UBS - Global Asset Management

Global Asset Management's pre-tax profit was CHF 476 million in fourth quarter 2007, up from CHF 369 million in third quarter 2007. This largely reflected an increase in performance fees, particularly in the Brazilian asset management business and alternative and quantitative investments.

Search only in Quarterly Reporting Q4 2007

Spreadsheets

Business Group reporting

Business Group reporting
	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.07	30.9.07	31.12.06	3Q07	4Q06	31.12.07	31.12.06
Institutional fees	640	503	570	27	12	2,370	1,803
Wholesale Intermediary fees	437	439	373	0	17	1,724	1,417
Total operating income	1,077	942	943	14	14	4,094	3,220
Cash components	334	376	419	(11)	(20)	1,632	1,305
Share-based components ¹	47	37	65	27	(28)	363	198
Total personnel expenses	381	413	484	(8)	(21)	1,995	1,503
General and administrative expenses	175	107	133	64	32	559	399
Services (to) / from other business units	35	42	(87)	(17)		153	(105)
Depreciation of property and equipment	6	5	10	20	(40)	53	27
Amortization of intangible assets	4	6	3	(33)	33	19	4
Total operating expenses	601	573	543	5	11	2,779 ²	1,828
Business Group performance before tax	476	369	400	29	19	1,315	1,392

KPI
Cost / income ratio (%) ³	55.8	60.8	57.6			67.9	56.8

Institutional
Invested assets (CHF billion)	522	557	519	(6)	1
of which: money market funds	32	31	28	3	14
Net new money (CHF billion) ⁴	(15.3)	(1.2)	5.2			(16.3)	29.8
of which: money market funds	4.1	4.4	0.7			6.7	11.0
Gross margin on invested assets (bps) ⁵	47	36	45	31	4	44	38
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 ended
CHF million, except where indicated	31.12.07	30.9.07	31.12.06	3Q07	4Q06	31.12.07	31.12.06

Wholesale Intermediary
Invested assets (CHF billion)	369	376	347	(2)	6
of which: money market funds	70	64	59	9	19
Net new money (CHF billion) ¹	(0.9)	(1.6)	0.3			0.6	7.4
of which: money market funds	5.9	1.7	(0.9)			4.8	(2.5)
Gross margin on invested assets (bps) ²	47	47	43	0	9	47	43

Capital return and BIS data
Return on allocated regulatory capital (%) ³						60.7	84.8
BIS risk-weighted assets	3,784	3,087	2,723	23	39
Goodwill and excess intangible assets ⁴	2,058	2,036	1,677	1	23
Allocated regulatory capital ⁵	2,436	2,345	1,949	4	25

Additional information
Invested assets (CHF billion)	891	933	866	(5)	3
Net new money (CHF billion) ¹	(16.2)	(2.8)	5.5			(15.7)	37.2
Personnel (full-time equivalents)	3,625	3,569	3,436	2	6
1 Excludes interest and dividend income. 2 Operating income (annualized as applicable) / 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.

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Global Asset Management

Business Group reporting