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ZURICH (Reuters) – UBS and Credit Suisse’s combined share of Swiss funds business fell slightly last year, and it expects this share to fall further, the Swiss Asset Management Association said on Monday.
The combined bank, which became a single legal entity last year after UBS intervened to rescue Credit Suisse, will have a market share of 37.6% in 2023, down from 39.3% a year earlier.
The association’s president, Adrian Schatzman, said he expects the combined bank’s market share to decline further if UBS merges with Credit Suisse and parts of both funds.
He also said some investors want to avoid too much exposure to a single financial institution.
According to the association, companies such as Swisscant, BlackRock, Pictet and SwissLife have benefited. Overall, Swiss fund market trading volume increased by 3.7% in 2023 to CHF 1.37 trillion ($1.59 trillion). The association attributes this growth primarily to the steady development of financial markets.
The association estimated that assets under management for the Swiss wealth management market as a whole will increase by around 5% in 2023 to reach $3.02 trillion.
According to a report published by the European Fund Asset Management Association, Switzerland is now the third most important asset management hub in Europe, after the UK and France. Germany follows.
(1 dollar = 0.8631 Swiss Franc)
(Reporting by Noele Illien; Editing by Alexander Smith)
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