Swiss asset and wealth manager Vontobel has been pursuing a distinctive strategy over the last three years, concentrating on its local and global platforms, and reaching excellent results despite the big wave of consolidation in the market. Valentina Romeo reports.

Vontobel, which withdrew from on-shore activities in Austria, Dubai and Italy in 2012 to slash costs, has increased its staff by 20% in the last six to nine months, making a number of appointments in its UK and Germany businesses especially.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

"We are back in growth in target markets. Thanks to our asset and investment management divisions we have that capability to offer to clients," CEO Zeno Staub said in a press briefing in London.

Vontobel reported that its client assets reached CHF172.7 billion ($184.7) as of 30 July 2014, corresponding to an increase of 6% from the end of last year.

He said: "Our growth is increasingly driven by a range of different pillars in Private Banking, our business with external asset managers, and investment boutiques in asset management."

In fact, the increase in client assets was mostly due to the positive performance on assets under management with Australia and New Zealand Banking Group (ANZ), a strategic partner of Vontobel’s since November 2013.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Though not excluding a possible acquisition in private banking in Switzerland, Staub said the bank has denied potential purchasing offers many times this year. He also added that Coutts’ Swiss private clients’ assets would represent an interesting opportunity as a merger would help the firm reduce costs.

However, growing organically in the investment, asset management and private banking businesses remains the first aim for Vontobel, Staub said.

German power

"Germany is the largest private banking business in continental Europe with the largest number of HNWIs. It makes sense to be there as the country is a safe haven now," Staub said.

Offering less complexity than London, Staub said instead of legacy private banks, the main competitors in Germany for Vontobel would be smaller players such as start-ups and multi-family offices.

The bank’s value proposition is not translated into establishing many booking centres. However, from a risk management perspective, Staub said having a booking hub in Europe to protect assets is necessary.

US presence a must

Though not performing as well as Germany on the private banking side, the US is undoubtedly an essential market for Vontobel’s asset management business. "If you want to have global proposition in asset management, you have to establish a presence in the US. You can’t cut out the US from your map if you want to be credible," Staub said.

At the moment, Vontobel’s New York office has 60 staff members managing CHF25bn for both institutional and private clients.