45 Client assets
in CHF million | 31.12.2025 | 31.12.2024 | Variance absolute | Variance in % |
Analysis of client assets under management | ||||
Assets in self-administered investment funds | 13,588.4 | 12,520.0 | 1,068.4 | 8.5 |
Assets in discretionary asset management accounts | 5,446.4 | 4,484.7 | 961.7 | 21.4 |
Other client assets under management | 34,648.8 | 33,744.5 | 904.3 | 2.7 |
Total client assets under management (including amounts counted twice) | 53,683.6 | 50,749.2 | 2,934.4 | 5.8 |
of which amounts counted twice | 2,436.5 | 1,879.7 | 556.8 | 29.6 |
Change of assets under management | ||||
Total client assets under management (including amounts counted twice) at the beginning of the financial year | 50,749.2 | 46,351.9 | 4,397.3 | 9.5 |
of which net new money | 1,157.1 | 463.6 | 693.4 | 149.6 |
of which change in market value | 1,777.3 | 3,933.7 | –2,156.3 | –54.8 |
Total client assets under management (including amounts counted twice) as of balance sheet date | 53,683.6 | 50,749.2 | 2,934.4 | 5.8 |
Custody assets | 4,657.0 | 5,645.2 | –988.2 | –17.5 |
Total client assets | ||||
Total client assets under management (including amounts counted twice) | 53,683.6 | 50,749.2 | 2,934.4 | 5.8 |
Custody assets | 4,657.0 | 5,645.2 | –988.2 | –17.5 |
Total client assets | 58,340.6 | 56,394.3 | 1,946.2 | 3.5 |
Net new money | 1,157.1 | 463.6 | 693.4 | 149.6 |
Calculation method
Client assets under management are all client assets managed or held for investment purposes for which investment advisory and wealth management services are provided. This generally includes all liabilities to clients, fiduciary time deposits and all valued portfolio holdings. The calculation is based according to the guidelines issued by the Liechtenstein government on the Banking Accounting Ordinance (FL-BankO). (Art. 98, table P) and the internal guidelines of VP Bank Group.
Assets in self-administered funds
This item includes the assets of all managed and administered investment funds of VP Bank Group.
Assets in discretionary asset management accounts
The calculation of assets in discretionary asset management accounts includes securities, book-entry securities, precious metals, fiduciary investments placed with third parties at market value as well as client deposits. The information includes assets deposited with Group companies as well as assets deposited with third parties for which Group companies have a management mandate.
Other client assets under management
The calculation of other client assets under management includes securities, book-entry securities, precious metals, fiduciary investments placed with third parties at market value as well as client deposits. The information relates to assets for which an administrative or advisory mandate is exercised.
Amounts counted twice
This position includes fund units from self-managed funds held in client securities accounts with a wealth management mandate, and the other client securities accounts.
Net new money inflow/outflow
This item consists of the acquisition of new clients, client departures and the inflow or outflow of client funds. Performance-related changes in assets such as price changes, interest and dividend payments as well as interest charged to clients are not considered inflows or outflows. Acquisitions and disposals are reported separately and do not represent an inflow or outflow in net new money. If the service provided changes and assets under management are therefore reclassified as custody assets or vice versa, this is recognised as an outflow or inflow in net new money. In 2025, reclassifications of CHF 0 (2024: CHF 498.4 million) are included in net new money. Excluded from this practice is, for example, regulatory blocking by the supervisory authorities. Such reclassifications are not recognised in net new money but under other effects.
Custody assets
Assets held exclusively for transaction and safekeeping purposes for which VP Bank Group limits itself to safekeeping and encashment.