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The Vontobel Group more than doubles its net profit in 2005
15.03.2006 -
The Vontobel Group today reported a net profit of CHF 183.2 mn for the 2005 financial year. It thus succeeded in more than doubling its result compared to 2004 (+126%) due to increased profit contributions from all business units. The result for the previous year was adjusted for the impact of changes in IFRS accounting principles, in accordance with regulations. Operating income rose by 37% to CHF 624.4 mn, while operating expense grew at a lower rate (+19%) to CHF 385.9 mn. The cost/income ratio including depreciation therefore decreased substantially to 65.2% and was thus at the lower end of the mid-term target range. Investment Banking also doubled its pre-tax profit (+98%) due, in particular, to its successful derivatives business. Pre-tax profits in Private Banking and Asset Management & Investment Funds rose by 44% and 54%, respectively. At the end of 2005, the Vontobel Group held assets totalling CHF 88.9 bn. Client assets increased by 18.5% to CHF 57.6 bn in the year under review. In addition, custody assets of CHF 31.3 bn were reported. The Group recorded CHF 1.4 bn of net new money in 2005, including inflows of CHF 1.2 bn in Asset Management & Investment Funds and CHF 0.4 bn in Private Banking. In view of the marked improvement in the Group's result, the Board of Directors will propose a 33% increase in the dividend to CHF 1.60 to the General Meeting of Shareholders of Vontobel Holding AG.
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Deutsche Bank reports adjustments to its 2005 preliminary results
09.03.2006 -
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First ever biofuels index launched by UBS and Diapason
07.03.2006 -
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New privatebanks.com available soon
20.02.2006 -
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Credit Suisse launches its new brand worldwide
16.01.2006 -
Credit Suisse today launched its new brand and logo worldwide. The global brand launch and Credit Suisse logo reflect the new strategic direction at Credit Suisse, which began operating as an integrated global bank on January 1, 2006. To celebrate the new brand, Credit Suisse buildings in Hong Kong, London, New York, Singapore and Zurich will be illuminated for one week starting today.
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UBS reaches settlement with regulators on trading activity
13.01.2006 -
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Credit Suisse applies for licence at the Qatar Financial Centre
03.01.2006 -
Credit Suisse is pleased to announce that it is among the first global financial institutions to apply for a licence to set up operations at the Qatar Financial Centre. The licence will enable Credit Suisse to open a subsidiary in Doha, Qatar, thus further expanding its footprint in the Middle East.
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Vontobel Group acquires a majority stake in the hedge fund specialist Harcourt
15.12.2005 -
The Vontobel Group announced today that it is to acquire a 56% stake in Harcourt Investment Consulting AG − one of the internationally established suppliers of hedge fund products for institutional investors in particular − from the Dutch firm NIBCapital N.V., effective January 2006. The fast growing international hedge fund specialist, which is headquartered in Zurich, reported assets under management of CHF 4.1 bn as at end-November 2005. Vontobel's majority stake in Harcourt underscores its positioning as an active asset manager and will help it to substantially increase its innovative offering of alternative investment products − an area that is constantly growing in importance. This will provide Vontobel's institutional and private clients with access to a first-rate range of funds of hedge funds products that are geared towards generating long-term client value. This transaction highlights Vontobel's strategy of achieving growth both organically and through partnerships and targeted acquisitions, if a company is strategically and culturally compatible with the Group. The purchase price of the 56% stake in Harcourt is CHF 80 mn. The management and employees of Harcourt will remain shareholders in the company.
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