From tracker certificates to digital platforms, Vontobel is using asset innovation, leveraged plays and digital tools to meet evolving European investor needs.
Vontobel’s FY2025 activity shows a continued trend compared to 2024 with the bank reporting net profit of roughly CHF280 million (US$313.6m), up about five percent year-on-year, and operating income of CHF1.4 billion and AuM rising to CHF241 billion.
We build on people - this principle underscores the importance of our exceptional team - Georg von Wattenwyl
The bank’s Structured Investment Solutions (SIS) business stood out in 2025 with operating income from the segment rising 36%, reflecting higher client activity and market-share gains in structured products distribution.
Vontobel issued 47,411 products in the public market up 13% year on year – the bank issued 41,676 publicly offered structured products in 2024, compared to 45,333 product in 2023, according to SRP data.
Jan Philipp Jung, head financial institutions Europe (structured solutions) at Bank Vontobel at the SRP Europe 2026 Awards in London on 17 March.
In the listed market, the bank continued as the number one issuer in Switzerland’s SIX exchange, a position it has held since January 2024. The structured products specialist achieved a turnover of CHF506.8m (US$567.6m) from 20,611 trades – the equivalent of a 47.1% market share.
Georg von Wattenwyl (pictured), co-head of structured solutions and treasury (SST) alongside Charles Karila at Vontobel, highlights the bank’s emphasis on quality, expertise and client alignment as key drivers behind its success.
“The key drivers behind receiving industry recognition are our unwavering commitment to consistently delivering high quality and our dedication to the industry. We build on people - this principle underscores the importance of our exceptional team, whose expertise, passion, and collaborative spirit truly differentiate us in today’s market,” he told SRP.
Innovation, von Wattenwyl noted, has been led more by developments in underlying assets than by new payoff structures or platforms.
“We anticipate this trend will continue through 2026, presenting significant growth opportunities. By staying ahead of these developments and aligning our expertise with client needs, we are well-positioned to deliver tailored solutions that resonate with clients and strengthen our market presence,” he said.
Tailwinds
Reflecting on market conditions, von Wattenwyl described 2025 as an exceptionally strong year for structured products, a momentum that has carried into 2026.
Heightened volatility, he explained, often creates favourable conditions for the sector as it “drives demand for tailored structured solutions and enables us to offer innovative opportunities aligned with investor needs”.
“As a result, we are seeing sustained interest from clients and healthy issuance trends, reinforcing the relevance of our products in dynamic markets,” added von Wattenwyl.
On structural trends, Vontobel is focused on product innovation including AMCs and QIS strategies, digitalisation and cross-border activity. Von Wattenwyl said these trends reflect the sector’s adaptability: “The structural trends shaping the industry have remained relatively consistent, reflecting stability in our sector. Digitalization continues to play a significant role, and cross-border activity opens new opportunities for growth and collaboration.”
Von Wattenwyl also highlighted strategic developments that underpin the firm’s market leadership. “We are proud to have consistently expanded our market share, which reflects the quality of our products and our expert team. Germany, our largest retail market, has been particularly significant—we achieved market leadership there this year,” he said. Beyond products, he emphasized the firm’s culture: “We have been successful in attracting and retaining top talent, which speaks to our commitment to fostering an environment where people can thrive.”
Regarding demand, tracker certificates and leveraged products have been standout performers, along with Vontobel’s deritrade MIP platform. “This year marks 20 years since the launch of deritrade MIP and 10 years since our first structured product in Italy. The platform has performed exceptionally well, reflecting growing appetite for efficient and customizable investment solutions,” Georg noted.
These shifts, he said, illustrate changes in underlying assets, payoff structures, maturities, capital protection levels and thematic exposures, highlighting Vontobel’s versatility in meeting diverse client needs.
Uncertain backdrop
Regulatory evolution has also influenced Vontobel’s approach. “By definition, regulation introduces constraints, but it also drives improvements in governance, transparency, and client engagement. While these changes add complexity, they create opportunities to differentiate ourselves through compliance, innovation, and client-centric solutions,” von Wattenwyl said.
Looking ahead, von Wattenwyl flagged both optimism and caution. “The outlook for 2026 appears positive, but global geopolitical and economic uncertainties remain. Themes such as sustainability, economic stability, and geopolitical developments will shape both opportunities and risks in the structured products space. Market participants will need to remain agile and vigilant,” he explained.
Vontobel’s recent activity from October 2024 through October 2025 illustrates this strategy in practice, with strong issuance across European markets and increasing investor appetite for tailored solutions. Tracker certificates, leveraged products and the bank’s digital platform have all contributed to sustained growth during this period.
The Swiss bank was recognised at SRP Europe 2026 in London in mid-March, with five awards: two regional accolades for Best Distributor, Europe, and Best Distributor Yield Enhancement, and three country awards for Best Performance in Germany & Austria, Best Distributor Switzerland and Best Performance Italy.
Do you have a confidential story, tip or comment you’d like to share? Contact Us | SRP (structuredretailproducts.com)