Vontobel (VONN) Q3 2024 TU earnings summary

Executive summary

• Strategy and financial targets reaffirmed, focusing on Private and Institutional Clients segments.

• Assets under management rose 10% to CHF 227.6 billion, driven by positive flows and market performance.

• Expansion continues in higher-margin areas such as private markets and customized solutions.

• Efficiency program targeting CHF 100 million in cost reductions remains on track for 2026.

Financial highlights

• Assets under management increased from CHF 206.8 billion at year-end 2023 to CHF 227.6 billion by September 2024.

• Net new money totaled CHF 2.6 billion for the first nine months of 2024.

• Private Clients saw strong inflows of CHF 3.1 billion, while Institutional Client outflows slowed to CHF 0.5 billion.

• Market performance contributed CHF 16.8 billion to asset growth; FX effects added CHF 1.5 billion.

Outlook and guidance

• Revenue growth target of 4–6% through the cycle reaffirmed.

• Continued focus on developed markets and investment-led growth, especially for Private Clients.

• Bolt-on acquisitions remain part of the growth strategy to add scale and new skills.