UBS - Business Group reporting

Global Asset Management's pre-tax profit was CHF 400 million in fourth quarter 2006, an all-time high and up 41% from CHF 284 million in third quarter 2006. This was primarily due to strong alternative and quantitative investments' performance fees and higher management fees across the business.

Search only in Quarterly Reporting Q4 2006

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Business Group reporting

Business Group reporting
	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.06	30.9.06	31.12.05	3Q06	4Q05	31.12.06	31.12.05
Institutional fees	570	392	388	45	47	1,803	1,330
Wholesale Intermediary fees	373	336	310	11	20	1,417	1,157
Total operating income	943	728	698	30	35	3,220	2,487
Cash components	419	318	241	32	74	1,305	899
Share-based components ¹	65	73	25	(11)	160	198	89
Total personnel expenses	484	391	266	24	82	1,503	988
General and administrative expenses	133	99	89	34	49	399	304
Services (to) / from other business units	(87)	(53)	31	(64)		(105)	116
Depreciation of property and equipment	10	6	6	67	67	27	21
Amortization of intangible assets	3	1	1	200	200	4	1
Total operating expenses	543	444	393	22	38	1,828	1,430
Business Group performance before tax	400	284	305	41	31	1,392	1,057

KPIs
Cost / income ratio (%) ²	57.6	61.0	56.3			56.8	57.5

Institutional
Invested assets (CHF billion)	519	484	441	7	18
of which: money market funds	28	27	16	4	75
Net new money (CHF billion) ³	5.2	12.6	4.3			29.8	21.3
of which: money market funds	*0.7*	7.9	(0.9)			11.0	(3.0)
Gross margin on invested assets (bps) ⁴	45	34	36	32	25	38	34
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.

	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.06	30.9.06	31.12.05	3Q06	4Q05	31.12.06	31.12.05

Wholesale Intermediary
Invested assets (CHF billion)	347	339	324	2	7
of which: money market funds	59	60	62	(2)	(5)
Net new money (CHF billion) ¹	0.3	2.9	6.6			7.4	28.2
of which: money market funds	*(0.9)*	0.9	(1.1)			(2.5)	(9.7)
Gross margin on invested assets (bps) ²	43	41	39	5	10	43	40

Capital return and BIS data
Return on allocated regulatory capital (%) ³						84.8	69.9
BIS risk-weighted assets	2,723	2,377	1,570	15	73
Goodwill and excess intangible assets ⁴	1,677	1,384	1,438	21	17
Allocated regulatory capital ⁵	1,949	1,622	1,595	20	22

Additional information
Invested assets (CHF billion)	866	823	765	5	13
Net new money (CHF billion)	5.5	15.5	10.9			37.2	49.5
Personnel (full-time equivalents)	3,436	3,261	2,861	5	20
1 Excludes interest and dividend income. 2 Operating income (annualized) / average invested assets. 3 Business Group performance before tax / average allocated regulatory capital. 4 Goodwill and intangible assets in excess of 4% of BIS Tier 1 capital. 5 10% of BIS risk-weighted assets plus goodwill and excess intangible assets.