Vontobel Plans to Run Asset Management Arm as Separate Entity
Dec. 10 (Bloomberg) — Vontobel Holding AG, a Zurich-based bank and wealth manager, plans to operate its asset-management arm as an independent legal entity.
The unit, which oversaw 72.1 billion Swiss francs ($74.3 billion) as of June 30, will be called Vontobel Asset Management AG and will operate as a wholly-owned subsidiary of the holding company, according to a statement today.
“Nothing changes in terms of strategy,” Rebeca Garcia, a spokeswoman for the bank, said by telephone. “This is not a precursor to spinning off the asset-management unit.”
The new legal structure will enable analysts and investment consultants to make clearer assessments of the asset-management business, according to Garcia. Currently, potential risks attached to other Vontobel businesses can spill over into these assessments, she said.
The firm’s shares fell 0.1 percent to 36.30 francs by 11:54 a.m. in Swiss trading. They are down 1.4 percent in 2014.
Vontobel, majority owned by a shareholder pool including the founding family of the same name, also operates investment- banking and private-banking units and is trying to expand its structured products business. Total assets under management were 112.8 billion francs at the end of June, according to the firm’s half-year report.
To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net To contact the editors responsible for this story: Mark Bentley at mbentley3@bloomberg.net Frank Connelly, Edward Evans
