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Swiss bank Vontobel's nine month outflows at $3.5 billion; to step up cost cuts

Logo of Swiss bank Vontobel is seen in Zurich

ZURICH (Reuters) - Swiss wealth and asset manager Vontobel Holding saw new money outflows of 3.4 billion Swiss francs ($3.46 billion) in the first nine months of this year, it said on Thursday, adding that it was stepping up cost cuts.

Assets under management declined by 42.5 billion francs from the start of the year to 201.2 billion as of Sept. 30, it said in a statement.

That included net new money outflows of 3.4 billion, a positive impact of 6.2 billion from the acquisition of UBS Swiss Financial Advisors, and negative impacts from market developments and currency swings.

It saw 7.3 billion francs of net outflows in Asset Management and 3.9 billon of net inflows in Wealth Management.

"In response to deteriorating market conditions, Vontobel has initiated further cost control measures and expects operating expense for 2022 to be around 40 to 70 million Swiss francs lower than in the previous year," it said.

($1 = 0.9826 Swiss francs)

(Reporting by Michael Shields; Editing by Rashmi Aich)