Switzerland has always required asset managers to adopt a highly local approach. For Samira Sadik, the challenge now is to strengthen LFDE’s foothold in German-speaking Switzerland and amongst institutional investors, whilst developing distinctive expertise in private markets, bonds and innovation-related themes.
What are the fundamental principles an asset manager must follow to successfully establish itself in the Swiss market?
Switzerland is a sophisticated and demanding market, with numerous stakeholders and high expectations in terms of expertise and innovation.
I see three key factors for success in establishing a strong presence here. The first is a sustainable local presence, as trust and partnerships are built over time. This requires teams that are close to local investors. One of my roles is to put together a team based between Geneva and Zurich, as close as possible to our partners, capable of speaking their language and tailoring our offering to their specific needs.
The second is a distinctive, targeted and high-performing offering. Switzerland is a highly competitive market, where investors have access to major international players. We are therefore operating more in a market of selection than one of mass distribution. It makes sense to offer conviction-based management that meets specific needs, with the expected level of service.
The third is an understanding of distribution channels. An independent fund manager, a bank, a family office or an institutional investor do not have the same needs or the same decision-making processes. Switzerland is not a single, uniform market. We need to prioritise certain segments, adapt our approach to each channel and move forward gradually.
For a fund manager such as LFDE, what distinguishes the Swiss market from other European markets today?
What sets the Swiss market apart is, above all, the high standards of investors and their strong international outlook. They are looking less for product providers and more for partners capable of building a long-term relationship, with whom they can engage and build a relationship of trust. This is an environment that suits LFDE, with our culture of close client relationships and our management style based on strong convictions.
For which client segments do you think LFDE’s offering is most relevant today?
Historically, we have worked extensively with independent fund managers. They remain key partners for us. The wholesale sector also offers significant potential, particularly with private banks and multi-family offices. Our offering is well-suited to the needs of their advisory clients, notably through distinctive conviction-based strategies and thematic expertise in technology, artificial intelligence and humanoid robots.
At the same time, we wish to develop the institutional investor segment. We have historically had a smaller presence in this market, but our product range now enables us to meet their specific needs. These investors take a long-term view and often favour a core-satellite approach, with a core portfolio based on indices or with low tracking error, and a more active satellite component.
We are able to cater to both these components. For the core component, the quantitative offering from our LBP AM group, which we market in Switzerland, enables us in particular to provide robust solutions that incorporate non-financial criteria. For the satellite component, we can draw on LFDE’s long-standing expertise in active conviction-based management and our distinctive strategies, whilst also benefiting from LBP AM’s complementary expertise in specialised credit and private assets.
After more than twenty years at Lombard Odier IM and then Oyster Funds, what made you decide to join LFDE?
I joined LFDE for three main reasons. The first is LFDE’s accelerated expansion in the Swiss market, underpinned by a clear strategic vision. This growth initiative is driven by the LBP AM group, which is investing and equipping itself with the resources to realise its ambitions. The recent and ongoing recruitment drive to build the Swiss team is proof of this.
The second reason is the particularly exciting stage in LFDE’s history. We now have an expanded range of products covering all asset classes, investment styles and geographies, whilst retaining our DNA as conviction-driven and specialist managers, with cutting-edge and distinctive expertise. This positioning is essential to me.
Finally, there is the corporate culture, which is deeply entrepreneurial. Day-to-day, we see a great deal of agility, commitment and high standards, coupled with the ability to make decisions and move forward quickly.
What opportunities specific to the Swiss market justify LFDE’s renewed interest?
I see three main developments in the Swiss market’s needs. The first is the growing demand for investments in private markets, particularly for products that democratise access to this asset class.
Thanks to LBP AM’s private markets platform, we will soon be launching a product in Switzerland exclusively for institutional investors, in the form of a diversified, open-ended Evergreen fund of funds. This strategy will enable investment in direct lending, private equity and infrastructure, in both debt and equity.
The second focus is the pursuit of active fixed-income strategies offering high added value and capable of generating a sufficient return. This is precisely one of the group’s strategic pillars looking ahead to 2030, with a product range covering speciality credit, convertible bonds and absolute return strategies.
Finally, we are seeing a demand for innovation, but not innovation at any cost. It must be relevant, underpinned by proven expertise and robust management. This is an area in which, since 2011, we have developed the ability to identify the major structural trends that will shape the economy of tomorrow. We are also developing solutions drawing on our expertise in financial engineering.
What are your medium-term ambitions in the Swiss market?
The group is targeting €100 billion in assets under management by 2030, including €10 to €15 billion from international investors outside France. Switzerland, which is one of our three main international markets, is therefore a strategic market.
Our priority is to strengthen our local presence, particularly in German-speaking Switzerland, where we still have significant potential for growth. We will also expand our reach amongst institutional investors and strengthen our team in Geneva and Zurich.
Finally, we aim to raise awareness of our entire product range, emphasising the areas of expertise that set us apart and meet the needs of Swiss investors.