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New money inflows remained at a low level with an increase of CHF 9.2 billion or 1.6% and continued to be limited to the low-risk asset classes bonds (CHF 9 billion) and money market (CHF 10 billion - or US$ 11.7 bn). Despite the positive environment in the first half of 2024, equity funds and investment strategy funds suffered outflows of CHF 3.6 billion and CHF 3.5 billion respectively, while CHF 1.5 billion flowed out of alternative investments.

By contrast, inflows into the Swiss ETF market remained strong. This grew by 19.7% to CHF 244,478 million in the first half of the year alone. Equity products achieved an inflow of new money totalling CHF 6.3 billion.

In the first half of the year, equity market returns remained the main growth driver in the Swiss fund market, although momentum slowed in the second quarter. The return on equity funds calculated based on net asset values (NAV) reached 14.3% in the reporting period. Bond funds returned 3.2% and investment strategy funds achieved 7.2%.

"The pleasing development in the Swiss fund market is proof that investors are benefiting from the sustained positive stock market environment and the returns achieved," says Adrian Schatzmann, CEO of the Asset Management Association Switzerland (AMAS). "Nevertheless, the reluctance to invest new money remains noticeable. Investor confidence has not yet returned due to the ongoing geopolitical risks and growth uncertainties."

The hierarchy of the largest Swiss asset managers remains unchanged with UBS at the top, followed by Credit Suisse, which will continue to be recognised separately by the statistics as long as the funds remain named accordingly. Of the 10 largest fund providers in Switzerland, Swisscanto (now 10.5%) and Pictet (now 6%) have increased their market share.

Performance of selected indexes and currencies up to the end of the first quarter 2024: Dow Jones +3.79%, S&P 500 +14.48%, EURO STOXX 50 +8.24%, SMI +7.69%, SBI +1.74%, and Bloomberg Barclays US Aggregate Bond Index -0.71%. The EUR gained against the CHF 3.74% while the USD gained 6.79% against the CHF.

The statistics compiled by Swiss Fund Data AG and Morningstar are based on the FINMA approvals list and cover all funds under Swiss law as well as all foreign funds approved for public sale in Switzerland, including their institutional unit classes. Foreign funds restricted exclusively to qualified investors are not covered by the statistics because they are only placed privately and cannot receive FINMA approval.€

Press release.

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