When finews.com meets Rodolfo De Benedetti at Decalia’s headquarters on Geneva’s Rue du Rhône, the city’s most distinguished business avenue. He has just returned from Milan, where he heads the firm’s Italian office of the wealth management firm.

A straightforward conversationalist, he speaks with quiet pride about what Decalia has achieved in its first decade, yet readily concedes where things could have gone better. With his gray-mottled beard and unhurried manner, he embodies a rare blend of Italian elegance and ambition with Swiss understatement.

Mr. De Benedetti, Decalia has just celebrated its 10th anniversary. Congratulations — is ten years a long or a short time in finance?

Ten years may sound short, but in reality it’s a meaningful stretch. When you build something from scratch, everything takes longer than you think: finding the right business model, the right team, the right market fit. It also takes time to earn credibility. Even if you have a name from previous ventures, people will still say: «Show me first.» That’s human,  and it’s healthy. The worst thing for a start-up is to be in a hurry. Businesses need nurturing before they can grow solid roots.

Switzerland is known for being trust-driven and somewhat slow-moving. Did that make the process even longer?

In some respects yes, but overall Switzerland is a pragmatic place to operate. Compared with Italy or France, it’s less bureaucratic, which matters in a heavily regulated industry like ours. Of course, this is a business built on trust. Everyone says they’re trustworthy, but you have to prove it. That proof simply takes time.

Looking back, what do you see as Decalia’s biggest achievement so far?

Creating a company that stands for quality, integrity, and professionalism — out of nothing. We started with no brand, no history. Today, Decalia has its own reputation, recognized by clients and by talented people who want to work with us. In a people business, that intangible goodwill is the real value. Our tagline, «Exploring New Trends,» is now widely recognized, and over the past decade we have proven that we deliver on this promise.

«Beyond a certain scale, size can work against you in our industry.»

How big is Decalia today?

We manage a little over 5.5 billion Swiss francs and employ more than 70 people — most of them in Geneva, plus a regulated subsidiary in Italy and a small office in Zurich. We continue to invest in people and recently hired Manuel Pedretti, formerly at MAN Group to lead our Business Development effort in Swiss German regions. 

So in global asset-management terms you’re small, but in Swiss wealth-management terms already mid-sized.

Exactly. Among Swiss independent asset managers we’re probably mid-to-large, certainly  among the top 3 or 5 in Geneva. Of course, compared with the global giants we’re tiny, but that’s by design. Beyond a certain scale, size can work against you in our industry. A smaller firm can be more agile, spot opportunities that large organizations can’t, and offer clients a more human, flexible service. You still need critical mass to invest and attract talent, but once you have it, being lean becomes an advantage.

Another differentiator is that you invest alongside your clients.

That’s a founding principle and it’s what our clients come to Decalia for. We started by managing our own capital, and everything we do for clients we first do for ourselves. If we’re not convinced enough to invest personally, we shouldn’t offer it to others. Larger institutions often ask: «What can I sell?» Our question is: «Would I buy it myself?» That alignment keeps us disciplined.

«My family was welcomed to Switzerland during WW2 and we always felt a deep attachment and gratefulness to this country.»

When you last spoke to finews.com five years ago, you emphasized Decalia’s thematic approach — long-term trends such as the silver generation and the circular economy. How have those strategies performed halfway through their 10-year horizon?

To be honest, not as well as we had hoped. The problem isn’t the themes themselves. I still strongly believe that if you choose the right structural trends, you have the wind at your back. But execution is crucial. This business ultimately depends on people: identifying and retaining portfolio managers who can outperform through different cycles. With hindsight, some choices were not ideal, and competition has intensified enormously. Twenty years ago there were fewer funds; today you compete against tens of thousands, plus ETFs and index products. Simply being in the first quartile no longer means much when the quartile itself is overcrowded.

So how do you adapt Decalia’s product range in such an environment?

We’ve become more focused. We’d rather be excellent in a few areas than average in many. That’s why we’re constantly searching for ideas where competition is limited: We are “exploring new trends“ — niche sectors, market dislocations, or structural changes that others overlook. You need both: a sound thematic idea and the right people to execute it.

An example of that combination?

Our Defense Strategy. Nearly two years ago we saw a geopolitical shift, particularly in Europe, toward higher defense spending. We decided to act on it, even though the sector had been largely off-limits for ESG reasons for decades. We debated internally whether this would fit our values, and ultimately concluded that a responsible investment approach could include defense if it contributes to stability and protection. We launched early, before the topic became fashionable, and built a strong track record since. That’s the kind of discontinuity we look for: where the market perception changes and few players have the expertise to respond quickly.

«The complexity of today’s world increases the value of professional advice. Navigating markets really has become a full-time job.»

Decalia operates across three pillars — Wealth Management, Asset Management, and Private Markets. Let’s start with Wealth Management. What sets you apart from others?

First, there’s the alignment we discussed earlier — we invest alongside our clients, and our senior team meets monthly to form an independent macro view that guides all portfolios. Second, personalization: at Decalia you can obtain a tailored mandate of a size that large banks would not entertain. Many clients are simply tired of standardized, model-driven portfolios; they value a more individual approach. The third element is ideas. We encourage our portfolio managers and analysts to bring original perspectives and propose differentiated strategies. And finally, service quality. In a smaller organization, decisions are taken quickly. The relationship manager sits a few steps from the executive committee. That proximity creates accountability and responsiveness, something large institutions struggle to provide.

How about Asset Management. What have been the key developments there?

Our product offering has evolved and become more concentrated. We’ve closed or merged some older funds and created new ones around areas where we have genuine expertise. The goal is not to do everything but to do a few things very well. When we find the right combination of theme and talent, we act decisively — like with our defense strategy, which we launched ahead of the market and which has since built a compelling record. That’s the model we intend to replicate: identify structural shifts early, pair them with deep in-house knowledge, and move quickly.

Private Markets have also become a defining part of Decalia’s business. How has that segment developed?

That’s probably the area where we’ve grown the fastest. From the outset we believed that private assets would become a core allocation for both private and institutional investors, especially in Europe where adoption still lagged the U.S. Over the past decade we’ve raised and invested close to two billion francs across several funds, much of which has already been distributed back to investors. This business takes patience. Institutional investors rarely join fund one. They wait for proof of concept. So we began with private clients and progressively built a track record. We’re now launching Fund II and Fund III across several strategies — specifically in specialized private credit such as co-investments, secondaries, and tech lending — and institutional investors who once said «come back later» are now coming on board. Performance has been strong, and the economics improve as the business matures because carried interest only materializes when funds are fully realized. If we continue to scale and perform, private markets will be a major driver for Decalia in the years ahead.

«At Decalia you can obtain a tailored mandate of a size that large banks would not entertain.»

You studied Political Economy and Law at the University of Geneva. Looking at today’s world through that lens: what has changed most for investors?

When our generation began working, the geopolitical and economic setup felt stable. We lived through the Cold War, then the fall of the Berlin Wall, and Europe’s «peace dividend» period when war seemed unthinkable. The transatlantic alliance between the U.S. and Europe was a given. That equilibrium no longer exists. It started to crack with the first Trump administration and even more so with the second. The assumption that peace and free trade were permanent has clearly been challenged. We’re seeing the return of politics into economics which reshapes investment decisions. The world has become more fragmented, with regional blocs and restricted mobility. For any CEO or investor, that means greater complexity: more variables, more uncertainty.

How does that complexity affect businesses and capital allocation?

Thirty years ago, a CEO’s mission was straightforward: deliver profit to shareholders. Today, profitability is only one of several objectives. You must also manage your reputation, your workforce, your supply chain, and your social footprint. The same applies to investors. The regulatory and ethical dimensions have multiplied. This makes leadership more demanding but also more interesting.

And the pace of change itself?

That’s another major shift. Everything moves faster. Think about it: smartphones didn’t exist when I started working; ChatGPT was launched only three years ago, yet AI is already transforming how we work and invest. The technological acceleration is staggering — and it’s only the beginning. It will create enormous dislocations, risks, and opportunities. For investors, this means you can’t rely on static models or assumptions. The complexity of today’s world increases the value of professional advice. Navigating markets really has become a full-time job.

«We’re seeing the return of politics into economics which reshapes investment decisions.»

You had a long and successful career in Swiss Private Banking. First at Lombard Odier and later at Banque Syz. Are there any thoughts you would like to share on those two institutions?

Lombard Odier was my first job out of University and I spent a bit more than one year there. At Banque Syz I have been a board member for a few years and I resigned when we created Decalia together with my long-time friend Alfredo Piacentini, who was a co-founder there.  

In your own career, how important has this cross-border background between Italy and Switzerland been?

I moved to Switzerland when I was 14, I went to high school and the to University there, then I started working in finance, subsequently moved to NY and then to Italy. I came back in 2014 when we started Decalia. My family was welcomed to Switzerland during WW2 and we always felt a deep attachment and gratefulness to this country. 

You spent nearly three decades leading your family’s CIR and COFIDE groups before founding Decalia. What lessons from that industrial holding background did you bring into asset management?

I started working in and then I ran an operating holding company that invests capital mainly in controlling interests in European companies. The experience was precious in learning capital allocation, selecting and managing senior management, buying and selling assets, fixing problems and operating in the capital markets. 

«Independence is part of our DNA and has served us well.»

Looking ahead ten years: what are Decalia’s priorities?

Growth — but of the right kind. As entrepreneurs you have to grow, yet pace matters: too fast raises risks, too slow loses momentum and talent. Our aim is profitable, measured growth with high selectivity. Starting from scratch forced us to try many things; now we can double-down on what has worked best and invest where the opportunity set is clearly superior. Quality is non-negotiable and this is where alignment helps: we have our own money in the firm and in our products.

Will you stay independent?

Independence is part of our DNA and has served us well. It lets us decide quickly and avoid bureaucracy. Of course, a 10-person firm is not a 70- or 200-person firm: complexity rises and you need new skills and structures. While we cherish our independence, we do not rule out the possibility of finding, at some point in the future, a strategic institutional partner who could help us accelerate our distribution.

Would you consider a banking license or structural change?

We have no plans to change the setup materially. We’ll keep adapting — possibly adding services if client needs justify them — but we see this as an evolutionary process, not a shift in our model. Ten years from now Decalia should be larger and more successful. But inevitably a bit different. The world changes fast and we must adapt.

Rodolfo De Benedetti, born in 1961 in Turin, Italy, is a Co-Founder and Partner of Geneva-based investment firm Decalia, established in 2014. Before that, following earlier roles at Lombard Odier in Geneva and Shearson Lehman in New York, he spent nearly three decades at the family’s industrial holding, CIR Group. He served as CEO from 1995 to 2013 and  was appointed Chairman in 2013, a position he still holds today. He holds degrees in Political Economy and Law from the University in Geneva.