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UPDATE 1-Vontobel increases assets under management
November 15, 2012 / 7:10 AM / 5 years ago

UPDATE 1-Vontobel increases assets under management

* Net new money of 5 billion francs since mid-year

* Assets under management of 96 bln Sfr at end Oct

* Sees subdued developments in income (Adds details)

ZURICH, Nov 15 (Reuters) - Swiss bank Vontobel said a solid inflow of net new money and positive market developments helped lift assets under management to 96 billion Swiss francs ($101 billion) at the end of October.

In an unusual ten-month trading statement on Thursday, the bank said assets under management rose more than 5 billion francs between the end of June and the end of October.

But it noted that revenue growth was subdued while expenses remained in line as it kept a close eye on costs.

The bank said in July that first-half profit tumbled 15 percent to 66.6 million francs from a year earlier, dragged down by risk-averse clients and weakness in its investment bank. ($1 = 0.9461 Swiss francs) (Reporting by Caroline Copley; Editing by David Cowell)

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