Welcome

Markets in 2025 rewarded preparation over prediction. Our clients responded by entrusting us with more new capital than in any year since 1998.

Letter from the Chief Executive

Dear clients and partners, an asset manager has only one durable asset: the confidence of the people whose savings it looks after. By that measure, 2025 was the strongest year in the history of Meridian Capital. Net new money reached a record CHF 3.6 billion — nearly double the prior year — and assets under management closed at CHF 52.4 billion, up 11%.

The year tested us in the ways that matter. When trade-policy headlines unsettled markets in the third quarter, we did what we always do: we wrote to every client within days, we sold nothing under pressure, and we used the weakness to add to the companies our research likes best. Fiduciary discipline is easy to claim in calm markets; it is only proven in difficult ones.

• 82% of our assets outperformed their benchmark over three years; 74% over five.
• We opened our Singapore office in March — our fourth worldwide and our first in Asia.
• Net profit rose 12% to CHF 132 million, and the cost/income ratio improved to 61%.

The pages that follow set out how the year unfolded, how your capital is invested, and the discipline we apply to both. Thank you for your continued confidence.