2023 was a challenging year for asset managers: profits declined across Europe in the first three quarters, but the tide only turned towards the end of 2023, as recently revealed by a study by McKinsey & Partner; finews.ch reported on this.

The recovery seems to be continuing since the beginning of this year. However, the challenges remain: customer skepticism remains high, reflected in the significant holdings in the money market. Additionally, costs are a concern for many companies.

Anton Commissaris, Co-Head of Lazard Asset Management in Switzerland, is not phased by this. «Although navigating the complexity of asset management is demanding, there are indeed paths to success,» he says in an interview with finews.ch.

Successful niche strategy

Commissaris is responsible for third-party business at the American asset manager in Switzerland and does not deny the industry's problems. «Of course, we also think hard about how to reduce costs and find interesting investment opportunities for clients. But despite these challenges, good deals can be made today, as we prove,» he says. Lazard Asset Management's recipe for success: being different from others. Or as Commissaris puts it: «We like to be differentiated.»

Behind this is a clever niche strategy: Lazard Asset Management focuses on dedicated funds, such as Japanese stocks or convertible bonds, or allocations in US Small Caps. The products have a good track record. The asset manager is willing to operate less broadly in the market for this.

New geopolitical department enhances customer service

Success in the financial industry relies not only on good products but also on customer service and relationship management, says Commissaris. For the former, Lazard has, among other things, established the Geopolitical Advisory Team, which shows customers how to prepare for risks and crises and points out opportunities to them.

And geopolitically, according to Commissaris, it is likely to remain dynamic in the near future. «We are wise to address uncertainties in a timely manner,» he says. As for the latter, according to Commissaris, there's only one thing to do: knock on doors. «Good products are important. But the best products are useless if they're not what customers are looking for. That's why it's important for us to stay in close contact with our customers,» he says.

Goal: Double revenue by 2030

Good customer contact will be even more important at Lazard in the future. Peter Orszag, the new CEO of the traditional firm, issued a tight order right from the start. By 2030, the 175-year-old investment bank aims to double its revenue.

Given the market environment, this is no easy task – Commissaris is not rattled by this. When asked about the new goals, he smiles and says, «We embrace this challenge with all the experience we have and focus on providing our customers with the best.»