Vonban Swiss: Bonalp, Fume and Schikardos business connections

analysisBonalp Management S.à r.l. is identified by Luxembourg B255062 and LEI 894500ALP9VZHLHNKC30. The retained deed dates its incorporation to 12 May 2021, followed by publication on 27 May. A February 2026 decision moved the registered office from Capellen to Hosingen. Its website describes it as a registered AIFM, giving CSSF reference A00003215. The registered-AIFM wording is the company’s own presentation, not an independently retrieved CSSF authorisation decision. It must not be silently upgraded to a full licence or attributed to Vonban or Hummingbird. ^{1 2}

analysisBonalp’s website names Riccardo Conti and Pablo Pfister as managing directors and co-founders, Raphael Maibach as chief legal officer and co-founder, and Thierry Fragnière as chief compliance officer and co-founder. It identifies Antonino Sardegno as Head of Europe and Vikrant Pangam as Head of MENA. These are attributed team roles in the retained website. A co-founder or regional job title does not disclose the person’s exact equity interest or establish a statutory board appointment. ¹

analysisThe retained secondary financial summary for Bonalp shows a 2023 loss of about EUR51,700, equity of minus EUR66,200 and short-term debts of about EUR68,800. Its comparison column is 2021, when it reports a profit of about EUR2,480 and equity around EUR14,500. The two columns are 2023 and 2021, not consecutive years. These rounded figures concern the manager itself and do not establish losses in each managed fund, the financial position of Vonban or an insolvency judgment. ³

analysisBonalp’s website lists Fume for tokenisation technology, Hummingbird Capital Partners for advisory, Schikardos for Luxembourg securitisation and NAVquant for net-asset-value calculation. Hummingbird in turn presents Fume as a technology and operations partner. These are named business-ecosystem associations. The pages do not establish equity ownership among these firms, a particular completed client mandate or the legal entity behind every brand. ^{1 4}

analysisFume’s own team page names Conti as chief executive, Marc Bickel as chief technology officer, Maibach as head of legal, Pfister as head of staff, Sardegno as commercial manager and Pangam as Head of Operations. The page also identifies Hummingbird Capital Partners as an early investor. Fume is retained here as the brand described by the site. The investor description does not identify a precise legal recipient, percentage or subscription date, so it is not turned into a quantified holding in FumeX AG. Website jobs are not automatically statutory company offices. ⁵

analysisFume advertises a white-label fund-administration platform covering investor onboarding, net-asset-value calculation and payouts. It describes tokenised fund shares and offers customers without their own fund licence a route through an existing licensed arrangement or a fund set up with partners. These are service claims, not evidence that every fund using the technology is authorised in every market. The technology platform, a manager’s registration and the authorisation of a particular fund remain separate questions. ⁶

analysisSchikardos Assets S.A., Luxembourg B265251, presents a compartment-based securitisation platform for private placements to professional and well-informed investors. Its own site gives LEI 529900BOM0X6GXAKML31. The retained corporate history dates registration to February 2022, earlier than the site’s founded-2023 branding. The marketing description is not proof of a particular completed issue, regulatory approval or guaranteed protection of investors. The corporate registration date and the business’s branding date are different claims. ^{7 8}

analysisThe retained Schikardos history records Hawarian’s director role ending on 25 April 2025 and Jacobus Christoffel van Tonder’s appointment from 24 April, published on 25 April. Later descriptions that still associate Hawarian with the company cannot make the ended office current. The directory history is used as a dated secondary corporate record. A director’s departure does not establish a sale of shares, and the record does not make every other company in that director’s network a Schikardos subsidiary. ⁸