SWITZERLAND Law and Practice Contributed by: Jürg Frick, Luca Dal Molin, Philippe Gobet and Carla Bertossa, Homburger
Homburger Homburger AG Prime Tower Hardstrasse 201
8005 Zurich Switzerland
Tel: +41 43 222 10 00 Fax: +41 43 222 15 00 Email: lawyers@homburger.ch Web: www.homburger.ch
1. General 1.1 General Overview of Jurisdiction
million) and alternative investments (+CHF50 million) also performed well. By contrast, investment strat - egy funds (-CHF2,592 million) and real estate funds (-CHF66 million) suffered outflows. UBS remains the clear market leader with a share of 34.7% (end of 2024: 35.4%). However, developments show that the takeover of Credit Suisse and the inte - gration of its funds continue to cause market shifts, with other providers such as Swisscanto with 11.2% (end of 2024: 10.7%), BlackRock with 9.3% (end of 2024: 9.2%) and Pictet with 6% (end of 2024: 5.7%) having once again expanded their market share in the The new Swiss fund category, the Limited Qualified Investor Fund (L-QIF), has been available to qualified investors since March 2024. The introduction of the L-QIF was intended to strengthen the competitive - ness of the Swiss fund and asset management cen - tre by increasing the number of collective investment schemes launched in Switzerland. To date, 27 L-QIFs have been successfully launched. Additionally, AMAS has updated its “Self-Regulation on Transparency and Disclosure for Sustainability- Related Collective Investment Schemes” as of Sep - tember 2024. The self-regulation is binding for AMAS members, regardless of whether and when a state regulation should become valid. Its framework for sustainable asset management lays down the organi - sational requirements for financial institutions, as well as for product design and disclosures to investors to first half of 2025. 1.2 Key Trends
According to the Asset Management Association Switzerland (AMAS), the Swiss fund market defied turbulence in the first half of 2025 due to robust inflows of new money. The overall market recorded slight growth to around CHF1.6 trillion. Investors once again focused more on equities after the USA initially suspended its announced trade tariffs. The deprecia - tion of the US dollar had generally a negative impact on the performance of Swiss funds. The Swiss fund market continues to develop dynami - cally and reached a volume of CHF1,599,690 million at the end of the first half of 2025. This reflects a 1.65% increase compared to the end of 2024, amounting to CHF26,320 million. However, investors faced chal - lenging conditions on the financial markets. In the middle of the first half of the year, President Trump’s announcement of US import tariffs and their subse - quent (initial) postponement led to high volatility on the stock markets. Nevertheless, net new money inflows of CHF29,379 million flowed into the Swiss fund market, an increase of 1.83%. Despite gains in the leading stock market indices, Swiss funds suffered slight performance losses in the first half of the year, primarily due to the significant weakening of the US dollar. Net new money inflows concentrated on the asset classes equities (+CHF16,063 million) and bonds (+CHF8,453 million). The asset classes money mar - ket (+CHF5,707 million), commodities (+CHF1,805
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