Johannes Schickentanz, Managing Partner at Rehwald Associates Switzerland, has observed a striking trend: «Lately, we’ve been hearing from many professionals actively seeking new opportunities,» he says. 

The asset management sector, in particular, is experiencing a notable increase in professionals’ willingness to change employers.

A key factor driving this development is the increasing pressure on margins across the industry. «If you don’t deliver, you’re in trouble,» Schickentanz explains. More and more employees are now feeling the effects of discussions that had previously been confined to strategic levels. 

«The Market Is Very Nervous»

Adding to the turbulence, many asset management firms have recently undergone leadership changes, with new executives reshaping their teams. «The market is very nervous,» says Schickentanz.

Zurich-based headhunters BiermannNeffoffer a slightly different perspective. «While cost pressures in asset management are indeed enormous, and the shift between active, passive, and private markets is becoming increasingly dynamic, we don’t see a widespread wave of layoffs in asset management. Instead, we anticipate greater potential for resignations in wealth management and in roles that are neither directly tied to products nor client-facing. In fact, we foresee several waves of resignations in middle and back-office functions this year,» says Partner Jonas Neff.

Cultural Tensions Add to the Mix 

The UBS-Credit Suisse merger is also creating operational challenges, especially within UBS. «Once the data migration in Switzerland is complete, there will be a reckoning,» predicts Neff. 

Beyond restructuring, cultural tensions stemming from the merger are fueling market movement. «The integration of Credit Suisse and UBS has brought together two very different corporate cultures. It’s no surprise that some employees feel out of place in the new structure and are seeking other opportunities early on—especially given the limited number of positions available,» explains Klaus Biermann, a Partner at BiermannNeff.

Mid-Term Impact of U.S. Tariffs

Some who left UBS or Credit Suisse early in the process have struggled to find their footing. «Entire teams were poached, but not everyone has thrived in their new environment,» Schickentanz observes. When business performance falters, the willingness to move on increases.

Geopolitical factors add further uncertainty. While recent developments such as new U.S. tariffs are not yet a central concern, they could have a negative impact over the medium term. «If equity markets fail to stabilize, many non-essential expansion plans may be put on hold,» says Biermann. Private markets initiatives could also be affected.

At Julius Baer, however, the current round of cuts appears more company-specific. «For years, structures and roles were created that no longer reflected actual business needs—similar to what happened at Credit Suisse. It’s absolutely appropriate for the new CEO to seize this moment to streamline operations. If not now, when?» says Biermann.