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Global Asset Management
|
Continued strong markets, net new money inflows into equities, fixed income and alternative investments mandates and ongoing cost control measures all ontributed towards a fourth quarter 2003 pre-tax profit of CHF 112 million, up by 29% from CHF 87 million in third quarter. Money market fund outflows disguised strong inflows to higher quality asset classes in the quarter.
| Quarter ended | % change from | Year ended | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
31.12. |
30.9. |
31.12. | 3Q03 | 4Q02 |
31.12. |
31.12. |
228 | 253 | 223 | (10) | 2 | 922 | 865 | |
Wholesale Intermediary fees | 223 | 218 | 178 | 2 | 25 | 815 | 790 |
Total operating income | 451 | 471 | 401 | (4) | 12 | 1,737 | 1,655 |
Personnel expenses | 200 | 221 | 191 | (10) | 5 | 816 | 774 |
General and administrative expenses | 96 | 116 | 124 | (17) | (23) | 407 | 447 |
Depreciation | 10 | 6 | 11 | 67 | (9) | 29 | 29 |
Amortization of goodwill and other intangible assets | 33 | 41 | 41 | (20) | (20) | 153 | 186 |
Total operating expenses | 339 | 384 | 367 | (12) | (8) | 1,405 | 1,436 |
Business Group performance before tax | 112 | 87 | 34 | 29 | 229 | 332 | 219 |
Business Group performance before tax and amortization of goodwill and other intangible assets | 145 | 128 | 75 | 13 | 93 | 485 | 405 |
KPI's | |||||||
Cost/income ratio (%) 1 | 75 | 82 | 92 | 81 | 87 | ||
68 | 73 | 81 | 72 | 76 | |||
Institutional | |||||||
Invested assets (CHF billion) | 313 | 305 | 274 | 3 | 14 | ||
of which: money market funds | 14 | 16 | 19 | (13) | (26) | ||
Net new money (CHF billion) | 1.4 | 6.3 | 2.4 | 12.7 | (1.4) | ||
of which: money market funds | (1.6) | (0.9) | 2.3 | (5.0) | (1.8) | ||
Gross margin on invested assets (bps) 4 | 30 | 34 | 33 | (12) | (9) | 32 | 29 |
Wholesale intermediary | |||||||
261 | 267 | 259 | (2) | 1 | |||
of which: money market funds | 87 | 102 | 106 | (15) | (18) | ||
Net new money (CHF billion) 3 | (8.3) | (1.4) | (0.8) | (5.0) | (6.3) | ||
(12.5) | (7.2) | (2.4) | (23.0) | (6.9) | |||
Gross margin on invested assets (bps) 4 | 34 | 32 | 27 | 6 | 26 | 31 | 27 |
| Additional Information | % change from | ||||
|---|---|---|---|---|---|
As at |
31.12. |
30.9. |
31.12. | 3Q03 | 4Q02 |
Client assets (CHF billion) | 574 | 572 | 533 | 0 | 8 |
Regulatory equity allocated (average) | 1,000 | 1,000 | 1,000 | 0 | 0 |
Headcount (full-time equivalents) | 2,689 | 2,674 | 2,733 | 1 | (2) |
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