Australia – a dream destination for many holidaymakers, but also a lucrative market for asset managers. Down Under is one of the regions in the Asia-Pacific region with the highest proportion of millionaires. It is estimated that €1.87 trillion will change hands over the next two decades. 

Competition in the Australian asset management industry is fierce. Financial institutions such as Crestone, Goldman Sachs, Morgan Stanley and HSBC are increasingly vying for the attention of Australia's wealthiest families. At the same time, the number of Australian family offices is growing.

Swiss financial institutions have also tried their luck in Australia. UBS made two attempts before finally withdrawing in 2015. Credit Suisse was more successful, serving as the undisputed market leader among Swiss banks in the Australian market.

UBS Wants to Do Better this Time

Following UBS's takeover, the business was transferred to its former competitor. This time, UBS aims to perform better and has expanded its services to include family offices and wealthy women.

Another Swiss player, Tramondo, has also positioned itself. The Zug-based wealth advisor seized the opportunity and secured the services of Christian Wolperth in December 2023. As a Senior Relationship Manager in Wealth Management at Credit Suisse, he looked after the Australian market for 16 years.

Christian Wolperth. (Image: zVg)

Clients Come by Recommendation

At Tramondo Investment Partners, he found a new platform for looking after Australian clients. As part of a larger group, which also includes the Mulit-Family office Dr. J. Bollag & Cie, Tramondo pursues a strategy of tailor-made solutions. For Wolperth, this is a decisive advantage: «Many institutions overlook this,» he says.

Tramondo does not engage in active acquisition. «Our customers come to us through recommendations. This organic growth has created a strong dynamic that further strengthens our success,» he says.

Offering Stability in an Uncertain World

According to Wolperth, a key advantage of this network is the presence of Dr. Jacob Bollag's office in Melbourne, which relies heavily on personal relationships. This aproach pays off, as Swiss financial service providers enjoy a strong reputation in Australia.

Many of Wolperth's clients have maintained accounts with Credit Suisse for 40 to 50 years, with some also banking with UBS.

«A trustworthy and flexible partner is important to our clients – someone who offers continuity and independence, unaffected by the strategic uncertainties of individual banks,» says Wolperth. «Switzerland's security features and political stability are repeatedly cited as key factors.»

He adds that the strength of the Swiss franc further enhances this advantage, especially as political uncertainties in Australia and increasing geopolitical tensions with China are prompting investors to seek even more diversification.