As of 30 April 2026, 1,431 asset managers in Switzerland hold a FINMA licence. Of these, 1,341 are supervised by one of the four supervisory organisations (SOs), while 90 are monitored directly by FINMA as group entities.

These are the industry figures presented in the Yearbook 2025 published today by the ASAM.

The ASAM also explains why no figures had been published between 2022 and today: the association said it had always placed great importance on verified and representative data, and therefore waited until a sufficiently complete dataset was available following the regulatory changes and transition periods.

Reversal in New Firm Creation

The newly available data show that the much-discussed wave of consolidation has largely remained theoretical. Since 2022, there have been only around twenty actual mergers — far fewer than had generally been anticipated.

According to the ASAM, the decline in the total number of firms in recent years is primarily due to retirements, which were not offset by new market entrants during the regulatory transition period.

Now, however, the trend has reversed: the number of newly established firms is rising again and is largely compensating for retirement-related departures. In 2025 alone, 61 new applications were submitted to FINMA.

Fragmented but Stable

The structure of the industry has remained largely unchanged. The median firm employs 3.3 staff members (average: 5 full-time equivalents) and serves 68 clients. Median assets under management (AuM) stand at CHF 140 million — a significant increase from CHF 103 million five years ago, which the ASAM primarily attributes to portfolio performance.

For the first time, advisory mandates without discretionary management authority are also being disclosed separately. These amount to a total of CHF 80 billion, with a median of CHF 42 million per firm.

The ASAM estimates total market volume at around CHF 500 billion. FINMA, in its 2025 annual report, put assets under management at CHF 353 billion as of end-2024, based on data collected directly from supervised entities.

«A Holistic Partner»

The yearbook also contains an extensive interview with Jean-Pierre Zuber, who served as ASAM president from 1997 to 2017. He offers a vivid account of how the industry's self-image has evolved: «Today's asset manager is a holistic partner and no longer merely a portfolio manager.»

Zuber identifies business succession as the sector's greatest remaining challenge. The industry is ageing, regulatory requirements have made firm acquisitions considerably more complex, and the next generation is not always drawn to the traditional model.

New CEO, New Format, Anniversary Year

The yearbook is appearing for the first time in a new digital format. Also new: Vivien Jain succeeded Patrick Dorner as CEO in the first quarter of 2026.

Founded in 1986, the ASAM today represents, by its own account, more than half of all FINMA-supervised asset management companies in Switzerland.

The anniversary will be celebrated at the annual congress on 30 October in Zurich and on 6 November in Geneva.