Global Asset Management

Key performance indicators: 2Q08 vs 1Q08

Cost / income ratio

The ratio improved by 1.9 percentage points, dropping to 56.4% from 58.3%, due primarily to higher performance fees and lower personnel expenses.

Institutional

Invested assets were CHF 448 billion on 30 June 2008, an increase of CHF 3 billion from 31 March 2008. This increase reflects the positive impact of currency fluctuations during second quarter, which were partly offset by net new money outflows and the negative impact of financial markets valuations.

Outflows of net new money decreased to CHF 8.4 billion from CHF 9.6 billion. Excluding money market flows, outflows decreased to CHF 8.1 billion from CHF 14.7 billion. The net outflows reported in multi-asset, fixed income and equities mandates during second quarter were partly offset by inflows into alternative and quantitative investments and real estate.

The gross margin on invested assets increased by seven basis points to 42 basis points, reflecting a rise in performance fees in alternative and quantitative investments.

Wholesale intermediary

Invested assets were CHF 310 billion on 30 June 2008, down slightly by CHF 10 billion from 31 March 2008, reflecting net new money outflows and the negative impact of financial markets valuations, partly offset by positive currency fluctuations.

Outflows of net new money increased to CHF 16.1 billion from CHF 6.9 billion. Excluding money market flows, outflows of net new money decreased to CHF 16.0 billion from CHF 16.8 billion. During second quarter, outflows were reported in multi-asset, fixed income, equities and real estate funds; while inflows were reported in alternative and quantitative investments.

The gross margin on invested assets remained relatively unchanged, up by one basis point to 43 basis points.

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