Vontobel (VONN) Investor Day 2024 summary

Strategic priorities and business model

• Reaffirmed commitment to an investment-led, client-centric model with two equally sized segments: private and institutional clients, enabling stability and complementary growth.

• Focused on organic and bolt-on acquisition-driven growth, with private clients showing steady expansion and institutional clients positioned for future growth.

• 85% of assets are under mandate, ensuring stable, recurring revenues and lower sensitivity to interest rates compared to peers.

• Launched a CHF 100 million efficiency program to improve cost-income ratio and capital generation by 2026.

• Streamlined organization by integrating digital investing, revamping leadership, and prioritizing mass customization and digitalization.

Financial performance and guidance

• Achieved positive net new money of CHF 2.6 billion YTD, with private clients surpassing CHF 100 billion in AUM for the first time and strong inflows of CHF 3.1 billion.

• Assets under management rose 10% to CHF 228 billion by September 2024, driven by positive flows and performance.

• Private clients delivered 4.2% net new money growth YTD, within the 4–6% through-the-cycle target.

• Institutional client outflows slowed significantly, with inflows in fixed income and multi-asset partially offsetting equity outflows.

• Efficiency program on track, targeting CHF 100 million gross savings and a cost/income ratio below 72% by 2026.

Growth initiatives and business developments

• Expanded private markets offering through a minority stake in Ancala (infrastructure) and new fund-based products for private clients.

• Bolt-on acquisition of IHAG to strengthen presence in Switzerland, Germany, and Austria, with closing expected in Q1 2025.

• Insourced U.S. 40 Act fund distribution to control the value chain and support U.S. institutional growth.

• Launched new sustainable income and Swiss Sustainable Equity Income Plus funds, leveraging cross-boutique collaboration and quant expertise.

• Technology and digitalization drive mass customization, efficiency, and scalable client solutions, with AI and cloud adoption enhancing operations.