Vontobel Holding, the Swiss asset and wealth manager, reports that its client assets reached CHF172.7 billion, corresponding to an increase of 6% from the end of last year.
The increase in client assets was due to the positive performance on assets under management with Australia and New Zealand Banking Group (ANZ).
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The group’s pre-tax profit stood at CHF88.8 million, the same level as in the first half of last year.
However, pre-tax profit at Vontobel’s private banking unit (CHF29 million) and asset management unit (CHF44 million) accounted for around two-thirds of the pre-tax profit.
Vontobel has generated a net profit of CHF73.5 million on an IFRS basis, a decrease of 3% compared to the first half of 2013, but an increase of 59% in the second half of 2013.
The bank said that its operating performance was up by 12% to CHF91.1 million compared to a year ago.
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By GlobalDataAs of 30 June 2014, before the share buyback was carried out, Vontobel as a group had a high BIS Tier 1 capital ratio of 26.1%.
The bank’s agreement with Raiffeisen, which expires in the middle of 2017, will mean Vontobel is repurchasing its 12.5% shareholding that was held by Raiffeisen for around CHF270 million.
Zeno Staub CEO of Vontobel said: "In operational terms, we were able to follow on from the strong showing in the same period last year. Our growth is increasingly driven by a range of different pillars in Private Banking, our business with external asset managers, and investment boutiques in Asset Management."
"We achieved a solid operating result across all business areas in the first six months of the financial year," added Staub.
