Market developments in the asset management industry

In 2025, a year shaped by geopolitical uncertainties and volatile markets, the Swiss fund market altogether proved robust. The continued low inflation and further interest rate cuts by the Swiss National Bank (SNB) ensured a benign investment environment, although the volatility on the international stock markets at times caused restraint among investors. The positive performance of the equity markets made a significant contribution to the growth of fund assets, while demand for innovative and alternative products remained subdued. The market concentration in asset management increased further: the ten largest providers are now managing more than 50% of Swiss fund assets. At the same time, smaller and specialist providers gained in importance. In the real estate segment, the trend towards capital increases continued, and the attractiveness of residential property and prime commercial property remained high thanks to low interest rates. This was reflected in rising transaction prices and valuations. The premiums (agios) on the issue of property funds traded on the stock exchange with direct investments in real estate averaged 37.5% at the end of 2025, with individual funds even exceeding 50% again.

At CHF 1,474 billion, the net assets of all Swiss open-ended collective investment schemes reached a new high at the end of the third quarter of 2025, which is primarily attributable to increasing asset values. Inflows of new funds remained at a moderate level at CHF 49 billion.

The number of FINMA-approved collective investment schemes remained relatively stable at the end of 2025 with 1,984 Swiss and 8,611 foreign funds. The most common Swiss fund type remained “Other funds for traditional investments”.

There were also 37 limited qualified investor funds (L-QIFs) reported to the State Secretariat for International Finance (SIF). L-QIFs are funds that are exempt from authorisation and supervision and that are offered solely to qualified investors. 

Since the beginning of 2020, portfolio managers and trustees operating on a commercial basis have been subject to a licensing requirement. In the six years since the introduction of the licensing requirement, FINMA has received 1,921 licence applications, 61 of those in 2025. Altogether, FINMA granted 1,664 portfolio managers and trustees a licence by the end of 2025, 97 of whom have already exited supervision again. 148 institutions withdrew their submitted licence application during the licensing procedure.