Summary of fiscal 2023

AuM reduced by around 26% compared to the previous year...

Change in AuM 2018 – 2023

Development of assets under management

• Assets under management down 26% or around CHF 2.5 bn compared to the previous year
• Healthcare strategies represent around 88% of assets under management

...with investment performance and customer reallocations as the main drivers

Development of AuM base in 2023

Development of assets under management

• Reduction due in equal measure to negative investment performance and client reallocations
• Gross new money won of around CHF 600 mn shows that our investment expertise continues to be sought after and appreciated

Asset Management service income declines with assets under management

Operating income from asset management activities, 2018 – 2023

Development of income from asset management services

• Decline in revenues from asset management services of around 22% in line with the development of the average AuM base
• Average AuM base of around CHF 8.2 bn for 2023
• High proportion of recurring income (management fees)
• Only a small contribution from transaction-based fees and performance fees

Operating expenses

Cost-income ratio (CIR)

(based on operating profit)

• Increase in cost/income ratio (CIR) to 71% due to lower earnings base
• Entrepreneurial compensation model helps to smooth out the CIR during difficult periods

Continued solid capitalised and equity-financed balance sheet

As at December 31, 2023 (consolidated)

• Strong balance sheet creates resilience for difficult market phases, enables the launch of innovative products and allows for an attractive dividend policy
• Reduction in goodwill & intangible assets (prior year: CHF 45 mn), due to ordinary amortisation of intangible assets