Private banking was next in line: Vontobel in spring paid 700 million Swiss francs ($718 million) for Raiffeisen’s Notenstein La Roche with 16.5 billion francs in assets under management. With the acquisition, the Zurich-based bank also substantially widened its reach across Switzerland thanks to Notenstein’s 13 branches.
But Vontobel has another reason to rejoice. The divestment of Vescore and Notenstein forced Raiffeisen to boost its own asset management, making it even more dependent on Vontobel. The two banks for years have had a cooperation agreement and Raiffeisen’s strategic reorientation now has increased its demand for products generated and managed by Vontobel.
Brisk Business in Zurich
The cooperation with Raiffeisen has added revenue for Vontobel, hitherto to the tune of 50 million francs a year. Sources at Vontobel said that the cooperation has developed very nicely in 2018.
The Raiffeisen funds managed by Vontobel have attracted more money. Raiffeisen Futura Swiss Stock for instance reported an inflow of about 100 million francs in the first half of 2018.
Vontobel Man in St. Gallen
