 | Analysts & Investors | | Annual Reporting 2005 |
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Annual Review 2005
| At a glance | |
Living "You & Us"
That is why, for this year's Annual Review, we asked our employees what "You & Us" means to them. After all, it is only through them that the phrase has any kind of significance. We believe their answers, which appear throughout this Annual Review, give it extra meaning, and provide a deeper understanding of UBS. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
In 2005, pre-tax profit, at CHF 4,161 million, was up 20% from the pre-goodwill result in 2004. This increase reflects favorable equity markets, which drove a 17% increase in revenues through higher asset-based fees, and strengthening client activity. Rising interest income, a reflection of the expansion of our margin lending activities, also bolstered revenues. At the same time, our expenses, up 15% in 2005 from 2004 (pre-goodwill), reflect our ongoing growth strategy. Personnel expenses, up 22%, rose due to the hiring of 1,462 new employees.
Global Asset Management
We had a very strong full-year result in 2005. Pre-tax profit was CHF 1,057 million, an increase of 55% from the 2004 pre-tax profit (before goodwill) of CHF 681 million. The increase was driven by higher operating income, which rose 23%, reflecting strong net new money inflows and rising financial markets that resulted in higher asset valuations and improved margins. In addition, performance fees, particularly in alternative and quantitative investments, increased. This was only partially offset by a slight rise in operating expenses, mainly due to higher personnel expenses, which followed business growth.
Investment Bank
2005 was our most profitable year since 2000. Pre-tax profit was CHF 5,181 million, up 12% from 2004. Before goodwill, pre-tax profit was up 6%. The result was driven by strong revenues in investment banking and in equities, reflecting our successful expansion in significant growth areas such as M&A, equity derivatives and prime brokerage. At the same time, costs increased as our business continued to expand.
Industrial Holdings
On 31 December 2005, the Industrial Holdings segment was made up by UBS’s private equity investments and Motor-Columbus, a financial holding company whose only significant asset isa59.3% interest in the Atel Group, a European energy provider.
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