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Global Asset Management
Business group reporting
Global Asset Management's pre-tax profit was CHF 330 million in first quarter 2008, down 32% from CHF 485 million in fourth quarter 2007. This was mainly due to lower performance fees compared with the prior quarter, in combination with lower management fees across the business as a result of lower invested assets impacted predominantly by financial markets performance and the stronger Swiss franc.
| Spreadsheets |
Business group reporting | |||||
As of or for the quarter ended | % change from | ||||
CHF million, except where indicated | 31.3.08 | 31.12.07 | 31.3.07 | 4Q07 | 1Q07 |
Institutional fees | 640 | 585 | (33) | (27) | |
Wholesale Intermediary fees | 437 | 412 | (17) | (12) | |
Total operating income | 791 | 1,077 | 997 | (27) | (21) |
Cash components | 290 | 334 | 364 | (13) | (20) |
Share-based components 1 | 13 | 38 | 68 | (66) | (81) |
Total personnel expenses | 303 | 372 | 432 | (19) | (30) |
General and administrative expenses | 104 | 175 | 115 | (41) | (10) |
Services (to) / from other business units | 39 | 35 | 43 | 11 | (9) |
Depreciation of property and equipment | 7 | 6 | 7 | 17 | 0 |
Amortization of intangible assets | 8 | 4 | 5 | 100 | 60 |
Total operating expenses | 461 | 592 | 602 | (22) | (23) |
Business group performance before tax | 330 | 485 | 395 | (32) | (16) |
Key performance indicators | |||||
Cost / income ratio (%) 2 | 58.3 | 55.0 | 60.4 | ||
Institutional | |||||
Invested assets (CHF billion) | 445 | 522 | 528 | (15) | (16) |
of which: money market funds | 40 | 32 | 23 | 25 | 74 |
Net new money (CHF billion) 3 | (15.3) | 2.7 | |||
of which: money market funds | 5.1 | 4.1 | (3.9) | ||
Gross margin on invested assets (bps) 4 | 35 | 47 | 45 | (26) | (22) |
Business group reporting (continued) | |||||
As of or for the quarter ended | % change from | ||||
CHF million, except where indicated | 31.3.08 | 31.12.07 | 31.3.07 | 4Q07 | 1Q07 |
Wholesale Intermediary | |||||
Invested assets (CHF billion) | 320 | 369 | 355 | (13) | (10) |
of which: money market funds | 73 | 70 | 58 | 4 | 26 |
Net new money (CHF billion) 1 | (0.9) | 2.6 | |||
of which: money market funds | 9.9 | 5.9 | (1.9) | ||
Gross margin on invested assets (bps) 2 | 42 | 47 | 47 | (11) | (11) |
Attributed equity and risk-weighted assets | |||||
Average attributed equity (CHF billion) 3 | 3.0 | ||||
Return on attributed equity (RoaE) (%) 4 | 44.0 | ||||
BIS risk-weighted assets (CHF billion) 5 | 6.5 | 3.8 | 2.8 | ||
Return on BIS risk-weighted assets (%) 6 | 20.3 | 49.5 | 57.5 | ||
Goodwill and intangible assets (CHF billion) 7 | 2.4 | 2.1 | 1.7 | ||
Additional information | |||||
Invested assets (CHF billion) | 765 | 891 | 883 | (14) | (13) |
Net new money (CHF billion) 1 | (16.5) | (16.2) | 5.3 | ||
Personnel (full-time equivalents) | 3,901 | 3,625 | 3,511 | 8 | 11 |
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