Business Report Investor presentation
Investor presentation
The 2024 half-year results in brief: Overview, capital market environment, business results, update and outlook.
Stabilization of assets under management…
Stabilization of assets under management…
Development of AuM base 2019 – H1 2024
Development of assets under management
- Assets under management down around 3% or CHF 190 mn compared to 31.12.2023
- Healthcare strategies represent around 88% of assets under management
…despite client reallocations
…despite client reallocations
Development of AuM base in H1 2024
Development of assets under management
- Assets under management down around 3% or CHF 190 mn compared to 31.12.2023 largely attributable to client reallocations
- Client reallocations were partly offset by market and investment performance
- Gross new money won of around CHF 500 mn shows that our investment expertise continues to be sought after and appreciated
Asset management services income declines with assets under management
Asset management services income declines with assets under management
Development of income from asset management activities,
2019 – H1 2024
Development of income from asset management services
- Decline in revenues from asset management services of around 19% in line with the development of the average AuM base
- Average AuM base of around CHF 7.0 bn for H1 2024
- High proportion of recurring income (management fees)
- Only a small contribution from transaction-based fees and performance fees
Operating income driven by AuM
Operating income driven by AuM
Detailed development of operating income
- Absolute decrease in total operating income of CHF 4.9 mn is mainly due to the following factors:
- Decrease in income from asset management services by CHF 8.2 mn or 19% to CHF 35.1 mn due to lower average AuM
- Improvement in net financial investments results of CHF 3.5 mn due to better market conditions - Other income includes dividend income, net interest income and net foreign exchange results
Reduction operating expenses
Reduction operating expenses
Development of operating expenses and CIR
- Entrepreneurial compensation model and a lower number of FTEs lead to lower compensation
- Lower other operating expenses despite further investments in infrastructure and technology
- Lower research, travel and marketing costs
- Cost/income ratio (CIR) at level of 2023
- Entrepreneurial compensation model helps to smooth out the CIR