Board of Directors

Dr. Andreas INSAM



Dr. rer. soc. oec., University of Innsbruck. Chairman of the Board of Directors of BENDURA BANK AG (formerly Valartis Bank (Liechtenstein) AG) since its foundation (1998). Previously long-serving member of the Board of Directors of LGT Bank in Liechtenstein (Frankfurt) GmbH, with responsibility for the Institutional Sales division. Having gained a doctorate in business economics he became a research fellow at the Institute for Mathematics and Statistics at the University of Innsbruck, before moving on to become assistant to the management board of LGT Bank in Liechtenstein. Andreas Insam has for many years provided editing and auditing services to the Hochschule Liechtenstein (Liechtenstein University) and the University of Innsbruck. He has been a member of the board of management of the Liechtenstein Bankers’ Association since February 2004.

Dr. Gerhard LACKINGER, Mag.



Dr. iur and Mag. rer. soc. oec., University of Innsbruck; qualified as a chartered accountant in Austria. Member of the Board of Directors of BENDURA BANK AG (formerly Valartis Bank (Liechtenstein) AG) since 2000. Responsible for the Back Office division consisting of the Accounting, Legal & Compliance, IT, Credit, Human Resources and Premises Management departments; previously Head of the Management Board Secretariat and the Legal Department of the Vorarlberger Landes- und Hypothekenbank AG, Bregenz. Planning and support functions for Group subsidiaries in the fields of leasing, insurance and real estate. Long-serving rapporteur and member of the Audit Commission of the Austrian Hypothekenbanken (mortgage banks).

Prof. Dr. Michael HANKE



Dr. rer.soc.oec. and venia legendi (Vienna University of Economics and Business Administration). Since 2010 Chair in Finance at the Institute of Financial Services in Liechtenstein. Prior to that Prof. Dr. Hanke was working at the Vienna University of Economics and Business Administration, University of New South Wales (Sydney) and at the University of Innsbruck.
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

Executive Board

Franz GLATZL, MMMag.



Completed three degrees (mag.rer.soc.oec) at Leopold Franzens University in Innsbruck, with one year at Marquette University in Milwaukee, Wisconsin (USA). Awarded many academic honours. Research into experimental economics. Responsible for setting up and expanding BENDURA FUND MANAGEMENT ALPHA AG (formerly Valartis Fund Management (Liechtenstein) AG). As CEO entrusted with heading up fund design, internal process optimization and client relationship activities. Significant responsibility for the departments fund administration, IT and compliance. Franz Glatzl’s other positions include managing partner at VFM Mutual Fund AG & Co. KG and CEO of VFM Mutual Fund AG. He has many years of experience working on international projects with institutional investors and high net worth individuals.

Dr. Walfried KRAHER


Dr.iur and Mag.rer.soc.oec. of the Leopold Franzens University of Innsbruck and Chartered Financial Analyst of the CFA Institute. After his studies Walfried Kraher had several managing positions with focus on finance, risk control, business development and project management and has a more than 10 years professional experience in the international banking industry. At BENDURA FUND MANAGEMENT ALPHA AG (formerly Valartis Fund Management (Liechtenstein) AG) Dr. Kraher is entrusted with heading up accounting, controlling, risk control and fund administration as well as staffing. Additionally he is a member of the Executive Board of VFM Mutual Fund AG.

Fund Services



Head of Fund Administration
& Valuation Services



Deputy Head of Fund Administration
& Valuation Services

Jochen NETZER, Mag., LL.M


Head of Legal & Compliance

Guntram HERNLER, Mag. (FH)


Head of Risk Management
& Investment Controlling

Philippe HEISE, MSc.


Portfolio Management
& Structuring

Philip PROHASKA, Mag.

Portfolio Management
& Structuring


Executive Assistant
to the Board

Internal Audit

The internal audit was delegated to Accurata Treuhand- und Revisions-AG  as part of a Service Level Agreement. The functions are carried out by their representatives.

Accurata Treuhand- und Revisions-AG

Internal Audit

Landstrasse 11, Postfach 1

FL-9495 Triesen, Liechtenstein