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Global Asset Management
Key performance indicators
The cost / income ratio was 59.5% in first quarter 2007, an increase of 1.9 percentage points from fourth quarter 2006. This reflects lower charges for investment management services to the Investment Bank, partly offset by the increase in management fees.
Institutional
Net new money in first quarter 2007 was CHF 2.7 billion, down from CHF 5.2 billion in fourth quarter 2006. Excluding money market flows, which tend to experience larger quarterly swings than other asset classes, net new money was CHF 6.6 billion for the quarter, up from CHF 4.5 billion in fourth quarter 2006. Net inflows into fixed income, alternative and quantitative investments, multi-asset mandates and real estate were partly offset by net outflows from equity mandates.
Institutional invested assets were CHF 528 billion on 31 March 2007, up CHF 9 billion from 31 December 2006. The increase reflects higher financial markets, net new money inflows, and positive currency impacts.
The gross margin, at 45 basis points in first quarter, was unchanged compared with the prior quarter. Performance-related fees in alternative and quantitative investments remained strong but fell slightly compared with the even stronger fourth quarter 2006 result. This was offset by the impact of a full quarter of fees earned from Pactual's asset management business.
Wholesale intermediary
Net new money in first quarter 2007 was CHF 2.6 billion, compared with CHF 0.3 billion in fourth quarter 2006. Excluding money market fund flows, net new money was CHF 4.5 billion for the quarter, up from CHF 1.2 billion in fourth quarter 2006. Net inflows into multi-asset, equity and real estate funds were partly offset by outflows in fixed income funds.
Invested assets were CHF 355 billion on 31 March 2007, up CHF 8 billion from 31 December 2006. The increase reflects higher financial markets, net new money inflows and positive currency impacts.
The gross margin was 47 basis points in first quarter 2007, an increase of 4 basis points from fourth quarter, reflecting the impact of a full quarter of fees earned from Pactual's asset management business, and higher performance fees from equity funds.
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