Global Asset Management

Business Group reporting

Global Asset Management’s pre-tax profit was CHF 224 million in first quarter 2005, a quarterly record and an increase of 38% from fourth quarter 2004. Pre-goodwill, profit rose by 16% from fourth quarter 2004. Strong net new money inflows and higher performance-related fees, combined with a stable operating cost base, drove the increase.

Search only in Quarterly Reporting Q1 2005

Spreadsheets

Business Group reporting

	Quarter ended			% change from

CHF million, except where indicated	31.3.05	31.12.04	31.3.04	4Q04	1Q04


Institutional fees	300	287	280	5	7
Wholesale Intermediary fees	269	239	227	13	19


Total operating income	569	526	507	8	12


Cash components	230	187	207	23	11
Share-based components	21	19	23	11	(9)


Total personnel expenses	251	206	230	22	9
General and administrative expenses	62	91	59	(32)	5
Services to / from other business units	27	30	32	(10)	(16)
Depreciation	5	6	5	(17)	0
Amortization of goodwill	0	31	33	(100)	(100)
Amortization of other intangible assets	0	0	0


Total operating expenses	345	364	359	(5)	(4)


Business Group performance before tax	224	162	148	38	51


Business Group performance before tax and amortization of goodwill	224	193	181	16	24
KPIs

Cost / income ratio (%)¹	60.6	69.2	70.8
Cost / income ratio before goodwill (%)	60.6	63.3²	64.3²
Institutional

Invested assets (CHF billion)	366	344	335	6	9
of which: money market funds	20	17	19	18	5
Net new money (CHF billion)³	5.1	3.0	10.1
of which: money market funds	0.9	(0.5)	0.8
Gross margin on invested assets (bps)⁴	34	33	35	3	(3)
Wholesale Intermediary

Invested assets (CHF billion)	269	257	267	5	1
of which: money market funds	64	64	82	0	(22)
Net new money (CHF billion)⁵	4.7	0.5	(1.4)
of which: money market funds	(2.5)	(3.3)	(6.4)
Gross margin on invested assets (bps)⁶	41	37	34	11	21
Capital return and BIS data

Return on adjusted regulatory capital (%)⁷	63.9	36.4	37.0
Return on adjusted regulatory capital before goodwill (%)	63.9	44.8⁸	45.2⁸
BIS risk-weighted assets (CHF million)	1,986	1,702	1,746	17	14
Goodwill (CHF million)	1,245	1,189	1,395	5	(11)
Adjusted regulatory capital (CHF million)⁹	1,444	1,359	1,570	6	(8)

Additional Information	As at			% change from

As at	31.3.05	31.12.04	31.3.04	4Q04	1Q04


Client assets (CHF billion)	635	601	602	6	5
Headcount (full-time equivalents)	2,703	2,665	2,600	1	4

1 Operating expenses / operating income.
2 Operating expenses less the amortization of goodwill / operating income.
3 Excludes interest and dividend income.
4 Operating income (annualized) / average invested assets.
5Excludes interest and dividend income.
6 Operating income (annualized)/ average invested assets.
7 Annualized year to date Business Group performance before tax/adjusted regulatory capital year to date average.
8 Annualized year to date Business Group performance before tax and amortization of goodwill/adjusted regulatory capital year to date average.
9 10% of BIS risk-weighted assets plus goodwill.

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