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Tag: Vontobel

  • Vontobel Skyrockets to Record-Breaking Profits with an 87% Earnings Leap in H1 2026

    Vontobel Skyrockets to Record-Breaking Profits with an 87% Earnings Leap in H1 2026

    Vontobel, a Zurich-based investment manager, has reported a record profit of CHF 216 million for the first six months of 2026. This is an impressive 87 percent increase compared to the same period the previous year.

    Vontobel’s Financial Performance

    The company’s operating income jumped by 24 percent, reaching CHF 852 million. Meanwhile, operating expenses amounted to CHF 579 million. This combination resulted in a significant improvement in efficiency, indicated by the drop in Vontobel’s cost-income ratio from 77.9 percent to 67.9 percent. This is lower than the company’s ongoing target of 72 percent. Additionally, the return on equity increased to 16.9 percent, a notable rise compared to 10.2 percent in the first half of 2025.

    Company co-CEOs, Christel Rendu de Lint and Georg Schubiger, acknowledged the excellent results. They attributed the significant profit increase to higher revenues driven by robust client activity, coupled with a reduction in costs.

    Assets under management grew by 5 percent, totaling CHF 252.2 billion at the end of June. Net new money rose to CHF 2.5 billion, an improvement from the CHF 2 billion reported during the year-earlier period. Vontobel also mentioned two key factors affecting these inflows: CHF 1.3 billion in outflows linked to the return of Raiffeisen’s Futura fund management mandate, and CHF 2.5 billion in outflows from Vontobel’s Quality Growth strategies. However, excluding these factors, net new money would have amounted to CHF 6.3 billion.

    Expansion and Corporate Developments

    Vontobel’s private clients business expanded across all regions, generating CHF 2.5 billion in net new money. This corresponds to an annualized growth rate of 4.1 percent. With regards to institutional clients, assets under management increased to CHF 112.5 billion. If adjusted for outflows related to Raiffeisen and Quality Growth, net new money would have reached CHF 3.8 billion. This is equivalent to an annualized growth rate of 7.4 percent.

    Vontobel’s CHF 100 million efficiency program significantly contributed to the company’s improved profitability. The program is progressing faster than initially planned and is expected to be completed by the end of 2026. Also, Vontobel has continued to invest in growth initiatives, technology, and client-facing capabilities, integrating Quantitative Investments into its broader investment organization.

    Changes to the senior management team were also announced. Antoine Boublil will join the Executive Committee of Vontobel Holding as the Chief Financial Officer in August 2026. Meanwhile, others joining the Executive Committee, pending regulatory approval, include Gianpiero Galasso, Andrew Jackson, and Christoph von Reiche.

    Vontobel enters the second half of the year with a stronger operating performance and an improved capital base, with its CET1 ratio rising to 23.2 percent, comfortably surpassing regulatory requirements and the firm’s own continuing targets.

    Questions & Answers

    What was Vontobel’s reported profit for the first half of 2026?
    Vontobel reported a record profit of CHF 216 million for the first half of 2026.

    How much was Vontobel’s net new money for the same period?
    Vontobel’s net new money for the first half of 2026 amounted to CHF 2.5 billion.

    What changes were made to Vontobel’s senior management team?
    Antoine Boublil was appointed as Chief Financial Officer and is set to join the Executive Committee of Vontobel Holding in August 2026. Gianpiero Galasso, Andrew Jackson, and Christoph von Reiche will also join the Executive Committee, subject to regulatory approval.

  • Vontobel Targets High-Net-Worth Market with New Düsseldorf Branch: Swiss Investment Firm Fortifies German Presence

    Vontobel Targets High-Net-Worth Market with New Düsseldorf Branch: Swiss Investment Firm Fortifies German Presence

    Swiss investment company, Vontobel, has announced its plan to establish a new office in Düsseldorf in 2026. This new branch will further assert their position in Germany, with a particular focus on high-net-worth individuals (HNWIs) and family offices in North Rhine-Westphalia.

    Consistent Growth Strategy

    Vontobel’s decision to extend its operations in Germany aligns with their ongoing selective growth strategy in prime European markets. The firm already views Germany as a core market where it provides services to private clients through its offices in Munich and Hamburg. Meanwhile, the firm’s institutional activities and European structured products businesses are primarily operated from Frankfurt.

    In a joint statement, Christel Rendu de Lint and Georg Schubiger, Co-CEOs of Vontobel, stated, “We are consistently pursuing our strategy of selective investment in growth. As one of Europe’s key markets, Germany, and particularly North Rhine-Westphalia, are crucial to our business strategy.”

    Targeting a Prime Wealth Region

    Düsseldorf is renowned for its well-established wealth management tradition and a thick web of industrial, commercial, and service-oriented businesses. As such, it is a logical next step for the Zurich-based firm. The new branch will concentrate on providing customized investment solutions to affluent private clients and family offices in the area.

    The company plans to make use of its global investment platform, backed by more than 300 investment professionals worldwide, to deliver local services while maintaining its international diversification capabilities.

    Jean-Pierre Stillhart, Head of Private Clients DACH and member of the Executive Management Board of Bank Vontobel, highlighted the strategic reasoning behind this move: “As an internationally active Swiss wealth manager, this expansion provides our clients in Germany with additional perspectives and diversification opportunities.”

    The firm has now begun the search for a prime Düsseldorf location and is actively seeking experienced advisers and teams who align with its long-term investment philosophy and conservative risk culture.

    Expansion of Cross-Border Wealth Model

    Vontobel’s expansion reinforces its cross-border wealth management model, which allows German clients to custody assets either domestically or in Switzerland. Currently, about 20 investment professionals in Munich and Hamburg, supported by specialists in Zurich, serve German-based clients.

    As of the end of 2025, Vontobel managed over EUR 130 billion in assets for private clients globally, illustrating the scope of its wealth management franchise.

    The Düsseldorf initiative reflects a more extensive industry trend where Swiss private banks are selectively extending their operations in Germany. This expansion seeks to tap into structurally attractive wealth pools, especially among entrepreneurial clients and family offices interested in international diversification and advisory-driven mandates.

    Questions & Answers

    What is Vontobel’s strategy for growth?
    Vontobel uses a selective growth strategy, specifically focusing on key markets in Europe. Germany, in particular, is a core market for the firm.

    How does Vontobel plan to serve clients in Düsseldorf?
    Vontobel plans to use its global investment platform, which is backed by more than 300 investment professionals worldwide. This approach allows the firm to deliver local services while maintaining international diversification capabilities.

    What is unique about Vontobel’s expansion to Düsseldorf?
    This expansion aligns with a broader industry trend where Swiss private banks are selectively extending their operations within Germany to tap into attractive wealth pools. As such, Vontobel’s move into Düsseldorf is part of a larger strategic move within the wealth management industry.

  • Vontobel Boosts Asia Expansion with Industry Expert Cody Law: Aiming for Long-Term Regional Growth

    Vontobel Boosts Asia Expansion with Industry Expert Cody Law: Aiming for Long-Term Regional Growth

    Vontobel, the esteemed Swiss investment firm, continues to expand its presence in Asia, bolstering its team with a crucial addition aimed at strengthening intermediary relationships and setting the stage for enduring growth across the region.

    Cody Law has been welcomed into the Vontobel fold as the Senior Relationship Manager for Intermediary Clients. His role will include strengthening client relationships and broadening the firm’s distribution business through the establishment of partnerships with principal financial intermediaries.

    Law boasts an impressive 22-year track record in the Asia intermediary market, contributing to his reputation as a driving force behind business growth.

    Proven Client-Centric Expertise

    In his previous roles, Law demonstrated his prowess in overseeing financial intermediary relationships in Hong Kong. In particular, he excelled while stationed at Jupiter Asset Management. Prior to this, he partnered with Hong Kong intermediary clients at Janus Henderson Investors, delivering innovative solutions.

    Law’s early career comprises 16 enriching years in investment counselling and relationship management roles at leading financial institutions such as HSBC, Citibank, and Standard Chartered Bank. Here, he catered to high-net-worth clients, managing portfolios and investment products. Law is a proud alumnus of the University of Hong Kong, having earned a Bachelor of Mechanical Engineering (Honours).

    Geared Towards Expansion

    Law’s extensive network in Hong Kong and his vast experience across the intermediary landscape make him an indispensable asset as Vontobel readies for its strategic foray into Asia’s retail space, according to Clarabelle Ho, Head Asia Intermediary. She believes Law’s expertise will fortify the firm’s market presence and foster sustainable growth.

    Established Presence in Asia

    Having launched its Asia Pacific operations in 2008, Vontobel now caters to clients from Hong Kong, Singapore, Tokyo, and Sydney. This regional presence lays the groundwork for wider coverage and expansion.

    As of September 30, 2025, Vontobel managed assets worth 239.7 billion francs. The Zurich-based firm prides itself on operating as an investment-led global firm that prioritizes the client’s perspective. They harness technology to expand advisory and investment expertise across platforms.

    Questions & Answers

    Who is the latest Senior Relationship Manager for Intermediary Clients at Vontobel?
    Cody Law has been appointed as the Senior Relationship Manager for Intermediary Clients at Vontobel.

    What is the role of the Senior Relationship Manager for Intermediary Clients at Vontobel?
    The role involves strengthening client engagement and developing the firm’s distribution business by building partnerships with major financial intermediaries.

    What is Vontobel’s standing in the global investment sector?
    As of September 30, 2025, Vontobel, a Zurich-based firm, managed assets worth 239.7 billion francs, positioning itself as a leading investment-focused firm that prioritises clients’ perspectives and leverages technology to expand its advisory and investment expertise.

  • Moody’s Adjusts Vontobel’s Rating: What This Means for Investors and the Retail Sector

    Moody’s Adjusts Vontobel’s Rating: What This Means for Investors and the Retail Sector

    Moody’s Adjusts Vontobel’s Credit Ratings Amid Business Struggles

    In a noteworthy move, credit rating agency Moody’s has downgraded the credit ratings of Vontobel Holding and its banking subsidiary, citing a lukewarm revival in its asset management business. This shift came to light in a report released on Monday, reflecting challenges that may have significant implications for the group’s financial positioning.

    Moody’s has lowered the long-term issuer ratings for both Vontobel Holding and Bank Vontobel from A2 to A3. Accompanying this downgrade, the agency revised the outlook from negative to stable. Furthermore, the rating for Vontobel Holding’s non-cumulative preferred shares also took a hit, dropping from Baa2 to Baa3. On a more positive note, the bank managed to retain its long-term and short-term deposit ratings of Aa3/P-1, as well as its long-term and short-term Counterparty Risk Ratings (CRR) of A2/P-1, although the outlook for the long-term deposit ratings moved from “developing” to “stable.”

    Moreover, the Baseline Credit Assessment (BCA) and Adjusted BCA of Bank Vontobel have been revised down to A3 from A2. However, its long-term and short-term Counterparty Risk Assessment remains unscathed at A1(cr)/P-1(cr).

    Asset Management Lacks Momentum

    The primary driver for the downgrade is the “limited measurable success” in revitalizing Vontobel Holding’s asset management division. This stagnation has negatively influenced the group’s overall franchise strength and the intimate integration of its banking operations. Moody’s emphasized that the risk profile of the group’s businesses—especially outside the asset management sector—has become an essential consideration for assessing the bank’s credit robustness.

    Despite these hurdles, the BCA acknowledges the solid capital buffers and low lending risks that both the bank and the group possess. Their strong liquidity reserves and proven track record in wealth management and structured product issuance remain bright spots. However, a lingering concern is the group’s reliance on uninsured retail deposits, which poses operational, reputational, and market risks.

    Ultimately, the stable outlook for the issuer ratings signals a cautious optimism, suggesting that Bank Vontobel’s credit profile remains securely anchored at the BCA level of A3. But in the fast-moving world of finance, one must wonder: will Vontobel soon win a championship for comeback stories, or will it keep us on the edge of our seats?

    Questions & Answers

    What prompted Moody’s to downgrade Vontobel’s credit ratings?
    Moody’s downgraded Vontobel’s credit ratings due to the limited success in revitalizing its asset management business, which negatively impacted the overall franchise strength.

    How has Vontobel maintained some stability in its ratings?
    Despite the downgrade, Vontobel has retained strong capital buffers, low lending risks, and a solid liquidity position, which contributed to the stable outlook on its ratings.

    What challenges does Vontobel face moving forward?
    Vontobel faces challenges related to operational, reputational, and market risks, primarily stemming from a business model heavily reliant on uninsured retail deposits.

  • Vontobel Welcomes New Head of Human Resources to Drive Talent and Innovation Forward

    Vontobel Welcomes New Head of Human Resources to Drive Talent and Innovation Forward

    The Winds of Change at Vontobel: New HR Leadership Steps In

    In a strategic move reflecting its commitment to innovative leadership, Vontobel has announced the appointment of Annette Nanzer as its new Head of Human Resources, effective September 1, 2025. Nanzer replaces Caroline Knoeri, who departed the bank earlier this year, leaving behind a mantle that Nanzer is poised to embrace.

    Nanzer arrives at Vontobel with a wealth of experience that spans various international leadership roles, particularly in human resources and consulting. Her background highlights a strong focus on driving digital and organizational transformations — a skill set that could be pivotal as the banking sector navigates an increasingly complex landscape.

    Before joining Vontobel, she held the position of Head of Human Resources at Zuger Kantonalbank. Her career also boasts an impressive roster of prior stints with major firms such as Bristol Myers Squibb, Partners Group, Swisscard AECS, and McKinsey. Armed with a Master’s degree in Economics and Business Administration from the University of Bern, Nanzer’s qualifications underscore her readiness for this vital role.

    As Vontobel sets its sights on enhancing organizational effectiveness, one can only wonder if her leadership will spark as much transformation as a splash of color on a blank canvas — and possibly bring an unexpected twist to the bank’s HR strategy.

    Questions & Answers

    What is the significance of Annette Nanzer’s appointment at Vontobel?
    Nanzer’s appointment signifies Vontobel’s focus on innovative leadership and expertise in digital and organizational transformation within the evolving banking landscape.

    What previous roles has Annette Nanzer held before joining Vontobel?
    Before Vontobel, Nanzer served as the Head of Human Resources at Zuger Kantonalbank and held leadership roles at Bristol Myers Squibb, Partners Group, Swisscard AECS, and McKinsey.

    How does Nanzer’s academic background support her new position?
    Nanzer holds a Master’s degree in Economics and Business Administration from the University of Bern, providing her with a strong analytical foundation to navigate the complexities of HR within a financial institution.

  • Bank Syz Welcomes Vontobel’s Former Chief Economist in Strategic Move for Economic Insight

    Bank Syz Welcomes Vontobel’s Former Chief Economist in Strategic Move for Economic Insight

    Bank Syz is making waves in the private banking sector with strategic talent acquisitions that promise to bolster its investment leadership team. The family-owned institution recently announced three key appointments, each sourced from prestigious firms like Vontobel and UBS, reflecting a commitment to enhancing expertise in portfolio management, macroeconomic research, and client advisory services.

    Reto Cueni Takes the Helm as Chief Economist

    In a significant move, Reto Cueni has been named Chief Economist at Bank Syz. With an impressive tenure of over a decade at Vontobel, where he spent the last five years in the Chief Economist role, Cueni is well-equipped to steer the bank’s economic insights. His leadership at Vontobel encompassed macroeconomic and monetary policy research, where he routinely advised the executive board and portfolio managers. Cueni’s strengths span economic modeling, policy analysis, and crafting both short- and long-term market forecasts, making him a remarkable addition to the Bank Syz family.

    New Leadership in Advisory Services

    Bank Syz has also welcomed Gianluca Oderda as the new Head of Discretionary Portfolio Management. Bringing over 20 years of expertise in multi-asset portfolio construction and alternative investments, Oderda has held impactful roles at renowned institutions such as Credit Suisse and UBS. His extensive background promises to bolster the bank’s investment strategies significantly.

    Grégory Diche Shines as Head of Advisory

    Another notable addition is Grégory Diche, who steps in as the Head of Advisory. Formerly the Head of Investment Advisory for the Geneva region at UBS, Diche brings more than two decades of experience and deep knowledge in structured products and client relationships within Swiss private banking.

    Nicolas Syz, Head of Wealth Management, expressed his enthusiasm about these appointments: “By attracting top-tier talent, we can further enhance our capabilities and increase the value we deliver to clients across market cycles. We remain focused on expansion and on setting new standards as a pioneering leader in wealth management.” With such daring ambitions, one can’t help but wonder if Bank Syz is preparing for a corporate game of high-stakes chess—where every move counts!

    Questions & Answers

    Who is the new Chief Economist at Bank Syz?
    Reto Cueni has taken on the role of Chief Economist, bringing over a decade of experience from Vontobel.

    What expertise does Gianluca Oderda bring to his new position?
    As the Head of Discretionary Portfolio Management, Oderda is equipped with over 20 years of experience in multi-asset portfolio construction and alternative investments.

    What does Nicolas Syz aim for with these new appointments?
    Syz emphasizes enhancing the bank’s capabilities and value delivery to clients, aiming for expansion and innovation in wealth management.

  • Vontobel Welcomes Former UBP Executive to Boost Brand Growth

    Vontobel Welcomes Former UBP Executive to Boost Brand Growth

    In a strategic move that underscores its commitment to enhancing client services, Vontobel has appointed Tristan Buffet as part of its wealth management leadership team. Previously the global head of the CIO office at Union Bancaire Privée (UBP), Buffet’s departure marks a significant shift in the private banking landscape.

    Transition from UBP to Vontobel

    Tristan Buffet’s tenure at UBP was marked by notable achievements, including a four-year term as Co-COO of investment management. After assuming leadership of the CIO office in March 2024, he transitioned out of his role just a month later, reflecting the dynamic nature of the finance sector.

    Before joining UBP, Buffet earned valuable experience at Alpha Financial Markets Consulting. His journey in finance began in 2013 as an analyst at Institut du Patrimoine in Paris, showcasing his progressive career advancement in the investment domain.

    Implications for Vontobel’s Strategy

    Buffet’s appointment is poised to amplify Vontobel’s capabilities in wealth management, especially as consumer demand for personalized investment strategies continues to rise. His expertise in investment management aligns with Vontobel’s goal of enhancing service offerings for its clientele.

    Impact on the Retail Sector

    As Vontobel expands its leadership team, this strategic hire could have lasting effects on consumer trends in the private banking industry. Increased competition may lead to better service options and innovative investment solutions for consumers, ultimately benefiting the wider retail sector.

    In a landscape that continually evolves, stay tuned for developments surrounding Vontobel’s growth and its influence on the future of wealth management.

  • Wealth Management the One Bright Spot at Vontobel

    Wealth Management the One Bright Spot at Vontobel

    Swiss wealth and asset manager Vontobel delivers strong first-half results as the wealth management unit performs strongly. However, institutional investors «continue to defer investments which was reflected in negative outflows. The firm plans to hire over 50 Relationship Managers this year.

    Vontobel reported that its wealth management unit delivered «very strong» performance in the first half, with assets under management growing 6 percent to 98.1 billion Swiss francs ($113.7 billion), and reported a Group net profit of 127.6 million, according to first-half results released Thursday.

    In the first six months of the year, overall assets under management rose 4 percent to 211.9 billion francs compared to 204.4 billion at the end of last year. Net money growth in Wealth Management increased by 8.4 percent in the first six months of the year, which included outflows related to a strict market focus based on its strategy.

    Even with the outflows, assets under management in the unit rose to 98.1 billion francs in the first half from 92.6 at the end of last year, helping to increase gross margin 12 basis points to 82 basis points.

    Institutional investors «continue to defer investments» which was reflected in negative outflows of three billion francs in Asset Management. Assets under managemen

    As with other wealth managers, Vontobel is also on an aggressive hiring path and plans to hire more than 50 over the course of the year.

    Vontobel hired numerous wealth management experts from a large number of interested professionals, some of whom are now already working for the firm or plan to join in the course of the year. It said it’s holding further talks with wealth management professionals who could serve clients in the Swiss home market and selected focus markets in the future.

    At the end of 2022, a total of around 316 advisors served Vontobel‘s wealth management clients.

    Vontobel believes that the current uncertainty is set to persist, but the investment firm is well positioned to navigate this landscape. The war in Ukraine is continuing and geopolitical tensions are undiminished. Fears of recession still loom large and global inflation has not been tamed. This situation is further exacerbated by challenges such as demographic developments and climate change that the world has faced, at least in part, for decades. And finally, the developments of the last two years have left their mark on the financial sector,» said CEO Zeno Staub.

  • Vontobel CEO Plans to Step Down

    Vontobel CEO Plans to Step Down

    After 22 years at Vontobel the CEO of Bank Vontobel plans to retire from his CEO post next year.

    CEO Zeno Staub has asked the board of directors to resign his mandate at next year’s Annual General Meeting in April, Vontobel said in an emailed statement Wednesday. Staub served as the investment company’s CEO for 12 years.

    Staub plans to become more active in Swiss politics and will run as the top candidate for Switzerland’s Center Party «Die Mitte» in the National Council elections in the fall of 2023.

    It is a sign of a strong democracy when citizens such as Zeno Staub, who can look back on a long and successful career in business, want to assume a political role. We wish Zeno Staub every success in his endeavors, Chairman Andreas E.F. Utermann said in the statement.

    However, Staub is not cutting off all ties to Vontobel: After a one-year cooling-off period, he will stand for election as an ordinary member of the board of directors at the general meeting of shareholders 2025.

    Chief Operating Officer Felix Lenhard, is also stepping down at the end of the year, the statement said. Lenhard, who sat on the executive committee of Vontobel Holding and Bank Vontobel, wishes to spend more time with his family.

    Lenhard’s successor will also be determined by year-end.

  • Vontobel Sees Sharp Decline in Assets Under Management

    Vontobel Sees Sharp Decline in Assets Under Management

    Zurich-based Vontobel experienced overall money outflows last year which, along with unfavorable market conditions led to a sharp decline in its assets under management. Net Profit fell sharply.

    After a record level of assets under management (AuM) in 2021, Vontobel experienced a 16 percent decline in AuM last year as they dropped to 204.4 billion Swiss francs ($220.9) from 243.7 billion, according to results released Wednesday.

    Unfavorable market conditions mainly contributed to the decline, but there were negative outflows of new money. Net new money was down 5.2 billion last year, declining 2.1 percent on a yearly comparison, after netting 8.1 billion in 2021.

    Of the overall AuM decline, 36.9 billion francs was due to performance, with a further 3.4 billion decline from foreign exchange-related effects.

    Vontobel’s AuM decline was tempered by a positive 6.2 billion franc impact from the acquisition of Swiss Financial Advisors from UBS, according to the statement.

    The decline in its asset management unit was 7.4 percent as «clients stayed on sidelines rather than reinvesting or making new investments in various asset classes,» according to the statement. AuM in the unit stood at 107.2 billion francs at the end of the year.

    Wealth management performed better with AuM «stable» despite the market downturn and achieved a gross margin of 71 basis points. In contrast to net money outflows in asset management, the wealth management division attracted 5.4 billion of net new money. That left AuM at 92.6 billion last the end of last year compared with 95.8 billion at the end of 2021.

    Vontobel’s Group’s net profit fell 40 percent to 229.8 million Swiss francs as operating income fell 16 percent to 1.29 billion francs last year. At the same time, its return on equity was 11.2 percent, reflecting a decline of 7.6 basis points.

    After the strong performance in 2021, Vontobel increased its dividend to three Swiss francs per share from 2.25 the year before. For 2022 it will recommend the same three-franc dividend.

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  • Swiss Bank Expands Presence in U.S.

    Swiss Bank Expands Presence in U.S.

    Bank Vontobel will open an office in Miami in coming months, in an expansion of its U.S. onshore presence.

    Zurich-based Vontobel will launch a wealth management office in Miami, its second in the U.S., CEO Zeno Staub said on Tuesday. The Swiss bank is the latest in a host of wealth managers to head for the Florida city, a hub for Latin American money.

    Vontobel has the local market in mind: Within the U.S., there is a migration of wealth from the North to the South, Staub said. More and more local wealth is going to Florida.

    East coast states like New Hampshire and Connecticut are traditionally havens of wealthy individuals, but that is changing. A shift on Wall Street, which began shifting towards Florida during the pandemic, may also be playing a role.

    Vontobel’s approach is asset-light, in that just as in Hong Kong, in Miami it will book its wealthy clients’ assets in Switzerland, the outlet reported. The bank follows the same approach in New York, where it opened an office four years ago.

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  • Vontobel Profit Edges Lower, Money Floods In

    Vontobel Profit Edges Lower, Money Floods In

    Vontobel’s net profit edged lower despite a trading boom, but it will keep its shareholder payout steady. Its investment managers continued to haul in fresh money.

    The Zurich-based bank’s net profit fell to 259.4 million Swiss francs ($291.1 million), from 266.1 million francs year-ago, it said in a statement on Thursday. The result was held back by spending to reinvent itself, and a higher tax rate than in 2019.

    Vontobel’s income was virtually unchanged at 1.27 billion francs, after an 11 percent fillip from trading sparked by the pandemic offset a drop in commissions in fees and feeble interest income.

    The bank took in 14.8 billion francs in new assets last year, two-thirds in its flagship asset management arm. It said it will pay out 2.25 francs per share to shareholders – unchanged from 2019.

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