Swiss fund market hits record high in Q1 2024

The Swiss fund market marked a robust recovery in the first quarter of 2024, reaching an all-time high volume of CHF 1.5 trillion (Swiss francs).

The statistics, compiled by Swiss Fund Data AG and Morningstar, encompassed all funds under Swiss law and foreign funds approved for public sale in Switzerland. This growth, driven by performance gains, saw an increase of 8.7% or CHF 127 billion compared to the end of 2023. With this surge, the market has successfully rebounded from the setbacks of 2022.

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Performance in equity markets played a pivotal role in this growth, with equity funds in Switzerland boasting a 12.6% return for the quarter. Property funds also contributed significantly, posting an impressive 12.9% performance. All asset classes showed positive returns, reflecting a broadly positive market sentiment.

Adrian Schatzmann, CEO of the Asset Management Association Switzerland, commented: “The development of the Swiss fund market is very pleasing with the achievement of a new record volume, especially after the markets went through a very difficult period given the geopolitical risks and fears of inflation and recession.”

Despite the market’s upward trajectory, investor confidence appears cautious. Net inflows remained modest at CHF 6.9 billion, largely flowing into bond funds (CHF 6.6 billion) and money market funds (CHF 3.1 billion). In contrast, equity funds attracted only CHF 541 million in new investments.

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The market structure revealed UBS leading the pack, followed by Credit Suisse. BlackRock also made gains, increasing its market share to 8.5% in Q1 2024, thanks to performance gains and inflows into passive investment products.

As for the performance of selected indexes and currencies, the Dow Jones rose by 5.62%, S&P 500 by 10.16%, EURO STOXX 50 by 12.24%, SMI by 5.32%, while the SBI saw a modest increase of 0.47%. On the bond side, the Bloomberg Barclays US Aggregate Bond Index showed a decrease of 0.78%. Currency-wise, the EUR gained 4.81% against the CHF, and the USD strengthened by 7.14%.

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