Further improvement in operating income with intact momentum

Operating income climbs more than 8% to CHF 110 mn

• Core asset management business generates record operating income of CHF 110 mn despite dramatic slump in Q1 2020
• The 7.3% increase in recurring asset-based income does not yet reflect the strong H2 2020 growth in AuM, which will not feed through to income until H1 2021
• Slight y-o-y increase in non-recurring income, due to significantly lower performance fees of CHF 3.8 mn (prev. period: CHF 6.3 mn), but private equity generates solid income of CHF 2.5 mn (prev. period: CHF 1.0 mn)

Still focused on the business model of recurring income

• Recurring income share of total income, >93%, remains at a very high level