SWITZERLAND - Vontobel Group has a issued a full year profits warning as it ushers in a new chief financial officer.
The firm blamed slumps in the equity markets, and the International Accounting Standard for the losses.
“As things stand, the Vontobel Group under will fail to achieve the results it posted last year,” the group said in statement.
Last year Vontobel registered CHF33.2m net profit (CHF139.5m : operating profit).
Zeno Staub has been appointed as chief financial officer of the Vontobel Group, effective January 1, 2003.
He replaces Urs Ernst who is leaving to embark on a new career, said Vontobel.
Ernst was CFO for two years and will continue to consult independently on pension issues for Zurich-based Vontobel.
Previously, Staub was was a founder and managing partner of Almafin, where he specialised in risk management and asset liability management.
In the last two years, he played a part in a number of projects at Vontobel, including the implementation of IAS to group accounts.
Vontobel recently shed 50 jobs, mainly in Zurich, and is now focussing its foreign overseas activities. In Germany, the asset management will be serviced from Cologne and Munich. The brokerage business in the US market will be covered from Zurich. The group’s asset management in New York will continue to be run by Vontobel.
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