July 27, 2018 / 5:14 AM / 2 months ago

Swiss bank Vontobel raises mid-term goals as assets under management rise to record

ZURICH, July 27 (Reuters) - Swiss private bank Vontobel raised its mid-term profit target on Friday, as assets under management at the end of the first half of 2018 rose to a record 168.6 billion francs ($169.62 billion).

The 94-year-old bank is increasing its 2020 profitability target, with the cost/income ratio seen improving to less than 72 percent from a previous target of 75 percent, and the return on equity to exceed 14 percent, up from 12 percent. ($1 = 0.9940 Swiss francs) (Reporting by John Miller; Editing by Subhranshu Sahu)

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