Bank Vontobel boosted net new money significantly inflows in the first half of the year, as well as raising profit by almost a third. The integration of Notenstein La Roche is going to plan.
Vontobel’s good start to the year was reflected not only in strong profit growth, but also through solid flows of new clients assets. All the private bank’s units contributed to the first-half earnings, it said in a statement on Friday.
One of the best performers was asset management, which was buoyed by the growth in fixed-income products. In combined wealth management, which comprises wealth management and the business with external asset management, also achieved dynamic growth in the six months through June.
Record Assets
The positive earnings were also aided by strong growth in its domestic Swiss market as well as in Latin America and Italy. Vontobel attracted new monies worth 5.1 billion Swiss francs ($5.13 billion) in the reporting period, up from just 300 million francs a year earlier.
Client assets reached a new record at the end of June, climbing to 191.2 billion francs, compared with 186.6 billion francs at the end of 2017, it said. Added to that are 62.3 billion francs in custody funds, giving a total of 253.6 billion francs, versus 246.5 billion francs at the end of last year.
The first-half group result rose 31 percent on the year to 132.7 million francs.
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