Vontobel logs higher net new money but institutional outflows rise

Vontobel Holding AG

07/11/2024 07:03

ZURICH, Nov 7 (Reuters) - Vontobel Holding  VONN.S 
reported 2.6 billion Swiss francs  ($2.97 billion) in net new
money for the first nine months of the year even as the Swiss
private bank and asset manager's figures showed increased
outflows from institutional clients.
    Private clients accounted for 3.1 billion francs of the net
inflows, more than making up for the 0.5 billion outflows for
institutional clients. During the first six months of 2024,
institutional outflows were just 0.1 billion francs.
    Vontobel's figures were an improvement on its figures for
2023, when it recorded net outflows of 3.5 billion francs, with
private inflows only partly offsetting net outflows for
institutional clients of 7.6 billion francs.
    Total assets under management rose to 228 billion francs
during the January-September period from 226 billion during the
first six months of the year, said the Zurich-based firm, which
affirmed its strategic direction and financial targets.
    Vontobel, which aims to achieve 4 to 6 percent revenue
growth "through the cycle", said its focus markets for private
clients are expected to show solid growth in the coming years.
    It has set out 100 million francs in gross cost reductions,
and said it is on track to achieve this by 2026.
     ($1 = 0.8751 Swiss francs)

 (Writing by Dave Graham, Editing by Rachel More)
 ((dave.graham@thomsonreuters.com; Reuters Messaging:
dave.graham.thomsonreuters.com@reuters.net))