Asset Managers
Asset managers are key players in Switzerland's parabanking sector. Zurich is recognized as a national and international asset management center, and it enjoys the trust of an extensive clientele.
Asset managers advise their clients on money matters and assets, and administer their assets. They act on the basis of a power of attorney issued in the client's name. The technical administrative aspects are handled by a custodian bank where the client's assets are held in an account or safekeeping account.
Zurich and Geneva: Leading Locations
Switzerland has approx. 2,600 firms which specialize in asset management. Most of their clients come from Switzerland itself or the rest of Europe. Independent asset managers manage assets of CHF 500 billion in Switzerland, corresponding to a market share of about 14% (cf. Bührer Ch., Unabhängige Vermögensverwalter in der Schweiz ["Independent Asset Managers in Switzerland"], 2006). Zurich and Geneva are the main centers, and about half of the country's non bank asset managers operate from these two cities.
Swiss Asset Management is Expanding
Asset management is sector that has experienced very dynamic development in the last 15 years thanks to favorable conditions compared to the banking and insurance sector. Asset management has seen above-average expansion in terms of employment and new businesses founded, and it has continued to consolidate its position as an independent segment alongside the banks.