This year clients were looking for different investment solutions, which in some cases were sitting in a drawer for some time, as Martin Rees of BNY Mellon Investment Management explains in an interview with finews.com.
Mr. Rees, we look back on an eventful year in which BNY Mellon celebrated its 20th anniversary in Switzerland. However, it was a very difficult twelve months overall. How did you fare?
The year 2022 offered some surprises and changes. The severe market upheavals caused by war, inflation, and subsequent sharp rises in interest rates were not something we had anticipated, and we had to adapt accordingly.
In what way?
Customers have been asking for other solutions, which in some cases had been lying in the drawer for a long time like traditional bond products for example.
What lessons have you learned from the past twelve months?
Trends which in some cases lasted for more than ten years have reversed. The time of the liquidity glut and the continuous increase of all assets seems to be over. We are returning to fundamental values, which I find quite positive.
What surprised you the most in 2022?
The resilience of our clients and our team. We had just come out of two years of the most difficult Covid conditions, hoping for a calmer time, and immediately we had the next crisis on the table.
By the way, there have been some changes in the Swiss team. Last spring, we moved into new offices on Baerengasse in Zurich and hired Aleksandar Franceschi as Sales Manager from Credit Suisse Asset Management. Our team in Zurich now comprises a total of eight employees.
There is tremendous competition in asset management. How does BNY Mellon differentiate itself from the competition in this context?
We are a universal provider that, through various investment boutiques, has certain capabilities that are otherwise often only found in smaller providers. We offer the best of both worlds: the size and resources of a global player and the specialization through seven investment firms, each with an independent approach.
We also have an entrepreneurial team with a tremendously low turnover and a good spirit. Accordingly, we have been working with many clients for many years.
What goals have you set yourself for 2023 in Switzerland?
We want to further expand our business, work with customers in a solution-oriented manner, and enter into or intensify partnerships. We also want to win over new customers for our products.
Martin Rees has been the country head of Switzerland at BNY Mellon Investment Management since the beginning of 2021. He worked in asset management for almost 20 years and has extensive experience in the institutional and wholesale markets. He joined BNY Mellon Investment Management in 2016 and took on the role of Head of Intermediary Sales. He began his career at UBS and later moved to Credit Suisse, where he worked in hedge fund advisory.
