UBS - Business Group reporting

Global Asset Management’s pre-tax profit was CHF 284 million in third quarter 2006, down 15% from CHF 334 million in second quarter 2006. The decrease was related mainly to Dillon Read Capital Management (DRCM), which was included in the business group’s results for the full quarter for the first time. It also reflected lower wholesale intermediary fees, a result of the decline in the average asset base during the quarter. This development was partly offset by higher management and performance fees from alternative and quantitative investments.

Search only in Quarterly Reporting Q3 2006

Spreadsheets

Business Group reporting


Business Group reporting
	As at or for the quarter ended			% change from		Year to date
CHF million, except where indicated	30.9.06	30.6.06	30.9.05	2Q06	3Q05	30.9.06	30.9.05
Institutional fees	392	379	363	3	8	1,233	942
Wholesale Intermediary fees	336	361	308	(7)	9	1,044	847
Total operating income	728	740	671	(2)	8	2,277	1,789
Cash components	318	275	239	16	33	886	658
Share-based components ¹	73	36	22	103	232	133	64
Total personnel expenses	391	311	261	26	50	1,019	722
General and administrative expenses	99	83	73	19	36	266	215
Services (to) / from other business units	(53)	6	24			(18)	85
Depreciation of property and equipment	6	6	5	0	20	17	15
Amortization of intangible assets	1	0	0			1	0
Total operating expenses	444	406	363	9	22	1,285	1,037
Business Group performance before tax	284	334	308	(15)	(8)	992	752

KPIs
Cost / income ratio (%) ²	61.0	54.9	54.1			56.4	58.0

Institutional
Invested assets (CHF billion)	484	451	425	7	14
of which: money market funds	27	18	17	50	59
Net new money (CHF billion) ³	12.6	4.9	9.2			24.6	17.0
of which: money market funds	7.9	0.4	(1.5)			10.3	(2.1)
Gross margin on invested assets (bps) ⁴	34	33	35	3	(3)	36	33

Wholesale Intermediary
Invested assets (CHF billion)	339	320	312	6	9
of which: money market funds	60	57	62	5	(3)
Net new money (CHF billion) ⁵	2.9	(1.3)	10.7			7.1	21.6
of which: money market funds	0.9	(1.5)	(1.6)			(1.6)	(8.6)
Gross margin on invested assets (bps) ⁶	41	44	41	(7)	0	42	40

Capital return and BIS data
Return on allocated regulatory capital (%) ⁷						83.0	67.4
BIS risk-weighted assets	2,377	2,146	1,573	11	51
Goodwill	1,384	1,355	1,418	2	(2)
Allocated regulatory capital ⁸	1,622	1,570	1,575	3	3

Additional information
Invested assets (CHF billion)	823	771	737	7	12
Net new money (CHF billion)	15.5	3.6	19.9			31.7	38.6
Personnel (full-time equivalents)	3,261	3,144	2,797	4	17

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. 5 Excludes interest and dividend income. 6 Operating income (annualized) / average invested assets. 7 Year to date Business Group performance before tax (annualized) / allocated regulatory capital year to date average. 8 10% of BIS risk-weighted assets plus goodwill.

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