UBS - Global Asset Management

Global Asset Management's pre-tax profit was CHF 369 million in third quarter 2007, up from CHF 66 million in second quarter 2007, which included DRCM closure costs of CHF 384 million. Excluding DRCM closure costs, pre-tax profit fell 18% from CHF 450 million in second quarter. This largely reflected a decline in performance fees - particularly in alternative and quantitative investments and in the Brazilian asset management business.

Search only in Quarterly Reporting Q3 2007

Spreadsheets

Business Group reporting

Business Group 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
Institutional fees	503	642	392	(22)	28	1,730	1,233
Wholesale Intermediary fees	439	436	336	1	31	1,287	1,044
Total operating income	942	1,078	728	(13)	29	3,017	2,277
Cash components	376	558	318	(33)	18	1,298	886
Share-based components ¹	37	220	73	(83)	(49)	316	133
Total personnel expenses	413	778	391	(47)	6	1,614	1,019
General and administrative expenses	107	162	99	(34)	8	384	266
Services (to) / from other business units	42	33	(53)	27		118	(18)
Depreciation of property and equipment	5	35	6	(86)	(17)	47	17
Amortization of intangible assets	6	4	1	50	500	15	1
Total operating expenses	573	1,012 ²	444	(43)	29	2,178 ²	1,285
Business Group performance before tax	369	66	284	459	30	839	992

KPI
Cost / income ratio (%) ³	60.8	93.9	61.0			72.2	56.4

Institutional
Invested assets (CHF billion)	557	552	484	1	15
of which: money market funds	31	25	27	24	15
Net new money (CHF billion) ⁴	(1.2)	(2.5)	12.6			(1.0)	24.6
of which: money market funds	*4.4*	2.1	7.9			2.6	10.3
Gross margin on invested assets (bps) ⁵	36	48	34	(25)	6	43	36
1 Additionally includes social security contributions and expenses related to alternative investment awards. 2 Includes CHF 384 million related to the closure of DRCM. 3 Operating expenses / income. 4 Excludes interest and dividend income. 5 Operating income (annualized as applicable) / average invested assets.
Business Group reporting (continued)
	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

Wholesale Intermediary
Invested assets (CHF billion)	376	368	339	2	11
of which: money market funds	64	58	60	10	7
Net new money (CHF billion) ¹	(1.6)	0.5	2.9			1.5	7.1
of which: money market funds	*1.7*	(0.9)	0.9			(1.1)	(1.6)
Gross margin on invested assets (bps) ²	47	48	41	(2)	15	47	42

Capital return and BIS data
Return on allocated regulatory capital (%) ³						53.5	83.0
BIS risk-weighted assets	3,087	2,610	2,377	18	30
Goodwill and excess intangible assets ⁴	2,036	1,910	1,384	7	47
Allocated regulatory capital ⁵	2,345	2,171	1,622	8	45

Additional information
Invested assets (CHF billion)	933	920	823	1	13
Net new money (CHF billion) ¹	(2.8)	(2.0)	15.5			0.5	31.7
Personnel (full-time equivalents)	3,569	3,426	3,261	4	9
1 Excludes interest and dividend income. 2 Operating income (annualized as applicable) / average invested assets. 3 Year to date Business Group performance before tax (annualized as applicable) / allocated regulatory capital year to date average. 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.

Top

Global Asset Management

Business Group reporting