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Global Asset Management
Key performance indicators
The pre-goodwill cost / income ratio was at a record low of 59.9% in second quarter 2005, down from 60.6% in first quarter 2005. The improvement was driven by the decline in incentive-based compensation largely reflecting lower performance-based fees in second quarter 2005.
Institutional
Institutional invested assets were CHF 396 billion on
30 June 2005, up by CHF 30 billion from 31 March 2005.
The gain reflected net new money inflows, higher financial
market valuations and positive currency impacts from the
weakening of the Swiss franc against most major currencies,
particularly the US and Canadian dollars and UK
sterling. Effective 1 April 2005, CHF 3.3 billion in invested
assets related to the acquisition of the Siemens real estate
fund business were included in institutional invested
assets.
Net new money in second quarter 2005 was CHF 2.7 billion,
compared with CHF 5.1 billion in first quarter 2005, with
the decline reflecting money market outflows. Excluding
movements related to money market funds, net new money
was CHF 4.2 billion, unchanged compared to first quarter.
Major inflows were reported in fixed income mandates as well
as into alternative investments.
The gross margin was 29 basis points in second quarter
2005, a decrease of 5 basis points from last quarter. This
reflects lower performance fees earned, particularly in alternative
investments.
Wholesale intermediary
Invested assets increased in second quarter 2005 to CHF 290
billion, up by CHF 21 billion from 31 March 2005, reflecting
strong net new money inflows, positive market performance
and currency impacts.
Net new money was CHF 6.2 billion in second quarter 2005,
up from CHF 4.7 billion in first quarter 2005. This reflects the
continued focus on new products such as global asset allocation
and sector funds, which continue to attract new investment
from clients. Excluding money market outflows, net new money
was CHF 10.7 billion, compared to CHF 7.2 billion in first
quarter. The main drivers were strong inflows into equity funds
and asset allocation funds in Europe and the Americas.
The gross margin was 39 basis points in second quarter
2005, a decrease of 2 basis points, due to lower performance
fees on alternative funds.
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