Vontobel's $2.9 Billion Net New Money in 2024 Misses Forecast
ZURICH (Reuters) - Vontobel Holding on Friday reported 2.6 billion Swiss francs ($2.87 billion) in net new money for full-year 2024, falling short of a forecast for 4.1 billion francs in a company-provided consensus.
The Swiss private bank and asset manager said outflows from institutional clients slowed to 2.9 billion francs in 2024 from 7.6 billion francs in 2023. The bank's consensus forecast had been for outflows of 0.4 billion francs for 2024.
The bank noted Vontobel had returned to growth in net new money in 2024 from a negative figure in 2023.
Assets under management stood at 229 billion francs in 2024, up 11% from the end of 2023, mostly driven by positive market performance.
The bank reported a net profit of 266 million francs for 2024, up 24% year-on-year and said it had successfully executed an efficiency program, improving cost-income ratio to 74.7%.
A year ago, Vontobel announced plans to cut annual costs by 100 million Swiss francs as profits fell.
($1 = 0.9060 Swiss francs)
($1 = 0.9061 Swiss francs)
(Reporting by Ariane Luthi)