Safe savings: Switzerland is the world's largest cross-border wealth manager.
KEYSTONE/Gaetan Bally
As the Swiss financial centre adjusts to the loss of banking secrecy and possible fallout from Brexit, a report highlights increased investment management as the sector's cornerstone.
This content was published on
2 minutes
swissinfo.ch/dos
The report, released on Thursday by the Swiss Bankers Association (SBA) and the Boston Consulting Group (BCG), outlines the emergence of investment management – the “management of investments for institutional and private clients” – as a key component of the Swiss financial centre.
Revenues in the industry climbed from CHF17 billion ($17.12 billion) to CHF20 billion between 2016 and 2017, the report states. This represents around one-quarter of all revenues generated in the financial industry over the period.
Overall, in 2017, a total of CHF3.4 trillion in assets were managed in Switzerland, around one-third of which belonged to foreign clients.
Switzerland is the world’s largest financial centre for cross-border wealth management, the report’s authors state, and is one of the leading European asset management hubs.
Factors contributing to this success include “structured investment advisory processes” and the country’s “tradition and experience in investment management”, said Daniel Kessler, Managing Partner of BCG Switzerland, in a press release.
However, the report also finds that competition, regulation, and new technologies are increasing pressure in the sector, particularly on mid-market players.
“Sustainable competitive advantages will in future come primarily from larger volumes or non-replicable niche products,” it says.
As for Switzerland, the SBA and BCG recommend that it safeguard its “locational advantages” (stable politics, liberal economy, access to foreign expertise) through a solid regulatory framework. Specifically, they call for a removal of “tax obstacles”, including stamp duty, and a reform of the withholding tax system.
More
More
Switzerland remains top international wealth management hub
This content was published on
Switzerland remains the world’s largest wealth management centre for international assets, but the air is getting thinner at the top.
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
Zurich Film Festival to host 35 world or European premieres
This content was published on
A host of stars are expected at this year's Zurich Film Festival (ZFF), which celebrates its 20th anniversary on October 3.
Switzerland’s population crosses the nine million mark
This content was published on
The permanent resident population in Switzerland exceeded nine million people for the first time at the end of June this year.
Swiss foreign ministry expresses concern after explosions in Lebanon
This content was published on
The Swiss Federal Department of Foreign Affairs has expressed its deep concern following the explosions in Lebanon on Tuesday. In a post on X, it calls on all parties to exercise the utmost restraint in order to prevent a major regional escalation.
Switzerland receives UN mandate for meeting on Middle East conflict
This content was published on
Switzerland will organise a meeting of the parties to the Geneva Conventions on the Middle East conflict within six months.
Meyer Burger replaces top management and cuts 200 jobs
This content was published on
The ailing solar company Meyer Burger is attempting to break free with a new restructuring programme. The CEO is leaving the company. Numerous employees will also lose their jobs.
Swiss study: kindergarten children calculate much better with their fingers
This content was published on
Counting with their fingers makes kindergarten children better at arithmetic, according to a study by the University of Lausanne.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Funds stump up $1m to test decentralised asset management system
This content was published on
MelonportExternal link is perceived to be one of the most promising projects to emerge from Zug’s Crypto Valley. It envisions a future where most traditional assets including stocks, bonds and commodities will be tokenised, creating a new digital asset class that could be traded beyond the grasp of monopolistic exchanges. The Swiss stock exchange is…
Regulator warns banks over Brexit moves out of City
This content was published on
The UK’s financial regulator has urged a group of international banks in the City of London to limit the number of clients they move overseas.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.