Swiss private bank and asset management group Vontobel reported a second half fall in private banking profits of SFr9.9 million ($9.1 million) in the first half of 2009, 69 per cent down from the figure of SFr31.9 million for the same period last year. Assets under management were up 7 per cent at SFr24.5 billion (SFr23 billion at 31 December 2008).

Overall, the group generated a net profit of SFr62.4 million in the first half of 2009, against the backdrop of the continued global financial and economic crisis. A sustained net inflow of new money totalling SFr0.8 billion was recorded in the first half of 2009.

However, the acquisition of new assets slowed because, the firm said, of investor uncertainty and the marked deterioration in the economic environment.

New money from private clients totalled SFr0.6 billion. In total, assets under management grew by 4 per cent to SFr65.0 billion.