Zurich-based investment manager Vontobel reported a record profit of 216 million Swiss francs for the first half of 2026, an increase of 87 percent from the same period a year earlier.

Operating income rose 24 percent to 852 million francs, while operating expenses came in at 579 million francs.

The combination delivered a marked improvement in efficiency. Vontobel’s cost-income ratio fell to 67.9 percent from 77.9 percent a year earlier, putting it below the firm’s through-the-cycle target of 72 percent.

Return on equity climbed to 16.9 percent, compared with 10.2 percent in the first half of 2025.

«Vontobel delivered a very strong result in the first half of 2026. Higher revenues, driven by strong client activity, combined with a lower cost base led to a significant increase in profit,» Co-CEOs Christel Rendu de Lint and Georg Schubiger said.

Net New Money Rises

Assets under management increased 5 percent to 252.2 billion francs at the end of June. Reported net new money reached 2.5 billion francs, up from 2 billion francs in the year-earlier period.

The reported inflows were affected by two significant factors. These included 1.3 billion francs in outflows related to the previously announced return of Raiffeisen’s Futura fund management mandate, as well as 2.5 billion francs in outflows from Vontobel’s Quality Growth strategies.

The latter continued to face headwinds from investors’ market-driven preference for AI-related U.S. mega-cap stocks.

Excluding these factors, Vontobel said net new money would have amounted to 6.3 billion francs.

Private Clients Grow Across All Regions

Vontobel’s Private Clients business generated 2.5 billion francs in net new money, corresponding to an annualized growth rate of 4.1 percent. All regions recorded inflows.

The Americas maintained strong momentum, with Vontobel expanding its U.S. presence through a new office in Los Angeles, which opened in June.

In Europe, the firm plans to open an office in Düsseldorf in October, targeting wealthy private clients and family offices in the region.

Structured Solutions also delivered what Vontobel described as a very strong first half, supported particularly by demand for products linked to commodities and U.S. equities.

Institutional Assets Rise

Assets under management in the Institutional Clients business increased to 112.5 billion francs, while reported net new money was flat.

Adjusted for outflows related to Raiffeisen and Quality Growth, net new money reached 3.8 billion francs, equivalent to an annualized growth rate of 7.4 percent.

Fixed income remained a particular area of strength, with Vontobel reporting net new money growth of 15 percent across its fixed-income boutiques.

Efficiency Program Delivers Operating Leverage

A key driver of the improved profitability is Vontobel’s 100 million-franc efficiency program, which is progressing faster than originally planned and is now expected to be completed by the end of 2026.

The impact is increasingly visible in the numbers. With revenues rising and the cost base declining, the cost-income ratio improved by ten percentage points compared with the first half of 2025.

At the same time, Vontobel continued to invest in growth initiatives, technology and client-facing capabilities.

The firm has completed the integration of Quantitative Investments into its broader investment organization, embedding quantitative and AI capabilities across its investment boutiques.

It has also established Vontobel Solutions, bringing together expertise in portfolio construction, investment strategy and risk management to offer more integrated, outcome-oriented investment solutions.

New CFO and Expanded Executive Committee

Vontobel also announced changes to its senior management team.

Antoine Boublil will become Chief Financial Officer and join the Executive Committee of Vontobel Holding in August 2026. He is expected to play a key role in implementing the firm’s financial and strategic priorities as well as its transformation and innovation agenda.

Gianpiero Galasso, Head Private Clients Europe & Middle East, Andrew Jackson, Head Investments, and Christoph von Reiche, Head Institutional Clients, will also join the Executive Committee in August, subject to regulatory approval.

Vontobel’s capital position strengthened further, with its CET1 ratio rising to 23.2 percent, comfortably above regulatory requirements and the firm’s own through-the-cycle targets.

With revenue, efficiency, profitability and capitalization all above its through-the-cycle targets, Vontobel enters the second half of the year with a significantly improved operating performance and a strong capital base.