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VZ Holding's managing director for asset management to step down

Peter Stocker is stepping down as managing director for asset management at VZ Holding AG, the company said Aug. 15.

The company said Stocker is leaving the post to focus on institutional clients. He will be succeeded by Manuel Rütsche, who heads VZ Holding's VZ Quant Portfolio Services, effective Sept. 1.

The company also reported a 10.3% year-over-year rise in its first-half net profit to CHF48.7 million. CEO Matthias Reinhart also expects higher profit and revenues in 2018, compared to that in the previous year. In line with this, the company also said it could increase its dividend.