The fund market is on a growth path.

At the end of September 2026, it reached a total volume of 1,927 billion Swiss francs, a new record high. Growth of 10.8 percent, or 187 billion Swiss francs, was mainly driven by the positive performance of financial markets and currency effects (155 billion combined), Asset Management Association Switzerland (AMAS) said in its statement on Monday.

At least, it also identified net new money of 32.7 billion Swiss francs. This flowed primarily into bond funds. Equity funds ranked second with 9.7 billion, followed by money market and commodity funds with 3.3 billion each. Around two-thirds of the new money flowed into funds structured as exchange-traded funds (ETF).

While the volume of bond funds suffered from rising interest rates (especially in foreign currencies), equity funds benefited from the positive performance of the stock market. According to AMAS, 52.4 percent of all funds now fall into this category. 

Current income matters more than capital gains

AMAS CEO Adrian Schatzmann interprets the fact that investors are putting money into bond funds even though they have lost value as follows: "This suggests that many investors place a higher value on current income and stability than on short-term capital gains."

Little has changed in the high concentration among providers. "The ten largest providers account for around 75 percent of total fund assets." At the top remains the major bank UBS (36.9 percent), followed by Swisscanto (10.6), Blackrock (10.4) and Pictet (5.9). Swiss Life (2.5) has overtaken Vontobel (2.2).