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Global Asset Management
|
Global Asset Management’s pre-tax profit was CHF 105 million in third quarter 2004, down CHF 26 million from CHF 131 million in second quarter. The result largely reflected restructuring provisions in our business in the Americas, which prompted operating expenses to rise. Operating income was nearly unchanged, as weakening equity markets offset inflows of net new money.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.9. |
30.6. |
30.9. | 2Q04 | 3Q03 |
30.9. |
30.9. |
Institutional fees | 254 | 264 | 253 | (4) | 0 | 798 | 694 |
Wholesale Intermediary fees | 237 | 234 | 218 | 1 | 9 | 698 | 592 |
491 | 498 | 471 | (1) | 4 | 1,496 | 1,286 | |
Personnel expenses | 229 | 234 | 219 | (2) | 5 | 697 | 608 |
General and administrative expenses | 90 | 59 | 80 | 53 | 13 | 208 | 203 |
Services to / from other business units | 30 | 34 | 39 | (12) | (23) | 96 | 119 |
Depreciation | 5 | 7 | 5 | (29) | 0 | 17 | 16 |
Amortization of goodwill and other intangible assets | 32 | 33 | 41 | (3) | (22) | 98 | 120 |
Total operating expenses | 386 | 367 | 384 | 5 | 1 | 1,116 | 1,066 |
Business Group performance before tax | 105 | 131 | 87 | (20) | 21 | 380 | 220 |
Business Group performance before tax and amortization | 137 | 164 | 128 | (16) | 7 | 478 | 340 |
KPIs | |||||||
Cost / income ratio (%)1 | 78.6 | 73.7 | 81.5 |
|
| 74.6 | 82.9 |
Cost / income ratio before goodwill (%)2 | 72.1 | 67.1 | 72.8 |
|
| 68.0 | 73.6 |
Institutional | |||||||
Invested assets (CHF billion) | 342 | 338 | 305 | 1 | 12 | ||
of which: money market funds | 19 | 17 | 16 | 12 | 19 | ||
3.0 | 7.6 | 6.3 |
|
| 20.7 | 11.3 | |
of which: money market funds | (0.2) | (1.3) | (0.9) |
|
| (0.7) | (3.4) |
Gross margin on invested assets (bps)4 | 30 | 31 | 34 | (3) | (12) | 32 | 32 |
Wholesale Intermediary | |||||||
Invested assets (CHF billion) | 259 | 257 | 267 | 1 | (3) | ||
of which: money market funds | 71 | 73 | 102 | (3) | (30) | ||
Net new money (CHF billion)3 | 1.0 | (4.6) | (1.4) |
|
| (5.0) | 3.3 |
of which: money market funds | (2.6) | (8.3) | (7.2) |
|
| (17.3) | (10.5) |
37 | 36 | 32 | 3 | 16 | 36 | 30 | |
| Additional Information | % change from | ||||
|---|---|---|---|---|---|
As at |
30.9. |
30.6. |
30.9. | 2Q04 | 3Q03 |
Client assets (CHF billion) | 601 | 595 | 572 | 1 | 5 |
Regulatory equity allocated (average) | 950 | 950 | 1,000 | 0 | (5) |
Headcount (full-time equivalents) | 2,639 | 2,604 | 2,613 | 1 | 1 |
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