Mr. Schubiger, geopolitical tensions are rising and the global economy appears more fragile than ever. Is Switzerland benefiting from this uncertainty?

Yes, we are certainly seeing that. During periods of heightened uncertainty, investors increasingly seek guidance and advice. Switzerland possesses qualities that are highly valued internationally: political stability, the rule of law, a strong currency, and a reliable economy. These characteristics make our financial center particularly attractive in turbulent times.

Are you already seeing concrete inflows of assets into Switzerland?

There are indeed signs that international investors are reassessing their asset allocations. In the Middle East in particular, we are observing that some investors are reevaluating their geographic exposure. Switzerland is often perceived as a stable long-term location.

At the same time, Switzerland’s financial center is under pressure. Hong Kong recently overtook Switzerland as the leading offshore financial center. Does that concern you?

Such rankings remind us that we cannot take our strengths for granted. We must continuously work to maintain them. Other financial centers actively and successfully promote themselves and encourage investment in a targeted manner.

«We should learn from other countries how they showcase their competitive advantages.»

Switzerland has outstanding fundamentals and, for example, has produced the world’s largest wealth manager.

Unfortunately, we have a habit of talking ourselves down.

«Switzerland has exceptional strengths as a financial center — and we should champion them with far greater confidence.»: Georg Schubiger. (Image: Courtesy of Vontobel)

Does that make you angry?

We live in a world where competition has become more intense—and that also applies to competition among financial centers. That is precisely why we should learn from other countries how they confidently communicate their strengths and showcase their competitive advantages.

Whenever I attend international conferences and listen to representatives of other financial centers, I notice the same pattern. While others confidently highlight the advantages of their locations, we Swiss tend to discuss what we could still improve.

To be clear, self-criticism is important. But it should not lead us to downplay our own strengths. It bothers me that we tend to downplay our strengths.

That genuinely frustrates me. Switzerland has exceptional credentials as a financial center, and we should represent them with far greater confidence.

Where do you see Switzerland’s biggest competitive advantages?

Our client-centric approach is second to none. We have an exceptionally high level of financial expertise and serve international clients in multiple languages. At Vontobel, for example, advisory services are even available in Finnish. We also have extensive experience dealing with different currencies and asset classes. Added to that is an outstanding talent pool. Very few locations in the world offer such a combination.

Vontobel is currently expanding in both Germany and the United States. Why these markets?

Both are strategically important growth markets for us. Germany is one of the world’s most important markets for ultra-high-net-worth individuals. Around 25,000 people there have assets exceeding USD 30 million.

Germany is home to a strong Mittelstand and a large number of entrepreneurial families. These clients particularly appreciate our long-term mindset as a predominantly family-controlled bank, combined with the transparency and governance standards of a publicly listed company.

Is that why you are opening an office in Düsseldorf?

Exactly. Düsseldorf is an economically very attractive region. With this new location, we are strengthening our local presence and will be able to serve our clients even better.

«Following the expansion of our offices in New York and Miami, we are now establishing a presence in Los Angeles. The West Coast offers enormous potential.»

Following Munich and Hamburg, Düsseldorf will become our third office dedicated to serving wealthy private clients in Germany. Our team in Frankfurt focuses exclusively on institutional clients.

At the same time, you are continuing to expand your presence in the United States.

Yes. Following the expansion of our offices in New York and Miami, we are now establishing a presence in Los Angeles. The West Coast offers enormous potential, both because of its concentration of wealth and its highly international client base.

For some time, it has been clear to us that we need a presence on both coasts.

How important is local presence in wealth management today?

Very important. Trust remains a central factor for wealthy clients. A physical presence enhances credibility and strengthens client relationships. That is why we are pursuing a gradual and profitable expansion of our international network.

Which business areas will drive Vontobel’s growth in the future?

In our institutional business, we continue to see significant potential in fixed-income strategies. Multi-asset mandates are also developing very positively.

In addition, we are seeing growing demand for customized solutions that combine traditional investments with hedging strategies or structured products.

And in private banking?

Wealth management remains firmly at the center. Our ambition is to deliver the highest level of service quality. Clients value speaking directly with experienced specialists rather than being routed through call-center structures.

Artificial intelligence is transforming the entire financial industry. How is Vontobel using AI?

Primarily as a tool to support our advisors. AI helps us process and analyze information more quickly, evaluate client portfolios more efficiently, and provide relevant insights in a targeted manner. This allows advisors to enter client meetings better prepared.

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