Vontobel's Profit Surges Despite Missed New Money Target

Vontobel's first-half profit surged by 87% to 216 million Swiss francs, exceeding expectations. However, the bank brought in only 2.5 billion francs of net new money from private clients, falling short of its target.

Despite this, Vontobel's co-CEOs, Christel Rendu de Lint and Georg Schubiger, attribute their success to higher revenues from increased client activity and a lower cost base. They state that the bank's existing clients are generating more earnings even when fresh inflows are uneven.

The growth engine of adding new client assets that generate recurring management fees is running below Vontobel's pace. Annualized net new money growth was 2.1% in the first half of 2026, compared to a 4%-6% target. Institutional net flows were flat after outflows tied to Raiffeisen and Quality Growth funds.