Swiss bank Vontobel said that its asset management unit is to be run as an independent legal entity and a wholly-owned subsidiary in the future, as this is a status clients expect in the demanding international marketplace.

Swiss bank Vontobel said that its asset management unit is to be run as an independent legal entity and a wholly-owned subsidiary in the future, as this is a status clients expect in the demanding international marketplace.

Vontobel Asset Management is currently part of Bank Vontobel AG; it will become a wholly-owned subsidiary of Vontobel Holding AG, the group said in a statement today.

“The creation of an independent legal entity is in line with Vontobel Asset Management’s strategy of operating internationally. The independence of asset managers is assigned high importance in most asset management markets and is a key selection criterion applied by international consultants and clients,” the statement said.

“This realignment underscores the international growth strategy pursued by Vontobel Asset Management, and this efficient and modern organizational structure takes account of global competition,” it said.

The change is subject to approval of Vontobel shareholders on 29 April next year as well as approval from FINMA, the Swiss financial regulator.

As of 30 June 2014, Vontobel held SFr173 billion ($178.3 billion) of client assets. (Click here for a recent interview with the firm by this publication.)