"Distribution consume resources, and ultimately, the customer bears the cost."

i.AM Lab: Claudia, you are the Chief Operating Officer at SG Value Partners, an independent investment manager based in Zurich. We know each other from our time together in the banking industry, where we faced similar challenges. What are the challenges you face in this role, and how do they compare from the former corporate setting?

Claudia Nussdorfer: The big bank offered stability, but much of it was sluggish and inefficient. That’s why I transitioned. My goal was to engage more directly with investors, make independent decisions, and adapt more swiftly to market dynamics. Nonetheless, one significant challenge persists: distribution - particularly within the retail sector. As a small provider, you are at a disadvantage. Without a distribution agreement, you cannot enter the banking world. Once you're in, the operational effort escalates: maintenance tasks, detailed reporting, managing trailer fees, interfacing with various parties—it all consumes substantial resources. Consequently, many potential investors remain unaware of their ability to invest with us or lack clarity on the process. Some even mistakenly assume that our minimum investment amounts are six figures, which is not the case.

i.AM Lab: This sentiment resonates with many asset managers. Even though they have strong products, they lack direct access to end customers, and the traditional sales model the need to apply makes selling everything unnecessarily expensive and slow.

Claudia Nussdorfer: Exactly. As a smaller provider, reaching the target customer can be a monumental task. If you do manage to do so, you lose part of your margin by going through several intermediaries, and the customer ultimately pays for it.

i.AM Lab: And this is where technology can play an important role. We don't view tokenization as an endpoint but but as a means to decisively lower these entry barriers. A digital platform where you can invest in three simple steps: select a fund, do your KYC, pay, and then you are done. No bank gatekeepers, no paperwork.

Claudia Nussdorfer: Absolutely. In my view this would be real progress. Yet, for us, technology must operate behind the scenes. Many of our investors are not particularly tech-savvy; they want to invest easily, securely, and without complications. The process should be as easy as making an online purchase.

i.AM Lab: That aligns perfectly with our goal. Our technology operates in the background, providing a seamless user experience. Anyone who wants to invest should not be tripped up by technical terms but instead guided intuitively through the investment journey.

Claudia Nussdorfer: This approach not only lowers the barriers for investors, it also reduces the pressure on our operation. The current infrastructure requires us to manually coordinate with transfer agents, custodians, ManCos (Management Company), and data providers. This exhaustive process consumes resources.

i.AM Lab: We observe this challenge in almost every project. The back-office part is enormous and completely unnecessary in this age of digital infrastructure. Our ambition is to achieve end-to-end automation with robust regulatory safeguards.

Claudia Nussdorfer: It's also important to us that we don't just want to digitize to appear modern. We want to do it because we want to enhance efficiency, speed, and customer experience. Tokenization is relevant to us when it brings tangible benefits for both parties involved.

i.AM Lab:That is also our position. Technology should not be the goal in itself; it must solve specific pressing issues. And if you build on your solid investment base, you can achieve a great deal with exemplary digital architecture.

Claudia Nussdorfer: That's precisely what it's all about: harnessing substance, simplifying processes, facilitating easier access for investors, while maintaining effective control.

i.AM Lab: Let’s collaborate to pragmatically implement these ideas. We believe that when quality products intersect with modern infrastructure, we can create a truly transformative market environment.

Claudia Nussdorfer: I look forward to further discussions and the opportunity to develop this vision together.

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