UBS - Global Asset Management

Search only in Quarterly Reporting Q3 2008

Spreadsheets

Division reporting

Pre-tax profit for Global Asset Management was CHF 415 million in third quarter 2008, up CHF 63 million, or 18%, from CHF 352 million in the prior quarter. The increase includes a gain of CHF 168 million on the sale of a minority stake in Adams Street Partners.

Division reporting
	As of or for the quarter ended			% change from		Year-to-date
CHF million, except where indicated	30.9.08	30.6.08	30.9.07	2Q08	3Q07	30.9.08	30.9.07
Institutional fees	525¹	472	503	11	4	1,424	1,730
Wholesale intermediary fees	302	336	439	(10)	(31)	1,003	1,287
Total operating income	827	808	942	2	(12)	2,426	3,017
Cash components	244	323	376	(24)	(35)	857	1,298
Share-based components ²	15	(32)	39		(62)	(4)	186
Total personnel expenses	258	291	415	(11)	(38)	853	1,484
General and administrative expenses	100	113	107	(12)	(7)	317	384
Services (to) / from other business units	38	34	42	12	(10)	111	118
Depreciation of property and equipment	7	8	5	(13)	40	22	47
Amortization of intangible assets	9	10	6	(10)	50	27	15
Total operating expenses	413	456	575	(9)	(28)	1,330	2,048
Division performance before tax	415	352	367	18	13	1,097	969

Key performance indicators
Cost / income ratio (%) ³	49.9	56.4	61.0			54.8	67.9

Institutional
Invested assets (CHF billion)	419	448	557	(6)	(25)
of which: money market funds	39	41	31	(5)	26
Net new money (CHF billion) ⁴	(21.0)	(8.4)	(1.2)			(38.9)	(1.0)
of which: money market funds	*(4.9)*	(0.3)	4.4			0.0	2.6
Gross margin on invested assets (bps) ⁵	48	42	36	14	33	42	43
1 Includes a gain of CHF 168 million on the sale of a minority stake in Adams Street Partners. Further information can be found in Note 12 to the financial statements in this report. 2 Additionally includes social security contributions and expenses related to alternative investment awards. 3 Operating expenses / income. 4 Excludes interest and dividend income. 5 Operating income (annualized as applicable) / average invested assets.

Division reporting (continued)
	As of or for the quarter ended			% change from		Year-to-date
CHF million, except where indicated	30.9.08	30.6.08	30.9.07	2Q08	3Q07	30.9.08	30.9.07

Wholesale intermediary
Invested assets (CHF billion)	289	310	376	(7)	(23)
of which: money market funds	79	75	64	5	23
Net new money (CHF billion) ¹	(13.4)	(16.1)	(1.6)			(36.5)	1.5
of which: money market funds	*(0.3)*	(0.1)	1.7			9.5	(1.1)
Gross margin on invested assets (bps) ²	40	43	47	(7)	(15)	42	47

Attributed equity and risk-weighted assets
Average attributed equity (CHF billion) ³	3.0	3.0		0
Return on attributed equity (RoaE) (%) ⁴						48.8
BIS risk-weighted assets (CHF billion) ⁵	8.0	6.2		29
Return on BIS risk-weighted assets (%) ⁶						22.0	46.7
Goodwill and intangible assets (CHF billion) ⁷	2.5	2.5		0

Additional information
Invested assets (CHF billion)	708	757	933	(6)	(24)
Net new money (CHF billion) ¹	(34.4)	(24.5)	(2.8)			(75.4)	0.5
Personnel (full-time equivalents)	3,836	3,861	3,569	(1)	7
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 division 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 division 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

Division reporting