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Global Asset Management
|
Pre-tax profit in third quarter 2003 was CHF 87 million, marginally lower than the strong CHF 89 million result achieved in second quarter. Despite outflows of CHF 8.1 billion from lower margin money market funds, net new money was CHF 4.9 billion, driven by buoyant asset inflows into alternative and quantitative investments as well as into equity and asset allocation mandates.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.9. |
30.6. |
30.9. | 2Q03 | 3Q02 |
30.9. |
30.9. |
Institutional fees | 253 | 243 | 176 | 4 | 44 | 694 | 642 |
Wholesale Intermediary fees | 218 | 194 | 183 | 12 | 19 | 592 | 612 |
471 | 437 | 359 | 8 | 31 | 1,286 | 1,254 | |
Personnel expenses | 221 | 207 | 168 | 7 | 32 | 616 | 583 |
General and administrative expenses | 116 | 96 | 106 | 21 | 9 | 311 | 323 |
Depreciation | 6 | 6 | 6 | 0 | 0 | 19 | 18 |
Amortization of goodwill and other intangible assets | 41 | 39 | 46 | 5 | (11) | 120 | 145 |
Total operating expenses | 384 | 348 | 326 | 10 | 18 | 1,066 | 1,069 |
Business Group performance before tax | 87 | 89 | 33 | (2) | 164 | 220 | 185 |
Business Group performance before tax and amortization of goodwill and other intangible assets | 128 | 128 | 79 | 0 | 62 | 340 | 330 |
KPI's | |||||||
Cost/income ratio (%) 1 | 82 | 80 | 91 | 83 | 85 | ||
Cost/ income ratio before goodwill (%) 2 | 73 | 71 | 78 | 74 | 74 | ||
Institutional | |||||||
Invested assets (CHF billion) | 305 | 297 | 273 | 3 | 12 | ||
of which: money market funds | 16 | 17 | 18 | (6) | (11) | ||
6.3 | 1.1 | (3.6) | 11.3 | (3.8) | |||
of which: money market funds | (0.9) | (1.9) | (3.8) | (3.4) | (4.1) | ||
Gross margin on invested assets (bps) 4 | 34 | 35 | 24 | (3) | 42 | 32 | 28 |
Wholesale intermediary | |||||||
Invested assets (CHF billion) | 267 | 270 | 270 | (1) | (1) | ||
of which: money market funds | 102 | 107 | 117 | (5) | (13) | ||
(1.4) | 1.3 | 0.8 | 3.3 | (5.5) | |||
of which: money market funds | (7.2) | (3.9) | 0.3 | (10.5) | (4.5) | ||
32 | 30 | 26 | 7 | 23 | 30 | 27 | |
| Additional Information | % change from | ||||
|---|---|---|---|---|---|
As at |
30.9. |
30.6. |
30.9. | 2Q03 | 3Q02 |
Client assets (CHF billion) | 572 | 567 | 543 | 1 | 5 |
Regulatory equity allocated (average) | 1,000 | 1,000 | 1,050 | 0 | (5) |
Headcount (full-time equivalents) | 2,674 | 2,714 | 2,743 | (1) | (3) |
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