The Swiss firm, which operates in several jurisdictions, reported a slip in profits, and the figure reportedly came in below consensus forecasts. Shares were sold off on the result. Vontobel called the results "solid" – achieved against a challenging market background. The weaker US dollar was one of the headwinds.

Zurich-listed wealth and asset management firm Vontobel yesterday reported a group net profit of SFr115.5 million ($144.8 million) for the first half of 2025, down from SFr135.8 million a year earlier. 

The decline reflected a dip in operating income and a rise in costs over the period.

The profit figure missed analyst forecasts in consensus cited by the Swiss publication ZKB. Shares in Vontobel were down 12 per cent on the day, fetching SFr60.30 per share. Since the start of this year, shares have weakened by 5.8 per cent. 

The firm said in a statement that the results were “solid,” taking into account that they were delivered against a “challenging market backdrop, characterised by geopolitical uncertainty, a sharp decline in the US dollar and lower interest rates.”

Assets under management stood at SFr233.3 billion at the end of June 2025, down from $255.9 billion at the close of 2024 when measured in dollars, although total advised client assets rose to SFr261.3 billion from SFr254.5 billion. Overall client assets increased to SFr305.5 billion, up from SFr291.1 billion.

The firm attributed the AuM increase to net new money inflows of SFr2 billion and positive market performance of SFr11.3 billion, which included SFr1.8 billion from the acquisition of the IHAG business. However, these gains were partially offset by the stronger Swiss franc against the US dollar.

In the private client segment, net new money totalled SFr3 billion, equating to a 6 per cent annualised growth rate – at the top end of Vontobel’s target range.

By contrast, the institutional business recorded net outflows of SFr1.8 billion in H1 2025. “This reflects a challenging market environment for active managers, particularly in the first three months of the year,” Vontobel said, noting that the trend began to reverse in the second quarter.

Efficiency drive on track
Vontobel’s cost/income ratio stood at 77.9 per cent, supported by a year-on-year reduction in operating expenses. The firm said its SFr100 million efficiency programme remains “on track” and is scheduled to run until the end of 2026.

As of 30 June 2025, the Common Equity Tier 1 capital ratio stood at 16.7 per cent.