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English
German
Swiss Asset Management Study 2026
The Swiss asset management industry continued its growth trajectory in 2025, increasing assets under management to around CHF 3.73 trillion. Switzerland has thus consolidated its position as Europe’s third-largest asset management centre and underscored its importance as a key pillar of the Swiss financial centre.
At the same time, the Swiss Asset Management Study 2026, produced in collaboration with the Asset Management Association Switzerland, paints a nuanced picture: growth remains heavily dependent on developments in global capital markets. Market-driven effects, particularly from technology- and AI-driven segments, have significantly supported the positive performance over the past year. Net inflows, however, continue to play a subordinate role, even by global standards, and make the business model more vulnerable to crises.
“The Swiss asset management industry competes globally for clients, talent, and capital. Securing and expanding international market access therefore remains a strategic priority.”
Norman Karrer, Partner
The study also highlights a more challenging market environment: the ongoing boom in passive investments is putting pressure on revenue margins, while regulatory requirements are squeezing cost margins. Intensifying competition has recently led to a slight weakening of export business. However, investment products in private markets continue to be regarded as promising growth areas, with the potential to positively influence both margin erosion and currently limited net new money flows.
On a positive note, the industry maintains an optimistic self-image – more than a quarter of surveyed asset managers were unable to identify any disadvantages of Switzerland as a location (from a production perspective).
Note: The study is available in English only.
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