The model of independent asset managers is now establishing itself as a structuring pillar of wealth management on a global scale. David Saliné takes a look at the dynamics of a market estimated to be worth €1,500 billion, and at the strategy of a group that intends to strengthen its international position. For Indosuez, the EAM segment is a major growth driver.
In terms of assets under management, what is your current estimate of the global market for independent asset managers?
It's a relatively complex exercise, because the realities differ greatly from region to region and from local model to local model. But in the markets covered by Indosuez, such as Switzerland, the major European countries, the Middle East, Asia and Latin America, we estimate that independent asset managers currently manage around €1,500 billion in assets.
Switzerland obviously remains the benchmark market, with assets under management of around 600 billion euros, or around 15-20% of the assets deposited in the country's private banks. With 150 years of presence in Switzerland, Indosuez benefits from a historic position and recognised experience in this market.
How do you see this market developing over the next few years? What are the main growth drivers?
This is a segment that remains extremely dynamic, in all the regions where it is present. In Switzerland, the number of players has fallen as a result of regulation, but assets under management continue to grow, with structures that are becoming increasingly large. The same phenomenon of concentration can be observed in European markets.
The key growth drivers remain wealth creation and the need for the personalised support that goes with it. Entrepreneurs building up substantial assets today are looking for partners who can support them in an increasingly complex environment, with an open-architecture, multi-bank approach. This is precisely what the independent asset manager model provides.
Asia is probably the most dynamic region today. Between Hong Kong, Singapore and other regional centres, the EAM model is rapidly gaining ground. The growth in wealth is extremely strong there, and is automatically creating significant demand for asset management services delivered by independents.
In this EAM segment, how would you define Indosuez Wealth Management's global strategy?
Since 2024, our global strategy has been considerably strengthened, driven by the conviction that this market would develop over the long term in all the major regions of the world.
With this in mind, we have adapted our organisation, firstly by putting in place a common governance structure and standardised processes across all our entities. The aim is to have a consistent approach across all Indosuez Wealth Management subsidiaries.
At the same time, we have considerably strengthened our dedicated teams in Hong Kong, France, Italy and Dubai. Today, dedicated EAM services are available in 11 offices and offer access to 9 Indosuez booking centres.
How have you adapted your offering to this strategy?
The offering has been strengthened in several ways. Geographically, new custody and execution capabilities have been deployed in France, Hong Kong, Italy and Belgium, providing greater coverage and proximity to our customers.
The product offering has also been considerably expanded, incorporating structured products, hedging solutions, hedge funds and swap instruments. Our clients also have access to Tiera Capital, Indosuez's private markets offering, created 25 years ago, covering private equity, private debt, infrastructure and venture capital. We are now in a position to include private equity positions in Luxembourg life insurance policies, in response to particularly strong demand.
We have also significantly expanded our credit offering, particularly Lombard loans and certain solutions that were not previously available.
Finally, the digital dimension has become essential. We have developed interfacing capabilities with asset managers' tools, enabling orders to be executed directly from their own platforms. Our Third-Party Manager clients also benefit from a digital platform giving them access to the investment universe and analyses of Indosuez experts.
How many fund managers do you currently work with?
We currently work with around 380 independent managers for the whole of Indosuez. This represents an increase of around 80 additional managers since 2024, with relatively even growth between the different regions.
What is the current weighting of the EAM segment at Indosuez Wealth Management?
The segment currently represents around 10% of the assets managed by the Group. What's particularly interesting is the growth momentum recorded in recent years across all the Group's entities.
What are your development objectives?
Our ambition is clearly to become the leading European universal bank for independent asset managers in all the regions where we are present. We are aiming for organic growth of around €1 billion a year in this segment. This is an ambitious target, but one that is perfectly achievable given the momentum of the last two years, when we have already exceeded this level.
How do you adapt your model to the specific characteristics of each region, while maintaining a global approach?
The key lies first and foremost in governance and in the ability to deal with situations in a consistent way across the various Group entities. We have also worked hard on international collaboration between entities. Today, it is very common for a single manager to work with several booking centres in the Group to meet the specific needs of his customers. This ability to work together is now at the heart of our operations.
We obviously retain a strong local approach. The expectations of a European customer are not identical to those of an Asian or Middle Eastern customer. Products, asset structures and insurance solutions differ greatly from region to region. We therefore adapt our solutions to local cultural and regulatory realities, while maintaining a global platform.
To what extent does the growth of services dedicated to family offices influence your approach to the EAM segment?
The dividing line between independent asset managers and multi-family offices is becoming increasingly subtle. Many EAMs have now developed a global approach to wealth management that goes well beyond portfolio management alone. They work with their clients on issues such as inheritance, wealth structuring, real estate, philanthropy and family governance. The wealth planning expertise offered to family offices is also available to independent asset managers.
In Switzerland and internationally, what major changes have you observed in the expectations of independent asset managers?
The first major change concerns the very essence of asset management models. Traditional, highly standardised approaches are gradually giving way to much more diversified allocations. Today's clients are much more financially literate and are looking for sophisticated solutions, with exposure to a wider range of asset classes. This is the case for private equity, hedge funds, precious metals, alternative products and even hedging strategies.
There is also a strong trend towards multi-family office models, with asset managers developing a comprehensive wealth management approach for their clients. Finally, the technological dimension is becoming central. Asian players, in particular, have demonstrated an impressive ability to rapidly develop their own digital tools, such as PMS, CRM and reporting. This is probably one of the most interesting lessons for European players today.