When does one open a branch? When you already have clients? Or do you take the step simply because you find the market interesting? This is debatable. Michele Perone, head of Nuveen's

Swiss private wealth manager has his opinion on this. «Those who just come and look around are often gone quickly. We operate differently,» he says in an interview with finews.com. «We came to Switzerland for two reasons: to expand our institutional client base and to take advantage of opportunities in the private client business,» he emphasizes.

Still Room For Improvement

Two years ago, Nuveen opened its Swiss branch in Zurich. This was the right step, says Perone, who previously worked for the asset manager Allianz Global Investors Switzerland: «We are closer to our clients and can simultaneously address the market more targetedly and efficiently. Clients particularly appreciate our track record in private markets and our 125-year history as a global investment manager.»

So far, the approach has been successful. Perone: «We are growing in Switzerland, even though we clearly acknowledge that we still have room for improvement.»

In particular, the market in southern Switzerland is proving lucrative for the American fund house. The financial center of Ticino is very fragmented and smaller compared to Zurich. But for Nuveen, it is particularly important because of the family offices.

Office in Milan

«In the last two years, we have managed to gain a foothold in German-speaking Switzerland and Romandy. We want to build on this momentum and expand our commitment in Ticino,» he says.

There are no plans to open a branch. This is also not necessary, Perone explains: «We have had an office in Milan for four years and work very well with our Italian colleagues.»

Further Opportunities in Private Markets

As part of its growth in Switzerland, Nuveen has also noticed growing investor interest in private markets. «In this uncertain market environment, investors are trying to increase their returns and reduce risk and volatility,» says Perone. «Private markets can help achieve these goals.» This involves assets that are not traded on public exchanges, including debt, equity, real estate, and tangible assets.

Private markets can only be leveraged by managers with extensive relationships. Perone believes that Nuveen differentiates itself from its competitors in this regard: «We have been investing in these sectors for a long time, both for our clients and for our parent company. Having invested through market cycles, we believe we can effectively navigate this market.»

US Teacher Pension Fund

Nuveen is privately owned and is led by the American Teachers Insurance and Annuity Association (TIAA). The asset manager has been investing in companies, real estate, infrastructure, farmland, and forests for 125 years.

The company operates in 27 countries, and as of the end of June 2023, assets under management amounted to more than $1,1 trillion.