Moneycab: Mr Jusufi, how have the assets under management at Lakefield Partners developed over the past 10 years, how has the number of employees changed, and which key milestones have shaped the company’s history?
Bilal Jusufi: Over the past ten years, Lakefield Partners has undergone a very successful development. We started with a small team and a comparatively modest asset base, driven by a clear vision and a consistently strategic focus. Today, we are one of the established larger independent asset managers in Switzerland, employ more than 20 finance experts and manage assets in the billions. Over the years, this development has also been confirmed by numerous awards for both our investment performance and our company.
Today, we are one of the established larger independent asset managers in Switzerland, employ more than 20 finance experts and manage assets in the billions.
In the early phase, our focus was deliberately on building a robust foundation. This included developing compelling investment solutions as the core of our service offering, establishing institutional processes and creating a scalable organisational structure. From the outset, our approach was first to develop a convincing offering and robust processes before accelerating growth in a targeted manner.
In retrospect, it was less individual events that were decisive than resilient and steady growth. Even in challenging times, we have remained true to our strategic direction and have continued to develop along our clear path: independence of thought, integrity and transparency, as well as a commitment to continuous improvement. The goal was to create long-term value for our clients. This understanding continues to shape what we do to this day.
How would you describe Lakefield Partners’ strategic direction for the next three to five years? What specific growth targets are you pursuing, and are you planning to diversify into new product lines or client segments?
For the next three to five years, we are deliberately remaining true to our proven strategic direction. Building on our strong foundation and successful investment philosophy, we want to make Lakefield Partners accessible to an even broader client base in the private client segment as well as in the institutional segment. We see growth opportunities in particular through the targeted expansion of our team with experienced relationship managers who share our long-term orientation.
We are in the comfortable position of not having to act under growth pressure. Rather, we are convinced of our approach and accordingly ambitious. Our focus is clearly on qualitative growth and the sustainable further development of our company.
How would you summarise the past year, 2025, for Lakefield Partners, in a year of significant market volatility (US tariff policy, geopolitical tensions and interest rate uncertainty), and how did your dynamic allocation models perform in this environment?
Indeed, 2025 was undoubtedly a challenging year, marked by geopolitical tensions, trade policy uncertainty and a persistently difficult interest rate environment. For Lakefield Partners, however, it was also the most successful year in our company’s history, and we were once again honoured with several awards for our investment performance.
It was precisely in this difficult market environment that our clearly defined investment principles proved their worth. Our dynamic allocation models aim to identify market changes as early as possible and to adjust portfolios deliberately and dynamically. Ahead of the so-called “Liberation Day” in April 2025, we reduced risks in good time to stabilise the portfolios, and then gradually rebuilt positioning as market conditions normalised.
Our approach is not based on short-term reactions to individual events or headlines, but on a systematic, data-based and targeted analysis of opportunity and risk factors.
During the tariff dispute between Switzerland and the US in summer 2025, we also analysed the situation in a data-driven and rational manner and deliberately did not react to short-term market movements or emotional narratives. Focusing on objective, evidence-based analysis rather than sensational headlines proved to be a decisive advantage. At the same time, our approach remained consistently disciplined and helped us avoid emotional misjudgements and manage risks in a controlled manner. This enabled us to anticipate market changes early last year, exploit opportunities in a targeted way and further strengthen the positive performance of our portfolios in a sustainable manner.
The Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG) have been in force since January 2020 and have fundamentally changed the Swiss asset management landscape. How has the investment environment developed over the past five years with the increasing regulatory requirements – especially for independent asset managers such as Lakefield Partners? How have you adapted your organisation and infrastructure to meet the expanded conduct rules, information obligations and client segmentation?
The introduction of FIDLEG and FINIG has had a lasting impact on the Swiss asset management landscape and has contributed to further professionalisation of the industry. For Lakefield Partners, implementation was less a fundamental transformation than a confirmation of our existing approach. Since 2014, we have been directly authorised and supervised by FINMA as a manager of collective assets, and from the outset we had already implemented institutional processes and established best practices. Accordingly, the regulatory changes required mainly selective, formal adjustments, without any significant impact on our organisational structure, our business processes or the design of our services for our clients.
In principle, regulatory requirements naturally involve additional effort and greater complexity. At the same time, however, we welcome the fact that clear frameworks create legal certainty and overall strengthen industry standards. Especially for independent firms with a long-term outlook, consistent regulation can also be a mark of quality that strengthens trust.
In principle, regulatory requirements naturally involve additional effort and greater complexity. At the same time, however, we welcome the fact that clear frameworks create legal certainty and overall strengthen industry standards.
For many years, there has been talk of consolidation among independent asset managers in Switzerland, but so far this has only become apparent to a limited extent. Recent studies show that smaller asset managers with assets under management of up to CHF 200–300 million are the most affected by cost increases and critical scale thresholds. Do you see Lakefield Partners as a potential consolidator acquiring smaller competitors, or are you focusing on organic growth?
We share this assessment and believe that consolidation in Switzerland is likely to happen less abruptly and more gradually and selectively. Smaller asset managers in particular are increasingly under pressure to sharpen their positioning or reposition themselves. At the same time, we are also seeing some momentum among larger firms, especially where there is no clear strategic direction or differentiated value proposition and individual relationship managers increasingly look for new prospects.
For Lakefield Partners, organic, qualitative growth remains the priority. At the same time, we are structurally well prepared and have already successfully integrated teams and structures in recent years, which means that, in addition to a robust organisation, we also bring the necessary experience and expertise. We therefore see a possible consolidation as an attractive opportunity, provided it creates clear added value for all sides. What matters is that any potential integrations fit our long-term strategy, our risk culture and our investment philosophy. Growth is not an end in itself for us; it must be sustainable and in line with our direction.
How do you respond to current macroeconomic developments – particularly with regard to global political and geopolitical risks – when shaping your investment strategies? Have you shifted the strategic asset allocation towards Europe, Asia or other regions? How do you assess the risk of a long-term revaluation of the US dollar and US Treasuries?
Macroeconomic and geopolitical developments are now important short-term drivers of capital markets. However, our approach is not based on short-term reactions to individual events or headlines, but on a systematic, data-based and targeted analysis of opportunity and risk factors. Instead of tactical position changes based on regional or political news, we pursue dynamic, risk-oriented management of our allocations. Accordingly, we have not made any static shift in favour of individual regions, but adjust weightings flexibly when opportunity and risk profiles change in a lasting way.
From our perspective, Europe and Asia continue to offer selective opportunities, especially where structural valuations appear more attractive or political risks are already priced in. At the same time, the US market remains a central component of global portfolios because of its liquidity, innovative strength and depth of capital markets, even if the debate around fiscal policy, interest rates and currency developments is becoming increasingly important.
For us, the key is less about any single macroeconomic forecast than about the ability to diversify risks broadly and continuously adapt portfolios. That is precisely where the strength of our approach lies: positioning portfolios to be robust and adaptable even in an increasingly fragmented geopolitical environment.
European pension funds are increasingly reducing their mandates with US asset managers that are abandoning ESG principles in response to political pressure. At the same time, European investors are in some cases turning their backs on the US market. How does this new role of the US specifically affect Lakefield Partners’ investment strategies? Do you systematically integrate ESG criteria into your quantitative model, and if so, how do you weight them against purely financial metrics?
We are closely observing current developments and note that the debate is becoming increasingly ideological in some areas and, more generally, more strongly shaped by political sentiment. In our view, this is not always in the interests of objective, long-term-oriented investment. For us, global, diversified allocation remains the priority. Regional shifts are not driven by political motives, but by a sober assessment of risk, valuation and market structure.
ESG is not an isolated trend for Lakefield Partners and is less ideological in nature for us, but rather an integral part of comprehensive risk management. ESG factors are systematically taken into account in our quantitative models, particularly where they have a measurable impact on governance quality or long-term risks. At the same time, our approach remains clearly focused on financial markets. ESG complements the analysis and, above all, risk management. Our aim remains an investment decision based on financial-market considerations, with ESG factors taken into account where they provide additional relevant information about long-term risks.
The rapid spread of artificial intelligence is fundamentally transforming the financial sector. How specifically is this development affecting your business? To what extent are you already using modern machine-learning and AI techniques – for example in portfolio optimisation, risk management, compliance monitoring or client communication?
We are following the current momentum around artificial intelligence with great interest, but we see it in many respects as an evolution and complement to established quantitative and data-based methods. Machine learning is not a new phenomenon in asset management; it has been used for decades in various analysis and modelling approaches. For us, therefore, the decisive factor is less the AI label itself than the measurable contribution to the quality of decisions and the stability of our processes.
Data-driven methods are already in use in our allocation and risk models, where they add value in particular in pattern recognition, scenario analysis and the processing of large datasets. At the same time, the final investment decision remains deliberately grounded in the interaction between technology and human experience.
We see increasing potential to use AI to improve efficiency in operational areas, such as compliance support or the structured preparation of information for our client communications.
In addition, we see increasing potential to use AI to improve efficiency in operational areas, such as compliance support or the structured preparation of information for our client communications. Technology is only integrated where it makes our organisation more robust, scalable and better in quality. We therefore see AI not as a replacement for investment expertise, but as a tool to improve decision-making and working processes in a targeted way. At the same time, the efficient use of technology creates more space for strategic work and high-quality time with our clients.
How does Lakefield Partners position itself in the tension between traditional personal advice and AI-supported robo-advisory solutions? Are you planning hybrid models that combine institutional quantitative methods with personal service, or are you taking a different path?
We do not see any fundamental contradiction between personal advice and technological innovation. For Lakefield Partners, people remain at the centre of the client relationship, while quantitative models serve as tools to improve and make decision-making processes more transparent. Our approach is therefore not aimed at a classic robo-advisory model, but at an intelligent combination of institutional methodology and personal support.
Technology helps us manage portfolios in a more structured way, analyse risks more precisely and present complex information in an understandable manner. At the same time, trust, individual needs and the emotional dimension of advice remain decisive factors that cannot be fully automated. Especially in an increasingly complex environment and in a changing world, this personal classification becomes even more important. We therefore see hybrid models not as a replacement, but as an evolution of traditional advice.
Our aim is to combine the strengths of both worlds: the consistency and discipline of quantitative processes with the experience and proximity of personal advice. In this way, a scalable yet personalised service is created that delivers long-term value for our clients.
Which three political or economic developments will shape the asset management market most decisively over the next five years? How is Lakefield Partners preparing for these structural shifts?
From our perspective, three developments in particular will shape the asset management market over the next five years: an increasingly fragmented geopolitical world, structural shifts in the interest rate and inflation environment, and technological change driven by digitalisation and artificial intelligence. These factors increase the complexity of capital markets, but they alter less our basic understanding than the speed with which we need to respond to change.
Our investment philosophy is deliberately designed to deal with change. Dynamic allocation models, a data-driven investment process and clearly structured risk management enable us to address different market regimes flexibly rather than relying on individual scenarios. We therefore see structural change not primarily as a challenge, but as an environment for which our investment architecture was designed.
As a company, we are simultaneously and continuously investing in our organisation, our processes and our technological infrastructure in order to further increase efficiency, scalability and resilience. We do not want to avoid change, but to use it in a targeted way to further develop our organisation and achieve stable long-term results for our clients.
From our perspective, three developments will shape the wealth management market over the next five years in particular: an increasingly fragmented geopolitical world, structural shifts in the interest rate and inflation environment, and technological change driven by digitalisation and artificial intelligence.
Good private bankers and investment professionals are in high demand in the market – particularly from large banks with bigger compensation budgets. How does Lakefield Partners, as a medium-sized, independent wealth manager, succeed in attracting talented employees and retaining them over the long term? What role do factors such as partnership prospects, equity participation, entrepreneurial freedom or workplace culture play?
The competition for talented private bankers and investment professionals is undoubtedly intense. At the same time, we are seeing the expectations of many experienced professionals change. Entrepreneurial freedom, a clear long-term outlook and a focused environment are becoming increasingly important. Today, experienced advisers in particular are looking less for size and more for quality, clarity and personal responsibility – not least because various disruptions and crises in the financial centre have shown that sustainable success only emerges where services create genuine and measurable added value for clients.
As an independent wealth manager, we see this as a major opportunity and deliberately set different priorities from traditional banks. From the outset, we offer clearly defined, transparent compensation models as well as understandable criteria for career prospects, right through to partnership. However, what really matters is our ambition not only to offer relationship managers the best structural conditions, but also to support them, through the combination of our brand and our proven investment offering, in looking after their existing clients even better and continuing to grow. This environment enables individuals to fully develop their entrepreneurial skills and grow beyond traditional institutional boundaries.
What changed expectations are you observing among your clients – and how does Lakefield Partners translate these into concrete services? Beyond traditional performance targets, which values matter to your clients?
Trust, as well as the expectation of achieving an attractive return relative to the risk taken, remain constants for both private and institutional clients. However, we are increasingly observing that transparency, the traceability of decisions and the quality of investment decisions are moving further into focus. Many investors today are guided less by narratives or short-term market stories and instead seek clear expertise, well-founded analysis and a comprehensible position.
This development is in line with the approach of Lakefield Partners. Our clients value the combination of institutional asset management methodology and the personal service one associates with traditional private banking. This creates an environment in which decisions are made transparently, risks are managed deliberately and long-term perspectives are consistently taken into account. We translate these expectations into a clearly defined investment philosophy and personal support geared towards independence, transparency and long-term stability.
At the end of the interview, you have two wishes. What would they be?
As a person, my two wishes would probably be very simple: more peace and less suffering in a world that has recently been shaped by wars, humanitarian suffering and growing social tensions, while also facing many challenges.
From a professional perspective, I would wish above all for greater confidence in the Swiss financial centre and for the strengthening of those Swiss values – reliability, independence, innovative strength and long-term thinking – that have supported us for decades. Sustainable success is created where stability does not mean standing still, but forms the basis for continuous development.
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