Swiss fund market grows in 2023
Published: Monday, Jan 29th 2024, 10:50
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Assets under management in Swiss asset management rose last year. The takeover of Credit Suisse by UBS also had an impact on the market structure of the Swiss fund market.
Thanks to the strong final quarter on the stock markets in 2023, the Swiss fund and asset management market also ended the year on a positive note: the volume on the Swiss fund market rose by 3.7% to CHF 1.37 trillion. The Asset Management Association Switzerland (AMAS) reported on Monday that this was mainly due to performance gains and, to a lesser extent, net new money.
Despite a strong start to the year and a year-end rally, the majority of investors remained risk-averse in 2023. 3.3 percentage points of the increase in assets under management on the fund market can be attributed to market performance.
Cautious investors
Nevertheless, it was the second-highest figure in history. Asset management is a cornerstone of the Swiss financial center, said AMAS President Iwan Deplazes at the industry association's annual media conference. "Switzerland's rise to third place in Europe as a location for asset management is proof of this."
Most investors preferred security over returns in 2023, said AMAS CEO Adrian Schatzmann. "Inflows into equity and bond funds were largely concentrated in Swiss investments. This increased home bias is typically an expression of a cautious attitude among investors."
The net new money overall was primarily the result of continued inflows into money market funds. "Both 2022 and 2023 must be described as years of money market funds," said Schatzmann. These represented a welcome alternative for risk-averse investors. In addition, equity funds also saw an inflow of new money last year; all other asset classes lost money.
UBS and CS lose market share
With the takeover of CS by UBS, Swiss asset management also experienced a turning point that changed the market structure. Both institutions lost further market share over the course of the year, which was absorbed by both larger and smaller asset managers.
Nevertheless, UBS remains the largest Swiss asset manager with a 25 percent share - up from 25.7 percent in the previous year. Credit Suisse is in second place with 12.6%. In 2022 it was 14.3 percent. Credit Suisse will continue to be reported separately by AMAS as long as the funds remain named accordingly.
The statistics from Swiss Fund Data AG and Morningstar reportedly cover all funds under Swiss law and all foreign funds licensed for public distribution in Switzerland, including their institutional share classes.
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