Reports
Private Banking Profits Slide At Vontobel
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.
