Global Asset Management

Business Group reporting

Global Asset Management’s pre-tax profit was CHF 220 million in second quarter 2005, only CHF 4 million or 2% off the record CHF 224 million in first quarter. The result reflected lower performance fees, mainly in alternative and quantitative investments, partly offset by increasing asset-based management fees as a result of positive currency fluctuations, continued strong net new money inflows and higher market levels.

Search only in Quarterly Reporting Q2 2005

Spreadsheets

Business Group reporting

	Quarter ended			% change from		Year to date

CHF million, except where indicated	30.6.05	31.3.05	30.6.04	1Q05	2Q04	30.6.05	30.6.04


Institutional fees	279	300	264	(7)	6	579	544
Wholesale Intermediary fees	270	269	234	0	15	539	461


Total operating income	549	569	498	(4)	10	1,118	1,005


Cash components	189	230	214	(18)	(12)	419	421
Share-based components	21	21	14	0	50	42	37


Total personnel expenses	210	251	228	(16)	(8)	461	458
General and administrative expenses	80	62	59	29	36	142	118
Services to / from other business units	34	27	34	26	0	61	66
Depreciation of property and equipment	5	5	7	0	(29)	10	12
Amortization of goodwill	0	0	33		(100)	0	66
Amortization of other intangible assets	0	0	0			0	0


Total operating expenses	329	345	361	(5)	(9)	674	720


Business Group performance before tax	220	224	137	(2)	61	444	285


Business Group performance before tax and amortization of goodwill	220	224	170	(2)	29	444	351
KPIs

Cost / income ratio (%)¹	59.9	60.6	72.5			60.3	71.6
Cost / income ratio before goodwill (%)	59.9	60.6	65.9²			60.3	65.1²
Institutional

Invested assets (CHF billion)	396	366	338	8	17
of which: money market funds	18	20	17	(10)	6
Net new money (CHF billion)³	2.7	5.1	7.6			7.8	17.7
of which: money market funds	(1.5)	0.9	(1.3)			(0.6)	(0.5)
Gross margin on invested assets (bps)⁴	29	34	31	(15)	(6)	31	33
Wholesale Intermediary

Invested assets (CHF billion)	290	269	257	8	13
of which: money market funds	63	64	73	(2)	(14)
Net new money (CHF billion)⁵	6.2	4.7	(4.6)			10.9	(6.0)
of which: money market funds	(4.5)	(2.5)	(8.3)			(7.0)	(14.7)
Gross margin on invested assets (bps)⁶	39	41	36	(5)	8	40	35
Capital return and BIS data

Return on adjusted regulatory capital (%)⁷						61.3	36.3
Return on adjusted regulatory capital before goodwill (%)						61.3	44.7⁸
BIS risk-weighted assets (CHF million)	1,629	1,986	1,731	(18)	(6)
Goodwill (CHF million)	1,389	1,245	1,341	12	4
Adjusted regulatory capital (CHF million)⁹	1,552	1,444	1,514	7	3

Additional Information	As at			% change from

	30.6.05	31.3.05	30.6.04	31.3.05	30.6.04


Client assets (CHF billion)	686	635	595	8	15
Headcount (full-time equivalents)	2,719	2,703	2,604	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.
5 Excludes interest and dividend income.
6 Operating income (annualized) / average invested assets.
7 Annualized Business Group performance before tax / adjusted regulatory capital year to date average.
8 Annualized 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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