UBS - Global Asset Management

Pre-tax profit for Global Asset Management was CHF 352 million in second quarter 2008, up by 7% from CHF 330 million in first quarter 2008. This reflects both higher performance fees, particularly in alternative and quantitative investments, and lower personnel expenses - mainly due to changes to the forfeiture provisions of future equity ownership plan awards.

Search only in Quarterly Reporting Q2 2008

Spreadsheets

Business group reporting

Business group reporting
	As of or for the quarter ended			% change from		Year-to-date
CHF million, except where indicated	30.6.08	31.3.08	30.6.07	1Q08	2Q07	30.6.08	30.6.07
Institutional fees	472	427	642	11	(26)	898	1,227
Wholesale intermediary fees	336	364	436	(8)	(23)	701	848
Total operating income	808	791	1,078	2	(25)	1,599	2,075
Cash components	323	290	558	11	(42)	613	922
Share-based components ¹	(32)	13	79			(19)	147
Total personnel expenses	291	303	637	(4)	(54)	595	1,069
General and administrative expenses	113	104	162	9	(30)	217	277
Services (to) / from other business units	34	39	33	(13)	3	73	76
Depreciation of property and equipment	8	7	35	14	(77)	15	42
Amortization of intangible assets	10	8	4	25	150	18	9
Total operating expenses	456	461	871	(1)	(48)	917	1,473
Business group performance before tax	352	330	207	7	70	682	602

Key performance indicators
Cost / income ratio (%) ²	56.4	58.3	80.8			57.3	71.0

Institutional
Invested assets (CHF billion)	448	445	552	1	(19)
of which: money market funds	41	40	25	3	64
Net new money (CHF billion) ³	(8.4)	(9.6)	(2.5)			(17.9)	0.2
of which: money market funds	*(0.3)*	5.1	2.1			4.9	(1.8)
Gross margin on invested assets (bps) ⁴	42	35	48	20	(13)	39	46
1 Additionally includes social security contributions and expenses related to alternative investment awards. 2 Operating expenses / income. 3 Excludes interest and dividend income. 4 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	30.6.08	31.3.08	30.6.07	1Q08	2Q07	30.6.08	30.6.07

Wholesale intermediary
Invested assets (CHF billion)	310	320	368	(3)	(16)
of which: money market funds	75	73	58	3	29
Net new money (CHF billion) ¹	(16.1)	(6.9)	0.5			(23.1)	3.1
of which: money market funds	*(0.1)*	9.9	(0.9)			9.8	(2.8)
Gross margin on invested assets (bps) ²	43	42	48	2	(10)	43	48

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ³	3.0	3.0		0
Return on attributed equity (RoaE) (%) ⁴						45.5
BIS risk-weighted assets (CHF billion) ⁵	6.2	6.5	2.6	(5)
Return on BIS risk-weighted assets (%) ⁶						21.2	44.2
Goodwill and intangible assets (CHF billion) ⁷	2.5	2.4	1.9	4

Additional information
Invested assets (CHF billion)	757	765	920	(1)	(18)
Net new money (CHF billion) ¹	(24.5)	(16.5)	(2.0)			(41.0)	3.3
Personnel (full-time equivalents)	3,861	3,901	3,426	(1)	13
1 Excludes interest and dividend income. 2 Operating income (annualized as applicable) / average invested assets. 3 See this page for further explanation. 4 Year-to-date business group performance before tax (annualized as applicable) / attributed equity (year-to-date average). 5 BIS risk-weighted assets (RWA) are according to Basel II; for quarters prior to 1Q08, RWA are according to the Basel I framework. 6 Year-to-date business group performance before tax (annualized as applicable) / BIS RWA (year-to-date average). 7 Quarters prior to 1Q08 represent goodwill and intangible assets in excess of 4% of BIS tier 1 capital.

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Global Asset Management

Business group reporting