Björn Jesch knows that no one has been waiting for him. An email blast to Swiss single family offices along the lines of "Hi, here I am" would hardly achieve anything. The wealth organizations of affluent families have long-standing banking relationships, in-house investment specialists, and very clear ideas about what they need.

Nevertheless, the former Global CIO and CEO of DWS Switzerland, who most recently served as Chief Product Officer at Allianz Global Investors (AllianzGI) and has been Head of Family Office Coverage Switzerland since July this year, wants to build something in exactly this market. "We are serious about single family offices," he says in an interview with finews.

Swiss pioneering role

The move is part of the asset manager's growth strategy in Switzerland. At the same time, the location within the company is taking on a pioneering role: if the approach proves successful, it could also become interesting for AllianzGI in other markets.

According to the latest SFOA study The Swiss Single Family Office Landscape 2026 Swiss single family offices (SFOs) now manage assets in the region of CHF 785 billion and are growing both in number and organizational complexity. They are therefore among Switzerland's most important institutional investor groups. 

For asset managers, this creates an attractive market segment between traditional private banking clients and institutional investors. Many SFOs have long-term capital, a high degree of decision-making autonomy, and a growing need for specialized investment solutions. 

Between two distribution worlds

Until now, single family offices at AllianzGI were not clearly assigned to either of the two central distribution channels. In the wholesale business, the company serves banks, platforms, and independent asset managers, among others. On the institutional side, the focus is on pension funds.

The wealth organizations of individual families only fit this structure to a limited extent. "This segment has, to some extent, slipped through our net," says Jesch.

Professionalization of family offices

The potential clients have changed significantly. Many family offices have become larger and more professional. New organizations are being created, for example after company sales or IPOs. The largest employ extensive in-house investment teams and manage liquid portfolios themselves.

For Jesch, this means that a provider must bring more to the table than a broad product range. "We have everything" is not a convincing message for a family office. What is needed are concrete capabilities and a strategic dialogue on equal footing with its chief investment officer or CEO.

Private markets as a door opener

Based on his previous discussions, Jesch sees the best short-term starting points in private market investments. These include infrastructure financing and equity stakes, as well as private credit and related secondary market strategies.

AllianzGI manages a total of around EUR 653 billion, of which EUR 100 billion is in private markets. Parent company Allianz itself invests in such strategies. Jesch wants to contribute this experience, as well as access to co-investments and the responsible fund managers.

In addition, there is advice on portfolio structure. AllianzGI's roughly 60-person risklab unit, which is internationally oriented and has its roots in Munich, deals with strategic asset allocation, scenario analysis, and the assignment of risk, among other things. Jesch is convinced that especially integrating private market investments into the overall portfolio can offer added value for single family offices.

He also wants to facilitate direct exchange with senior portfolio managers and investment decision-makers. The goal is to discuss specific investment questions before individual products are put on the table.

Attractive growth potential in the Swiss family office market

How large could this business become? Jesch sees considerable potential for AllianzGI in the Swiss family office market. In particular, collaboration with single family offices offers attractive opportunities, in his view, to expand the business in a targeted way and grow over the long term.

At the same time, he is aware that many large family offices manage part of their assets themselves and place high demands on external partners. The key, therefore, is to build trust, understand the specific needs of this demanding client group, and impress with tailored investment solutions.

AllianzGI wants to gradually strengthen its presence in this segment and position itself as a long-term, reliable partner. Jesch is convinced that this will create attractive growth opportunities.

How much can actually be gained depends, for him, on whether the company can build trust and offer suitable solutions.

First trust, then assets under management

Jesch is therefore taking a long-term view. The build-out should be given at least two years. This business cannot be developed in three months.

Access to families is demanding. There is no publicly available list of potential clients, and discretion is central. Some decision-makers seek dialogue at events, while others do not want to be visible there at all.

The needs also vary widely. Jesch reports conversations in which very specific investment opportunities were being sought in individual sectors and regions. Whether AllianzGI has the right solution can only be determined on a case-by-case basis.

He would already consider it a success if, in about a year and a half, 25 to 30 important single family offices attended a technical symposium hosted by the firm. "I am not talking about tickets," he emphasizes. In other words, this still does not mean investment commitments, but rather a willingness to engage in dialogue.

Switzerland could take on a bigger role

For AllianzGI, the initiative fits into the expansion of its Swiss presence. Jesch points to the local investment expertise in multi-asset and Swiss equities, as well as the offering of active ETFs.

The company wants to be more than just a sales office in Switzerland. Providing targeted support to single family offices is another component of this long-term commitment.

If the build-out is successful, Switzerland could take on a broader role within AllianzGI. Jesch even raises the possibility of a global hub for single family offices. That is not a formal decision. First, the company must show that it can reach these clients and build lasting relationships.