Vontobel boosted its assets under management by almost a fifth this year so far despite a tangible sense of uncertainty among the private-banking clientele.
The third quarter of 2018 was by no means easy for Vontobel, the Zurich-based bank. The turnover was down on a reluctance by clients to trade in a challenging market environment. The nine-month figures were still solid and corresponded to the expectations of the bank.
Assets under management reached 209.4 billion Swiss francs ($209 billion) at the end of the quarter, a new record for the bank and up 19 percent year-on-year.
Acquisition That Went Well
The acquisition of Notenstein La Roche, the former private-banking unit of Raiffeisen Switzerland contributed significantly to the increase. The bank is pleased with the way the integration has gone so far and the response it met among clients. The bank was successfully migrated to the Vontobel platform in just three months.
Asset management had the strongest increase in new monies in the first nine months, while growth in net new assets across the board had kept within the target range of 4 to 6 percent.
Focus on Organic Growth
«We are aware that our success depends heavily on the markets,» said Vontobel CEO Zeno Staub. «The political backdrop in particular is increasingly unsettling the business world and ultimately our clients.»
The bank still maintained it target for solid, long-term growth. Vontobel will mainly focus on organic growth, complementing this with acquisitions such as the U.S. wealth management portfolio of Lombard Odier and Notenstein La Roche.
