Board of Directors

The ISP Group Supervisory Board is the corporate body responsible for the Group's overall governance, supervision and control as stipulated by law, the Articles of Incorporation, regulations, policies and Group guidelines.

The Group Supervisory Board is constituted by at least three members elected by the general assembly for a term of office of one year. No maximum number of terms apply.

The Group Supervisory Board constitutes itself and, in its first meeting of the year following the ordinary general assembly, elects one of its members as president and one as vice-president. The president or the vice-president must be resident in Switzerland.

The Group Supervisory Board can entrust committees or individual members with the preparation and execution of its decisions or with the task of monitoring its business activities. The Group Supervisory Board ensures adequate reporting to all its members.

The Group Supervisory Board delegates the operational management to the Group Executive Board.

Group Executive Board

The Group Executive Board is constituted by at least two members appointed by the Group Supervisory Board. The Group Supervisory Board appoints a Group Chief Executive Officer from among these members.

The Group Executive Board bears overall responsibility for the operational management of ISP Group. Decisions on the duties within its scope of authority are taken as a collegial body while meeting at least on a monthly basis. 

The Group Chief Executive Officer appoints his deputy from the Group Executive Board to be approved by the Group Supervisory Board. The deputy takes responsibility in case of absence or unavailability of the Group CEO. 

Subject to approval of the Group Supervisory Board, Group Executive Board members can serve in dual roles also as members of the Executive Boards of Group subsidiaries.

The Group Supervisory Board supervises the Group Executive Board for its adherence to all legal requirements, Articles of Incorporation, provisions contained in the organisational regulations, as well as the regulations, directives and guidelines issued by the Group Supervisory Board.

The Group Executive Board implements adequate internal systems and processes to ensure respective compliance, in particular with the regulations pertaining to capital resources and risk distribution (incl. notifying the stock exchange auditors and FINMA of its risk positions), as well as the publication of the consolidated annual financial statement. It takes all necessary measures to ensure the implementation and maintenance of effective control mechanisms, systems and directives.

The Group Executive Board supervises the Group subsidiaries and its Executive Boards who report directly to it. It coordinates communication with internal auditing functions and supervisory authorities.

Internal Control System

ISP Group operates with an internal control system based on the principles of Swiss legal and regulatory provisions which are defined in the risk policies, as well as in the regulations about monitoring internal control systems (ICS).

The internal control systems serve primarily to minimise risks inherent in processing business transactions (operational risks) by means of integrated controls.

Operational risks comprise losses that can occur as a result of inadequate or faulty processes, human errors, system failures or external events.

Effective internal control systems are in place for all business lines and are implemented before transactions in such businesses are conducted. The systems include, but are not limited to adequate separation of duties. Control activities are regarded as integral part of all work processes.

Risk Management

Group compliance and risk policies are reviewed annually. Individual business risk limits are set and monitored regularly.

Risk management functions are organisationally separated from business responsibilities. 

The Group Executive Board and the Group Supervisory Board oversee financial, profitability and liquidity positions and risks on a monthly basis also by means of management information systems (MIS).

Credit risk
Group risk policies regulate credit risk management. Default risks are evaluated based on diversification and respective qualities and are regularly reviewed and approved.

ISP Group does not generally provide credit facilities. Under exceptional circumstances, short-term overdrafts can occur as part of collaterallised securities transactions.

Interest rate risks
Interest rate risks are managed appropriately, considering the entire term structure. 

Market risks
Active Asset and Liability Management (ALM) is performed at Group level. All positions are regularly monitored by Risk Management and reported to the Group Executive Board.

Liquidity risks
Continuous Cash Management is performed at Group level. Based on a confirmation letter from FINMA dated 14 June 2013, ISP Group is exempted from complying with the rules regarding the liquidity coverage ratio.

Operational risks
Operational risks are defined as “exposures from direct or indirect losses that arise as a result of inappropriateness or failures of internal procedures, people or systems or external events”.

These are monitored and limited by means of internal procedures and controls. 

Internal and external auditors regularly review the appropriateness of the internal control systems and business processes and report their findings to the Group Supervisory Board and the Group Executive Board.

Compliance and legal risks
The local heads of Legal & Compliance ensure compliance of all business activities with applicable regulatory requirements and obligations. Their reporting lines are to the Group CFO. Their responsibilities include the continuous review, implementation and adherence of and to local requirements and developments from supervisory authorities, legislators and other relevant organisations. 

Standardised account opening processes apply throughout the Group. Risk Management and L&C ensure respective adherence.

Legal risks are managed by:

  • Use of standardised documentation
  • Use of standardised contracts where possible
  • Non-standardised documentation / contracts or amendments are approved by internal L&C assisted by external legal advice where necessary
  • Legal disputes are managed by internal L&C with external legal advice where necessary
Group Supervisory Board

Roy Tal - Chairman

Nationality: Italy

Residence: CH – Zurich

Initially elected: 2018

Elected until: 2022

Professional history and education
Roy is the Chairman and majority owner of ISP Group. He has been a pioneer in structured finance and CLO investing and trading since 1999 and has held various positions at global financial institutions. Prior to taking up his role at ISP Group in 2006, Roy established the CLO investing platform for Bank Leumi in Switzerland, which, under his supervision, developed to become one of the largest platforms for equity CLO in Europe. He was involved in and has managed exceptionally large transactions, the most recognised one being the unwinding of a USD 3.5 billion RMBS legacy portfolio for a leading Israeli bank. Before moving to Switzerland, Roy managed the Tamar fund, one of the largest portfolios of the Discount provident funds, an industry leader in Israel. Earlier in his career, Roy traded commodity options in London. Roy holds a degree in business administration as well as a Master’s degree from the Zicklin School of Business in New York.



Philipp Steinberger - Vice Chairman

Nationality: Switzerland

Residence: CH – Zurich

Initially elected: 2010

Elected until: 2022

Professional history and education
Focusing on direct investments, venture capital and corporate finance for more than 15 years, Philipp has built a strong network, knowledge base and track record for supporting technology start-ups and growth companies during their fundraising phase and at Board of Director level thereafter. His areas of specialty include deal-scouting and evaluation, due diligence support, investor introduction and subsequent investor relations for UHNW and family office investors.



Inbal Goldenberg-Zaitman - Board of Directors

Nationality: Israel

Residence: IL – Netanya

Initially elected: 2014

Elected until: 2022

Professional history and education
As a member of the Board of Directors, Inbal develops the company's strategic direction. Prior to her board appointment Inbal acted as ISP’s Chief Administrative Officer (CAO) with specific focus on the Group's Israeli management and operations. Before joining ISP in 2003, Inbal had more than a decade of prior relevant experience, including assisting Soffair’s Group CEO. Inbal holds an LLB in Law from Ono Academic College, Kiryat Ono, Israel.



Aron Cohen - Board of Directors

Initially elected: 2020

Elected until: 2022

Professional history and education
Aron became an ISP board member in 2020. He has more than two decades of extensive experience in financial markets, mainly in private capital investments, institutional investments and M&A in the public sector. Aron is the co-founder of PI Group (founded in 1999) where he is still leading the business development activities and representing the fund management company with institutional investors in Israel. Prior to founding PI Group, Aron managed the stock options desk at Mizrahi-Tefahot Bank Ltd. From 1997 to 1999, he acted as Senior Vice President at Clal Finance Ltd, where he oversaw the proprietary and derivatives trading desks. Aron holds a Master’s degree in Business Administration from Bar-Ilan University and a Bachelor’s degree in Economics and Criminology from Bar-Ilan University.

Group Executive Board

Dan Lubash - Chief Executive Officer

Professional history and education

Dan Lubash is the Chief Executive Officer of ISP Group, AG, with a track record of over 30 years in Investment and Private Banking.  Prior to that, Dan has been the CEO of UMBS, a Swiss private Bank, for over 10 years, overseeing all aspects of Private Banking. Following the equity sale of UMBS to the Hyposwiss Group of Geneva, Dan was the Head of the Zurich business of that group.   Before that, he was a full-time consultant to the Chairman of Hapoalim Bank, the largest Bank in Israel.  Prior to that, Dan worked for over 12 years at Merrill Lynch in London, where he became an Institutional Investor Equity Analyst and Strategist, developing the Emerging Markets product, and then promoted to Managing Director, in charge of Global Equity Research, heading the global Emerging Markets Research, Strategy and Economics, and a Member of Merril Lynch`s European Equity Commitment Committee.  Before that, He held roles in the M&A Department of Kidder Peabody, and Corporate Finance roles in the European Bank and Bank of America.  Dan holds an MBA from the Amos Tuck Graduate School of Business at Dartmouth College (an Ivy League University), and a BSc in Civil Engineering from UC Berkeley.



Alena Nicolai - Chief Financial Officer

Nationality: Switzerland

Professional history and education

Alena Nicolai has extensive professional experience in Finance, Risk Management and Regulation of financial institutions. She acquired this through her previous senior positions at and for Swiss and international financial institutions as well as during her almost 10 years at PwC and Deloitte. Prior to joining ISP Group, she was CFO of SEBA Bank AG, one of the first digital asset banks in Switzerland, where she played a key role in setting up the Finance and Risk Management departments. Alena is a Swiss CPA and holds a master’s degree in economics from the University of Zurich and a CAS in Financial Regulation from the Universities of Berne and Geneva.



Fabio Oertle - Head Asset Solutions

Nationality: Switzerland

Professional history and education

Fabio is ISP’s Head of Asset Services. Fabio gathered extensive knowledge of the structured products market at Vontobel and UBS Investment Bank in both Zurich and Singapore over the past decade. While having focused on the structuring and advisory of structured products, trading equity and fixed-income structures also form an integral part of his portfolio. Fabio holds a Master’s degree in Banking and Finance from the University of St. Gallen and is a CFA® charterholder.



Mark A. Schrackmann - Head Legal & Compliance

Nationality: Switzerland

Professional history and education

Mark is ISP Group’s Head Legal & Compliance. He has broad professional experience in the legal and compliance area. Prior to joining ISP, he worked for several years for PwC’s Legal FS Regulatory & Compliance Services practice. Mark gained further relevant experience during a secondment at a leading Swiss private bank, at the Department for Economic Affairs of the Canton of Zurich and at a Swiss law firm. Mark holds a licentiate degree in law (lic. iur./MLaw) from the University of Zurich, a Certificate of Advanced Studies (CAS) in Financial Market Law and a LL.M. in Banking and Financial Markets Law.