Mr. Deplazes, ZKB Asset Management has set itself ambitious growth targets. Where does the business stand today?

The numbers speak for themselves. We are posting average revenue growth of 7.8 percent per year. Assets under management are also on a strong upward trajectory — we have doubled our asset base since 2019 to 315 billion Swiss francs ($343 billion).

Where does that place you in the Swiss and European asset management landscape?

Our Swisscanto funds hold an 11.5 percent share of the Swiss market, which puts us clearly ahead of BlackRock in second place. Internationally, we have also become an established force, ranking among the 20 largest asset managers in Europe. And we have big plans. Our ambition is to become the fastest-growing sustainable asset manager in Europe. That kind of performance is only possible in an organization where every single colleague is willing to go the extra mile. I am very proud that we have achieved this — and that we are continuing on that path of success together.

How is distribution developing across your various European markets and in Switzerland?

By expanding distribution in selected European countries, we are capitalizing on the opportunities our fund solutions offer. We now have sales offices and dedicated teams on the ground in Germany, Italy, and Spain. We opened our Milan office at the start of 2024, followed by Madrid in March 2025.

«Our most important market, however, remains our home turf in German-speaking Switzerland.»

Together with Germany, we now have three fully operational European offices that are steadily winning larger mandates. Within our home market, the greatest growth opportunities lie in French-speaking Switzerland. Our most important market, however, remains our home turf in German-speaking Switzerland.

On the topic of ETFs — ZKB launched four new ESGeneration SDG ETFs in spring 2025. Are you satisfied with how they have developed?

We are very pleased. Particularly encouraging is that the ETFs have allowed us to attract more than 30,000 new clients through partnerships. The four funds currently manage assets of over 360 million Swiss francs. Those figures are especially remarkable given the challenging and highly competitive market environment. Both strong distribution performance and various partnerships with neobanks have contributed to this success. At the same time, the self-directed investor segment is growing strongly in ETFs — and here we offer an alternative for investors we cannot reach through our traditional product offering.

How have sustainable investments performed?

Sustainability as a category — and our thematic funds in particular — had a disappointing year. The main drivers were a difficult market environment and a broader political shift, in the wake of which sustainability no longer commands the same prominence it did in previous years.

ZKB Asset Management views private equity as a strategic business area. How is that progressing?

Our private equity solutions for institutional and qualified investors are developing very encouragingly. We successfully completed the first close of the «Swiss Growth Fund II» — a private equity fund focused on Swiss growth companies — raising around 170 million Swiss francs. We are confident of reaching our targets by the final closing, scheduled for the fourth quarter of 2026, even in what is a demanding fundraising environment.

«By broadening our distribution channels and partnerships, and launching additional funds, we are laying the groundwork for sustained growth.»

Are you on track with your Asset Management Strategy 2028?

It is worth making some distinctions here. Distribution in French-speaking Switzerland and our international distribution efforts are fully on track. On the product side, we are making good progress with both our ETFs and our private equity solutions. The foundation of everything remains our existing Swiss business, which continues to generate a steadily growing earnings base.

We have discussed revenues. How have costs developed within your asset management business?

Through targeted strategic investment and disciplined cost management, we are operating efficiently and effectively. We have succeeded in reducing our cost-income ratio, while also managing our product range strategically and maintaining a focused, pragmatic approach to execution.

What are the next steps for the asset management business?

Recent years have been defined by building out and developing new products within asset management — a business that today makes a meaningful contribution to the bank's diversification strategy. For 2026, we plan to further operationalize and scale distribution at both the national and international level. The attractiveness of our business model rests, among other things, on the fact that it is balance-sheet neutral. By broadening our distribution channels and partnerships, and launching additional funds, we are laying the groundwork for sustained growth and a stronger market presence — to the benefit of the canton of Zurich and its residents.

Iwan Deplazes has headed the Asset Management division of Zuercher Kantonalbank (ZKB) since 2007. Since 2020, he has served as president of the Asset Management Association Switzerland (AMAS).