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Global Asset Management
|
Global Asset Management’s pre-tax profit was CHF 164 million in fourth quarter 2004 – our best quarterly result since 2000. Higher market valuations, coupled with strong net new money inflows and increased performance-related fees, resulted in rising revenues across all our businesses. Operating expenses decreased in the quarter, largely reflecting a fall in restructuring provisions.
| Quarter ended | % change from | Year ended | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
31.12. |
30.9. |
31.12. | 3Q04 | 4Q03 |
31.12. |
31.12. |
Institutional fees | 287 | 254 | 228 | 13 | 26 | 1,085 | 922 |
Wholesale Intermediary fees | 239 | 237 | 223 | 1 | 7 | 937 | 815 |
Total operating income | 526 | 491 | 451 | 7 | 17 | 2,022 | 1,737 |
Personnel expenses | 204 | 229 | 198 | (11) | 3 | 901 | 806 |
General and administrative expenses | 91 | 90 | 62 | 1 | 47 | 299 | 265 |
Services to / from other business units | 30 | 30 | 37 | 0 | (19) | 126 | 156 |
Depreciation | 6 | 5 | 9 | 20 | (33) | 23 | 25 |
Amortization of goodwill and other intangible assets | 31 | 32 | 33 | (3) | (6) | 129 | 153 |
Total operating expenses | 362 | 386 | 339 | (6) | 7 | 1,478 | 1,405 |
Business Group performance before tax | 164 | 105 | 112 | 56 | 46 | 544 | 332 |
Business Group performance before tax and amortization | 195 | 137 | 145 | 42 | 34 | 673 | 485 |
| |||||||
KPIs | |||||||
Cost / income ratio (%)1 | 68.8 | 78.6 | 75.2 |
|
| 73.1 | 80.9 |
Cost / income ratio before goodwill (%)2 | 72.1 | 67.8 |
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| 66.7 | 72.1 | |
Institutional | |||||||
Invested assets (CHF billion) | 344 | 342 | 313 | 1 | 10 | ||
of which: money market funds | 17 | 19 | 14 | (11) | 21 | ||
Net new money (CHF billion)3 | 3.0 | 3.0 | 1.4 |
|
| 23.7 | 12.7 |
of which: money market funds | (0.5) | (0.2) | (1.6) |
|
| (1.2) | (5.0) |
Gross margin on invested assets (bps)4 | 30 | 30 | 10 | 10 | 32 | 32 | |
Wholesale Intermediary | |||||||
Invested assets (CHF billion) | 257 | 259 | 261 | (1) | (2) | ||
of which: money market funds | 64 | 71 | 87 | (10) | (26) | ||
Net new money (CHF billion)3 | 0.5 | 1.0 | (8.3) |
|
| (4.5) | (5.0) |
of which: money market funds | (3.3) | (2.6) | (12.5) |
|
| (20.6) | (23.0) |
Gross margin on invested assets (bps)4 | 37 | 37 | 34 | 0 | 9 | 36 | 31 |
| Additional Information | % change from | ||||
|---|---|---|---|---|---|
As at |
31.12. |
30.9. |
31.12. | 3Q04 | 4Q03 |
Client assets (CHF billion) | 601 | 601 | 574 | 0 | 5 |
Regulatory equity allocated (average) | 900 | 950 | 1,000 | (5) | (10) |
Headcount (full-time equivalents) | 2,665 | 2,639 | 2,627 | 1 | 1 |
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