Vontobel's Structured Solutions Surge Lifts Record H1 as Efficiency Program Bites
Swiss asset manager posts 87% profit growth, AUM at CHF 252bn, and lays groundwork for next phase of expansion
VONN.SW · Earnings Call · 2026-07-24
Vontobel Holding AG delivered a stellar first half of 2026, reporting record net profit of CHF 216 million, up 87% year-on-year, and assets under management of CHF 252 billion, an all-time high. This performance was powered by a combination of strong client activity in Structured Solutions, a structural cost base that continues to improve, and disciplined execution across both client segments. The firm's efficiency program has now delivered CHF 116 million in cumulative exit rate savings, well ahead of the original CHF 100 million target, enabling the cost/income ratio to fall to 67.9% (66.4% adjusted) and creating capacity to reinvest in growth.
The standout driver was Structured Solutions, which achieved a record half year with revenue doubling year-on-year. Management was quick to attribute this to both favorable markets and internal capabilities. Christel De Lint, head of Institutional Clients, said: “The success is your ability to quote and the diversification in underlying that you have. So we are very fast to market in bringing new underlying.” — Christel De Lint, Head of Institutional Clients or similar senior executive · 2026-07-24 In Q&A, the team noted particular demand in U.S. equities and commodities, and CFO Jan Marxfeld highlighted the scalability of the platform: “If it was silver at the year-end, now it's U.S. equities, it really is important that we can capture these flows.” — Jan Marxfeld, Interim CFO · 2026-07-24
On the flow side, reported net new money in Institutional Clients was -1.5%, but this masks a much stronger underlying picture. Excluding the two known effects – the Raiffeisen Futura in-sourcing and outflows from the Quality Growth boutique – growth was 7.4%, above the through-the-cycle target. Jan Marxfeld clarified the magnitude of the Raiffeisen outflows: “Actually, there's CHF 1.3 billion of outflows for Raiffeisen Futura, which we observed in the first half, not CHF 4.6 billion.” — Jan Marxfeld, Interim CFO · 2026-07-24 Fixed income boutiques, in particular, saw 15% annualized net new money growth, underscoring the strength of the underlying franchise.
In Private Clients, revenue grew 32% and AUM reached a record CHF 132 billion. Net new money of CHF 2.5 billion represented 4.1% annualized growth, within the target range, and inflows were positive across all regions. The firm is deliberately expanding in focus markets: a new Los Angeles office and a planned Düsseldorf branch in Germany, both aimed at high-net-worth clients and family offices. Georg Schubiger, CEO, emphasized the long-term view: “We don't grow for growth's sake. We are protecting our reputation. We are protecting our risk position when it comes to private clients.” — Georg Franz Schubiger, CEO · 2026-07-24
The strategic narrative extends beyond current results. A dedicated Vontobel Solutions unit has been created within Investment Solutions to systematically scale tailored outcomes for clients, leveraging quantitative and AI capabilities. The firm is also progressing with Ancala's fourth infrastructure fund, expecting a first close by year-end. Capital remains a source of strength, with a CET1 ratio of 23.2% against a 12% internal target, offering flexibility for organic growth, regulatory changes, and targeted M&A.
Christel De Lint gave a clear sense of the sustainable edge in structured solutions, which has now outperformed for several quarters: With the efficiency program nearing completion and the cost-to-achieve falling away next year, the operating leverage built in this half-year should continue to translate into profitability. The combination of a structurally lower cost base, strong flows in key boutiques, and the scaling of solutions-oriented offerings positions Vontobel to carry this momentum into the second half and beyond.The trend for us is indeed upward sloped. And that is a function, we believe, of the competitive landscape and our own skills. And that for us is a sustainable edge that we have in this market.