Measured by assets under management, the more than 1,300 independent asset managers (IAMs) in Switzerland operate in a league that is often underestimated even by seasoned observers of the financial center.

Extrapolations based on a sector study presented on Wednesday at Zurich’s Zunfthaus zur Meisen by Chris Künzle and his firm FIN21 suggest that these IAMs collectively oversee around 887 billion Swiss francs in client assets.

(Images: Nadia Schärli)

Closing in on UBS

Taken together, this volume exceeds that of major private banks. It even surpasses the globally managed assets of Pictet, Switzerland’s second-largest private bank after UBS.

And even UBS is within striking distance: according to its 2025 annual report, invested assets in Global Wealth Management in Switzerland amount to around $891 billion (global: $4.8 trillion).

15 percent of the wealth management market

Overall, independent asset managers account for roughly 15 percent of Switzerland’s wealth management market.

Capturing the moment (from left): Chris Künzle, Patrick Cettier and Jürg Furrer. (Image: Nadia Schärli)

On Wednesday, leading representatives of the sector gathered to discuss the new study. Yet behind the impressive aggregate size lies a highly fragmented market characterised by entrepreneurial firms, personal client relationships, and widely differing strategic starting points.

All sizes represented

The study provides a comprehensive snapshot of the industry, based on a nationwide survey of 170 out of more than 1,300 independent asset managers.

The heterogeneity is most evident in firm size. Assets under management range from small units with less than 50 million francs to firms managing several billion — effectively small banks without a banking license. Two-thirds of providers fall within the 100 million to 2 billion franc range.

Study participants by assets under management (AuM). (Source: FIN21, graphic: finews)

41 percent with rising margins

The sector’s demographic profile is also striking. Around two-thirds of managing directors are over the age of 50, reinforcing the long-discussed issue of succession. At the same time, the industry remains highly fragmented: more than 80 percent of firms employ ten people or fewer.

Profitability shows a similarly mixed picture: 41 percent of respondents report rising net profit margins, 33 percent declining margins, while around a quarter see no change.

Close to a normal distribution: margin development. (Source: FIN21, graphic: finews)