Bloomberg

(Bloomberg) -- Vontobel Holding AG, said first-half profit increased after earnings climbed at the Swiss bank’s asset-management unit.

Net income rose to 103.3 million Swiss francs ($105 million) from 97.4 million francs a year earlier, the Zurich-based company said in a statement Tuesday. Client assets declined to 179.3 billion francs from 187.2 billion francs at the and of last year after outflows of institutional client money linked to the departure of star fund manager Rajiv Jain in May.

“Vontobel is well positioned to operate even in difficult periods and is on the right track,” Chief Executive Officer Zeno Staub said in the statement. “All three businesses – Wealth Management, Asset Management and Financial Products – display a high level of profitability and business momentum.”

Vontobel, which has investment banking, private wealth and institutional asset management operations, said in April that first-quarter profit weakened on lower client activity and trading volumes. The firm is seeking to expand its asset management business through the acquisition of Vescore Ltd. last month and Twenty Four Asset Management LLP last year.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net. To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Ross Larsen, Michael Shanahan

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