Global Asset Management

Business Group reporting

Global Asset Management’s pre-tax result was CHF 374 million in first quarter 2006, 23% higher than the CHF 305 million achieved in fourth quarter 2005, and 67% above the CHF 224 million reported in first quarter 2005. Strong performance fees earned in alternative and quantitative investments as well as in traditional asset classes combined with higher asset-based fees, reflecting both net new money inflows and rising financial markets, contributed to this performance.

Search only in Quarterly Reporting Q1 2006

Spreadsheets

Business Group reporting


Business Group reporting
	Quarter ended			% change from
CHF million, except where indicated	31.3.06	31.12.05	31.3.05	4Q05	1Q05
Institutional fees	462	388	300	19	54
Wholesale Intermediary fees	347	310	269	12	29
Total operating income	809	698	569	16	42
Cash components	293	241	230	22	27
Share-based components ¹	24	25	21	(4)	14
Total personnel expenses	317	266	251	19	26
General and administrative expenses	84	89	62	(6)	35
Services to / from other business units	29	31	27	(6)	7
Depreciation of property and equipment	5	6	5	(17)	0
Amortization of intangible assets	0	1	0	(100)
Total operating expenses	435	393	345	11	26
Business Group performance before tax	374	305	224	23	67

KPIs
Cost / income ratio (%) ²	53.8	56.3	60.6

Institutional
Invested assets (CHF billion)	466	441	366	6	27
of which: money market funds	18	16	20	13	(10)
Net new money (CHF billion) ³	7.1	4.3	5.1
of which: money market funds	2.0	(0.9)	0.9
Gross margin on invested assets (bps) ⁴	41	36	34	14	21

1 Additionally includes related social security contributions and expenses related to alternative investment awards. 2 Operating expenses / operating income. 3 Excludes interest and dividend income. 4 Operating income (annualized) / average invested assets.

	Quarter ended			% change from
CHF million, except where indicated	31.3.06	31.12.05	31.3.05	4Q05	1Q05

Wholesale Intermediary
Invested assets (CHF billion)	335	324	269	3	25
of which: money market funds	61	62	64	(2)	(5)
Net new money (CHF billion) ¹	5.5	6.6	4.7
of which: money market funds	(1.0)	(1.1)	(2.5)
Gross margin on invested assets (bps) ²	42	39	41	8	2

Capital return and BIS data
Return on allocated regulatory capital (%) ³	93.5	69.9	63.9
BIS risk-weighted assets	1,765	1,570	1,986	12	(11)
Goodwill	1,427	1,438	1,245	(1)	15
Allocated regulatory capital ⁴	1,604	1,595	1,444	1	11

Additional information		As at		% change from
	31.3.06	31.12.05	31.3.05	31.12.05	31.3.05
Invested assets (CHF billion)	801	765	635	5	26
Personnel (full-time equivalents)	2,929	2,861	2,703	2	8

1 Excludes interest and dividend income. 2 Operating income (annualized) / average invested assets. 3 Year to date Business Group performance before tax (annualized as applicable) / allocated regulatory capital year to date average. 4 10% of BIS risk-weighted assets plus goodwill.

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