Outlook 2026

What 2026 holds

Two initiatives will shape the coming year. The first is the launch of a private-credit strategy — the fourth in our private-markets range and the twenty-ninth at Meridian Capital — with a first close planned for the second half. The second is the build-out of our Singapore office: a team of roughly twenty people by year end, serving our Asian institutional clients who until now have been covered from Geneva.

We are clear-eyed about the headwinds. Fee pressure in the wholesale channel is real and will not go away; we answer it with mix and scale, not by diluting the offering. The path of interest rates and the strength of the Swiss franc — our revenues come in several currencies, our costs largely in francs — remain the two variables we watch most closely.

On that basis, we are guiding for 2026 net inflows of CHF 2.5 to 3.5 billion and a cost/income ratio below 60%, while funding both initiatives in full.