Switzerland has around 1,500 licensed independent financial service providers that manage a total of ~500 billion Swiss francs, which corresponds to around one-sixth of the assets held in custody in Switzerland. However, their operating models are under pressure from regulatory complexity, cost constraints, and higher client expectations. While portfolio management remains central to their value creation, it is becoming increasingly demanding, and custodian banks are expanding beyond their traditional role.

This thesis is based on twelve qualitative interviews with industry experts and EAMs. The primary objective of this study is to analyse the extent to which EAMs are willing to outsource PM functions to a custodian bank (e.g., Vontobel) and to identify potential new forms of collaboration and obstacles that might prevent them from doing so. After establishing the theoretical framework, the methodological approach is outlined and the findings from the expert interviews are presented. Finally, practical recommendations for Bank Vontobel AG are derived.

The findings reveal that EAMs in Switzerland adopt various approaches to PM. While larger organisations generally retain full control, they expect proactive advisory input and thematic investment ideas. By contrast, smaller firms often have limited resources and are therefore open to modular support solutions, given that they can maintain their independence and the offering delivers clear added value at a competitive price. These insights provide Bank Vontobel with a clearer understanding of evolving client needs and market trends. The thesis then outlines strategic recommendations to build on this, including strengthening the role of relationship managers as investment-oriented advisors, expanding personalised thematic advisory services for larger clients, and offering modular discretionary mandates and fund-based toolkits for smaller firms. Implementing these measures could reinforce the institution’s position as a trusted partner and enhance its service offering in an increasingly competitive market.