Vontobel has attracted substantial amounts of net new money across all divisions in the first nine months of this year. And it isn’t done yet.
Assets under management at Bank Vontobel reached 175.3 billion Swiss francs at the end of September, the company said in a statement today. Twelve months ago, the Zurich-based private bank had about 144 billion.
The development reflected the diversification among asset management boutiques and strong net new money in wealth management across all regions, the bank said. Vontobel only reported the figures for assets under management in today’s release.
Wealth management and external asset managers also attracted substantial amounts of new money in the past quarter. Together they now have client assets of more than 50 billion francs. The 2.2 billion francs Vontobel agreed to acquire from Notenstein La Roche aren’t included yet. The purchase of portfolios belonging to Eastern European clients is due for completion in December.
Vontobel had a stable margin over the course of the year. Vontobel Wealth Management targets net new money growth of 4 to 6 percent.
The company is confident about business in the remaining months of 2017: «We continue to expect a solid result for the financial year 2017,» said Vontobel CEO Zeno Staub.» In keeping with its outlook, the bank has hired additional relationship managers over the course of 2017.