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Swiss Life Proprietary Asset Management
Swiss Life Proprietary Asset Management operates as the in-house investment arm for the Swiss Life Group, deploying the general account and unit-linked...
Swiss Life Proprietary Asset Management
Swiss Life Proprietary Asset Management operates as the in-house investment arm for the Swiss Life Group, deploying the general account and unit-linked insurance reserves across a broad mix of asset classes. Under Group CIO Stefan Mächler, the platform has built a reputation for direct real asset ownership — the firm holds a substantial portfolio of commercial and residential property concentrated in Switzerland, Germany, and France. The investment approach prioritizes liability-driven asset-liability management while building out illiquid allocations in infrastructure equity, real estate debt, and senior secured private credit. Core strategies span direct real estate, infrastructure equity and debt, private credit, and liquid fixed income. The real estate platform alone manages over CHF 40 billion in assets, with an additional CHF 10 billion-plus deployed in infrastructure, including stakes in European energy transition assets and digital infrastructure. Swiss Life AM participates in direct co-investment transactions and club deals, often alongside European institutional partners such as Allianz and AXA. The infrastructure debt team provides senior and subordinated financing to renewable energy projects, data centers, and transportation assets across Western Europe. Total group assets under management exceed CHF 290 billion, with the proprietary asset management unit responsible for a significant share. Swiss Life AM maintains offices in Zurich, Frankfurt, Paris, and Luxembourg. In June 2024, the firm committed to a co-investment alongside Copenhagen Infrastructure Partners in a North Sea offshore wind project, expanding its renewable energy footprint (per IPE Real Assets, June 2024). The firm also operates Swiss Life Asset Managers France, which manages over EUR 50 billion in real estate and infrastructure assets. A key structural differentiator is the embedded insurance balance sheet. Swiss Life Proprietary Asset Management benefits from permanent capital provided by policyholder reserves, which permits holding illiquid assets through full market cycles without forced selling. This liability-aware approach allows the firm to act as a long-term buy-and-hold owner of infrastructure and property, a posture that separates it from third-party fund managers subject to redemption risk. The investment team answers to the group's risk committee, with oversight from Swiss Life's board and Swiss financial regulator FINMA.
General information
Firm type
Generalist
Year founded
—
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zurich, Switzerland
Principals
Stefan Mächler
Group Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Swiss Life Proprietary Asset Management?
Stefan Mächler serves as Group Chief Investment Officer and oversees the proprietary asset management function. He reports directly to the Swiss Life Group executive board and chairs the group investment committee. Asset class heads run day-to-day portfolio management for real estate, infrastructure, and fixed income within the framework set by the group's asset-liability management strategy.
How is Swiss Life Proprietary Asset Management structured relative to the insurance parent?
The proprietary asset management unit functions as the in-house investment office for the Swiss Life Group's insurance balance sheet. It operates separately from Swiss Life Asset Managers, the third-party institutional business that manages assets for external pension funds and insurers. The proprietary unit's capital is permanent policyholder reserves, which allows for long-duration illiquid allocations without redemption pressure.
What real estate sectors does Swiss Life Proprietary Asset Management target?
The firm focuses on core and core-plus commercial real estate — including office, retail, and logistics — across Switzerland, Germany, and France. Swiss Life also holds a significant residential portfolio in Swiss metropolitan areas. Real estate debt origination covers senior mortgages, whole loans, and mezzanine positions for income-producing properties in its core markets.
Does Swiss Life Proprietary Asset Management co-invest alongside external managers?
Yes. The firm participates in direct co-investment transactions and club deals, typically alongside large European institutional peers such as Allianz and AXA. In infrastructure, Swiss Life AM has co-invested with Copenhagen Infrastructure Partners and other major fund managers on renewable energy projects in Northern and Western Europe.
What is Swiss Life Proprietary Asset Management's infrastructure investment focus?
Infrastructure investments target equity and debt in energy transition, digital infrastructure including data centers and fiber networks, and transportation assets. The team originates senior and subordinated debt for renewable energy projects — primarily wind and solar in Western Europe — and holds equity stakes in operational infrastructure assets acquired through direct transactions and fund commitments.
How does regulation affect Swiss Life Proprietary Asset Management's portfolio construction?
Swiss Life operates under FINMA regulation as a systemically important Swiss insurer. The proprietary asset management team must comply with Solvency II-equivalent capital requirements and Swiss institutional investment rules, which shape asset-liability matching and limit risk concentrations. These regulatory constraints influence the heavy tilt toward investment-grade fixed income and high-quality real estate.
Is Swiss Life Proprietary Asset Management's capital available for external co-investors?
Not directly. The proprietary unit deploys exclusively Swiss Life's own balance sheet capital. External institutional investors access Swiss Life's investment capabilities through Swiss Life Asset Managers, the distinct third-party management business, which offers pooled funds and separate accounts across real estate, infrastructure, and fixed income.
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