In 2024, the assets managed by Swiss asset managers surged to a historic high of CHF 3.45 trillion, reflecting a robust growth of 12.3% year-on-year, according to a report released by the Asset Management Association Switzerland (AMAS). This growth has solidified Switzerland’s position as the third-largest asset management hub in Europe, accounting for an 11% market share. However, insights from the “Swiss Asset Management Study 2025,” conducted in collaboration with zeb consulting, suggest that while the current growth is substantial, it is primarily driven by market performance rather than new client inflows, highlighting challenges that the sector must address for sustainable growth.
Adrian Schatzmann, CEO of AMAS, acknowledged the impressive performance but cautioned against complacency. “This growth confirms the strength, resilience, and competitiveness of the Swiss asset management sector,” he stated. “However, it also underlines the necessity for evolution, as nearly all the growth can be attributed to market performance and only to a limited extent to new inflows.” This observation raises critical questions about the long-term sustainability of asset management growth in Switzerland, where reliance on fluctuating market conditions may ultimately limit potential advancements.
The study revealed key strategies that Swiss asset managers are adopting to foster sustained growth in a competitive landscape. A significant 70% of the surveyed managers identified strengthening their market position as a strategic priority, closely followed by product expansion, which garnered 34% support. Notably, emerging technologies such as artificial intelligence (AI) and distributed ledger technology (DLT) were identified as essential driving forces behind future efficiencies and value creation in the industry.
There exists a growing dynamism in private markets, encompassing private equity, infrastructure, and private credit. Over two-thirds of asset managers interested in mergers and acquisitions indicated that access to private market segments is their primary objective. This shift not only creates new revenue streams but is also expected to alleviate some of the margin pressures that have historically challenged the sector. The shift towards inclusivity in private markets is a crucial development, poised to redefine revenue generation by minimizing reliance on traditional markets.
Strategically, the next phase of growth for Swiss asset management necessitates a clear direction, which includes enhancing access to global markets through diplomatic engagement and regulatory advocacy, alongside significant investments in innovation. The sector garners approximately 31% of the assets under management from foreign clients, positioning it as a vital export industry for Switzerland. Several factors contribute to this success, including the country’s political stability, well-developed capital markets, and access to a global talent pool.
From 2019 to 2024, the asset management sector generated over CHF 4.2 billion in income taxes and employed nearly 60,000 individuals as of 2024. Remarkably, the average assets managed per full-time employee stood at CHF 320 million, reflecting a solid foundation for productivity. The industry has achieved a stable cost-income ratio of 73%, although it faces growing pressure from market saturation and declining margins.
As Schatzmann emphasized, “As our study indicates, the Swiss asset management sector is well-positioned. But to remain globally competitive, the industry must scale with confidence, innovate with ambition, and maintain an open approach.” Prioritizing international market access remains essential. In an environment characterized by rapid change and increasing competition, the emphasis on sustainable growth strategies is not merely aspirational; it is imperative for the long-term viability of Switzerland’s asset management ecosystem.
Ultimately, the findings of the “Swiss Asset Management Study 2025” point to a sector at a crossroads, balancing impressive current performance with the necessity for innovation and market adaptation. Investors and stakeholders within the Swiss asset management community will need to consider how to best position themselves for future challenges and opportunities amid a continuously evolving financial landscape. The demand for nuanced strategies and a commitment to sustainable growth has never been more pronounced, indicating that the road ahead will require not just vision but decisive action.