Zurich, Feb 7 (Reuters) - Vontobel Holding reported net new money of 2.6 billion Swiss francs ($2.87 billion) for full-year 2024, falling short of the company's forecast of 4.1 billion francs according to a consensus provided by the company.

The Swiss private bank and asset manager indicated that outflows from institutional clients decreased to 2.9 billion francs in 2024 from 7.6 billion francs in 2023, compared to a forecast of 0.4 billion francs in outflows for the same year.

Vontobel highlighted its return to growth in net new money in 2024 following a negative figure in 2023. Assets under management reached 229 billion francs in 2024, marking an 11% increase from the end of 2023, largely attributed to positive market performance.

The bank reported a 24% year-on-year increase in net profit to 266 million francs for 2024, after successfully implementing an efficiency program that improved the cost-income ratio to 74.7%.

A year ago, Vontobel had announced plans to reduce annual costs by 100 million Swiss francs due to declining profits.

(Note: $1 = 0.9060 Swiss francs) 

(Note: $1 = 0.9061 Swiss francs)