Etymologically, the word “fiduciary” comes from “fiducie”, which means “trust” (Latin: fiducia). It is an Anglo-Saxon legal concept for the management of private assets, known in English as a “trust”. It refers to an operation whereby a person, called the settlor, entrusts the ownership of present or future assets, rights or securities to a third party, called the trustee, who acts for the benefit of one or more beneficiaries, subject to conditions of use or duration..

The concept of trust has existed in common law for at least three centuries. It appears in Dutch law under the name bewind and is similar to the concept of Treuhand in German law and Waqf in Muslim law. It is interesting to note that this term only appeared in French law in 2007, which is very recent, whereas Swiss law and all Swiss legal rules at all levels of authority (Confederation, cantons, communal) have their origins in Roman law. Swiss law thus belongs to the family of Romano-Germanic laws and is a composite construction influenced in particular by French and German law, as well as by other European laws.

This profession, whose origins date back to antiquity, is not very well known in Switzerland, which is why this editorial, in a book dedicated to it, aims to trace its history in French-speaking Switzerland.

As we have seen, accounting has existed since ancient times. Indeed, the treasurers of kings, especially in Babylonian times, kept accounts of their masters’ assets, as did the secretaries of their writings. And it was common practice for merchants to keep records of their transactions, as was the case in Phoenicia.

However, double-entry bookkeeping really came into its own in the 15th century with the Italians, who used the services of renowned mathematicians. It was in Venice in particular that this method was developed, hence the name “the Venice method” in 1494.

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Pierre-André Dumont de Cuisery