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, especially those exploring wealthtech and AI in independent wealth management.
Despite solid momentum and niche successes, most smaller firms still struggle to grow their market share against leading custodians in the Swiss EAM market. 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 reflects broader patterns seen in US vs. Switzerland wealth management and the positioning of Swiss wealth managers’ brand awareness.
This dominance isn’t because they’re aggressively signing up new EAM relationships. Why? These big banks are riding the performance and inflows from large, established wealth managers already on their platforms, often at the intersection of private banking and wealth management in Switzerland. As high-performing EAMs generate strong returns for ultra-high-net-worth clients, their results boost AUM, reinforcing the custodian’s market share. It’s a self-reinforcing loop that allows the largest players to grow without actively pursuing 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.
