November 1, 2018 / 5:57 AM / 10 months ago

Swiss bank Vontobel says advised client assets rise 19 pct

ZURICH, Nov 1 (Reuters) - Swiss private bank Vontobel on Thursday said the amount of assets it advises for clients rose 19 percent year-on-year to 209.4 billion Swiss francs ($208 billion), helped by customers transferring funds following its acquisition of smaller rival Notenstein La Roche.

Vontobel confirmed its targets despite clients becoming more unsettled and cautious due to volatile markets.

“Investors held back, driving sales lower,” the bank said.

Net new money growth was within Vontobel’s target range of 4-6 percent, the bank said, with Asset Management posting the strongest growth.

Including the client assets of the former Notenstein La Roche Privatbank, Combined Wealth Management had 74.2 billion francs of advised client assets at the end of the third quarter, compared with 52.7 billion francs a year earlier.

$1 = 1.0064 Swiss francs Reporting by John Revill; Editing by Michael Shields

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