BCV – a Solid Swiss Alternative

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  Susan Niederhöfer
  Chefredakteurin

It might not seem obvious that a cantonal bank from French-speaking Switzerland, such as BCV, would play an innovative role in the AMC sector. How did BCV come to enter the AMC business so early and so consistently?

In fact, BCV recognized more than ten years ago that the demand for AMC held growth potential. This was because it met the needs of independent asset managers (IAMs) and banks for products that, among other things, simplified administration and enabled the flexible and efficient implementation of investment strategies. Today, with over ten years of experience in launching AMCs, BCV ranks among Switzerland’s leading AMC issuers. More than fifty investment managers with approximately CHF 2 billion under management throughout Switzerland trust us to handle the launch, implementation, and monitoring of their AMCs. BCV regularly invests in expanding its offerings and has developed various digital tools. These include the AMC Access360 web platform for managing AMCs, documentation, and reporting, as well as the factor-based investment tool AMC Select360, which helps users select stocks for the investment strategy underlying the AMC. In my opinion, the following characteristics of BCV are what make us strong: our long-standing commitment, BCV’s financial stability, the quality of our service, and our pricing.

Do you think there’s a different AMC culture in French-speaking Switzerland than in German-speaking Switzerland – or have AMCs become established throughout Switzerland by now?

Different needs can be observed in these two regions of Switzerland, but this is attributable less to cultural differences than to market structure. There are a large number of private banks in French-speaking Switzerland. These banks show great interest in AMC, as these instruments allow for the flexible and efficient implementation of investment strategies. By contrast, the market in German-speaking Switzerland and Ticino is characterised by the large number of cantonal, regional and retail banks. This client group is showing growing interest in AMCs, particularly in products from Swiss issuers. As far as UVVs are concerned, Geneva is a major hub; nevertheless, more than two-thirds of these players are based in German-speaking Switzerland. In the “AMC” sector, BCV is an attractive alternative for clients who value Swiss origins and solid issuers. 

Which client segments request AMC services from you: traditional external asset managers, family offices, or institutional investors? 

Our mission is to offer a reliable diversification opportunity in a mature market for institutional investors, whether they are independent asset managers, private banks, cantonal and regional banks, etc. We are seeing growing interest in AMC among asset managers. They are increasingly seeking to streamline their operational and administrative processes in order to focus on their core business: client service and asset management. 

Has the situation changed in recent years?

Since we are already well-positioned in French-speaking Switzerland, we are now focusing our growth efforts on expanding our presence in German-speaking Switzerland. In the current environment, the fact that we are a solid Swiss bank also proves to be an advantage for two reasons: On the one hand, clients take issuer risk very seriously; on the other hand, they now pay attention to adequate diversification not only for economic reasons but also due to regulatory requirements (FINMA Circular 2025/2).

The Access360 platform, provided by BCV, gives clients direct online access to their AMCs. How has Access360 changed things for clients…

We continuously adapt the platform – developed from the ground up by our teams – to meet the evolving needs and feedback of our clients. Since the platform is managed 100% in-house, we can act with exceptional agility and flexibility. Since its launch, we have already implemented numerous significant improvements to AMC Access360. These include, for example, the most recent enhancements to reporting and monitoring: The reports now provide a better overview, and monitoring of the certificates actively managed on the platform has become even more precise. In fact, a provider’s platform is becoming a decisive factor. Of course, price remains a factor in the comparison, but it is not the only variable taken into account: The customer experience also plays a role.

…and internally for BCV teams?

The Access360 platform is a major asset for BCV’s teams. Take our trading team, for ex-
ample: the platform reduces operational risks by enabling better centralization of information and more efficient processing of rebalancing orders. The platform also creates real added value for our sales teams, giving them more time for business development, client acquisition, and client support. Access360 is a strategic lever that enhances the customer experience as well as the operational efficiency and growth potential of our business. 

Has the user profile changed over time?

Our primary focus is on products and services for institutional clients, particularly independent asset managers and banks, as well as private, cantonal and regional institutions. It is client needs that have really changed.

The growth figures for structured products show that they meet the demand for products adapted to market conditions. Does this apply even more so to AMCs?

We are indeed seeing significant interest in AMCs. Our clients are seeking to consolidate their clients’ portfolios under one roof in order to standardize and simplify management – all at a reasonable cost. AMCs also provide a framework for implementing a strategy or a specific investment theme and marketing it as a financial product. Clients must also diversify their sources of risk; this is particularly true for AMCs, which are long-term financial products. Since an AMC represents a relatively long-term liability for the issuer, the credit rating is of crucial importance. This applies to both retail and institutional clients. BCV is rated AA by S&P and Aa2 by Moody’s. Since AMCs can be launched with low volume, new strategies can be implemented flexibly, cost-effectively, and quickly. If the product meets expectations, the same strategy can later be replicated in an investment fund. Consequently, the AMC market is likely to continue growing.

In this issue, we’d also like to provide insights into regulatory aspects and investor protection. What constitutes “bestpractice” at BCV in this regard, and is there anything other issuers could learn from your approach?

Our clients particularly appreciate the Basic Information Sheet (BIB) introduced by FIDLEG, which corresponds to the PRIIPS-KID, as it provides complete transparency regarding the risks and costs of a financial product. This enables clients to better assess issuers (of course, there is no such thing as zero risk) and compare costs across different products. This, in turn, prevents excessive fees. Changes in the law can also present opportunities. As explained above, the diversification required for both economic and regulatory reasons (in accordance with FINMA Circular 2025/2) opens up new market opportunities.

Many thanks for the conversation, Mr. Naescher!  

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Erwin Naescher
Co-Head and Head of Sales Structured Products at BCV

Erwin Naescher is Co-Head Structured Products at BCV, responsible for the sale of Structured Products and coordinates sales teams in Lausanne and Zurich. He began his career at Leonteq Securities in Zurich. In 2017, he moved to BCV in Lausanne, and in 2019 he opened the Structured Products desk in Zurich.

He holds a Master of Science in Finance from the University of Neuchâtel and is fluent in German, French and English.