The Swiss External Asset Manager (EAM) custody market is dynamic—but it’s far from a level playing field. Smaller and boutique custodian banks often excel in speed, client responsiveness, and innovation during the onboarding process. They’re agile, client-focused, and frequently the first to respond to independent asset managers’ needs.
Despite solid momentum and niche successes, most smaller firms still struggle to grow their market share in the Swiss EAM market against leading custodians. In this market, UBS holds around 40–45%, Julius Baer 15–17%, and Pictet 10–15%, together controlling over half of the Swiss EAM segment.
This dominance isn’t because they’re aggressively signing up new EAM relationships. Why? Because these big banks are riding the performance and inflows of large, established wealth managers already on their platform. In other words, their EAM desks are experiencing organic growth. As the existing high-performing EAMs generate strong returns, those returns boost AUM, and rising AUM further cements the custodian’s share. It’s a self-reinforcing loop that keeps the most prominent players growing without even having to chase new EAM clients.
Rising Challengers
Rising challengers like Lombard Odier (≈8–10% share) and Vontobel (≈7–9% share) are gaining traction in the Swiss EAM market, especially among next-generation independent managers. Both banks have built dedicated EAM desks and attract newer firms with flexibility and modern platforms. However, their total footprint still trails far behind UBS, Julius Baer, and Pictet. While speed and superior service can drive EAM growth, lasting scale depends on the AUM performance of major clients.
💡 Insight: In this market, speed helps you grow, but only performance scales your footprint. The top custodians defend their share – often without lifting a finger – because the success of the big EAMs on their platform does the heavy lifting.
Note: All figures above are rough estimates for EAM/FIM custody businesses (independent wealth managers’ assets held at these banks). If any bank would like to clarify or share its actual number, they are, of course, welcome to do so in the comments.
