Swiss private bank Vontobel has said that it’s advised client assets increased to CHF217.1bn ($218.6bn) at the end of Q3 2019.

As of 30 June 2019, the firm’s advised client assets were CHF212.9bn.

The growth was said to be driven by the market development and good performance of investment strategies that positively affected Combined Wealth Management and Asset Management segments.

Asset Management continued to be the firm’s most profitable unit, reporting net new money growth of 14%. The target range is 4-6%.

Vontobel attributed the growth to the Fixed Income Boutique, including TwentyFour Asset Management. Multi Asset as well as Sustainable & Thematic Investing also contributed to the performance of the business, the firm noted.

Advised client assets at the unit totalled CHF131.9bn at the end of September 2019, versus CHF117.5bn as of 31 December 2018.

Combined Wealth Management too remained profitable with advised client assets of CHF73.6bn at the end of September 2019. At the end of 2018, the figure was CHF67.2bn.

However, the business recorded CHF200m in outflows, with new new money growth remaining under the 4-6% target range.

Overall, Vontobel’s net inflows  in the past nine months exceeded its 4-6% target range.

Vontobel CEO Zeno Staub said: “By making targeted investments, we are harnessing future opportunities for the benefit of our clients and thus also of Vontobel. We are actively addressing change within our industry and are acting from a position of strength.

“This means that in the future – like today – we won’t forego longer-term opportunities for growth in order to achieve short-term cost targets. We remain committed to our ambitious profit and growth targets for 2020 and will, at the same time, pursue our differentiated and carefully considered cost management approach.”