Vontobel First-Half Profit Advances 20% After Client Net Inflows
Vontobel Holding AG (VONN), a Swiss bank and brokerage specializing in derivatives, said first-half profit increased 20 percent after attracting additional funds from institutional investors.
Net income rose to 76.1 million Swiss francs ($81.9 million) from 63.2 million francs a year earlier, the Zurich-based bank said in a statement today.
“In this fragile environment during the first half of the financial year, Vontobel delivered an excellent performance,” the firm said in the statement. “The wealth and asset management business was once again the main driver of the growth in profit.”
Vontobel, majority owned by a shareholder pool including the founding family, generates revenue from investment banking, asset management and private banking. Chief Executive Officer Zeno Staub is searching for acquisitions as the bank targets total client assets, including those held in custody and invested in structured products, of 175 billion francs by 2014.
Client assets under management climbed 9.9 percent to 108.1 billion francs during the first half, the bank said. Vontobel attracted net inflows of 8.2 billion francs, of which 7.4 billion francs was in its institutional asset management business.
Total client assets were 160.2 billion francs at the end of June, the firm said in its financial report.
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