The Zurich-based asset manager saw its net profit increase by more than 20 percent, driven by markets and fee incomes.
Annual net profit for the VZ group, which offers advisory and asset management services, rose 21.9 percent in 2021 to 143.2 ($156.7) million Swiss francs, the firm said in a statement (in German).
Operating income increased 18.3 percent to 388.9 million Swiss francs.
New Money
Net new money «grew particularly significantly,» adding 4.8 billion francs to the assets under management in 2021 compared to the 3.2 billion francs the firm attracted in 2020. Fees from its asset management business increased 24.4 percent last year.
Assets under Management
VZ said assets under management increased 24 percent to 39.0 billion francs in 2021 from 31.5 billion the previous year.
New Chairman
The firm also announced that in 2023 Matthias Reinhard will take over as Chairman from Fred Kindle, and assign operational management to Giulio Vitarelli.
For this year, Reinhard said «we expect demand to remain strong,» adding that «as the economy and stock markets normalize, revenue and profit should continue to grow in step,» he said.
