Vontobel Holding AG

Latest Results (02.10.2025):

Vontobel Holding AG reported solid financial results for the first half of 2025, navigating a challenging market environment marked by geopolitical uncertainty, a declining US dollar, and lower interest rates. The company demonstrated resilience through strategic focus and maintained a strong capital position, positioning itself well to achieve future targets.

Assets Under Management

Vontobel's assets under management increased to CHF 233 billion in H1 2025, up from CHF 229 billion at the end of 2024. This growth was supported by positive net new money and strong market performance, offset by a negative foreign exchange impact primarily due to a weaker US dollar against the Swiss franc.

Net New Money

The firm achieved net new money totaling CHF 2.0 billion in H1 2025. The Private Clients segment led this growth with CHF 3.3 billion, reflecting a 6% annualized growth rate. Institutional Clients experienced outflows of CHF 1.8 billion over the six months, although flows turned positive in the second quarter driven by Fixed Income and Equity Solutions.

Operating Income and Profit

Operating income stood at CHF 689 million, a 5% decrease year-on-year, influenced by lower interest rates and a substantial decline in the US dollar. Profit before tax fell by 15% to CHF 148 million. Despite these challenges, the firm maintained strong trading results and demonstrated resilience amid market turbulence.

Cost Efficiency

Vontobel achieved a cost-income ratio of 77.9%, reflecting a CHF 14 million reduction in operating expenses. The ongoing efficiency program, valued at CHF 100 million, remains on track and is expected to continue delivering cost savings until the end of 2026.

Capital Position

The company boasts a robust capital position with a CET1 ratio of 16.7% as of June 30, 2025, surpassing regulatory requirements and internal targets. This strong capital base was further reinforced by the successful placement of a CHF 200 million senior unsecured bond, enhancing funding diversification.