When Alexandre Sauterel moved from his hometown of Geneva to Zurich more than 25 years ago, he expected a brief stint in investment banking. Then he met his wife – and stayed. Zurich is now his home base, although he regularly commutes to LFDE's Geneva office, which he oversees as Swiss country head.

Sauterel began his career in investment banking before establishing himself as a distribution expert in the institutional space, working for some of the industry's biggest names. For the past four years, he has been building up the Swiss business of La Financière de l’Echiquier (LFDE).

In this conversation with finews.com, the asset management expert shares insights into client sentiment, LFDE’s expansion plans – and the tailwind that European equities are currently enjoying.

Mr. Sauterel, the name «La Financière de l’Echiquier» sounds a bit exotic to local ears. What does it actually mean?

The name comes from Rue de l‘Echiquier in Paris – a well-known address in the French financial world. «Echiquier» also refers to the chessboard. Our logo features the queen, the most powerful piece in the game. It symbolizes our strategic ambition.

Do you play chess yourself?

A little, but not regularly. When it comes to brand positioning, we increasingly go by LFDE – it’s easier to pronounce, especially internationally. Much like HSBC or UBS.

How did LFDE’s interest in the Swiss market emerge?

Switzerland is a strategic market for us – not least because of its unique concentration of financial expertise, which is rare globally. Our presence began around 2010 in Geneva, where colleagues from Paris were regularly active. In 2016, we opened an office. The cultural proximity, media landscape, and client base helped us gain a foothold. When I joined in 2021, we began expanding into German-speaking Switzerland – including through partnerships with major Swiss banks.

«The disappearance of Credit Suisse means not only the loss of a distribution channel, but also a piece of healthy competition.»

What is the company’s investment DNA?

Our parent company, LBP AM, focuses on European private markets, multi-asset, and absolute return strategies. LFDE is positioned as a specialized active asset manager with a strong emphasis on European equities, thematic strategies, and sustainable investing.

How much in assets does the group manage today?

Roughly 74 billion euros at year-end – a focused approach by design. We’ve retained our boutique character, with a clear positioning and deep conviction.

What changed in Switzerland with the integration into LBP AM?

Day-to-day operations haven’t changed much – but the strategic scope has broadened significantly. I now have access to a larger product universe and can address new client segments. Regulatory complexity has increased, but so have the opportunities. Backed by LBP AM – which is part of the French La Poste Group – I can now focus more on institutional investors. LBP AM is already one of the ten largest asset managers in Europe, excluding fixed income mandates. Another major step forward is the appointment of Anne-Sophie Girault as Head of International Development. Based in Geneva, she plays a key role in advancing our European growth strategy.

«ESG has receded somewhat because many private banking clients never truly embraced it.»

So it’s truly a «new game,» like in chess?

Yes. Some of our funds are highly concentrated – with 35 to 50 positions. Since the integration, I can also offer so-called blend funds – for example, combining value and growth – which are better suited for volatile markets. That gives us more flexibility.

Has your private debt offering been approved in Switzerland?

Not yet broadly. We’ve had initial conversations with life insurers and are now pushing forward with the rollout.

Where do you currently see the most potential in the Swiss market?

In the short term, our absolute return product – it’s in high demand in the current market environment. Our European equity funds also remain strongly positioned, especially in the mid- and small-cap segment. We are among the top three active players in this space.

Which client groups are you focusing on most intensively?

Large banks remain strategically important. Independent asset managers – particularly in Geneva – are also a key focus. These groups are demanding but open to differentiated offerings. We’ve made strong gains in Zurich as well.

«Something I wouldn’t have dreamed of not long ago…»

What was your mandate when you joined LFDE in 2021?

I was brought in to open doors with large banks and to internationalize the brand. It quickly became clear: we also had to adapt our products and strategies. Swiss investors value differentiation and solid bottom-up analysis. Today, I’m seeing a clear acceleration in inflows – from both Geneva and Zurich.

Was the demise of Credit Suisse a setback for you?

Yes. CS was a reliable partner for years. Its disappearance means not only the loss of a distribution channel, but also a piece of healthy competition.

How do you assess the current market – particularly for European equities?

The year started strong through mid-March – European stocks finally moved back into focus. We saw notable inflows, including via ETFs. We’re now hoping for a solid base to form. Of course, there’s a risk of a 2022 repeat – but I’m optimistic.

How are your clients reacting to today’s uncertainty?

Experienced clients remain calm – they’ve been through many cycles. Younger investors may be a bit more nervous. One shift is noticeable: the questions are becoming more long-term. “What’s next?”, “How is the world changing?” – topics like disruption and transformation are everywhere in client conversations.

«We’ve retained our boutique character.»

There’s been considerable rotation from U.S. into European stocks.

Yes – something I wouldn’t have dreamed of not long ago. Since the 2008 financial crisis, U.S. equities have left European ones far behind. But the valuation gap has become huge – and Europe offers a rich, often underappreciated corporate landscape.

So you feel quite comfortable with your European focus right now?

Yes – our heart beats for Europe. But we also offer products in China, Japan, and fixed income. Private debt rounds out the offering. But our DNA remains the same. We follow global trends – without losing focus.

ESG is also a key part of your offering…

LFDE has long had a strong ESG foundation – not out of opportunism, but conviction. We engage directly with company leadership and don’t rely solely on ratings.

«Some of our funds are highly concentrated – with 35 to 50 positions.»

How is ESG demand evolving in Switzerland?

It’s mixed. Institutional investors remain committed, but pragmatic. Retail banks – like cantonal banks – continue to promote sustainability actively. In private banking, ESG has receded somewhat because many clients never truly embraced it.

There’s a perception that ESG has become a tough sell in private banking. True?

During the boom years, ESG portfolios benefited greatly from tech stocks – a key performance driver. That convinced many clients. Today, the picture is more nuanced – performance is back in focus. The strongest ESG momentum now comes from younger generations – they haven’t inherited yet, but they’re already shaping the conversation.

Are there any other current projects – perhaps a Zurich office?

(Smiles.) Who knows? But we’ll leave that for another time.

Alexandre Sauterel has been Country Head for LFDE (La Financière de l’Echiquier) in Switzerland – now part of LFDE / LBP AM – since 2021. He previously held senior sales positions at Lombard Odier Investment Managers, Fidelity, and Invesco. He was hired by Alfred “Fredy” Strebel at Fidelity in 2007. A trained economist with an MBA from the University of Fribourg, Sauterel speaks fluent German, French, and English. He is a certified Swiss Fund Officer and ESG-CFA.