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Global Asset Management
Key performance indicators
The cost / income ratio was 60.8% in third quarter 2007, down from 93.9% in second quarter, when it was unusually high due to the closure of DRCM. Excluding DRCM-related closing expenses of CHF 384 million, the cost / income ratio was 58.3% in second quarter 2007, with the increase from second to third quarter being mainly due to lower performance fees.
Institutional
Institutional invested assets were CHF 557 billion on 30 September 2007, an increase of CHF 5 billion from 30 June 2007. The inclusion of CHF 13.8 billion from UBS Hana Asset Management, our new Korean joint venture, combined with higher financial markets, was partly offset by negative currency fluctuations and - to a lesser extent - outflows of net new money.
The outflow of net new money in third quarter 2007 was CHF 1.2 billion, down from the CHF 2.5 billion outflow in second quarter 2007. Excluding money market funds, the outflow of net new money was CHF 5.6 billion in third quarter 2007, compared with an outflow of CHF 4.6 billion in second quarter 2007. Strong inflows into higher margin products across most businesses were more than offset by outflows in equity mandates, mainly in the UK.
The gross margin was 36 basis points in third quarter 2007, a decrease of 12 basis points from last quarter, reflecting lower performance fees in alternative and quantitative investments and the Brazilian asset management business.
Wholesale intermediary
Invested assets were CHF 376 billion on 30 September 2007, up CHF 8 billion from 30 June 2007. This increase reflects the inclusion of CHF 14.7 billion from UBS Hana Asset Management in Korea and higher financial markets, partly offset by negative currency fluctuations and outflows of net new money.
The outflow of net new money in third quarter 2007 was CHF 1.6 billion, down from an inflow of CHF 0.5 billion in second quarter 2007. Excluding money market funds, the net new money outflow was CHF 3.3 billion for the quarter, compared with inflows of CHF 1.4 billion in second quarter 2007. We experienced outflows from fixed income funds in third quarter. These were mainly in Europe, the Middle East and Africa and were only partly offset by inflows into all other asset classes.
The gross margin was 47 basis points in third quarter 2007, down marginally from 48 basis points last quarter.
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