre of VP Bank Group with sites in Liechtenstein and Luxembourg. VP Fund Solutions (Liechtenstein) AG acts as a management company on behalf of a number of its clients.
Since the onboarding of the first SICAV structures last year, VP Fund Solutions now also has to act as corporate secretary on behalf of these funds. This involves the scheduling and management of two meetings each year for every fund, and VP Fund Solutions felt it needed a strong technology solution to manage this.
“This is an important element of what VP Fund Solution does, and we needed to present a professional and effective corporate secretary function to our clients. We realised that a digital board pack solution would be a key component in this, and decided to conduct a search to evaluate the best option for our needs.”
– Dr Martin Jonasch, Head of Advisory & Structuring, VP Fund Solutions
Dr Jonasch and his team then embarked on an extensive online search to see what options were available to them. A colleague also recalled a previous demonstration of BoardPacks at an industry event, and they made a unanimous decision to deploy BoardPacks.
“We reviewed and evaluated a number of different tools and found that BoardPacks was the most suited to our requirements,” continued Dr Jonasch. “When a colleague remembered a previous encounter with BoardPacks, that made the decision even more straight forward. We have been using it as a solution for our clients’ funds throughout 2017, and hope to expand that deployment later in the year.”
While the deployment of BoardPacks by VP Fund Solutions is still relatively early, it has created an immediate impact with its users, according to Dr Jonasch:
“Although we are only using BoardPacks in Liechtenstein currently, there are plans to also deploy it for the same purpose in Luxemburg later in 2017. Our funds clients have been highly impressed with both its functionality and professionalism – the reaction has been uniformly positive. Everyone agreed and it is an efficient and effective tool.”
Of particular benefit to the clients of VP Fund Solutions has been the mobile functionality of BoardPacks and the ability to handwrite notes on a PDF. The latter feature is of great use to note-takers within meetings, while BoardPacks iOS application means users can access content on their mobile device without the need to carry around massive paper-based board packs.
“Our clients’ demands are of the highest importance to us, and the setting up of funds as a separate legal entity is something we must adhere to,” concluded Dr Jonasch. “BoardPacks is an integral tool in our role as corporate secretary for these funds, allowing us to keep board meetings organised, streamlined and highly professional.”