Swiss asset manager Vontobel has reported net profit of CHF232.2m for the year ended 31 December 2018.

This marks an increase of 11% from CHF209m in the previous year.

Excluding Notenstein La Roche integration costs, Vontobel’s net profit increased 14% year-on-year to CHF249.2m.

The acquisition of Notenstein La Roche Privatbank was completed in July last year.

Vontobel’s advised client assets totalled CHF192.6bn at the end of December 2018, versus CHF186.6bn a year earlier.

Net new money was CHF5bn, as against CHF5.9bn in 2017.

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The Asset Management unit was said to be the Swiss firm’s main earnings driver last year.

Compared to the previous year, pre-tax profit at the division increased 11% to CHF180.3m.

Pre-tax profit in Vontobel’s Combined Wealth Management arm surged 46% to CHF121.6m from CHF83.5m.

The strongest inflows were reported in the Swiss market, Vontobel said. Notably, the firm’s business with Latin American and Italian clients also reported growth.

Moreover, Vontobel proposed a dividend of 2.10 francs per share, unchanged from last year.

Vontobel CEO Zeno Staub said: “The 2018 result underscores the fact that Vontobel is well on track towards achieving our ambitious and, in some cases, increased targets for 2020.

“Following relatively favourable conditions in the first half of the year, the second half was characterised by increasingly difficult markets and growing political uncertainty around the globe, as expected.

“In 2019, Vontobel will remain on course, strengthen its market position and capture opportunities for organic growth. As a result of the acquisitions we have made in the past, we now have an even broader basis for growth – especially in our strong home market of Switzerland.”