UBS - Wealth Management US

Search only in Quarterly Reporting Q3 2007

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Business Unit reporting

Business Unit reporting
	As of or for the quarter ended			% change from		Year to date
CHF million, except where indicated	30.9.07	30.6.07	30.9.06	2Q07	3Q06	30.9.07	30.9.06
Income	1,679	1,694	1,423	(1)	18	4,983	4,281
Adjusted expected credit loss ¹	(1)	(1)	0	0		(2)	0
Total operating income	1,678	1,693	1,423	(1)	18	4,981	4,281
Cash components	1,107	1,093	899	1	23	3,273	2,698
Share-based components ²	39	44	25	(11)	56	118	86
Total personnel expenses	1,146	1,137	924	1	24	3,391	2,784
General and administrative expenses	235	279	353	(16)	(33)	730	791
Services (to) / from other business units	79	79	70	0	13	238	205
Depreciation of property and equipment	20	20	19	0	5	59	55
Amortization of intangible assets	17	17	14	0	21	50	38
Total operating expenses	1,497	1,532	1,380	(2)	8	4,468	3,873
Business Unit performance before tax	181	161	43	12	321	513	408

KPIs
Invested assets (CHF billion)	870	898	811	(3)	7
Net new money (CHF billion) ³	5.1	2.5	3.4			18.5	13.0
Net new money including interest and dividend income (CHF billion) ⁴	10.6	8.9	8.9			36.3	28.8
Gross margin on invested assets (bps) ⁵	76	77	75	(1)	1	76	76
Cost / income ratio (%) ⁶	89.2	90.4	97.0			89.7	90.5
Recurring income ⁷	1,092	1,040	888	5	23	3,119	2,573
Financial advisor productivity
Revenues per advisor (CHF thousand) ⁸	208	212	188	(2)	11	623	574
Net new money per advisor (CHF thousand) ⁹	631	313	449			2,314	1,744
Invested assets per advisor (CHF thousand) ¹⁰	109,426	110,679	100,627	(1)	9

Capital return and BIS data
Return on allocated regulatory capital (%) ¹¹						11.1	9.7
BIS risk-weighted assets	17,783	19,640	18,642	(9)	(5)
Goodwill and excess intangible assets ¹²	4,114	4,269	4,105	(4)	0
Allocated regulatory capital ¹³	5,892	6,233	5,969	(5)	(1)

Additional information
Client assets (CHF billion)	950	981	892	(3)	7
Personnel (full-time equivalents)	19,255	19,171	18,292	0	5
Financial advisors (full-time equivalents)	8,175	7,982	7,856	2	4
1 In management accounts, adjusted expected credit loss rather than credit loss expense or recovery is reported for the business groups (see note 2 to the financial statements). 2 Additionally includes social security contributions and expenses related to alternative investment awards. 3 Excludes interest and dividend income. 4 For purposes of comparison with US peers. 5 Income (annualized) / average invested assets. 6 Operating expenses / income. 7 Interest, asset-based revenues for portfolio management and fund distribution, account-based and advisory fees. 8 Income (including net goodwill funding) / average number of financial advisors. 9 Net new money / average number of financial advisors. 10 Average invested assets / average number of financial advisors. 11 Year to date Business Unit performance before tax (annualized as applicable) / allocated regulatory capital year to date average. 12 Goodwill and intangible assets in excess of 4% of BIS Tier 1 Capital. 13 10% of BIS risk-weighted assets plus goodwill and excess intangible assets.

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Wealth Management US

Business Unit reporting