August 31, 2017 / 5:27 AM / a year ago

Vontobel ups net new money, profitability goals for 2020 targets

ZURICH, Aug 31 (Reuters) - Vontobel on Thursday set out its targets for 2020, outlining higher asset-gathering and profitability goals and saying it wants to grow through acquisitions.

Among the Swiss private bank and asset manager’s 2020 targets are net new money growth of between 4–6 percent, return on equity of more than 12 percent and a cost/income ratio of less than 75 percent, Vontobel said in a statement ahead of an investor day in Zurich.

Vontobel’s 2017 targets had included a return on equity of over 10 percent and a cost/income ratio of less than 75 percent. It had also aimed for net new money growth rate, viewed as an important indicator of future earnings in private banking, of 3-5 percent. (Reporting by Joshua Franklin; editing by Brenna Hughes Neghaiwi)

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