Compliance outsourcing for asset managers: What the UVV Study 2026 means for your business model

The study “Independent Asset Managers in Switzerland 2026” by FIN21/Chris Künzle provides a well-founded snapshot of a market undergoing structural change. The results, presented on March 19, 2026 at the Zunfthaus zur Meisen in Zurich, paint a clear picture.

The figures speak for themselves:

• Around 1,300 FINMA-licensed asset managers in Switzerland
• Total assets under management of around CHF 887 billion – comparable to Switzerland’s largest private banks
• 83% of UVVs with a maximum of 10 employees
• 63% of decision-makers are over 51 years old
• 27% of institutions with less than CHF 100 million AUM

The market is significant, but structurally highly fragmented. The study highlights several developments that directly affect the long-term viability of business models.

Limited scalability: The majority of UVVs operate with very lean structures. This makes the efficient implementation of regulatory requirements considerably more difficult.

Increasing complexity: With FinIA and FinSA, regulatory requirements have increased significantly. Organisation, documentation and controls are now far more demanding than they were just a few years ago.

Costs under pressure: The study identifies the key factors influencing profitability:

• Personnel (77%)
• Compliance (54%)
• IT / cloud (42%)

Particularly relevant: compliance is one of the central structural cost drivers—ranking even ahead of IT and technology.

Cost and efficiency issues are among the most important areas for action in the industry. What the study clearly shows: the pressure does not primarily come from the market, but from within the organisation—especially in dealing with regulatory requirements.

Compliance today is:

• mandatory – without FINMA-compliant structures, no licence
• increasingly complex – new circulars, expanded audit obligations, stricter requirements
• resource-intensive – internal staff, training, documentation, controls

For many independent asset managers, this specifically means:

• rising fixed costs with unchanged income
• growing demand for specialised professionals who are scarce in the market
• increasing operational burden that distracts from the core business

At the same time, this development can only be scaled internally to a limited extent. This is why the key question is: How can regulatory quality be ensured without throwing the cost structure out of balance?

Compliance outsourcing has long been established in the asset management market—and there is a wide range of specialised providers. The real challenge, however, is not whether, but with whom.

What matters is choosing a partner who combines three things:

1. Regulatory expertise from hands-on practice in the financial market
2. Technological advancement for efficient processes
3. A holistic approach that integrates compliance, risk management and legal advisory

And combines these into an economically viable solution.

velaw pursues precisely this integrated approach. We combine:

• In-depth regulatory expertise – from many years in responsible roles in the financial industry
• Digital solutions to increase efficiency – with our own RegTech platform vela, which maps internal control systems digitally, transparently and in an audit-proof manner
• A holistic view of compliance, risk and legal – instead of isolated individual solutions
• If required, communications and reputation expertise – for critical situations

What this means in practice:

Compliance is not only implemented correctly, but organised efficiently, managed in a structured way and optimised economically.

The result for our clients:

• Predictable and controlled cost structures
• Reduced internal resource requirements
• Less operational complexity
• Assurance vis-à-vis FINMA and audit firms

The UVV Study 2026 clearly shows: pressure on the business models of independent asset managers will continue to increase. The question is no longer whether something needs to change—but how.

Quality and expertise alone are no longer sufficient. They must be combined with efficiency and an economically viable model.

velaw provides the answer: when quality, efficiency and price finally align.