Vontobel CEO Doesn’t Expect Trading Volume Turnaround Next Year
Stock Chart for Vontobel Holding AG (VONN)
Vontobel Holding AG (VONN), the Swiss bank and brokerage specializing in derivatives products, said trading volumes in equity markets will probably remain low next year.
“We assume going forward we will be stuck with 2012 volumes,” Vontobel Chief Executive Officer Zeno Staub said today in an interview in Geneva. “We don’t expect a vast turnaround in volumes and client activity. Clients remain very cautious.”
Vontobel, which has businesses in investment banking, asset management and private banking, said that while trading volumes briefly increased in September, income at the Zurich-based bank is still affected by the “subdued trends that emerged in the first half of the year.” Assets under management climbed to almost 96 billion Swiss francs ($102 billion) at the end of October from 90.5 billion francs four months earlier, the company said today in a statement.
Vontobel’s stock declined 2 percent to 24.95 francs at 2:11 p.m. in Zurich trading, valuing the company at 1.62 billion francs. That pared this year’s gain to 19 percent.
Vontobel said it’s combining offshore and onshore private banking services for German clients as customer requirements converge. The firm won’t be adjusting fees, Staub said.
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