Andreas Schuepbach: «Singapore offers fast feedback & clear timing»
Marcuard Heritage now holds licenses from four different regulators in four locations. In an interview with finews.com, chairman Andreas Schuepbach explains why he sees regulation as an opportunity, how oversight works across borders, and where the company's growth journey leads next.
Mr. Schuepbach, regulation is the first thing everyone mentions when the conversation turns to the challenges facing wealth managers. Where does the issue rank on the agenda at Marcuard Heritage?
Regulation carries great weight for us, and it is central to the financial center as a whole. For smaller competitors, who are often also grappling with succession issues, it is increasingly becoming a major problem because governance requirements have risen. We, by contrast, see this development as part of the professionalization of our industry, and we are deliberately taking the offensive.
Marcuard Heritage has sought a local license at each of its locations and is now licensed by four different authorities. What is the strategy behind that?
As an internationally active wealth manager, we aim to offer global advisory expertise with strong local roots. That is a deliberate break from the old model, in which a Swiss license was enough and advisers flew around the world. It is also a response to international clients who want the option of having their assets booked in different locations.
Being licensed by four authorities takes considerable effort. Is it worth it for Marcuard Heritage?
Yes. Our growth potential clearly lies in regional markets such as Abu Dhabi or Singapore, both with clients from those regions and with those who want to use such hubs for their investments. For us, it isn't a question of either-or. It's both.
«For us, professionalization also means that governance doesn't stop at the border»
Can you put a figure on the effort?
Each office has its own compliance officer, for example, in some cases supported by an external partner. The effort at every location is comparable to that in Switzerland—and correspondingly high.
What are the concrete benefits for clients?
Trust is the most important currency in our relationship with clients, and security is a key part of it. With a local or regional license, our clients know that we meet high professional standards in every location. That is, in effect, the foundation of our relationship.
As chairman, you are responsible for governance across four locations and four supervisory authorities. How does the board exercise internal oversight?
We have a uniform control framework at the holding level that supplements local regulations rather than replacing them. Local managers and the board are in regular contact. For us, professionalization also means that governance doesn't stop at the border.
What does such a control framework look like?
At the holding level, we have a consolidated view of all of the organization's activities. That includes our wealth planning and fund businesses, for instance, but also metrics such as staff turnover and expense trends. In other words, it is a framework of hard and soft factors.
Within that framework, each company maintains additional local control mechanisms as required by the regulator or by law.
Internationalization also means the board has to keep track of differing regulatory cultures and risk profiles. How does that change the board's work?
Risk assessment has become more demanding because the regulatory logic differs from one jurisdiction to the next. The board's need for expertise on international matters has grown accordingly, which is why we are continually adapting its profile to the needs of our group. Ultimately, for us, diversifying risks also means diversifying opportunities.
«For us, diversifying risks ultimately also means diversifying opportunities»
You work with four supervisory authorities. Where is Switzerland more cumbersome than Abu Dhabi or Singapore, and what should policymakers in Bern learn from them?
Overall, Switzerland holds up well. In Abu Dhabi and Singapore, we experience more intensive direct, personal exchanges, quick feedback, and a clear timeline in the licensing process. That makes cooperation easier and the dialogue more transparent.
What matters most, in my view, is that we understand each regulator's goals and values. That allows us to navigate the rulebook quickly and professionally in every location.
What share of your costs in the four markets goes to compliance and regulation, and at what size does a location with its own license pay off?
There is no blanket figure, but compliance is certainly a significant and growing cost factor. Setting up a new location requires, above all, seed capital at the outset and in-depth knowledge of the rules and how the market works.
Our goal is always to build in-house compliance expertise as quickly as possible and to embed it in our DNA and culture. A location breaks even at around 200 million Swiss francs ($250 million) in assets under management, but running it sustainably takes at least 1 billion francs.
Ownership structure and independence are central to clients' trust in Marcuard Heritage. How does the board safeguard that independence and continuity over the long term, including beyond a succession?
Long-term succession planning is explicitly the board's responsibility. Our ownership structure is deliberately designed to remain stable across generations.
Specifically, we have begun giving employees the opportunity to become entrepreneurs themselves. We see independence as an obligation toward our clients, not merely as a positioning.
«We are watching the consolidation from a position of strength, not out of necessity»
The independent wealth management industry is widely seen as ripe for consolidation. From the board's perspective, where does Marcuard Heritage stand—as a player or as an observer?
We are watching the consolidation from a position of strength, not out of necessity. Our size and the maturity of our governance create options, but there is no outside pressure to consolidate. Quite the opposite.
Our platform concept is designed to make us attractive to smaller wealth managers looking for a sustainable solution for their clients. The board's long-term thinking allows us to act selectively rather than under pressure.
Finally, what are Marcuard Heritage's ambitions?
We want to hold on to our existing market share while winning over the next generation. Geographically, Asia remains a focus. For us, growth should come from deeper market penetration and entry into new markets—but above all, it has to be sustainable.
Entrepreneur and consultant Andreas Schuepbach has served on the board of Marcuard Heritage since 2019. Since 2026, he has also chaired the board of Marcuard Holding. Over the past 20 years, he has held various positions at institutions including BSI and Coutts.
