Swiss asset managers are back on course for growth
Published: Tuesday, Jun 25th 2024, 08:20
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The Swiss asset management industry has returned to growth. After a difficult year in 2022, assets under management rose by 8.3% to CHF 3,177 billion last year, as reported by the Asset Management Association Switzerland (AMAS) on Tuesday.
This makes Switzerland the third-largest asset management market in Europe. It remains internationally competitive even after the takeover of Credit Suisse by UBS and continues to be characterized by a broad range of products and services.
According to the results of the study conducted by AMAS in collaboration with Lucerne University of Applied Sciences and Arts (HSLU), asset managers contributed around one percent to Switzerland's gross domestic product. The sector generated CHF 4.05 billion in profits, paid CHF 0.59 billion in taxes and employed around 58,700 full-time staff.
The majority of clients are pension funds. However, clients from abroad are also becoming increasingly important: around 30% of assets under management in 2023 were managed for foreign institutions, meaning that the export share has risen by 4.8 percentage points since 2017, according to AMAS.
Following the big bank merger of UBS with a market share of 9.3 percent and Credit Suisse with 8.3 percent, UBS now potentially holds a market share of around 18 percent. Nevertheless, the competitive landscape remains intact thanks to the strong presence of foreign asset managers and larger cantonal banks, the association emphasized.
The industry association sees a number of challenges for the future. For example, the profitability of asset managers is developing negatively despite growth. Public pressure on asset managers to make a measurable contribution to climate protection is also increasing.
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