Sustainable funds authorised for sale in Switzerland now manage a record 1,363 billion francs, according to the annual sustainable investment study by the Lucerne University of Applied Sciences and Arts (Hochschule Luzern, HSLU), presented on November 5, 2026 in Zurich. According to the Keystone-SDA dispatch carried by swissinfo.ch on November 7, 2026, the increase reaches 11% year on year, but it comes mainly from rising prices, not from fresh money from savers.

Where does the figure of 1,363 billion come from?

The figure comes from the "IFZ Sustainable Investments Studie 2026", published by HSLU's Institut für Finanzdienstleistungen Zug (IFZ). According to the HSLU press release of November 5, 2026, the study is appearing for the tenth time. It lists the sustainable investment funds that are authorised for public distribution in Switzerland.

The document runs to 248 pages. It can be downloaded as a PDF from the HSLU website, or ordered as a brochure for 190 francs. Its two co-directors, Professor Manfred Stüttgen and Brian Mattmann, will present it online in a webinar on November 19, 2026.

This tenth edition focuses above all on the information that funds publish about their sustainability. For the first time, the researchers assessed it against 16 criteria, including CO2 emissions, climate targets and ESG ratings.

How does this record compare since 2016?

Growth over ten years has been strong, but it has not been continuous. According to the Keystone-SDA dispatch, sustainable funds were worth 99 billion francs in 2016. They reached 1,326 billion in 2024, then declined for the first time the following year. The 2026 level therefore only slightly exceeds the previous peak of 2024.

YearAssets of sustainable funds in SwitzerlandNumber of sustainable funds
201699 billion francsnot stated
20241,326 billion francsnot stated
2025first decline2,033 (2025 study)
20261,363 billion francs (+11%)1,900

The number of products, on the other hand, is falling. According to Keystone-SDA, it went from 2,038 to 1,900 sustainable funds in one year, due to fund closures and stricter rules on fund names. The 2025 edition of the study counted 2,033, after around 300 funds were withdrawn in twelve months.

Growth through prices or through savings?

Two readings of this record coexist, and they do not contradict each other. At the level of the market as a whole, according to Keystone-SDA, the 11% increase is explained first and foremost by price gains. Almost no new investor money flowed into sustainable funds.

At Swiss retail banks, the picture is different. According to the HSLU press release, more than half of the fresh money they collect goes into sustainable funds. These funds make up around half of their offering. With their in-house funds, these banks even manage more assets in sustainable funds than in conventional funds.

"Despite all the prophets of doom, demand for sustainable funds remains high among Swiss private investors, and the banks are betting on this theme," says Manfred Stüttgen in the press release. For savers, the nuance matters: a record in assets can come from the stock market, not from a new wave of enthusiasm.

What share of the Swiss fund market as a whole?

In terms of the number of products, sustainable funds remain a significant minority. According to the HSLU press release of November 6, 2025, the 2,033 sustainable funds counted last year accounted for 20% of all public funds available on the Swiss market.

The 2026 press release does not give the share of the 1,363 billion in the total assets of funds distributed in Switzerland. Nor does it publish the new share in terms of the number of funds. These comparisons appear, where applicable, in the full study.

What does "sustainable" mean for a fund?

A sustainable fund promises to systematically monitor risks relating to the environment, social issues and corporate governance, summed up by the acronym ESG. This is the definition used in the HSLU press release. In Switzerland, the conditions for calling oneself sustainable come mainly from the self-regulation of industry associations.

These conditions have been tightened. According to the HSLU press release of November 2025, the European Securities and Markets Authority (ESMA) strengthened its requirements in May 2025 on the use of the word "sustainable" in fund names. The Swiss banking and asset management associations have also raised the bar.

"In future, funds that promote themselves with terms such as sustainable or ESG will have to provide much better proof of their sustainability promise," Brian Mattmann explained at the time. Products that do not provide this proof can no longer be presented as sustainable, he added.

Greenwashing: what rules do the SBA and AMAS set?

The central criticism of green funds is greenwashing: selling as sustainable a product that hardly is. Switzerland responds to it mainly through the self-regulation of two professional associations.

The Swiss Bankers Association (SBA), the umbrella organisation of the banks, has adopted guidelines on the integration of ESG preferences and ESG risks and on the prevention of greenwashing in investment advice and asset management. According to the SBA website, they have been binding on its members since 2023, with transition periods, and were revised in 2024 and in 2025. Their legal basis is the Financial Services Act (FinSA).

  • The adviser must ask the client about their ESG preferences, then offer them suitable products.
  • The bank must inform, document and report on these preferences.
  • Advisers must be trained in ESG issues.
  • The revised version describes more clearly the conditions under which an investment solution may be called sustainable, taking into account the Federal Council's 2022 position against greenwashing.

The Asset Management Association Switzerland (AMAS), which brings together the Swiss asset management industry, targets the manufacturers and managers of collective investment schemes. According to its website, its self-regulation on transparency and disclosure came into force on September 30, 2023. It imposes organisational, reporting and disclosure obligations.

A version 2.0, aligned with the Federal Council's objectives, has applied since September 1, 2024. Version 2.2, valid as of September 18, 2025, provides clarifications on sustainability approaches. According to the SBA, non-members can voluntarily adhere to its rules.

According to the SBA, a study carried out by HSLU on its behalf shows that the vast majority of banks in Switzerland have largely implemented these guidelines. Brian Mattmann points out, however, in the 2026 press release, that Switzerland "hardly" imposes strict legal rules on funds' sustainability reporting, unlike the European Union.

What can savers check before buying a sustainable fund?

The 2026 study shows that the information exists, but that its quality varies. Of 20 sustainable funds from Swiss retail banks examined, 16 report on at least 8 of the 16 ESG criteria. Only seven providers publish detailed information, according to the study's depth score.

The five most transparent retail banks include Alternative Bank Switzerland, Migros Bank and certain cantonal banks in German-speaking Switzerland. Funds domiciled in Switzerland often publish shorter and more understandable reports than those domiciled in the European Union. The comparability of indicators still needs to improve, however, the study notes.

Before buying, savers can therefore check a few concrete points, drawn from these criteria and these rules:

  • does the fund's sustainability report publish an ESG rating, CO2 emissions and a climate target?
  • does the fund report on climate risks and on the controversial practices of the companies it holds?
  • did the adviser ask about and record their ESG preferences, as required by the SBA guidelines?
  • is the provider a member of the SBA or AMAS, or has it adhered to their self-regulation?

A fund that scores well on transparency is not necessarily a good investment: these criteria say what the fund publishes, not what it will return.

What we don't know yet

  • The share of the 1,363 billion in the total assets of funds distributed in Switzerland is not given in the 2026 press release.
  • The exact size of the 2025 decline appears neither in the HSLU press release nor in the Keystone-SDA dispatch.

Sources