What are Aquila's strategic priorities today?
They stem directly from the structural challenges facing independent asset managers. These challenges are not yet fully recognised by the market as a whole, but our experience suggests that they will rapidly gain in importance.
Our main objective is to enable asset managers to concentrate fully on their core business - client relations and investment advice - by relieving them of the growing burden of administrative and regulatory requirements. These requirements have become both more complex and more costly. They can no longer be regarded as secondary.
At the same time, we are focusing on improving efficiency across the platform. This is crucial in areas such as compliance, IT and operations, where cost inflation is structural. By pooling infrastructures and standardising processes, we are giving asset managers access to high-level capabilities at lower cost.
Another priority for Aquila is to better integrate the various functions of our platform. The challenge is not to accumulate services, but to connect them fully, from legal to compliance, via IT, reporting and operations. It is this integration that will enable us to achieve greater efficiency and transparency.
Finally, we continue to place great emphasis on the challenges of succession and transformation. Many EAMs are at a turning point, with questions of continuity, capital structure and development capacity. Our role is to provide practical support during these transitional phases.
What are the strategic priorities now for the managers on the platform?
The managers themselves are adopting an increasingly strategic approach to the way they position and organise their business. A first priority is to refine their value proposition. They want to define more clearly where value is created and how to differentiate themselves in an environment that is both more competitive and more transparent.
This is leading them to arbitrate more clearly between what they keep in-house and what they outsource. Asset managers are refocusing their teams on core business functions and delegating the rest, without compromising their identity or customer relationships. These choices have become decisive for growth and profitability.
Outsourcing does, however, entail greater demands in terms of governance. Managers must ensure rigorous management, effective control and clear responsibility for their service providers, particularly in a regulated environment.
At the same time, the pressure on profitability is intensifying. Rising regulatory costs and increasing customer expectations make operational efficiency an imperative. This is an area in which platform models are now playing a decisive role.
How has the Aquila platform changed most in recent years?
The transformation has been both gradual and profound. We have evolved from a traditional service provider to a fully integrated platform. This evolution reflects a fundamental trend in our sector: asset managers no longer need isolated services, but coherent, evolving ecosystems.
Today, Aquila coordinates complex services. We bring together different components, from IT systems to compliance frameworks, and ensure that they work together seamlessly.
We have strengthened our capabilities on several fronts. On the IT side, we have invested in integration and automation. In the area of compliance, we have expanded our expertise to meet ever more demanding requirements. We have also expanded our investment offering, so that asset managers can complement their skills.
How have you seen the expectations of EAMs evolve?
To put it simply, they have moved from a need for one-off support to a need for more comprehensive solutions. In the past, asset managers would ask a platform for a specific service. Today, they expect end-to-end integration.
Technology is a major driver of this transformation. EAM now requires seamless data integration, automated processes and strong interconnectivity between systems. Fragmentation is no longer acceptable, as it generates inefficiencies and risks.
What's more, expectations now go beyond simple operational support. Managers are increasingly looking for strategic support, whether to develop their business, prepare for succession or navigate the complex regulatory environment. This reflects the increasing professionalisation of the sector, where the relationship with a platform is becoming more strategic and long-term.
How would you like to position Aquila in the current consolidation of the independent asset manager sector in Switzerland?
The Swiss market is going through a prolonged phase of consolidation. However, consolidation does not necessarily mean acquisition. Our positioning is very clear. We act as a facilitator, not as an acquirer. Many asset managers are looking to grow without losing their independence. Our platform gives them access to solid infrastructures and a more professional framework, without going through a merger-acquisition process. We offer a collaborative alternative to consolidation.
How do you see the EAM sector in 2030?
We anticipate a slight decrease in the number of players, accompanied by an increase in their average size. Achieving critical mass will become a decisive factor. At the same time, digitalisation will continue to transform business models, while regulation will further increase the demands for professionalism. The industry will become more structured, more transparent and, in many respects, more institutional. That said, we are convinced that the entrepreneurial spirit will remain an essential component, even if it will be expressed within a more disciplined framework.
How has the profile of external managers changed in the space of ten years?
Ten years ago, the sector was largely based on interpersonal relationships, with highly entrepreneurial managers operating in relatively flexible structures. Today, the landscape has changed profoundly. The players have become more professional, with stronger governance frameworks, more structured processes and greater dependence on technology. This evolution reflects both regulatory developments and changing customer expectations. The sector has become more mature, with a higher level of structure and discipline, without abandoning its entrepreneurial DNA.
How far should, or can, a platform like yours go in integrating services?
Above all, it's a question of balance. Platforms need to integrate functions where the effect of scale creates real value. This is particularly true of administrative and regulatory services. It is in these areas that efficiency, consistency and risk management are most critical.
On the other hand, certain limitations are obvious. Investment decisions must remain the responsibility of managers, as they are at the heart of their identity and the relationship of trust with their clients. Similarly, entrepreneurial independence must be preserved. The role of a platform is to support and facilitate, not to replace. Maintaining this balance is essential to guarantee a sustainable model.