Michael Loretan, the head of the asset management division and deputy chief executive officer of FINMA, the Swiss Financial Market Supervisory Authority, has died at the age of 53 after a long illness.

FINMA learnt of the regulator's death on Tuesday 22 January. Although he had been ill for a long time, his death was unexpected. He joined FINMA in 2011 after a successful career in the finance industry. He was appointed a member of the executive board in 2014 and the board of directors named him as deputy CEO of FINMA in October last year. He was held in extremely high regard by employees, colleagues and financiers.