The Asset Management Platform (AMP) Switzerland and the Swiss Funds and Asset Management Association SFAMA are going to join forces to create the Asset Management Association Switzerland.
Expected to take place later this year, the merger aims to boost the systematic focus on asset management and underscore its economic importance.
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Iwan Deplazes, formerly AMP chairman, is the president of the new industry body.
Deplazes said: “The time has now come for all of the partners to pursue a merger from a position of strength.
“As the Asset Management Association Switzerland, we have the vision to improve Switzerland’s standing as a leading asset management location further.”
In the future, the Swiss Bankers Association (SBA) will be part of the new Association and sit on its board.
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By GlobalDataSFAMA and the SBA eye the move as an opportunity to work alongside more closely in promoting Switzerland as a location for asset management.
SBA chairman Herbert Scheidt said: “Asset management is now a key pillar of the Swiss financial sector.
“The Asset Management Association Switzerland reflects this importance by bundling together the previous platforms’ knowledge and capabilities.
“This combination of broad membership and clear objectives will allow it to make sure that its views are heard and to strengthen Switzerland’s position as a location for asset management.”
Currently, asset managers in Switzerland oversee over CHF2.5trn.
Developments in Swiss financial space
Recently, UBS chairman Axel Weber reportedly prepared a wish list of possible partners for a potential merger. The list includes names such as Deutsche Bank, BNP Paribas, and Credit Suisse.
Meanwhile, Finma reprimanded Bank SYZ for breaching anti-money laundering (AML) rules while having business dealings with a politically connected client from Angola.
On the other hand, Julius Baer agreed to pay CHF150m ($162m) to resolve a German assets dispute.
