Introduction
Vontobel Holding, a Swiss investment bank, has reported a decline in its assets under management during the third quarter. Despite this, the bank experienced growth over the first nine months of the year due to favorable market performance. Vontobel also disclosed net new money outflows during the third quarter and the first nine months.
Quarter Three Asset Update
As of September 30, Vontobel reported that its assets under management stood at 207.3 billion Swiss francs ($229.80 billion), a decrease from CHF 211.9 billion seen at the end of the first half. However, the bank saw growth in its assets under management when compared to CHF 204 billion at the start of the year. This growth was attributed to the positive market performance of its assets, which offset unfavorable currency movements and net asset outflows.
Net New Asset Outflows
During the third quarter, Vontobel experienced net new asset outflows amounting to CHF 1.7 billion. Within its asset-management segment, outflows reached CHF 2.5 billion, while its wealth-management segment saw inflows of CHF 800 million. In total, the first nine months resulted in net new money outflows totaling CHF 2.5 billion.
Operating Income and Cost-Saving Plan
Despite the decline in assets under management and net new money outflows, Vontobel reported an increase in operating income over the first nine months. However, specific figures were not provided. The bank also reassured investors that its cost-saving plan remains on track and reiterated its targets.
