1 Managing Board

Assessor iur. Olaf KÖHLER


Six years of military service, followed by studies in law and administrative sciences in Frankfurt am Main, Freiburg im Breisgau and Speyer. Legal internship in the German state of Hesse, followed by second state law examination. Established as a lawyer and finally co-owner of a regional law firm in Germany. 11 years of practice as a lawyer with a focus on civil law and forensic activities.

Since 2008, various functions in the alternative investment fund industry, including corporate counsel, manager and liquidator of funds with alternative assets. Most recently, Head of the Depositary & Security Issuer Services Department of BENDURA BANK AG.

In addition, Mr Koehler holds a university degree as a certified Liechtenstein fiduciary expert and, as a graduate of the Liechtenstein fiduciary examination, was a manager and licensee of a Liechtenstein trust company.

Mr. Koehler is admitted to practice as a European lawyer established in Liechtenstein, based on his German admission to practice as a lawyer. He is also a member of the Karlsruhe (Germany) Chamber of Lawyers (Germany) and Liechtenstein Chamber of Lawyers.

Armin EDER, Ph.D.


Graduated in Business Administration and Economics and holds a PhD in Economics, both from the University of Innsbruck; has successfully completed training to become an Actuary DAV of the German Actuarial Association and training as a Financial Risk Manager (FRM) of the Global Association of Risk Professionals.

Since 2010, active in various functions in the financial industry, e.g. as a researcher, quantitative risk manager and actuary. His responsibilities included the development of risk and valuation models, the generation of economic valuation scenarios and the valuation of financial and insurance products.

2 Board of Directors

Dr. Andreas INSAM

President of the Board of Directors

Dr. Insam holds the qualification Dr. rer. soc. oec. from the University of Innsbruck. He has been CEO of BENDURA BANK AG since it was founded in 1998. He was previously a long-standing member of the Board of Managers of LGT Bank in Liechtenstein (Frankfurt) GmbH, responsible for the Institutional Sales division. After he obtained his doctorate in Business Administration, he served as Research Assistant at the University of Innsbruck’s Institute of Mathematics and Statistics, and later became Assistant to the Executive Board of LGT Bank in Liechtenstein. Andreas Insam has been a lecturer and examiner at the University of Liechtenstein and at the University of Innsbruck for many years.

Dr. Markus FEDERSPIEL, Mag.

Member of the Board of Directors

Mag. rer.soc.oec and Dr. phil. from the University of Innsbruck, studies abroad in Great Britain and Russia. After obtaining his doctorate in economic affairs in 2008, he has been working for BENDURA BANK AG. Initially Head Private Banking Italy and from 2013 Head Institutional Clients Central Europe. As of October 2019, he was appointed member of the Management Board and Chief Customer Officer (CCO). He is responsible for the Market and Sales divisions and will join the Board of Directors of the subsidiaries BENDURA FUND MANAGEMENT ALPHA AG, BENDURA FUND MANAGEMENT BETA AG and VFM Mutual Fund AG after approval by the FL-FMA. Markus FEDERSPIEL is also a long-term guest speaker at the University of Innsbruck and representative of BENDURA BANK AG in numerous international networks, including BAFIT (Banking, Accounting, Finance & IT) and IPG International.

Prof. Dr. Michael HANKE

Member of the Board of Directors

Michael Hanke holds the qualifications Dr. rer. soc. oec. and venia legendi in Business Administration from the University of Vienna. Professor of Finance at the University of Liechtenstein since 2010, preceded by activities at the Vienna University of Economics and Business, University of New South Wales (Sydney) and the University of Innsbruck. Teaching, researching, consulting and reporting in the areas of risk management, financial optimisation, asset allocation, derivatives, quantitative and empirical finance.

Teaching, Research and Advisory Activities in the range of risk management, quantitative finance, esp. asset allocation, portfolio management, derivatives pricing and financial engineering, empirical research in financial markets

3 Officers



Chief Operating Officer

Completed an apprenticeship in a trust office in Switzerland, then further training as a specialist in finance and accounting with a federal certificate and a Bachelor of Business Administration.

After the apprenticeship and one year in the trust industry, he worked for two years in the accounting department of a company in the steel trading industry. Since 2008 he has been working in fund administration in Liechtenstein with a stay in London. The focus of his activities is on private equity and private debt.

Lian JIN


Employee Operations