As of the end of March, the Swiss fund market recorded a total volume of CHF 1,628.6 billion. Compared to the end of 2024, this represents an increase of CHF 24,94 billion, or +1.6 percent, according to figures published on Thursday by the Asset Management Association Switzerland (AMAS).

The first quarter ended with a positive balance, the association wrote. However, the course of events resembled a rollercoaster.
«At the beginning of the year, rosy prospects for the financial markets led to strong net new money inflows. But by the end of the quarter, it was the performance losses in equity markets that dampened the promising start.»

Optimism Faded

The emerging U.S. trade conflict disrupted investors' expectations. After equity markets had reached new highs in January, optimism quickly faded.

The overall growth was mainly attributable to net new money inflows of CHF 17,5 billion (+1,1 percent).

Inflows were concentrated in the following asset classes:

Bonds: +CHF 7,82 billion

Equities: +CHF 6,12 billion

Money Market: +CHF 4,29 billion

Commodities: +CHF 666 million

Alternative investments posted only a modest increase of CHF 14 million, which suggests that investors are increasingly seeking diversification amid global uncertainties. On the other hand, strategy funds saw outflows of CHF 1,31 billion, and real estate funds experienced CHF 95 million in withdrawals.

(Graphic: AMAS)

«The growing political uncertainties at the end of Q1 2025 severely impacted investor confidence, which had returned in 2024 along with attractive returns and solid net inflows,» said AMAS CEO Adrian Schatzmann.
«The shift in investor preferences—particularly toward fixed-income products and commodities—reflects increased caution in light of geopolitical tensions. Meanwhile, Swiss money market funds lost appeal following the Swiss National Bank’s interest rate cut in March.»

Market Share Shifts Among Providers

Smaller and mid-sized providers gained market share, according to the report. UBS remains the clear market leader with a 35.1 percent share. However, the acquisition of Credit Suisse and the integration of its funds have opened up growth opportunities for other providers.

Swisscanto recorded above-average growth again this quarter.

Swiss Life expanded its market share to 2,3 percent, just ahead of U.S. provider J.P. Morgan Asset Management.

(Graphic: AMAS)