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Swiss Life, the life insurance company, is undergoing some changes in its leadership. CEO Patrick Frost is stepping down to make way for a successor, but he may continue to serve on the company’s board. While Frost has received high praise, there are some less positive developments happening within the company.
Swiss Life Asset Managers, a subsidiary of Swiss Life, is making cuts to its workforce. Around 20 employees have reportedly been laid off, with the terminations occurring during the holiday season. The company has confirmed the layoffs but has not provided specific numbers. They state that they are parting ways with “a few individuals” and emphasize that there is no overarching personnel reduction program.
Despite the layoffs, Swiss Life Asset Managers claims to be satisfied with its business performance, even in a challenging market environment. The company is profitable and has experienced significant growth in recent years, with plans for continued expansion. They have made targeted investments to support this growth, such as entering the index business.
However, Swiss Life is also continuously evaluating how to optimize resources and personnel across its various business areas. The goal is to support the ongoing growth while ensuring efficient operations. Despite the recent layoffs, the overall number of employees at Swiss Life Asset Managers is still expected to increase.
As of mid-2023, the company manages CHF 260 billion in customer assets, with approximately CHF 150 billion being its own and CHF 110 billion for third parties. The company has seen significant inflows of new assets, with CHF 8.4 billion in the first half of the year. This growth outperforms competitors like Vontobel, who attracted less than half that amount for their wealth management division.
One key question for Swiss Life Asset Managers will be how effectively they can manage this growing volume of assets. The company’s Chief Investment Officer, Stefan Mächler, who is a close associate of Patrick Frost, serves as the operational leader.