In 2023, Vontobel generated a pre-tax profit of CHF 262.7 million, down 2% from the previous year. Net profit attributable to shareholders fell 7% to CHF 214.7 million.
Assets under management rose 1% to CHF 206.8 billion, helped by a market recovery in the fourth quarter. Net new money was negative at CHF -3.5 billion, down from CHF -5.2 billion in 2022. Fontobel said that after adjusting for outflows related to its strategic choice to focus on certain markets, the figure stands at CHF -1.4 billion.
The group decided to reduce annual costs by CHF 100 million while investing in long-term growth initiatives.