How do you assess the state of the independent asset management sector in Switzerland?
Independent asset management in Switzerland remains solid and well established. It is supported by a proven financial infrastructure, a stable political framework and strong international credibility. The entry into force of the LSFin and LEFin has clarified the regulatory framework and increased the professionalism of the sector, while accelerating the trend towards consolidation, particularly among small and medium-sized structures faced with rising compliance, audit and reporting costs.
Despite more intense competition and persistent pressure on margins, Swiss independent asset managers still have real strengths, based on their expertise, independence and proximity to their clients.
What are the main sticking points?
Regulatory constraints remain the main obstacle. It increases operational complexity and weighs on costs, particularly for small organisations. Pressure on margins is also intensifying, as a result of price transparency, competition and the spread of low-cost products. At the same time, managers are having to invest in technology to improve efficiency and meet customer expectations, often without the necessary critical mass.
Added to this are recruitment and succession issues. Many experienced professionals are approaching retirement, and new generations are opting for more flexible, digital environments. Lastly, clients' demands for transparency, sustainability and personalisation continue to grow.
What should FINMA do to better understand the realities facing independent asset managers?
FINMA would benefit from better integrating the structural constraints specific to independent asset managers, in particular their size and resources, which are incommensurate with those of banks. Although well-intentioned, uniform regulatory requirements often place a disproportionate burden on small structures, to the detriment of customer service and operational priorities.
However, independent asset managers are first and foremost entrepreneurial structures, owned by their managers and with a strong customer focus. They play a key role in competition, employment and innovation within Swiss wealth management. They guarantee real diversity and freedom of choice for clients.
If you had to send a clear message to FINMA today, what would it be?
The vast majority of independent asset managers conduct their business responsibly and professionally, in the interests of their clients. A pragmatic, proportionate and risk-based approach is needed for these 1,500 players, who are now supervised. Viewing the entire sector as a potential problem unnecessarily weakens well-managed structures and dilutes the effectiveness of supervision. A more differentiated approach would, on the contrary, strengthen both investor protection and the soundness of the sector.
What structural changes are most likely to shape the independent asset manager landscape over the next five years?
Consolidation is likely to continue, driven by regulatory and cost pressures. Digitalisation and automation will take centre stage. Portfolio management systems, data analysis and customer-focused digital tools will become the norm if we are to remain competitive. Changing customer expectations will also play a key role, driven by intergenerational transfers, increased demands for transparency and a growing interest in sustainable solutions. Finally, partnerships between independent asset managers, banks and fintechs are likely to increase, offering access to high-performance infrastructures without jeopardising independence.
How would you define Invest Partners' current positioning?
Invest Partners sees itself as an independent Swiss portfolio management platform, designed by and for private bankers and experienced asset managers. Organised as a network of senior partners, it offers institutional standards with a high degree of flexibility in the solutions it proposes. A dedicated administrative team takes care of compliance, reporting, IT and governance, allowing partners to focus on management and client relationships. Transparency, alignment of interests and long-term partnerships are the DNA of the platform.
Where do you see the main growth opportunities for Invest Partners today?
The opportunities come from the consolidation of the sector and the growing number of experienced professionals who want to become more independent. Senior managers and private bankers are leaving traditional banks for greater entrepreneurial freedom and a refocusing on client relationships. Invest Partners is well positioned to welcome them, with a stable platform, a modern IT infrastructure and full administrative support.
What kind of support does Invest Partners offer its partners?
The platform handles all non-investment-related functions, from compliance and reporting to IT and governance. A central team provides a consistent and robust operational framework, allowing partners to focus on management and client relations. These functions are evolving over time, with increased digitalisation and automation, to improve efficiency.
How many partners do you currently have?
Invest Partners currently has 30 partners. Growth is deliberately selective, with priority given to cultural and professional fit rather than size. The platform still has room for growth, thanks to a scalable infrastructure and a very solid operational framework.
What is your approach to private markets and digital assets?
Our approach remains selective and driven by customer needs. Private markets are not currently a priority, as many clients prefer liquidity and transparency. Digital assets are approached with caution, via regulated and listed products rather than direct holdings, particularly for reasons of governance, valuation and liquidity.
What type of managers are you looking to attract and what partnership model are you proposing?
Invest Partners targets experienced managers with an entrepreneurial spirit, who are committed to their independence and to building long-term client relationships. We have succeeded in putting in place a model that combines autonomy and freedom of action with a platform that provides infrastructure and support functions within a clear framework, aligned first and foremost with clients' interests.
What is your wish for the future of the independent asset management industry?
The industry would benefit from a better structure and from speaking with one voice. The current fragmentation between associations limits its influence in regulatory and political discussions. A credible umbrella organisation, capable of defending common interests and fostering exchanges between players, would strengthen the cohesion, visibility and long-term solidity of the industry.