Vontobel has released selective figures for the first nine months and presented a strategy update. The bank sees itself on track with its cost-cutting program.
In its trading update for the period from January to the end of September, Vontobel reported a clear increase in assets under management. A significant portion of this is attributed to strong market performance.
Assets under management amounted to 227,6 billion francs at the end of September, compared to 206,8 billion francs at the end of 2023. The positive market performance since the beginning of the year contributed 16,8 billion francs, according to a statement released on Thursday.
Net new money inflows were reported at 2,6 billion francs. Currency effects added another 1,5 billion francs.
Inflows from Private Clients were «still strong» at 3,1 billion francs, the bank added. These inflows were within Vontobel’s targeted range of 4 to 6 percent.
Institutional Clients, however, recorded outflows of 0,5 billion francs. Nevertheless, these have slowed, the statement continued.
The update provided no further details on business performance.
Strategy Reaffirmed
The bank intends to maintain its strategic focus on the two complementary and diversified client segments of private and institutional clients. Organic growth is to be supplemented by selective acquisitions to expand in key markets and acquire new investment competencies.
Vontobel reaffirmed its targets for revenue growth of 4 to 6 percent over the entire cycle. The efficiency program, aimed at reducing costs by 100 million francs by 2026, is on track. The management is confident that gross cost reductions will ensure this strategic flexibility.
The bank will continue to focus on value creation for clients, emphasizing advisory services, active management, and customized solutions.
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