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Global Asset Management
|
Global Asset Management’s pre-tax profit was CHF 131 million in second quarter, CHF 13 million lower than the record first quarter result of CHF 144 million. Performance fees and seed capital revenues fell slightly in the period, offsetting the impact of strong inflows of net new money. Operating costs were up just 1% from the previous quarter’s level.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.6. |
31.3. |
30.6. | 1Q04 | 2Q03 |
30.6. |
30.6. |
Institutional fees | 264 | 280 | 243 | (6) | 9 | 544 | 441 |
Wholesale Intermediary fees | 234 | 227 | 194 | 3 | 21 | 461 | 374 |
Total operating income | 498 | 507 | 437 | (2) | 14 | 1,005 | 815 |
Personnel expenses | 234 | 234 | 203 | 0 | 15 | 468 | 389 |
General and administrative expenses | 59 | 59 | 62 | 0 | (5) | 118 | 123 |
Services to / from other business units | 34 | 32 | 39 | 6 | (13) | 66 | 80 |
Depreciation | 7 | 5 | 5 | 40 | 40 | 12 | 11 |
Amortization of goodwill and other | 33 | 33 | 39 | 0 | (15) | 66 | 79 |
Total operating expenses | 367 | 363 | 348 | 1 | 5 | 730 | 682 |
Business Group performance before tax | 131 | 144 | 89 | (9) | 47 | 275 | 133 |
Business Group performance before | 164 | 177 | 128 | (7) | 28 | 341 | 212 |
KPIs | |||||||
Cost / income ratio (%) 1 | 73.7 | 71.6 | 79.6 |
|
| 72.6 | 83.7 |
Cost / income ratio before goodwill (%) 2 | 67.1 | 65.1 | 70.7 |
|
| 66.1 | 74.0 |
Institutional | |||||||
Invested assets (CHF billion) | 338 | 335 | 297 | 1 | 14 | ||
of which: money market funds | 17 | 19 | 17 | (11) | 0 | ||
7.6 | 10.1 | 1.1 |
|
| 17.7 | 5.0 | |
of which: money market funds | (1.3) | 0.8 | (1.9) |
|
| (0.5) | (2.5) |
Gross margin on invested assets (bps) 4 | 31 | 35 | 35 | (11) | (11) | 33 | 32 |
Wholesale Intermediary | |||||||
Invested assets (CHF billion) | 257 | 267 | 270 | (4) | (5) | ||
of which: money market funds | 73 | 82 | 107 | (11) | (32) | ||
(4.6) | (1.4) | 1.3 |
|
| (6.0) | 4.7 | |
of which: money market funds | (8.3) | (6.4) | (3.9) |
|
| (14.7) | (3.3) |
36 | 34 | 30 | 6 | 20 | 35 | 29 | |
| Additional Information | % change from | ||||
|---|---|---|---|---|---|
As at |
30.6. |
31.3. |
30.6. | 2Q04 | 2Q03 |
Client assets (CHF billion) | 595 | 602 | 567 | (1) | 5 |
Regulatory equity allocated (average) | 950 | 1,000 | 1,000 | (5) | (5) |
Headcount (full-time equivalents) | 2,604 | 2,600 | 2,653 | 0 | (2) |
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