SPHERE Editorial

"In some respects, private markets can be far more transparent than listed markets."

Lennart Blecher — Tue, 28 Apr 2026 09:36:05 GMT

Long seen as a simple alternative to listed markets, private markets are now one of the major pillars of the global economy. Driven by the abundance of capital, the changing needs of businesses and the rise of technology, they are profoundly reshaping the channels for investment and value creation. Lennart Blecher, Chairman of EQT Real Assets, takes a closer look at the driving forces behind this shift.

Private markets now seem to be gaining structural ascendancy over listed markets. What are the underlying forces behind this shift?
If we look at the United States, thirty years ago there were around 8,000 listed companies. Today there are just 4,000. Public procurement markets have been contracting structurally for decades. At the same time, the vast majority of companies generating sales in excess of €100 million remain in the private sector. Around 95% in Europe, 90% in North America and almost 85% in Asia-Pacific. Access to capital has changed fundamentally. Companies no longer need to go public to finance their growth. Sources of private capital have multiplied, enabling companies to grow without the costs, reporting constraints and short-term pressures inherent in listed markets.
Another decisive factor is the time horizon. Listed companies operate under constant scrutiny, subject to quarterly publications and market volatility. In the world of private equity, it is possible to take a long-term view. Many managers and directors today prefer to operate in a private environment where they can concentrate on creating lasting value. This structural preference for long-term shareholding is one of the major drivers behind the expansion of private markets.

How would you describe the current dynamics of private markets, particularly in terms of diversification of strategies, liquidity and transparency?
Today's private markets are much broader than just the traditional buyout universe. There has been significant growth in infrastructure, real estate and, above all, private debt. In recent years, private credit and secondary transactions have been among the most dynamic segments. The secondary market, in particular, has grown spectacularly, by around 40% in 2025, precisely because it responds to one of the historical criticisms levelled at private markets: liquidity. The existence of a deep and active secondary market offers investors exit solutions without the need for public listing of assets.
We are also seeing sustained growth in evergreen structures. These open vehicles provide greater flexibility for investors and managers alike. They broaden access to private markets, particularly for private investors. They are helping to bridge the structural gap between traditional closed funds in private markets and listed markets. As for transparency, private equity is often perceived as opaque. In reality, reporting to investors is extremely detailed. At EQT, transparency, governance and sustainability are central pillars of the model. In some respects, particularly in terms of alignment of interests, governance and access to operational information, private markets can be more transparent than listed markets.

In an environment of higher interest rates and more selective growth, what is the short-term outlook for private equity?
The era of cheap debt is clearly over. When interest rates were close to zero, financial engineering played a more important role in creating value for certain companies.
Today, with higher interest rates, it is easier to identify players capable of generating value through their operational performance. This environment favours managers with solid industrial skills and in-depth sector expertise.
At EQT, our industrial heritage and active investor approach are at the heart of our model. We work closely with our portfolio companies to improve their operational efficiency, accelerate their digitalisation, optimise their financial structures and drive their strategic transformation.
Geographic diversification is becoming a key lever. Many of the major US private equity players remain highly concentrated in their domestic markets. Against a backdrop of increased volatility and adjusted valuations, we are seeing renewed interest in Europe and Asia-Pacific, EQT's home regions. The presence of local teams and established networks in 26 countries is a major competitive advantage for identifying opportunities and managing risks on an international scale.

Key facts
EQT was spun off from Investor AB, the investment holding company of the Wallenberg family, a dynasty of industrialists who have held majority stakes in major Swedish groups and supported their international expansion for several generations. These include ABB, AstraZeneca, Atlas Copco, Electrolux, Ericsson and Saab.

The EQT Group, founded in Stockholm in 1994, now has offices in 26 countries. The group has around 270 billion euros in assets under management, divided between Europe (50%), North America (35%) and Asia-Pacific (15%). EQT will be floated on the Stockholm stock exchange in 2019, and is structured around private equity, infrastructure and real estate. The EQT portfolio currently comprises around 330 companies.

EQT's Infrastructure platform accounts for almost 30% of the group's assets under management. It comprises more than 50 companies and assets, with a significant footprint: more than 500,000 kilometres of fibre in Europe and the United States, 330 million passengers transported every year, around 9 GW of renewable projects and more than 80 data centres worldwide.

Looking further ahead, how do you see the private equity landscape evolving over the next decade?
Size will become an increasingly important factor. There are around 15,000 private equity firms in the world, but the small number of large platforms are capturing a disproportionate share of the capital raised. Regulations are becoming more complex and more costly, while supporting companies requires ever greater expertise: digital transformation, artificial intelligence, sustainability, data analysis and M&A know-how.
At EQT, we have set up cross-functional teams made up of sector specialists, digital experts, data engineers and sustainability professionals who work across the entire portfolio. Many smaller structures do not have the resources to maintain such skills on a large scale. As a result, we are witnessing a veritable "flight to quality". Large institutional investors are reducing the number of managers they work with, and concentrating their allocations on platforms that can offer global scale, operational depth and consistent performance. The consolidation of relationships between investors and managers is set to continue.

Can artificial intelligence transform the way investors assess the performance, risks and strategies of companies in private markets?
Artificial intelligence is basically just a tool - but an extremely powerful one. It enhances our ability to analyse companies, assess risks and identify opportunities. It enables us to detect disruptive threats earlier, refine acquisition strategies and support strategic decision-making at portfolio company level. At the end of the day, it's all about data. The higher the quality and volume of the data processed, the more relevant the decisions. For companies, AI improves efficiency, risk management and strategic planning. For investors, it strengthens due diligence and reduces the probability of error. It does not replace human judgement, but it significantly improves it.

As private equity grows in size and maturity, will returns converge with those of listed markets?
I believe that the structural advantages of private markets remain intact. Private equity is based on a strong alignment of interests between investors, managers and executives. Investment teams generally commit a significant proportion of their own capital alongside investors, and governance structures are designed to support long-term value creation.
This alignment attracts the best talent and fosters rigorous strategic discipline. Listed markets can go through phases of outperformance, but over the long term, private markets have historically delivered superior performance. When put together, long-term shareholders, strong operational commitment and a close alignment of interests are a powerful driver of performance.

EQT has grown strongly while retaining a strong industrial identity. How do you manage to maintain investment discipline as the platform grows?
Culture is essential. We favour a flat, entrepreneurial organisation with few hierarchies, rooted in our Nordic heritage. We invest heavily in training through our EQT Academy and we attach particular importance to values when recruiting.
Growth must not dilute the entrepreneurial spirit. Risk-taking is essential, but it must remain calculated and supported by robust data and analysis. Maintaining transparency, alignment and clear sector positioning helps to preserve investment discipline, even on a large scale.

The rise of artificial intelligence is driving an explosion in demand for digital infrastructure. Where are the greatest investment needs today?
The energy and digital transition is the biggest economic transformation since the Industrial Revolution. The amounts required run into thousands of billions and cannot be met by governments alone. The private sector must therefore play a central role.
The main bottleneck today is energy. Demand from hyperscalers for data centres is growing extremely fast, while the supply of electricity remains inadequate.
In the United States, it can take five to seven years to get a new data centre connected to the grid. Renewable energies are currently the only solution that can be deployed in the short term, with nuclear power taking decades and gas-fired power stations several years. Solar, wind and storage projects can be commissioned in twelve to eighteen months. We are therefore investing massively in large-scale renewable energy projects - solar, wind, battery storage - to ensure a stable and continuous power supply for digital infrastructures. The intersection between renewable solutions, storage capacity and digital infrastructure will define the next major investment cycle.

Governments alone can no longer finance the infrastructure needed for the energy and digital transition. So how can increased reliance on private capital redefine this asset class?
If Europe and North America do not modernise their infrastructures, while the Asia-Pacific bloc builds world-class systems in parallel, their competitiveness will be affected. Private capital is generally more efficient in allocating and managing infrastructure assets. Institutional investors - particularly pension funds - have every interest in balancing their portfolios through increased exposure to this asset class. Our role is to connect long-term institutional capital to projects that support economic and societal development. Infrastructure is already one of the fastest-growing segments of the private markets. Given the scale of the transformations to come, its importance will only increase.

From an operational point of view, how are the companies in which you invest evolving and what are their main growth drivers?
In infrastructure in particular, we invest in essential services such as energy, water, connectivity and transport. These companies generally have predictable cash flows, tangible assets and strong resilience in the event of a downturn.
Overall, they are growing in line with GDP, often at a faster rate in segments such as digital infrastructure and electrification. In particular, we operate large-scale data centres for the likes of Microsoft and Google. We are also electrifying ferry fleets in Scandinavia and the largest school bus fleet in North America, using artificial intelligence to optimise networks and reduce emissions. The combination of essential services, structural growth drivers and operational improvements creates resilient value over the long term. Digitalisation, decarbonisation and electrification are underlying trends that will shape infrastructure investment for decades to come.

"Throughout the sector, transparency is increasingly seen not as a constraint but as a catalyst".

Jovan Samardzic — Mon, 27 Apr 2026 08:36:46 GMT

Long considered lacking in transparency, private credit markets are now becoming increasingly measurable and comparable. At a time when investors are demanding better quality data and greater transparency, StepStone and Kroll have developed proprietary benchmarks for the private credit segment. Their aim is to provide a clearer picture of pricing levels, risks and current performance in this segment. As Jovan Samardzic explains, this initiative clearly illustrates the ongoing evolution of private markets.

Private markets are often described as opaque by nature. How has the level of transparency changed in recent years, particularly in private credit?
Transparency has improved significantly over time, mainly under the impetus of investors. As private credit has become a standard component of strategic allocations, investors have demanded a much clearer understanding of the use of their capital and the performance of the underlying assets.
This improvement can also be attributed to regulatory developments and market transformation. In the US, Business Development Companies - credit vehicles investing in the mid-market, whether listed or not - are required to publish detailed reports to the SEC, offering greater visibility on portfolios, non-accrual rates and Payment-in-Kind components. This does not yet constitute full transparency at the level of individual loans, but it does represent a significant step forward.
In addition, initiatives such as our proprietary benchmarks, developed with Kroll, have provided more structured and timely market information. Importantly, these initiatives have been very well received by the industry. Greater transparency is now seen as a growth driver for the asset class, not a constraint.

Will improved transparency and data quality transform investors' perception of private markets?
Yes, and this trend is already underway. Private credit, in particular, has gone from being a niche - or opportunistic - allocation to becoming a central component of strategic allocations for many institutional investors. This development would not have been possible without significant progress in transparency and data quality.
As allocations increase, investors' requirements evolve. When commitments become significant, they need a much more granular understanding of exposures, portfolio construction, origination standards and performance drivers. More structured data allows for more rigorous due diligence, more robust benchmarks and more continuous monitoring, all of which strengthen investor confidence.
Greater transparency also helps to frame market discussions, shifting them from an often anecdotal reading to a truly fact-based approach. In less transparent environments, isolated credit events can easily distort market perceptions. Broader, more representative data helps to put these events into context and assess their systemic or idiosyncratic nature. This limits overreaction and encourages more rational allocation decisions.
Another key effect is comparability. Better data allows investors to situate private credit in relation to other asset classes, such as syndicated loans or high yield. This comparative framework is essential for portfolio construction and confirms that private markets can now be analysed rigorously.
Throughout the industry, transparency is now seen not as a constraint but as a lever. Most players recognise that better data and greater openness broaden the investor base, deepen the market and support sustainable growth.

What major improvements have you seen in the availability and quality of data?
Ten years ago, data collection was much less institutionalised. Information was often stored in spreadsheets, data sets were incomplete and reporting standards were very heterogeneous.
Today, many GPs have set up genuine reporting systems and dedicated data teams. Investment memos and credit agreements are now systematically digitised and structured.
This development has been largely driven by more stringent due diligence requirements, as allocations have increased. For data aggregators like us, this changes everything. Access is easier, coverage is wider and consistency is much better than it was ten years ago.

What major lessons have you learned from aggregating this data?
Having access to a vast set of data means that we can monitor market trends almost in real time, while putting them into a long-term historical perspective. The compression of spreads in recent years is a good example of this. Thanks to our data, we can track this trend over the last few years, but also over 10 to 15 years, and compare it with other segments such as syndicated loans or high yield.
This perspective is essential for understanding the place of private credit in the overall balance between risk and return.

What was the initial rationale behind the development of the Kroll-StepStone benchmarks?
From the outset, we considered that data had become fundamental to due diligence, portfolio construction and understanding the asset class. Over time, we built up a very large internal database and identified a number of market shortcomings: insufficient transparency, observations that were often anecdotal rather than data-driven, lack of speed and limited representativeness - particularly in Europe.

It was against this backdrop that we began discussions with Kroll, which also collects a significant volume of data through its valuation activities. Together, we developed these proprietary benchmarks to provide a broader, faster and more fundamentally-focused view of the market.

Does the data you process challenge certain preconceived ideas?
If anything, it confirms the fundamental characteristics of the asset class. Private credit, and more specifically direct lending, remains a robust asset class, composed mainly of senior secured loans, positioned at the top of the capital structure. Returns come primarily from coupon income, not capital appreciation. The investment rationale is based on income generation and downside protection. This profile has not changed structurally.

How broad is your research universe?
Within StepStone portfolios, we are invested in over 1,500 credits. As part of the Kroll-StepStone benchmarks, we monitor more than 3,000 loans on an ongoing basis. Historically, our database has covered more than 16,000 loans since 2010-2011, with a rare degree of representativeness, both in the United States and in Europe.

What is the typical profile of companies financed today?
The core of the market is in the mid-market, with companies generating between $25 million and $75 million in EBITDA. Average leverage is around 5 times EBITDA. EBITDA margins generally range from 15% to 30%, with a median of around 20%. Interest cover ratios are currently around 2.25. Around 90% of borrowers are owned by private equity funds. Overall, the fundamental profile of borrowers has remained stable.

Aquila Investment Partner: a new growth driver within the group

Aquila — Fri, 24 Apr 2026 10:15:15 GMT

The Aquila Group is continuing to expand with the launch of Aquila Investment Partner. This new entity aims to position itself as a key player in the sensitive transition phases of the asset management sector.

With its all-in-one model, Aquila has established itself as a benchmark platform for independent asset managers in Switzerland. More than 85 partner companies are now grouped together, benefiting from pooled access to legal, compliance and risk management services, as well as fiduciary, IT and banking services.

Gradual structuring of a new division

Initially, the business was based on a few mandates from the personal network, mainly from 'friends & family' clients. What began as a one-off initiative has gradually developed into a genuine business model.

The first turning point came when a partner company decided to withdraw from traditional wealth management and refocus on financial planning. This was followed by two other integrations in recent years.

In 2024, Aquila took a further step by creating a dedicated entity: Aquila Investment Partner. "We are a kind of spin-off from the leading Swiss platform for independent asset managers," explains Nicolas Peter, Managing Partner.

The aim is to offer a structured alternative to a situation that is common in the sector, where clients return to the banks when their manager withdraws. For Jürg Furrer, CEO of Aquila AG, the challenge is clear: "Estate planning is becoming a central theme. We want to offer an integrated solution by sharing our experience and drawing on the skills of our ecosystem of partners.

A fragmented market, challenges of trust

The Swiss wealth management market remains highly fragmented. While the big players with more than CHF 1 billion in assets under management attract a great deal of interest, smaller structures often struggle to find suitable succession solutions.

In this context, the key issue goes beyond legal considerations. "Wealth management remains first and foremost a people's business," stresses Nicolas Peter. The relationship of trust with clients remains crucial. Aquila Investment Partner takes a pragmatic approach, based on the experience it has gained from a number of transactions already completed. The company positions itself as a partner for dialogue during what are often delicate transitional phases.

In practical terms, the transfer process is closely supervised. The former managers remain involved during a transitional phase, taking part in discussions with customers and ensuring the transfer of knowledge. This method is designed to limit the risk of capital outflows and stabilise the assets under management.

A broader response to changes in the sector

In addition to the classic cases of succession, Aquila Investment Partner is also targeting relationship managers from the banking sector who are looking for an entrepreneurial solution but do not want to go it alone.

Backed by the Aquila Group's infrastructure, the entity benefits from economies of scale and a solid operational base. Its aim is to position itself as an open platform capable of supporting new career paths. In a changing market, marked by the growing challenges of succession and consolidation, Aquila is making the development of a structured transfer model a strategic lever - and a differentiating factor.

"Growth only makes sense if it is underpinned by the right talent and the right tools".

Frédéric de Poix — Fri, 24 Apr 2026 07:41:15 GMT

Appointed CEO of NS Partners last December - a first in the group's history - Frédéric de Poix has taken the helm of one of Switzerland's leading asset management companies, against a backdrop of profound change in the sector. Between the challenges of growth, generational transition and regulatory pressure, he explains the Group's priorities.

What are the priorities associated with your new mandate?

When you become CEO of a company like ours, there are two natural priorities. The first is to organise growth and the second is to improve efficiency. Beyond these two dimensions, a third challenge is essential. We need to ensure perfect consistency between our three business lines - wealth management, asset management and fund structuring - in order to align our objectives and make our business model clearer.

Organising growth in our business primarily involves expanding the assets under management. This can be achieved through acquisitions or mergers, but also and above all through organic growth, by recruiting new relationship managers. The two approaches are complementary, but they both take time. Today, this type of development is built over several years.

And this growth is based above all on our ability to deliver performance, in particular through our expertise in alternative investment management and fund selection. This is a key element, because it is this performance that feeds the long-term confidence of our customers.

The second area is efficiency. This means ensuring that our model works properly, with the right systems and the right people to run them. A well-sized organisation is essential to guarantee the company's long-term future and independence.

Above and beyond these two dimensions, there is a fundamental element to consider. That is talent. Our business depends entirely on them. We need to be able to identify and attract them, but also to coach and develop them. This is as true for managers as it is for customer-facing profiles.

Since we moved into our new offices on the rue du Mont-Blanc, we've been experiencing a very positive dynamic. There's a new energy, the teams are enjoying themselves, and you can feel it every day. It's also the role of the CEO to nurture this enthusiasm and create an environment in which talented people can express themselves to the full.

NS Partners has decided to strengthen both its executive committee and its shareholder base, with the arrival of new partners. How does this new governance structure change the Group's entrepreneurial dynamic?

First and foremost, this change addresses the issue of succession. Like many independent companies, we have a generation of long-standing partners who are approaching a phase of transition.

We have chosen to remain independent, which means preparing for the future internally. This means bringing in new, younger partners, who will gradually take over. This transition is taking place over a long period, with close support for the current generation.

At the same time, we have rethought our governance. The Executive Committee has been renewed, with the aim of clarifying responsibilities. My role is now cross-functional. I no longer represent a specific business, but the whole Group, with trade-offs to be made between different business lines. This new framework also helps to speed up decision-making in a more demanding environment.

The arrival of new partners also brings a very positive dynamic. They question our practices, challenge our systems and propose changes. This pushes us to review certain areas in depth, whether in terms of tools, processes or even remuneration schemes, always with a particular focus on aligning interests with our clients, which remains at the heart of our model.

The independent asset manager model is changing as a result of increasing regulatory, technological and organisational demands. How do you see the role of management within EAM structures evolving in this new context?

It has become much more demanding than before. We are faced with an ongoing increase in regulatory constraints, more stringent compliance requirements and more frequent internal and external controls. Added to this are technological developments, which are forcing us to rethink certain processes, particularly repetitive tasks.

In this context, management must constantly strike a balance between systems and people. It is no longer simply a question of managing an activity, but of steering an organisation that is constantly evolving.

What has changed is that it is impossible to consider that a model has stabilised. Everything has to be regularly called into question, whether it's tools, teams or processes. Continuous improvement has become an obligation.

What's more, we're witnessing a wider transformation of the sector, with a gradual shift from an artisanal model to a more institutionalised one, which should be accompanied by a degree of consolidation.

NS Partners has three core businesses: wealth management, asset management and Luxembourg manco. What is the strategic rationale behind this organisation?

Our model is based on integration. Wealth management enables us to attract and support our customers. Asset management forms the core of our expertise, with recognised know-how in alternative management and fund selection. Finally, the management company in Luxembourg structures and administers the funds. When these three activities work together, they enable us to control the entire investment value chain, from customer relations to product structuring, within a coherent and transparent framework for our customers.

That said, their dynamics are different. The management company is growing fast, driven by high volumes but with lower margins. Conversely, the management business is growing more slowly, but with higher profitability. The challenge for NS Partners is therefore to ensure that these two dynamics coexist in a balanced way.

What are your main growth drivers today?

There are several complementary areas. The first remains the development of private clients, mainly in Switzerland, through the recruitment of new asset managers. The second is to strengthen our expertise in alternative management and fund selection, which is a key competitive advantage and an essential driver of performance. We are also exploring certain segments, such as the private markets, notably through evergreen structures, but here we are taking a more measured approach. These are different worlds, with different players and different dynamics. Finally, we are continuing to develop our fund structuring platform, particularly in Luxembourg.

Are independent asset managers, who are becoming better structured, capable of offering an alternative to traditional private banks?

They can be, provided they accept that they are different. Banks have increasingly industrialised models, which is logical given their size. On the other hand, we can offer a made-to-measure service, tailored to the specific needs of each customer, based on an open architecture that allows us to freely select the best solutions on the market.

This ability to customise is a key differentiator. But it also implies significant constraints. To offer this level of service in a strict regulatory environment, you need solid systems and robust control teams. The independent model is therefore more flexible, but also more demanding.

In view of the size of EAM structures such as NS Partners, should we expect a tightening of regulations?

It's already happening and has never really stopped. Requirements are constantly increasing, whether from regulators, banks or auditors. The result is increased complexity and growing pressure on costs. For the best structured players, these developments also represent an opportunity for differentiation. At NS Partners, we have been anticipating these developments for several years.

What's more, a new dimension has come to the fore: that of time. We now have to anticipate how certain decisions might be perceived in several years' time, which requires us to be even more vigilant in each of our operations.

In a more uncertain and fragmented market environment, how does an independent asset manager like NS Partners adapt the construction and management of its portfolios today?

We have structured our approach around a relatively stable balance: around one third internal funds, one third external funds and one third direct positions. This architecture has several advantages. Firstly, it forces us to remain competitive with the best players in the market. If an external solution is more relevant, we integrate it without hesitation.

Secondly, it allows us to benefit from an exceptional flow of information. Our teams meet between 600 and 800 managers every year, which reflects the breadth of our network and is a key element of our expertise. Finally, it offers great flexibility in portfolio construction. We can adapt allocations to suit client preferences, while maintaining rigorous investment discipline. In a more uncertain and fragmented environment, this ability to adapt is a decisive asset.

"The challenge is to make artificial intelligence and human intelligence work together.

Kim-Andrée Potvin — Fri, 24 Apr 2026 07:38:57 GMT

In an environment marked by regulatory pressure, changing customer expectations and the emergence of AI agents, private banks are having to rethink their business model in depth. Kim-André Potvin looks at how a niche bank can adapt, between differentiation, proximity and the integration of new technologies.

What are the essential changes that Switzerland's private banks are facing today?

The changes are profound. Firstly, customer relations have changed radically, and this trend is set to continue. It no longer follows the same codes. Expectations in terms of interaction, responsiveness and personalisation are far removed from what they were a short time ago.

At the same time, the regulatory framework has intensified to the point where it is now a reality with which the sector has to contend. In a highly turbulent environment, transparency and control requirements are becoming more stringent, with operational and economic implications for all institutions.

Finally, in a mature market, it is clear that the diversity and depth of the offer make differentiation more crucial than ever.

Where is Bonhôte currently focusing its investments to support growth and differentiation?

Our positioning is that of a niche bank, built over time on key areas of expertise that complement each other. Wealth management is, of course, the cornerstone. It is our core business. In recent years, we have broadened the scope to include wealth planning and consolidation services. In addition to wealth management, the Bank has developed specific areas of expertise, notably in real estate, precious metals and proprietary funds, enabling it to extend its offering while remaining consistent with its positioning.

In addition to this, we have a number of areas where we feel we have a strong identity. These include the support we offer to entrepreneurs, the services we provide to third-party managers, our commitment to the arts and philanthropy, and our regional coverage. We have offices in Neuchâtel, Geneva, Lausanne, Berne, Biel, Solothurn and Zurich. This is a dimension that perfectly illustrates our desire to establish close relationships with our clients.

Our fundamentals are clear. We give priority to independence, control of the value chain and speed of execution. We have a unique approach to each of our customers. We are currently focusing our investments on all these areas. By building on our strengths, we can differentiate ourselves even further and support our growth.

What will private banks have to know how to do tomorrow that they don't know how to do today?

The challenge is to make artificial intelligence and human intelligence work together. AI has already made it possible to speed up and refine the analysis of the huge volumes of data that we aggregate. It certainly frees up time and increases our skills, but it in no way replaces what we consider to be essential. The core of our business remains the ability to understand life trajectories, to support sensitive decisions and to be present at key moments such as the handover of a family. The private bank of the future will therefore be the one that knows how to use technology to enhance, rather than dilute, the quality of its advice and services.

How can private banks renew their image with the younger generation?

This is a very sensitive point, because the issue is not to break with traditional codes, but to reinterpret them. When it comes to credibility, solidity, rigour and discretion remain essential hallmarks for banks. But they are no longer enough. The new generations expect greater accessibility and fluidity in their interactions, and a form of proximity that also involves understanding their cultural, generational and even societal frames of reference.

These changes are forcing us to rethink customer relations, by diversifying channels, offering more targeted exchanges, providing more content, and opening up access to external networks and expertise. In other words, it's not so much a question of modernising the image as extending the scope of the relationship and giving it a new dimension.

Do neo-banks offer anything that private banks could learn from?

Customer expectations are fundamentally different. Private banking is based on a long-term, personalised, embodied relationship. On the other hand, neo-banks have set very high standards in terms of simplicity and digital accessibility. This is where we can learn from them, particularly through the development of more fluid e-banking offerings.

Where are your main growth opportunities today?

The Bank has grown exponentially over the last 30 years, and this dynamic remains at the heart of our strategy today. We intend to pursue it by combining organic growth and targeted acquisitions, in line with our areas of focus. We are actively working on this with Jean Berthoud, Chairman of the Board of Directors and the bank's main shareholder.

What standard practices do you want to avoid in the big banks?

Excessive standardisation, and in particular rigid client segmentation. At Bonhôte, we advocate a fundamentally different approach. Each client is treated as an individual, with a unique offering. Our short decision-making circuits and our integration of the value chain are decisive assets in maintaining this agility.

Conversely, what can you still learn from the big banks?
The big institutions have a head start in exploiting marketing and digital levers. For a bank on a human scale, the challenge is not to compete in terms of resources, but to adopt the best practices to strengthen its visibility, assert its positioning and better showcase its expertise, particularly on digital channels and social networks. It's a line of development that I think is all the more relevant because it enhances a model based on proximity and personalised relationships.

What is the role of a CEO in a private bank today?

It has grown considerably in recent years. It's no longer just a question of defining strategy or overseeing risks, but of providing a permanent link between a strategic vision and its operational implementation. You need to be able to orchestrate execution, ensure that decisions are actually implemented and align the organisation with customer expectations. In an environment that has become more complex, notably as a result of regulatory requirements that are much more onerous than they were twenty years ago, as well as more volatile markets linked to intense geopolitical and economic situations, the CEO must also play a key clarifying role. It is up to him or her to make the technical issues clear, to explain them and to bring people together. In this sense, the CEO is a strategist, an operator and an educator all rolled into one.

"The independent asset management segment is now recognised as a structuring element in the landscape.

Nicole Curti — Fri, 24 Apr 2026 07:34:34 GMT

In the wake of the Custodian Bank Awards organised by the Alliance, Nicole Curti looks back at the sector's strategic priorities, which include consolidation, pressure on business models and the challenges of succession. Three major themes stand out: raising the profile of the industry, structuring an ecosystem that is still fragmented, and supporting the emergence of new generations, both among customers and asset managers.

By 2028, what do you hope to have achieved with the Alliance?

In my view, the most important thing is to have contributed to the further structuring of the industry while preserving its DNA. The Alliance must continue to act as a platform where players who are both competitors and interdependent - asset managers, banks, regulators, auditors, etc. - can discuss and exchange ideas.

By 2028, the challenge is to have increased the visibility and understanding of the independent asset manager profession among the general public. Even today, many private clients and even bank Relationship Managers don't have a clear idea of what we do, or how we constitute a credible alternative to the banks.

I would also like to see the Alliance create more synergies between its members, particularly between the founders. Initiatives along these lines already exist. They now need to be structured and expanded.

Finally, a key point will be the transfer of the business. In a few years' time, the question of succession, whether on the customer or manager side, will be unavoidable. If we manage to support this transition by integrating a new generation, it will be a major success.

What are the current priorities for EAMs in Switzerland?

Today, a lot of discussions revolve around profitability: pressure on margins, rising costs, the need to grow, recruit and structure teams. These are real issues, especially for the most established structures.

But the strength of the independent asset manager lies precisely in his ability to maintain a personalised relationship with his customers. This presupposes a size that preserves the quality of the customer relationship. So the real challenge is not just growth, but the consistency of the model.

In what areas does the Alliance need to strengthen?

The first area is clearly education. We need to do a better job of explaining what an independent manager is and why this model can meet the expectations of today's private customers. The problem is not just competition from the banks, but the fact that many customers don't even ask the question. The market remains highly fragmented, with a large number of players, and the choice is often based on a person rather than a brand.

Nevertheless, there are some interesting developments. Lawyers, for example, are increasingly directing their clients towards independent managers. This shows that the model is gaining in credibility.

In addition, the Alliance must continue to structure its dialogue with regulators and other professional associations. The aim is not to lobby, but to establish a relationship of trust and credibility.

Finally, as I mentioned earlier, the NextGen issue is central. Whether on the client or manager side, succession is becoming a major issue. Many founders are approaching a turning point, and we need to prepare for this transition.

The Alliance has just celebrated its 10th anniversary. During this decade, what have been the sector's most structuring transformations?

The first transformation is the consolidation of the banking sector. The number of players has fallen sharply, which has profoundly changed the environment. For independent asset managers, the introduction of regulation in 2022 marked a turning point. It brought more constraints, more costs, but also greater legitimacy. It has helped to clean up the market, with a number of players disappearing or opting out of the regulatory framework.

At the same time, the sector remains very dynamic. Many new companies continue to be created. This reflects both the attractiveness of the model for bankers and an evolution on the part of customers, who are showing increasing maturity and openness to alternative solutions.

What do you remember about this year's Custodian Awards?

What stood out for me was a message that was very clearly expressed, particularly by Sergio Ermotti. The Swiss financial centre cannot be built and prosper simply because of the difficulties encountered in other parts of the world. If wealth management works well in Switzerland, it cannot be simply because it works less well elsewhere. This is neither a strategy nor a sustainable value proposition.

This forces the industry to ask itself the right questions. What is our real added value? What sets us apart, beyond stability or context? In my view, the answers lie in the quality of our service, our ability to offer customised solutions, the depth of our expertise and, above all, the diversity of the Swiss model, where banks and independent asset managers coexist.

It is precisely this complementarity that is the strength of the market. And it's also what the Alliance seeks to encourage by fostering an ecosystem where players, even competitors, are able to talk to each other and move forward together.

Finally, what I would also like to highlight is the commitment of the banks at this year's event. Their presence and their interest confirm that the independent asset manager segment is now recognised as a structuring element in the landscape.

What does a custodian bank need to be for an independent asset manager today?

Today, expectations are high. Financial solidity remains a basic requirement, as do the stability of the teams and the quality of the reputation. But the differentiating criteria lie elsewhere. Operational excellence is essential, as is competitive pricing. Above all, technology has become a central element. Managers expect integrated systems that can interface with their own tools, with a high level of automation. It is no longer just a question of executing orders, but of offering a fluid and efficient infrastructure.

Have custodian banks taken the measure of the transformations wrought by independent asset managers?

On the whole, yes, but very unevenly. Not all banks are moving at the same pace, depending on their resources and strategy. What is clear, however, is that the segment is now recognised as strategic. Switzerland remains a very specific market, with a density and dynamism not found elsewhere.

The business model is changing, with a clearer separation of roles. Banks are moving towards a role as platforms, providing asset custody, execution and operational infrastructure, while independent asset managers are concentrating on customer relations and advice.

However, there is still room for improvement. Banks could be more proactive in the way they interact with asset managers, particularly with regard to their asset management offerings. At present, these interactions are sometimes still too timid.

"A strong brand needs to be right and must be built patiently, over time.

Sylvia Demeyrier — Fri, 24 Apr 2026 07:32:17 GMT

Ranked third in the SPBIX, Heritage Bank's branding is based on consistency and continuity. In a sector where discourse is tending to become standardised, the bank is striving to align its identity, positioning and practices. Here, Sylvia Demeyrier looks back at an approach built up over time, in which accuracy is the main vector of differentiation.

Banque Heritage came third in the SPBIX index, which assesses the way in which Swiss banks build their brand identity. What exactly does this index focus on?

The SPBIX is an annual index that analyses and evaluates the way in which the nearly sixty Swiss private banks express their identity and translate it into concrete actions. It measures the consistency between positioning, raison d'être, values, culture and communication, in order to identify those banks that are capable of truly differentiating themselves.

What are the main criteria taken into account in the SPBIX?

The SPBIX is based on around thirty criteria structured around two complementary dimensions, Identity and Activation. Identity analyses the brand's foundations. The Activation dimension measures its implementation. Identity assesses the clarity of the brand's positioning, the relevance of its raison d'être and the coherence of its values. The second focuses on their concrete translation through culture, teams and communication.

How did you manage to achieve this excellent third place?

This recognition is the culmination of six months of in-depth work, in close collaboration with the Marketing & Communications team, several employees, the Executive Committee and our Chairman.

We chose to go back to basics: our entrepreneurial roots, the history of the founding family, which has a long history in the commodities sector, and our origins as a family office.

This was not just a retrospective exercise. We also wanted to clarify our trajectory, set out our objectives and explain how we intend to evolve in a rapidly changing environment.

Our raison d'être - Sharing Success - is a direct translation of this. For the bank, this means putting at the service of its customers what has made the founding families so successful. In this way, we express both our heritage and our ambition.

How would you define the concept of branding for a bank like Heritage?

It's not about aesthetics, but about alignment, between who we are, what we say and what we do. It's also about having a clear positioning. We're not trying to please everyone; nor are we trying to cover everything. In this way, we want to remain truly relevant. It's a choice. And that choice means we have to make some compromises. By trying to speak to everyone, you end up saying nothing. A strong brand, on the other hand, knows exactly who it's talking to and why. At Heritage, our primary target is entrepreneurs and entrepreneurial families who are looking for a bank that understands the value-creation rationale behind their wealth, and not just its management.

You recently worked on the bank's image. What were you trying to change as a priority?

We wanted to change our image from that of a traditional private bank to that of a more dynamic partner that thinks with its customers and acts alongside them. Our name, Heritage, is a strength. It is highly evocative, almost self-supporting. But it can also be too conservative. That's why we've redefined our approach, to make it more modern. We've moved away from the implicit "we've been around for a long time" stance to a more engaging promise: "we're here to help you move forward... and prosper, generation after generation".

Finally, we wanted to reaffirm a simple but essential conviction: private banking is above all a people business. We have therefore sought to create lasting emotional bonds - something that people don't always spontaneously associate with a bank - by showing that behind the figures and the analysis, there are above all people, empathy, closeness and sincere commitment.

How would you like your customers and prospects to perceive Heritage?

As a solid, committed bank that keeps its promises, but above all as a bank that understands the reality of entrepreneurship and knows how to support the decisions that shape wealth over the long term.
As a bank that understands you, speaks to you when you need it and acts alongside you, without standardised solutions, but with answers built for you, with a resolutely entrepreneurial approach. Think. Act. Thrive. It's not a slogan, it's the experience we offer.

How do you structure your brand message from now on?

We have three pillars. Independence, guaranteed by our family structure and open architecture. Long-term vision, inherent in our DNA as a family business. And proximity, which enables us to maintain truly differentiating relationships with our customers.

Nothing new on the surface. The difference lies in the way we actually embody them. This is reflected in our governance, in our open architecture and in the real proximity between our teams and the families we support.

In the world of financial services, what do you think are the essential elements in building a strong brand?

First of all, credibility. It's based on competence.
Then consistency, which transforms credibility into trust. In a constantly changing environment, the brand is often the most stable asset. It anchors the relationship when everything else fluctuates.

Communication plays a fundamental role here. It is not simply a matter of broadcasting messages. It expresses what the company really is and how it evolves over time. In a way, the value of a brand is also an expression of the company's energy - the energy it releases and spreads.

In more uncertain times, this communication also reveals deep-seated values such as a sense of responsibility, mastery, rigour, confidence and perseverance. A strong brand does not seek to seduce. It imposes itself through its accuracy and is built patiently, over time.

What values do you think are really decisive?

Authenticity above all. We have to remain aligned with who we are, without posturing. And that starts at management level, because a brand can only fully exist if it is embodied on a daily basis.

Then there's responsibility. In an organisation like ours, every employee is responsible for his or her own impact. Every interaction counts. And finally, high standards of thinking and execution. At the end of the day, it's all about consistency.

How would you like to see Banque Heritage's positioning evolve in the future?

This is already underway. We want to make ourselves clearer and more distinctive, without moving away from our core identity as an independent, entrepreneurial bank with a long-term vision for the creation, structuring and transfer of wealth.

In an environment where products and services are tending to converge, the difference lies less in what we offer than in how we deliver it, and how we express it. In a saturated environment, clarity becomes a form of distinction, a decisive advantage.

Top 10 Switzerland SPBIx 2026

Pictet
Piguet Galland
Heritage Bank
UBS
PKB Private Bank
Vontobel
Zürcher Kantonalbank
Graubündner Kantonalbank
Lienhardt & Partner
Mirabaud

"For a transfer to work, you have to accept that the business is changing.

Peter Schweighofer — Fri, 24 Apr 2026 07:28:44 GMT

swisspartners and Red Speics have joined forces to offer takeover solutions to entrepreneurs involved in the succession process. By combining operational expertise, asset structuring and tax skills, the two companies aim to provide an integrated response to the growing complexity of business transfers.

What motivated the partnership between Red Speics and swisspartners? And what is the real strategic benefit for entrepreneurs planning their succession today?

The partnership is based on asimpleobservation.An entrepreneurcannot cover all the dimensions of a succession on his own, including tax, legal, inheritance and asset management aspects. Developing this expertise in-house would be too time-consuming.

swisspartners already has solid expertise in these areas, but without any real operational depth at the company level. This is precisely where our contribution comes in. By combining our expertise, we go beyond a simple juxtaposition of services to offer a truly integrated approach. swisspartners covers the tax, fiduciary and wealth management dimensions, while I provide an operational reading of companies, i.e. their structure, operation and strategic positioning.

Why do many entrepreneurs still underestimate the complexity of a succession process?

Taken individually, the various elements are not particularly complex. It's their combination over time that creates the difficulty. Many entrepreneurs refer to a mental milestone - often retirement at 65 or 67 - and don't start to think about it until they're approaching that deadline.

In reality, the thinking should start much earlier. Decisions are often put off for years and then, once taken, the process is rushed. Succession involves identifying a suitable successor, structuring the financing, clarifying ownership issues, and integrating inheritance, property and customer relations.

There is also a human dimension. The designated successor has to make the transition from employee to entrepreneur, taking on responsibilities and often incurring debts. What's more, some managers cut back on their investments at the end of the process, which can weaken the company. So it's not an isolated factor, but the combination of strategic, financial and human dimensions that makes the process complex.

When should an entrepreneur realistically start planning for succession? And what are the risks of starting too late?

Ideally, planning should begin seven to ten years in advance. There are no hard and fast rules, but this timeframe allows you to explore different options and prepare in a structured way. When entrepreneurs start too late, they often find themselves dependent on a single scenario - for example, an internal successor - without considering alternatives. And even when a successor is identified, there is no guarantee that he will ultimately accept the role.

Succession therefore requires several scenarios. The most obvious options remain selling to a third party or passing on the business to the family, but none of these can be taken for granted. Without sufficient time, flexibility diminishes and the risk of poor execution increases.

You make a distinction between a "sellable" and a "transferable" business. What are the key differences between these two concepts?

These concepts differentiate the way in which a business is transferred. A "transferable" business is taken over internally, by a family member or an employee. A "sellable" business is sold to an external party. The main difference lies in the information and risk involved. An internal successor knows the company, its customers and its challenges. An external buyer has to analyse all these elements from the outside, which increases uncertainty.

This uncertainty is directly reflected in the valuation. External buyers incorporate more risk and use structured methods such as multiples or discounted cash flows. Internal transfers are more relationship-based, but often present financing challenges, with buyers generally dependent on banks or the seller himself. The process, valuation and future role of the founder therefore differ significantly.

What factors, beyond the figures, are most often underestimated?

The most underestimated factor is the ability to let go. Many entrepreneurs think they can pass on ownership while retaining control, for example through a majority shareholding or strong operational involvement. In practice, this often leads to dysfunctional situations. For a transfer to work, you have to accept that the business is evolving, that decisions are changing and that mistakes can be made. This detachment is all the more difficult when the company has been built up over several decades. And yet, without this step, a succession cannot be fully successful.

More and more businesses are facing succession issues, while fewer and fewer family members are prepared to take over. How is this changing the market?

Entrepreneurs have to accept that passing on their business is no longer a foregone conclusion. In the absence of internal successors, companies have to position themselves as attractive targets for external buyers. This development also creates opportunities, particularly in terms of consolidation. Several companies can be brought together to improve efficiency, pool costs or strengthen their technological capacity. However, this requires a clear strategic vision and often external mediation. Many companies remain fragmented for historical or personal reasons, whereas a merger would make sense. Entrepreneurs therefore need to align their business with market standards and open up to broader strategic options.

How is the partnership between Red Speics and swisspartners changing the approach of entrepreneurs?

The aim is to offer an integrated and independent approach. Entrepreneurs don't need theoretical advice, they need people who understand their reality and can credibly challenge them. This requires experience and pragmatism. The aim is not to impose solutions, but to encourage reflection.

The process is built up in stages. Even if a company is quickly understood, it takes time to build trust. It's a matter of accompanying the entrepreneur, asking the right questions and gradually structuring the decisions. Ultimately, this approach means that both the business and the private assets can be prepared in a coherent way for the next phase.

Corient buys Bedrock and sends a strong signal to Swiss asset managers

Florian Schwab — Fri, 24 Apr 2026 07:00:34 GMT

The arrival of the American group marks the most significant transaction in Swiss wealth management in recent years. A wave of consolidation, already well under way in the United States, is now spreading to Switzerland.

Kurt MacAlpine, CEO, Corient

Over the last few years, the Geneva-based Bedrock Group has established itself as one of the leading names in the Swiss market for independent asset managers. With offices in Geneva, London, Monaco and Lisbon, the firm manages assets worth CHF 8.4 billion and is one of the leading players in its category. Founded in 2004 by Ariel Arazi, Maurice Ephrati and David Joory, it has distinguished itself by an approach resolutely inspired by the family office model, which remains its signature today.

Another, much more decisive path is now opening up for it. In 2017, Bedrock considered expanding into Zurich under the impetus of Alexander Classen, now Chairman of EFG International. This project never came to fruition. Instead, the group is now making a move on a completely different scale by joining Corient, a wealth management giant based in Miami, which aims to build the world's first truly global wealth manager.

Accelerated consolidation

On Thursday, Corient made the acquisition of Bedrock official. The deal is part of a wider strategy involving Stonehage Fleming, Europe's largest independent asset manager, and Stanhope Capital Group, founded by Daniel Pinto and a long-standing presence in Geneva. These three transactions bring Corient's assets under management to almost $468 billion, an increase of around $220 billion. Together, they create a global platform with some 12,000 employees. Corient's entry into the Swiss market is an unprecedented event. Never before has an independent player of this scale emerged on the local market.

Transatlantic ambitions

Two complementary profiles are behind this expansion. Kurt MacAlpine, 44, founder and CEO of Corient, has built his career on analysing the structural flaws in wealth management. A former director of CI Financial, who also worked for WisdomTree and McKinsey, he now aims to provide a global response.

Joining him is Daniel Pinto, 58, founder of Stanhope Capital, one of Europe's leading independent platforms. He will take on the role of CEO EMEA at Corient when the transaction is completed in September 2025.

The diagnosis they share is clear-cut.

"There is no such thing as a truly global wealth manager," says MacAlpine. "Some players have offices in several countries, but none is able to provide families with truly integrated support across jurisdictions.

Structural friction

The problem is systemic. Siloed banking structures, conflicting remuneration models, lack of coordination between teams: all these factors fragment the customer experience.

MacAlpine illustrates this reality with a simple example. When a family decides to consolidate its assets in a single jurisdiction, the local adviser sees his remuneration multiplied, while the other players are sidelined. In his view, this mechanism makes a truly global approach impossible.

Pinto, for his part, highlights another divide. The market, he explains, now resembles a barbell. On one side are the big banks, rich in resources but burdened by conflicts of interest. On the other, a multitude of independent players, agile but too fragmented to invest on a large scale.

Finding the balance

Corient's ambition is to bridge this gap. To combine the alignment of interests and quality of service characteristic of independents with the investment power and access to the best opportunities that size offers. A synthesis that Pinto describes as the sector's true "balance point".

This strategy was not improvised. Corient first consolidated its model in the United States for over five years before embarking on its European expansion. Three conditions had to be met: a critical mass had to be achieved locally, a real multi-jurisdictional capability had to be developed, and an unprecedented partnership model had to be deployed.

A rethought remuneration structure

This model is based on a central principle: collective remuneration. Revenues are not tied to a particular individual, but pooled and then distributed among the partners. This approach eliminates internal tensions and facilitates cross-border asset management.

The objective is clear. The aim is to offer a frictionless global experience, regardless of where the customer lives.

Switzerland as a strategic hub

Switzerland has a unique place in this vision. For Corient, it is not just another market, but one of the two true global hubs in Europe, alongside London.

"Switzerland is capable of meeting the needs of an international clientele, whether European, Middle Eastern or Latin American," says Daniel Pinto.

With the integration of Bedrock, Stonehage Fleming and Stanhope Capital, Corient will have around 200 employees in Switzerland. This is an unprecedented size for an independent player, where the biggest local competitors generally employ between 50 and 60 people.

Changing scale without losing quality

Contrary to widespread belief, Pinto defends the idea that size can enhance service quality. In his view, technological tools, and in particular artificial intelligence, now make it possible to maintain a level of excellence even on a large scale.

All the integrated entities will operate under a single brand. Bedrock, Stanhope Capital and Stonehage Fleming will gradually disappear in favour of Corient.

A dynamic that will continue

The founders of Bedrock will join a partnership that today includes more than 250 partners. A mechanism designed to align the interests of all stakeholders with those of customers. And the expansion will not stop there. Corient intends to continue its growth, both organically and through acquisitions. Switzerland, described as an "exceptional domestic market" and a global hub, will remain at the heart of this strategy.

A signal for the entire market

For an industry that has historically been fragmented, attached to its independence and modest-sized structures, this operation sends out a strong signal. The combination of an international client base, substantial domestic assets and a sophisticated financial infrastructure places Switzerland at the centre of an ongoing reorganisation. The acquisitions of Bedrock and Stanhope Capital are, of course, still subject to regulatory approval. But the momentum is there.