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The sector not only facilitates capital investment but also makes a significant contribution to the Swiss economy: around 59,800 full-time equivalent jobs are directly or indirectly linked to the industry - more than in the entire private banking sector. Between 2019 and 2024, the industry contributed over CHF 700 million in profit taxes to the Swiss economy, underlining its fiscal importance. The study makes it clear: asset management has become a central pillar of the Swiss financial center - with growing relevance for innovation, employment, and tax revenue.

Switzerland vs. the world

Since 2019, the global Asset Management industry has grown by 5% annually. The 2022 downturn has been fully recovered, while consolidation accelerates - the top 10 players now hold 34% of market share (up from 31%) in terms of assets under management.

The Swiss Asset Management industry has expanded its European market share to 11% in 2023, overtaking Germany to become Europe's third largest asset management hub. Although Switzerland has outpaced the EU, its role as a "reliable anchor" faces mounting pressure from macroeconomic uncertainty.

Five countries dominate the European market for AUM - CH has overtaken GER as #3 in AUM in 2023 and continues to grow its market share

The Swiss Asset Management Market

Despite an annual growth rate of 5% and an improved cost-income-ratio of 69%, the Swiss asset management industry's overall profitability remains flat.

Roughly 90% of net new assets (NNA) comes from market performance, reflecting a saturated market and dependency on global economics. Sustainability remains an important criterion as the share of Swiss Asset Managers applying Swiss Climate Scores and Swiss Stewardship Codes has increased by 6% and 3% respectively, hinting at a growing commitment to long-term responsibility.

Swiss AM market growth by AUM is in line with the global development - one third of AUM is managed for foreign clients

Strategic priorities

70% of Swiss asset managers cite strengthening market position as top strategic priority, with product expansion ranking 2nd (34%). Efficiency measures such as cost-cutting rank only 5th (21%), with Artificial Intelligence being seen as the major innovation to re-shape the value chain. 38% of surveyed Swiss asset managers claim that they have a dedicated M&A strategy, with economies of scale being the main driver (77%). For 68% of survey participants, the acquisition of capabilities (i.e. private markets) is the main rationale for inorganic growth.

Outlook

Even if cost measures are not among the most frequently cited priorities, managing cost bases and increasing profit margin is necessary to grow sustainably and at scale in the upcoming years. Integration of private markets offering is key to unlock further growth opportunities and relieve current margin pressure. Technology adoption - particularly AI and DLT - will move from potential to performance driver, reshaping core capabilities. With one-third of managed assets coming from foreign clients, sustainable growth depends on Switzerland's ability to maintain open, reliable access to global markets.

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