Swiss private bank Vontobel has registered net new money outflows of CHF3.4bn ($3.46bn) in the first nine months of 2022.

This result reflected CHF7.3bn of net outflows in asset management and CHF3.9bn of net inflows in wealth management business of the firm.

As of 30 September 2022, the company’s assets under management stood at CHF201.2bn, down CHF42.5bn from the beginning of this year.

This covers net new money outflows of CHF3.4bn in addition to a positive effect of CHF6.2bn driven by the purchase of UBS Swiss Financial Advisors.

It also includes adverse impacts of CHF43.8bn owing to market developments and CHF1.4bn because of variations in currency.

Announcing the company’s strategy and targets, Vontobel said that it would intensify its cost cutting measures.

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By GlobalData

Vontobel said in a statement: “In response to deteriorating market conditions, Vontobel has initiated further cost control measures and expects operating expense for 2022 to be around CHF40m to CHF70m lower than in the previous year (CHF1,068m).”

The firm added: “By adopting a sharper focus and leaner positioning, it expects to generate additional gross cost reductions of CHF65m by year end 2023.”

Furthermore, the Swiss wealth and asset manager revealed its plans to help private clients with access to investment options in private markets.

Vontobel Asset Management also expects to strengthen its operations with global banks in the US.

CEO Zeno Staub said: “Vontobel remains on course – even in a “new world”.

“Our strategy has continued to prove effective in the current environment with rising interest rates and inflation as well as increasing geopolitical risks and mounting fears of a recession.”