In conversation, Sybille Wyss, the head of Basel-based wealth manager Tareno, comes across as open and likeable. We meet her for an interview at the Zurich branch, just two minutes from Paradeplatz.

Her company is on track to move past the 4 billion mark this year, is collecting awards one after another and is increasingly taking its business into the Zurich market.

finews wanted to know what gives Tareno its "cachet".

Ms. Wyss, what makes Tareno unique in the diverse world of independent asset managers?

You would like to have a USP, but I do not see one. At most, you can stand out because of the overall package: We combine the professional investment culture and process of larger institutions with the flexibility, short decision-making paths and personal proximity to clients of smaller ones. Our aim is for clients to feel the difference not only in the service, but also in the investment results. Our credo: top service level, top results.

Which clients do you specialize in?

We grew up with wealthy private individuals from Switzerland and abroad, families and foundations, starting at 1 million francs. In recent years, institutional investors such as pension funds have increasingly been added.

So is the equation "Basel location = pharma money" wrong?

Yes. On the client side, nothing of that sort is noticeable.

At the beginning of the year, you reported assets under management of 3.3 billion francs. How is the current year going?

We have increased client assets to 3.9 billion francs, and the majority of that is new money - a company record. There were certainly several larger mandates. After all, we cannot handle 200 or 300 new openings a year.

Where do you want to go?

The next milestone is the 4 billion franc mark, then of course 5 billion. But we are not about growth at any price; after all, we are owner-managed. What matters is that we can maintain the quality of service, our independence and our corporate culture.

Is M&A an issue?

Yes, acquisitions are our third pillar alongside organic growth and new client advisers with their own portfolios - especially in the Zurich area. We are working toward that. But a lot has to fit: price expectations, the question of how long the seller stays on board, client segmentation, custodian banks. We do not take retrocessions, and we are not going back to that. We have a lot of discussions, but at the moment nothing is close to being finalized.

"We do not take retrocessions, and we are not going back to that."

Succession is considered the industry's biggest problem: many first-generation asset managers retire with large client books. What is your answer to that?

Many companies are very strongly centered on individual personalities. That creates trust, but also dependencies. We are trying to develop Tareno consistently as a company and not as the sum of individual client advisers. Successful succession happens much earlier than the actual leadership transition: You have to ensure that client trust is spread across several shoulders and does not rest with just one Mr. or Ms. So-and-so. You cannot simply say: Now I want to hand things over.

But for a lone operator, the move into an organization is a big one.

Extremely difficult, even. Sometimes we hear that we seem too big. Then people feel they would not be able to retain their independence with us. But independence still exists. However, you are part of a network, and that is something different from having to do everything on your own.

Sybille Wyss, CEO and partner at wealth manager Tareno. (Photo: Tareno)

You have experienced succession yourself: your predecessor, Josef U. Bollag, continues to be involved in the company as client adviser, majority owner and chairman of the board of directors. How has that worked out?

It is a special constellation, but an extremely valuable one. Ueli Bollag and I have worked together for more than 20 years, and he has gradually given me more and more responsibility. The fact that I can still turn to him today and ask for advice is incredibly valuable to me. If you say he stands for continuity and I stand for further development, I see no contradiction in that. And he remains on board - stepping back is not yet an issue.

How do you define your role as CEO?

I do not think much of the idea that I always have to have the best answer to a question. Much more important is an environment in which good ideas can actually emerge, in which problems can be addressed openly and decisions made together. That is why I sit at the table in every selection process for new employees.

"I do not think much of the idea that I always have to have the best answer to a question."

You started out in 2004 as an assistant in the secretariat. What use is that to you today?

As an assistant, you have the chance to watch from the sidelines how decisions are made, where opinions clash and where execution falls short. In the stands, you know everything better - until you step onto the field yourself. I know the company inside out. And I know how important the people are who are not in the spotlight.

You only became a client adviser when you became CEO. Farmer or hunter?

I acquired most of my client book myself, so rather hunter. As CEO, of course, it helps when people come to you.

Tareno has also made a name for itself as a fund provider - first with water, and since January with Kieger's healthcare funds. Do you want to become an asset manager?

Asset management is not a departure from private banking, but a strategically sensible addition with other growth drivers and scaling opportunities. Today, the ratio of assets is around 80 to 20. Our goal is not to offer as many funds as possible, but to be active where we can build genuine expertise and a convincing track record. Traditional wealth management remains a central pillar of Tareno, however. Asset management complements our business model and makes our investment expertise accessible to a broader investor base - such as institutional investors, but also retail investors.

What is your signature in a market where new funds are launched every day?

Here too, I would like to say: That is our USP. We do not have one. It is about institutional credibility. If we ended up with 50 funds, no one would believe that. We always come from a clear specialization in which we can build a track record, and always in the equity space - that is where we are at home. At the end of the year, we will launch another fund from a tactical equity strategy that we ran as an AMC for three years and that was able to beat the MSCI World.

"If we ended up with 50 funds, no one would believe that."

How do you prevent your own funds from simply flowing into client portfolios?

Our independence is our reason for being, our greatest asset. Our own funds do not have any special status in the mandates, and there are no financial incentives for client advisers to buy proprietary products.

Your chairman revealed himself as a Bitcoin supporter in the finews podcast. Is that institutionalized at Tareno?

Crypto assets have established themselves as an asset class that can no longer simply be ignored. What matters is not whether you personally like it, but what function the asset can serve in the portfolio. In 2020, we bought Bitcoin for the portfolios at 8,700 dollars and have since realized gains several times over. At present, crypto assets account for 2 to 3 percent of allocations. But clients can also say: I do not want this building block.

How much does Finma supervision cost you?

I cannot provide any information on the direct costs. We were already directly supervised by Finma before 2022, so nothing changed for us with the new regime. But of course the requirements tie up financial and human resources.

UBS is one of your 12 custodian banks. What would its departure mean for asset managers?

In principle, it would be regrettable if a bank with such strong Swiss roots were to relocate abroad. But I do not expect any significant changes for our business. UBS will continue to run its Swiss business from here, and the market is economically attractive.

Would you do a banking apprenticeship again today?

Definitely. At 16, you cannot yet predict where your career path will lead. But a banking apprenticeship provides an excellent and solid foundation.

Sybille Wyss has been CEO since 2020 and a partner at Tareno since 2022. After completing a banking apprenticeship, she joined the wealth manager in 2004 as an assistant in the secretariat and then moved through portfolio management to the role of CIO (2014-2023); she also managed Tareno's water fund from 2007 to 2017. She holds a degree in business administration from a university of applied sciences and a federal diploma in business administration from a higher technical college.