In this column, authors comment on economic and financial topics.

As the Swiss ice hockey season approaches the playoffs, asset managers face a different kind of strategic contest. Tighter regulation, accelerating technological pressure, and rising client expectations leave independent asset managers (IAMs) with little choice but to adapt their business models to remain competitive. The sector may be smaller in number, but it is better equipped. Firms are improving coordination, professionalizing their operations, and investing in technology to move into the top tier of wealth management.

A New Strategy is Taking Shape

Since the introduction of FinSA (Financial Services Act) and FinIA (Financial Institutions Act), the number of FINMA-licensed independent asset managers has declined from 1,934 in June 2020 to around 1,600 today. This reduction is largely the result of strategic consolidations, mergers, or business exits.

«We are witnessing the emergence of a new profile of independent asset managers» 

Importantly, assets under management remain robust at approximately CHF 400 billion—a figure already cited in a 2017 Credit Suisse study. Moreover, several firms now oversee more than CHF 5–10 billion, achieving the critical scale required to compete with smaller banks. As a result, the sector has consolidated around fewer players, each with stronger competitive positioning.

Regulatory Pressure and Rapid Technological Change

The new regulatory framework requires a more structured operating model: formalized governance, enhanced compliance, and optimized client documentation. These requirements entail significant investment, particularly for smaller firms.

The positive development is that technology has become a strategic ally. Portfolio management systems, CRM platforms, cloud solutions, and automation tools are reducing operational complexity while enhancing agility. This intensive training regime is paying off—especially for firms that surround themselves with efficient partners.

From Solo Operators to Structured Teams

A new generation of independent asset managers is emerging—more institutional in nature, with integrated or shared functions such as compliance, risk management, and IT.

The model is evolving from a lone-operator approach to a more collaborative structure, without sacrificing independence. By leveraging specialization, deep expertise, and a robust organizational setup, these firms are building a genuinely differentiated value proposition. In this sense, coordination becomes a source of performance, much like a top offensive line whose effectiveness lies in collective execution rather than individual effort.

Adapting the Game to a New Generation of Clients

Independent asset managers are increasingly targeting a younger, more connected, and more demanding clientele: heirs, entrepreneurs, UHNW individuals, Millennials, and Gen Z. Their approach combines highly personalized service with expertise in complex areas—such as succession planning, taxation, private assets, and ESG—supported by a seamless digital experience. 

«The dominant long-term trend is intergenerational wealth transfer.»

Winning over this new generation requires a different playbook—blending human proximity with innovation and integrating new capabilities such as family governance and impact investing.

Cryptocurrencies and Other Challenges

Intergenerational wealth transfer is a defining trend, bringing new challenges in its wake: responsible investing, new asset classes, digitized client relationships, and personalization at scale.

Independent asset managers must address these challenges while maintaining high standards of expertise and trust. The final third of the game will be technically demanding. Only those who anticipate the plays and respond with agility will stay on the ice. Crucially, they do not skate alone, but are supported by a broader ecosystem of partners—most notably custodian banks.

The Game is Far from Over

Like a team pushing for the playoffs, Swiss independent asset managers have no choice but to raise their level of play. They must navigate stricter regulation, persistent economic pressure, and rapidly evolving client expectations.

With strong coaching, the right equipment, and the right partners, they have everything they need to remain competitive. The game is far from over—and it promises to be an exciting one.

Laurent Pellet is Global Head of EAM at Lombard Odier.

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