"Credibility may be intangible, but it is crucial"
Walter Lisetto
Chief Investment Officer Axion Swiss Bank
Walter Lisetto is Chief Investment Officer of Axion Swiss Bank, a subsidiary of BancaStato, since 2018. Prior to this, Lisetto worked for CA Finanziaria Indosuez (Crédit Agricole Suisse) for almost 18 years, also in the position of Chief Investment Officer. Lisetto also worked for several years at Crédit Agricole Italy and Banca Internazionale Lombarda. Walter Lisetto also holds CIIA® and ESG CESGA® certifications.
Axion SWISS Bank defines itself as a private bank. Yet asset management plays an important role. How do these two areas work together and complement each other?
As a Swiss private bank within the BancaStato Group, Axion SWISS Bank closely integrates private banking and asset management. We are convinced that effective wealth management must be based on a holistic and personalised approach that serves the client. A key differentiating feature of our offering is Axion’s role as fund manager for five Luxembourg sub-funds (ASB Axion SICAV) and three Swiss sub-funds (BancaStato Umbrella Fund), all of which are managed in-house from our headquarters in Lugano. This setup is unique in the market and represents a real competitive advantage: the proximity between the Group’s fund expertise and our clients enables high responsiveness, better alignment with individual needs, and greater transparency in strategy implementation. The collaboration between the two areas is based on ongoing synergy between relationship managers, who deeply understand the client relationship, and asset managers, who design and execute the investment solutions. This creates an integrated, consistent ecosystem. Our model enables bespoke, dynamic and high-quality portfolio management that meets the highest standards of governance.
What are your expectations of AMAS, and what can Axion SWISS Bank contribute to the association’s work?
Axion SWISS Bank sees AMAS as a strategic partner in strengthening and promoting the Swiss asset management industry both nationally and internationally. Our expectations cover three core areas. First, we hope AMAS continues to play an active role in engaging with regulators to help maintain a stable, competitive, and quality-driven regulatory environment. Second, we expect the association to continue developing professional standards and guidelines that foster operational excellence, transparency and sustainability — values that are also deeply embedded in our corporate strategy. Third, we value AMAS as a platform for professional exchange and education across the industry, particularly through its training programmes and topic-specific working groups. Axion SWISS Bank is ready to contribute actively to AMAS initiatives — for example, by participating in expert groups and thematic projects, offering the perspective of a Ticino-based private bank with specialised asset management capabilities. We also aim to share our experience in areas such as governance, innovation in investment processes, and ESG integration, and to help position the Ticino financial centre as a hub for asset management excellence for both private and institutional clients.
How is your asset management client base primarily composed?
Our client base is broadly diversified. It includes high-net-worth individuals, families and foundations, primarily from Switzerland and across Europe, with a dedicated desk for Eastern European markets. We also serve institutional clients, such as pension funds, insurance companies, investment funds and foundations — both domestic and international. In addition, we work with other qualified investors such as trustees, family offices and independent financial advisers. For these clients, we offer tailored solutions ranging from classic investment advisory and discretionary mandates to access to our UCITS fund range and ESG-compliant products on our Swiss fund platform.
The asset management market is highly competitive. In your experience, what are the decisive success factors — also for future growth?
The market is characterised by intense competition, margin pressure, evolving regulations, and increasing demands around sustainability and personalisation. In our view, several factors are critical for long-term success and growth. First is the quality and transparency of the active investment process. Just as important is client proximity and the ability to deliver bespoke solutions. The ability to innovate and adapt to new trends such as ESG, digitalisation, and artificial intelligence is also vital. And above all, building and maintaining trust is key — credibility may be intangible, but it is crucial. Pure performance plays a less central role today; what matters more are value-added services, long-term perspective and consistency.
After some challenging years, the Ticino financial centre has re-established itself as the third-largest in Switzerland. How was this achieved?
The resurgence of the Ticino financial centre is the result of structural evolution, increased specialisation, renewed appeal to international investors, and a strong commitment to quality, compliance and innovation. Following a period of enforced consolidation — driven largely by international rules on tax transparency — the sector successfully repositioned itself. Today, the focus is on value-generating business models, particularly advice-oriented private banking and active, specialised asset management.
The growing demands for talent and technology — challenge or opportunity?
For Axion SWISS Bank, this is clearly a strategic opportunity. Admittedly, regulatory requirements, process digitalisation, risk management and growing client expectations call for significant investment — both in specialist expertise and in IT infrastructure. That’s why, in cooperation with our parent company BancaStato, we have launched targeted initiatives to strengthen our internal capabilities and technological platforms. We place particular emphasis on cybersecurity, data management and user interface quality. These developments are not seen as mere technical adjustments, but as levers for growth and strategic differentiation.
How do you position yourselves as active managers in a world increasingly dominated by passive investing?
The rise of passive investing has reshaped the market, compressing costs and increasing transparency. In this environment, Axion SWISS Bank stands out through a high-conviction, active management approach built on three pillars. First, we apply conviction investing: deep fundamental analysis, selective security picking and concentrated portfolios that are not tightly benchmarked. This allows us to generate added value, particularly in inefficient market segments. Second, our active strategy gives us the flexibility to respond swiftly to macroeconomic, geopolitical and sectoral changes, and to manage risks that passive vehicles simply cannot avoid. The close link between our management team and clients in Lugano also enables a continuous, personalised dialogue on strategic choices. Third, we remain convinced that even though passive approaches make sense in efficient markets, well-executed active management remains essential — especially for investors who seek not just returns, but also protection, transparency, and alignment with their long-term financial goals. This approach is closely aligned with the BancaStato Group’s prudent, long-term perspective.