UBS - Business Group reporting

Global Asset Management’s pre-tax profit was CHF 305 million in fourth quarter 2005, marginally lower than CHF 308 million in third quarter. It was another strong quarter as asset-based fees again rose, reflecting both net new money inflows and rising financial markets. These increases were offset by a rise in general and administrative expenses.

Search only in Quarterly Reporting Q4 2005

Spreadsheets

Business Group reporting

	Quarter ended			% change from		Year ended

CHF million, except where indicated	31.12.05	30.9.05	31.12.04	3Q05	4Q04	31.12.05	31.12.04


Institutional fees	388	363	287	7	35	1,330	1,085
Wholesale Intermediary fees	310	308	239	1	30	1,157	937


Total operating income	698	671	526	4	33	2,487	2,022


Cash components	241	239	187	1	29	899	822
Share-based components¹	25	22	19	14	32	89	71


Total personnel expenses	266	261	206	2	29	988	893
General and administrative expenses	89	73	91	22	(2)	304	299
Services to / from other business units	31	24	30	29	3	116	126
Depreciation of property and equipment	6	5	6	20	0	21	23
Amortization of goodwill	0	0	31		(100)	0	129
Amortization of other intangible assets	1	0	0			1	0


Total operating expenses	393	363	364	8	8	1,430	1,470


Business Group performance before tax	305	308	162	(1)	88	1,057	552


Business Group performance before tax and amortization of goodwill	305	308	193	(1)	58	1,057	681



KPIs

Cost / income ratio (%)²	56.3	54.1	69.2			57.5	72.7
Cost / income ratio before goodwill (%)²	56.3	54.1	63.3			57.5	66.3



Institutional

Invested assets (CHF billion)	441	425	344	4	28
of which: money market funds	16	17	17	(6)	(6)
Net new money (CHF billion)³	4.3	9.2	3.0			21.3	23.7
of which: money market funds	(0.9)	(1.5)	(0.5)			(3.0)	(1.2)
Gross margin on invested assets (bps)⁴	36	35	33	3	9	34	32



Wholesale Intermediary

Invested assets (CHF billion)	324	312	257	4	26
of which: money market funds	62	62	64	0	(3)
Net new money (CHF billion)³	6.6	10.7	0.5			28.2	(4.5)
of which: money market funds	(1.1)	(1.6)	(3.3)			(9.7)	(20.6)
Gross margin on invested assets (bps)⁴	39	41	37	(5)	5	40	36



Capital return and BIS data

Return on adjusted regulatory capital (%)⁵						69.9	36.4
Return on adjusted regulatory capital before goodwill (%)⁵						69.9	44.8
BIS risk-weighted assets	1,570	1,573	1,702	0	(8)
Goodwill	1,438	1,418	1,189	1	21
Adjusted regulatory capital⁶	1,595	1,575	1,359	1	17

Additional Information	As at			% change from

	31.12.05	30.9.05	31.12.04	30.9.05	31.12.04


Invested assets (CHF billion)	765	737	601	4	27
Personnel (full-time equivalents)	2,861	2,797	2,665	2	7

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