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November 5, 2020

Vontobel remains resilient in challenging market on strong inflows

Swiss private bank Vontobel has reported a growth in advised client assets amid strong inflows in the first nine months of the year.

The company’s advised client assets touched a record level of CHF230bn ($252.97bn), a 6% increase from CHF217.1bn ($238.67bn) in the previous year.

This was driven by inflows of CHF12.9bn in the first nine months of this year.

In the first nine months, the company claimed ‘satisfactory pre-tax profit’ that surpassed last year’s figures.

The growth was attributed to good gross margins and better cost/income ratio compared to the prior year.

Growth drivers

The increase was primarily driven by a 10% growth in net new money from asset management clients.

Asset management remained Vontobel’s most profitable unit, led by the Fixed Income Boutique, including TwentyFour Asset Management, and the Multi Asset and Sustainable & Thematic Investing boutiques.

The business strengthened its reach in Asia with offices in Singapore and Tokyo.

Wealth management clients offered a boost of more than 6% to the annualised growth rate, surpassing the bank’s target range.

Vontobel CEO Zeno Staub said: “Our result for the first nine months of this year shows that Vontobel remains on track, even during these exceptional times. As a pure-play investment firm, we were always at our clients’ side, offering them unlimited access to our investment expertise and our services, and we are well prepared for the second wave of the coronavirus that is unfolding.

“For the remainder of 2020 and beyond, we expect the pandemic and its economic consequences, as well as political uncertainty and the low interest rate environment, to impact further on markets.”

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