Vontobel Full-Year Profit Rises 15% as Clients Add New Money
Vontobel Holding AG, the Swiss bank and brokerage that specializes in derivatives, reported a 15 percent increase in full-year profit as the bank attracted new client funds.
Net income rose to 130.6 million Swiss francs ($144 million) from 113.7 million francs a year earlier, the Zurich- based bank said today in an e-mailed statement. That beat the 125 million-franc estimate of five analysts surveyed by Bloomberg.
Vontobel, majority-owned by a shareholder pool including the founding family, generates revenue from investment banking, asset management and private banking. The firm had full-year inflows of 8.6 billion francs, bringing client assets under management to 98.4 billion francs compared with the 96 billion francs reported at the end of October.
The net new money growth shows “the trust and confidence private and institutional clients alike have in Vontobel’s investment expertise,” the firm said in the statement. “There are increasing signs of the European debt problem easing somewhat. However, it is too soon to talk of a lasting turnaround.”
To contact the reporter on this story: Giles Broom in Geneva at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com