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Global Asset Management
Business Group reporting
|
Global Asset Management achieved pre-tax profits of CHF 334 million in second quarter 2006, down 11% from CHF 374 million in first quarter 2006, but 52% higher than CHF 220 million in second quarter 2005. Performance-based fees fell from first quarter 2006, especially in alternative and quantitative investments. Investment management fees, however, continued to rise on the back of strong net new money inflows in first quarter and the higher asset base in the first part of second quarter.
| Spreadsheets |
Quarter ended | % change from | Year to date | |||||
CHF million, except where indicated | 30.6.06 | 31.3.06 | 30.6.05 | 1Q06 | 2Q05 | 30.6.06 | 30.6.05 |
Institutional fees | 462 | 279 | (18) | 36 | 841 | 579 | |
Wholesale Intermediary fees | 347 | 270 | 4 | 34 | 708 | 539 | |
Total operating income | 740 | 809 | 549 | (9) | 35 | 1,549 | 1,118 |
Cash components | 275 | 293 | 189 | (6) | 46 | 568 | 419 |
Share-based components 1 | 36 | 24 | 21 | 50 | 71 | 60 | 42 |
Total personnel expenses | 311 | 317 | 210 | (2) | 48 | 628 | 461 |
General and administrative expenses | 83 | 84 | 80 | (1) | 4 | 167 | 142 |
Services to / from other business units | 6 | 29 | 34 | (79) | (82) | 35 | 61 |
Depreciation of property and equipment | 6 | 5 | 5 | 20 | 20 | 11 | 10 |
Amortization of intangible assets | 0 | 0 | 0 | 0 | 0 | ||
Total operating expenses | 406 | 435 | 329 | (7) | 23 | 841 | 674 |
Business Group performance before tax | 334 | 374 | 220 | (11) | 52 | 708 | 444 |
| KPIs | |||||||
Cost / income ratio (%) 2 | 54.9 | 53.8 | 59.9 | 54.3 | 60.3 | ||
| Institutional | |||||||
Invested assets (CHF billion) | 451 | 466 | 396 | (3) | 14 | ||
of which: money market funds | 18 | 18 | 18 | 0 | 0 | ||
Net new money (CHF billion) 3 | 7.1 | 2.7 | 12.0 | 7.8 | |||
of which: money market funds | 0.4 | 2.0 | (1.5) | 2.4 | (0.6) | ||
Gross margin on invested assets (bps) 4 | 33 | 41 | 29 | (20) | 14 | 37 | 31 |
| Wholesale Intermediary | |||||||
Invested assets (CHF billion) | 320 | 335 | 290 | (4) | 10 | ||
of which: money market funds | 57 | 61 | 63 | (7) | (10) | ||
Net new money (CHF billion) 3 | 5.5 | 6.2 | 4.2 | 10.9 | |||
of which: money market funds | (1.5) | (1.0) | (4.5) | (2.5) | (7.0) | ||
Gross margin on invested assets (bps) 4 | 44 | 42 | 39 | 5 | 13 | 43 | 40 |
| Capital return and BIS data | |||||||
Return on allocated regulatory capital (%) 5 | 88.9 | 61.3 | |||||
BIS risk-weighted assets | 2,146 | 1,765 | 1,629 | 22 | 32 | ||
Goodwill | 1,355 | 1,427 | 1,389 | (5) | (2) | ||
Allocated regulatory capital 6 | 1,570 | 1,604 | 1,552 | (2) | 1 | ||
Additional information | As at | % change from | |||||
30.6.06 | 31.3.06 | 30.6.05 | 31.3.06 | 30.6.05 | |||
Invested assets (CHF billion) | 771 | 801 | 686 | (4) | 12 | ||
Personnel (full-time equivalents) | 3,144 | 2,929 | 2,719 | 7 | 16 | ||
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