Vontobel to take additional cost-cutting measures as profit falls (updated)

Vontobel Holding AG

08/02/2024 06:35

(Adds details)
       ZURICH, Feb 8 (Reuters) - Vontobel Holding  VONN.S  saw
its full-year net profit fall 6.5%, the Swiss private bank and
asset manager said on Thursday, as it vowed to take additional
measures to cut annual costs by 100 million Swiss francs. 
    Group net profit fell to 215 million Swiss francs  ($246.28
million) from 230 million francs a year earlier, beating
estimates by Zuercher Kantonalbank for 182.7 million francs.
        "We begin 2024 with a clear understanding of the way
forward and a fully aligned leadership team," said Christel
Rendu de Lint, who became co-CEO at the start of the year
alongside Georg Schubiger, in a statement. 
  
        The Zurich-based company saw outflows in its asset
management division of 7.6 billion francs, which it put down to
cautious behaviour of institutional investors. 
  
        Its wealth management arm on the other hand, saw inflows
of 3.2 billion, with strong performance in its home market, the
bank said.
  
        The bank said it last year hired 60 new relationship
managers and expects to the see the first possible effects from
these by the end of the year or in the course of 2025.
  
        
  

($1 = 0.8730 Swiss francs)

 (Reporting by Noele Illien
Editing by Miranda Murray)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))