The firm's CEO warned that economic and political uncertainties remained and will create headwinds for the wealth management sector.

Advised client assets at Vontobel, the Swiss private bank and investment firm, stood at SFr207.1 billion ($207.7 billion) at the end of February, rising from SFr192.6 billion at the end of last year, it said at its annual shareholder meeting earlier this week.

Zeno Staub, chief executive, said Zurich-listed Vontobel went through a relatively subdued start to 2019 compared with a year ago, when market falls late last year created headwinds.

The rise in AuM so far in 2019 was largely caused by rising markets, with net new money also lifting the figures.

Political and economic uncertainties remain challenging, Staub said.

“We anticipate that the market environment wi ll remain very challenging in 2019 and will be characterized by continued pressure on margins," he continued.

Elsewhere, Vontobel's shareholders approved directors' proposal to distribute a dividend of SFr2.10 per share. The dividend will be paid out from 8 April 2019, after the deduction of 35 per cent withholding tax; this corresponds to a payout ratio of 53 per cent.

The following members of the board of directors were re-elected: Bruno Basler, Dr Maja Baumann, Dr Elisabeth Bourqui, David Cole, Stefan Loacker, Dr Frank Schnewlin, Clara C Streit and Björn Wettergren.

Herbert J Scheidt was re-elected as chairman and a member of the board of directors of Vontobel Holding for another year.

The members of the nomination and compensation committee - Bruno Basler, Clara C Streit und Björn Wettergren - were confirmed in office. Dr Elisabeth Bourqui was elected to the nomination and compensation Committee as a replacement for David Cole.