The Asset Management Day 2026 marked an important leadership transition within AMAS: After six years as President, Iwan Deplazes symbolically handed over the presidency of AMAS to André Müller-Wegner with a ceremonial key, following Müller-Wegner’s election as the new President by the General Assembly earlier that morning. In front of more than 300 guests at the Bellevue Palace in Bern, both emphasised the central importance of a competitive Swiss financial centre and the role of asset management for innovation, pensions and long-term prosperity.

Towards the future with responsibility and competitiveness

Ladies and gentlemen, dear friends of Swiss asset management,

First: thank you for still being here. At this stage of the day, after geopolitics, macroeconomics, markets, fireside chats and comedy, I am fully aware that I stand between this audience and lunch — which is never a comfortable position for a Chairman.

And yet, I am genuinely happy — and deeply honoured — to stand here today for the first time as Chairman of the Asset Management Association Switzerland.

Especially after this symbolic handover from Iwan.

I have to admit: when someone literally hands you the baton on stage, you suddenly realise two things.

First: this is serious.

And second: there is nowhere to hide anymore.

Iwan — thank you.

You leave behind very large shoes to fill. Swiss-sized shoes. Efficiently managed, strategically allocated, and probably outperforming their benchmark.

But in all seriousness: thank you for your leadership, your vision, your energy, and your ability to bring together an industry that is diverse, competitive, and not always naturally inclined toward consensus.

Under your chairmanship, AMAS became stronger, more visible, more united, and more relevant.

And I think everyone in this room feels that.

So, thank you, on behalf of the entire industry.

Ladies and gentlemen,

When people think about the Swiss financial centre, they often think first about banks. About wealth management. About dealmaking, perhaps even scandals from time to time.

Asset management tends to receive less attention. And maybe that is not entirely undeserved. Because asset management is, in many ways, a quieter business.

It is a low-risk business. It is a light-capital business.

And perhaps precisely because of that, it is also a business built less around headlines — and more around responsibility.

But what we do matters enormously. Because asset management has a real purpose: We invest today’s money for future generations.

That is ultimately what this industry is about. The pensions of millions of people. The long-term stability of the second pillar. The sustainability of retirement systems. The future purchasing power of savers. The long-term prosperity of our societies.

Every day, our industry allocates capital not for the next news cycle, but for the next decades. And I believe that purpose deserves more visibility.

Because behind every pension fund mandate, every 3a investment solution, every institutional portfolio, there is ultimately a human story.

A teacher. An engineer. A nurse. A young family saving for the future. Or someone who simply hopes that after decades of work, retirement will still provide dignity and security.

That is the real economy of asset management. And Switzerland should be proud of the role our industry plays in supporting it.

Fortunately, the fundamentals of Swiss asset management are very strong. The latest Asset Management Study confirms this impressively.

In 2025, the industry again recorded very strong growth — around 9 percent. Switzerland remains the number three asset management centre in Europe.

And let us say it diplomatically: we are keeping a very close eye on number two.

What makes Switzerland successful is not one single factor. It is the ecosystem.

It is the combination of political stability, expertise, international connectivity, entrepreneurial culture, and — importantly — proximity to one of the world’s leading private banking hubs.

This interaction between asset management and wealth management is a major strategic advantage for Switzerland.

It creates innovation. It creates trust. And it creates international relevance.

But success should never lead to complacency. Growth in our industry does not happen automatically.

Especially not in today’s environment.

Margins are under pressure. Passive investing continues to grow rapidly. Competition is global. And ultimately, sustainable growth requires net new money.

That means we must ensure that Switzerland remains attractive both as a production hub and as a distribution hub for asset management.

Both matter. Both are interconnected. And both deserve political attention.

On the production side, Switzerland must remain attractive for active asset management. One important opportunity here is clearly alternatives and private markets.

These asset classes are becoming increasingly important for institutional and sophisticated investors around the world. Not because they are fashionable. But because investors are searching for diversification, long-term returns, and exposure to parts of the economy that public markets alone cannot fully provide.

And this is important not only for manufacturers of investment products. It is equally important for distribution-focused firms. Many AMAS members operate primarily on the distribution side of the value chain.

Demand for these products is strong. And Switzerland should participate in that growth. But for that to happen, the framework conditions must support competitiveness — not weaken it.

This is where the role of AMAS becomes essential.

Our task is to help create conditions under which innovation, entrepreneurship, and international competitiveness can thrive.

And yes, that also means engaging constructively — and sometimes critically — with policymakers and regulators.

Because regulation matters. Good regulation creates trust and stability.

But excessive complexity, fragmentation, or unnecessary barriers can also unintentionally weaken a financial centre.

And in a global industry, competitiveness is never theoretical. Capital moves. Talent moves. Business moves.

Other countries understand this very well. If we look at the United Kingdom or the United States, we see authorities and policymakers that often engage very closely with the industry.

Not because they want weaker standards. But because they recognise that a strong financial sector is strategically important for the broader economy.

That is what financial centre policy means. And Switzerland should have the confidence to think the same way.

Because asset management is not only about finance. It is about economic resilience. Innovation. Retirement systems. Capital allocation. And long-term prosperity.

Ladies and gentlemen,

What gives me confidence is that AMAS today is uniquely well positioned to help shape this future.

Because AMAS is more than an industry association. It is an ecosystem.

An ecosystem of producers and distributors. Of international firms and Swiss champions. Of policymakers, experts, and regulators.

And despite our different perspectives, we are ultimately connected by one common purpose: To invest capital responsibly and sustainably over the long term. To help secure prosperity, stability, and opportunity for future generations. That is the bigger mission.

And I believe it is a very meaningful one.

Now, before I conclude, let me reassure everyone of one important point. I am not here to reinvent everything. Swiss asset management does not need a revolution. The industry has been extraordinarily successful. AMAS has been extraordinarily successful.

And much of that success was built under Iwan’s leadership. So yes, a new chapter begins today. But it is a chapter of continuity. Of building further on strong foundations. Of strengthening what already works well.

And hopefully of writing the next success story together. And I say together very deliberately. Because this industry succeeds when it collaborates. When it speaks with confidence. And when it remembers its broader purpose.

Finally, let me thank all of you. Our members. Our partners. The speakers today.

The policymakers and regulators present here.

And everyone who contributes every day to the success of Swiss asset management.

Thank you for your trust. Thank you for your commitment.

And thank you for helping build an industry that may sometimes operate quietly — but whose impact on society is anything but small.

I wish you all an excellent lunch.