Record’s RAM Swiss Holding AG acquires a 50 % stake in Admicasa Fondsleitung AG, creating a joint platform to serve institutional investors across Europe.
A partnership that bridges capital markets and property expertise
On 1 July 2026, RAM Swiss Holding AG— the Swiss arm of London‑listed Record Financial Group—finalised a definitive agreement to acquire half of Admicasa Fondsleitung AG. The transaction, still pending FINMA clearance, grants Record a 50 % participation in the Swiss‑registered real‑estate manager and locks the two firms into a long‑term collaboration aimed at expanding investment opportunities in both Swiss and global property markets, with an eye toward diversifying into additional asset classes over the medium term.
The deal signals a strategic pivot for both parties. Record, traditionally known for foreign‑exchange and risk‑management services, has been broadening its private‑markets capabilities, while Admicasa seeks to leverage Record’s extensive institutional client network and operational infrastructure to accelerate fund launches and scale its asset base beyond the current CHF 600 million under management.
Record’s institutional pedigree and private‑markets push
Record Financial Group, listed on the London Stock Exchange, oversees a diversified portfolio of specialist investment businesses that together manage roughly USD 115 billion for a global clientele that includes pension funds, sovereign wealth funds, foundations and other asset managers. The firm’s European asset‑management division—RAM—operates from London, Hamburg, Zurich, New York and Hong Kong, and has cultivated deep relationships with institutional investors through bespoke risk‑management and investment solutions.
In recent years, Record has deliberately expanded its product suite beyond its core FX offering. The firm now runs Emerging‑Markets Local Debt, Infrastructure Equity, Private Credit and other niche private‑markets strategies, with private‑market activities accounting for about one‑third of total revenue. The Swiss market has been a particular focus: Record currently oversees USD 67 billion of assets for Swiss clients and has maintained a Zurich office since 2017.
A notable milestone was the launch of Record’s infrastructure‑equity strategy for Swiss pension funds in 2024, which attracted EUR 1.1 billion of commitments at inception and has since drawn additional capital. This vehicle co‑invests alongside APG’s Asset Owner Partnership programme, holding stakes in high‑profile assets such as TenneT Germany, Pattern Energy and the NorthC infrastructure platform.
Admicasa’s niche in institutional real‑estate solutions
Admicasa Fondsleitung AG is a FINMA‑regulated manager that specialises in structuring and operating institutional‑grade real‑estate investment vehicles. Its business model combines deep local market knowledge with an entrepreneurial approach to product development, allowing investors to access high‑quality property assets through professionally managed funds.
To date, Admicasa manages roughly CHF 600 million in assets and real‑estate projects, serving pension funds, family offices and other professional investors. The firm’s pipeline includes several new fund launches that target both core and opportunistic real‑estate strategies, positioning it for substantial growth if it can secure the requisite capital commitments.
Deal mechanics and regulatory considerations
The agreement, signed on 1 July 2026, stipulates that RAM Swiss Holding AG will acquire a 50 % equity interest in Admicasa Fondsleitung AG. The transaction is subject to approval by the Swiss Financial Market Supervisory Authority (FINMA) and any other applicable regulatory bodies. Assuming clearance, the partnership will be governed by a joint‑venture framework that aligns both parties on investment sourcing, fund structuring, and distribution.
FINMA’s involvement underscores the importance of compliance in cross‑border asset‑management collaborations. Both entities will need to demonstrate robust risk‑management practices, transparent governance and adherence to anti‑money‑laundering (AML) standards—particularly relevant given Record’s extensive experience in foreign‑exchange risk controls.
Expanding the private‑markets footprint in Europe
The Record‑Admicasa alliance adds a new layer to the competitive landscape of European private‑markets providers. By merging Record’s global institutional relationships with Admicasa’s Swiss real‑estate expertise, the joint platform can offer diversified, cross‑border property exposure that may appeal to pension funds seeking to mitigate concentration risk in domestic markets.
Enhancing distribution channels
Record’s existing client base provides an immediate distribution channel for Admicasa’s upcoming funds. Conversely, Admicasa’s track record in structuring real‑estate vehicles can enrich Record’s product catalogue, giving the firm a more balanced offering across both debt and equity private‑market assets. The firm’s distribution channel will benefit from this expanded suite.
Potential for scale and diversification
If the partnership successfully launches new funds, the combined AUM could quickly eclipse the current CHF 600 million figure. The joint entity’s ability to tap into Record’s USD 115 billion global platform may also enable co‑investment opportunities in larger, multi‑asset projects, extending beyond pure real‑estate into infrastructure and other alternative sectors.
Executive perspectives
Jan Hendrik Witte, CEO of Record, remarked:
“Switzerland is one of Record’s key strategic markets, and private markets are an increasingly important part of our long‑term growth strategy. Our partnership with Admicasa brings together complementary strengths and represents a natural extension of our commitment to delivering differentiated investment opportunities for our institutional clients. We look forward to working closely with the Admicasa team as we continue to build our private markets platform.”
Michel Kade, CEO of Admicasa, added:
“This partnership marks a new chapter for Admicasa. Record combines a strong institutional heritage with an entrepreneurial approach to developing new investment strategies, making it an ideal partner for our future growth. By bringing together our expertise in real estate with Record’s investment capabilities and institutional client relationships, we look towards a series of compelling fund launches which will further strengthen our position in the market.”
Competitive landscape and potential challengers
The European private‑markets arena features several established players—such as BlackRock, Amundi and AXA Investment Managers—who already operate sizeable real‑estate platforms. However, many of these giants rely on in‑house development rather than joint‑venture models. Record’s decision to partner with a specialised Swiss manager could provide a more agile route to market, especially for niche strategies that require deep local insight.
In the Swiss context, other asset managers like Swiss Life Asset Managers and UBS Asset Management also maintain real‑estate capabilities. The Record‑Admicasa joint venture will need to differentiate itself through innovative fund structures, transparent fee models and perhaps the integration of technology‑driven analytics to attract institutional capital.
Technology and operational synergies
While the press release does not detail specific fintech tools, the partnership’s success will likely hinge on shared technology platforms for portfolio monitoring, risk analytics and investor reporting. Record’s experience in building risk‑management infrastructure for foreign‑exchange products could be repurposed to enhance real‑estate asset‑valuation models, stress‑testing and compliance reporting—areas of growing importance for institutional investors under tightening regulatory scrutiny.
Moreover, the joint venture could explore digital onboarding solutions, ESG data integration and automated reporting pipelines to meet the evolving demands of pension funds and family offices that increasingly require real‑time transparency.
Outlook and next steps
The immediate priority for the new entity is securing FINMA approval, after which the partners will formalise governance structures and begin fundraising for the first wave of joint real‑estate funds. Given Record’s recent success in raising EUR 1.1 billion for its infrastructure‑equity strategy, expectations are that the partnership can attract comparable capital commitments, especially from Swiss pension schemes looking for diversified, inflation‑linked assets.
In the medium term, the alliance may consider expanding into adjacent asset classes—such as renewable‑energy infrastructure or logistics real‑estate—leveraging Record’s broader private‑markets expertise. Successful execution could also inspire similar cross‑border collaborations, where a global asset manager partners with a local specialist to combine distribution reach with market‑specific know‑how.
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