Alpina Capital

What Alpina Capital does

Alpina Capital AG is a privately held, FINMA-regulated Swiss investment manager headquartered in Baar, Switzerland, with additional offices in Zug and Zollikon/Zurich. The firm operates four core service lines: Wealth Management (discretionary mandates, wealth consolidation, and real estate advisory for private clients), Asset Management (sustainable, structured investment processes with manager selection and alternative investments), Private Label Fund Services (fund structuring across Switzerland, Luxembourg, and Liechtenstein via its wholly-owned Alpina Fund Management S.A. subsidiary in Luxembourg), and Structured Products Services (a product issuance platform securitizing liquid and non-bankable assets such as private equity, private debt, and real estate). Its sub-branded funds include the Alpina Swiss Opportunity Fund (Swiss small/mid-cap equities, in partnership with Santro Invest), the Sprott-Alpina Gold Equity Fund (gold mining with Sprott), the Alpina Carbon Markets Fund (EU taxonomy-aligned sustainable investments), and the US Next Technology Fund (US technology equities).

The company makes money primarily through recurring fees on assets under management and negotiated professional-services fees for fund structuring and product issuance. The firm obtained its FINMA license as a manager of collective investment schemes in October 2021 after acquiring Luxembourg-based Falcon Fund Management in December 2020, and joined the UN Global Compact Network Switzerland and Liechtenstein in October 2021. Alpina Capital serves private clients, professional clients (under FinSA), and institutional investors across Switzerland and Germany via direct advisory relationships and partner distribution channels. The firm is led by founder and CEO Daniel Nikolovski and has won multiple Wealth Briefing Swiss EAM Awards in 2023 and 2024, with its AUM band categorized at CHF 500 million to CHF 1 billion as of 2024.

Name

Alpina Capital

Legal name

Alpina Capital AG

Website

https://alpina.capital

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Alpina Capital AG is a FINMA-regulated Swiss investment manager offering wealth management, asset management, private-label fund structuring, and structured product services to private, professional, and institutional clients in Switzerland and Germany.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (52394), Open-End Investment Funds (525910), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

akta.pro secondary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Wealth management services
• Asset management
• Private label funds
• Structured products
• Investment advisory

Headquarters

HQ city

Baar

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Wealth Management Fees: Fees from providing bespoke wealth management solutions including discretionary mandates, wealth consolidation, and real estate advisory services to private clients.
2. Asset Management Fees: Revenue from managing investment portfolios and funds including the Alpina Swiss Opportunity Fund, Sprott-Alpina Gold Equity Fund, Alpina Carbon Markets Fund, and US Next Technology Fund. Fees are generated through management fees and performance fees.
3. Private Label Fund Services: Fund structuring and administration services through Alpina Fund Management S.A. in Luxembourg for UCITS and AIF products. Revenue from providing fund administration, management company, and regulatory compliance services.
4. Structured Products Services: Fees from product issuance platform that securitizes various assets including stocks, private equity, private debt, and non-bankable assets such as real estate.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Alpina Capital is a FINMA-regulated Swiss investment manager providing bespoke wealth management solutions (discretionary mandates, wealth consolidation, real estate advisory), institutional-grade asset management with focus on manager selection, alternative investments and sustainability, private label fund structuring services through its Luxembourg subsidiary Alpina Fund Management S.A. (UCITS/AIF), and a structured products issuance platform that securitizes liquid stocks, private equity, private debt, and non-bankable assets. It also operates four branded investment funds covering Swiss equities, gold mining equities, carbon markets, and US technology.

Product overview

Alpina Capital is a FINMA-regulated Swiss investment manager offering a holistic investment platform with four core service lines: Wealth Management (discretionary mandates, wealth consolidation, real estate), Asset Management (sustainable investment approach with manager selection and alternative investments), Private Label Fund Services (fund structuring across Switzerland, Luxembourg, and Liechtenstein), and Structured Products Services (asset securitization platform). The company also manages four branded investment funds: the Alpina Swiss Opportunity Fund (Swiss small/mid-cap equities), Sprott-Alpina Gold Equity Fund (precious metals mining), Alpina Carbon Markets Fund (sustainable/carbon markets), and US Next Technology Fund (technology sector). The subsidiary Alpina Fund Management S.A. in Luxembourg provides UCITS and AIF administration services.

Differentiator

Problem solved

Functional benefit

Brands

• Alpina Swiss Opportunity Fund: Actively managed Swiss equity fund for institutional investors focusing on small and mid-cap companies.
• Sprott-Alpina Gold Equity Fund
• Alpina Carbon Markets Fund
• US Next Technology Fund

Products and services

• Wealth Management

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered minor, core and major.

• Solidum PartnersminorStrategic or Co-development Partner · 1 December 2021Collaboration with Solidum Partners for Insurance Linked Securities (Cat Bonds) as part of the sustainable investment product offerings. Featured at the Alpina Sustainability Event.
• Global Compact Network Switzerland and LiechtensteinminorOthers · 1 October 2021Member of the UN Global Compact Network Switzerland and Liechtenstein, the official platform for corporate responsibility and sustainability in Switzerland and Liechtenstein. Demonstrates commitment to sustainable business practices.
• Santro InvestcoreStrategic or Co-development Partner · 1 March 2021Partnership with Santro Invest for portfolio management of the Alpina Swiss Opportunity Fund. Santro Invest, led by Patrick Huber, manages the Swiss Small and Mid Cap equity strategy. The fund was transferred to Alpina Capital distribution on January 1, 2022, with Santro Invest focusing on portfolio management.
• Falcon Fund Management (Luxembourg) S.A.coreTechnology or Integration · 1 December 2020Acquired in December 2020, Falcon Fund Management S.A. in Luxembourg provides fund administration and management company services, enabling Alpina Capital to offer UCITS and AIF structuring capabilities.
• Alpina Fund Management S.A.coreTechnology or IntegrationSubsidiary company domiciled in Luxembourg that acts as a fund management company for UCITS and alternative investment funds. Provides fund structuring and administration services to professional asset managers and family offices.
• SprottmajorStrategic or Co-development PartnerStrategic partnership with Sprott for co-management of the Sprott-Alpina Gold Equity Fund, providing investors with exposure to gold bullion and gold mining equities through a SDG-focused investment approach.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Vontobel: Large Swiss wealth and asset manager with a strong structured products and funds franchise; broader incumbent with overlapping offerings across wealth management, asset management, and structured products that competes with Alpina in the DACH market.
• J. Safra Sarasin: Swiss private banking group with wealth management and asset management for private and institutional clients; broader incumbent with overlapping offerings and overlapping DACH geographic coverage.
• Pictet Group: One of Switzerland's largest private banks and asset managers with deep wealth and asset management franchises; broader incumbent that competes for the same institutional and HNW client pool but operates at vastly larger AUM scale.

Direct peers

• GAM Investments: Swiss asset manager offering actively managed funds across multiple asset classes including thematic and alternative strategies; directly comparable fund product offering, especially the Carbon Markets and US Next Technology Fund analogues.
• Lombard Odier: Swiss private bank with wealth and asset management franchises serving HNW, family office, and institutional clients; directly comparable business model and Alpina CEO's prior tenure at Lombard Odier Asset Management provides an explicit connection.
• EFG International: Swiss-listed private banking group with wealth and asset management across multiple jurisdictions; directly comparable across wealth management and institutional asset management with similar Swiss and European footprint.
• Hyposwiss: Swiss private bank offering wealth management, asset management, and family office services; comparable Swiss mid-sized boutique profile with multi-product offerings overlapping Alpina's wealth and asset management services.
• Reichmuth & Co: Privately-held Swiss wealth and asset manager focused on private clients and institutional investors; comparable size tier and similar multi-product wealth/asset management offering make it a strong size-and-model match for Alpina.
• Mirabaud: Swiss private bank offering wealth and asset management to private and institutional clients; directly comparable given overlapping wealth management, asset management, and structured products offerings and Alpina CEO Daniel Nikolovski's prior tenure at Mirabaud Asset Management.

Emerging players

• Leonteq: Swiss structured products specialist offering securitization and structured investment products; partial overlap with Alpina's Structured Products Services line though Leonteq operates at significantly larger scale and is technology/platform-centric.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alpina Capital