Institutional Clients Segment
Intermediary and investment fund business, asset management
The Institutional Clients Division encompasses the intermediary and fund business, as well as asset management services in the Liechtenstein and Swiss markets. LLB Asset Management AG fulfils a central role within the LLB Group. It possesses extensive investment competence and takes care of portfolio management, the management of institutional mandates and investment fund management.
LLB Fund Services AG is one of the leading investment fund providers in Liechtenstein. It possesses comprehensive, broadly-based expertise. The LLB teams of experts for the care of fiduciaries, external asset managers and public institutions are distinguished by their holistic, partner-like client focus.
Business segment result
The Institutional Clients Segment manages around 40 percent, or CHF 24.6 billion, of the business volume of the LLB Group. As a result of large outflows of money from isolated custodian bank funds and in traditional, cross-border business, net new money amounted to minus CHF 277 million.
In a challenging market environment, operating income increased by 5.4 percent to CHF 37.7 million. Whereas value adjustments decreased, income from interest business and fees and commissions remained stable. Operating expenses rose by 11.1 percent to CHF 15.5 million. The segment profit before tax climbed by 1.8 percent to CHF 22.2 million.
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in CHF thousands |
First half 2016 |
First half 2015 |
+/− % |
Net interest income |
4'568 |
4'512 |
1.2 |
Credit loss (expense) / recovery |
−25 |
−4'730 |
−99.5 |
Net interest income after credit loss expense |
4'543 |
−218 |
|
Net fee and commission income |
28'046 |
28'565 |
−1.8 |
Net trading income |
5'062 |
5'784 |
−12.5 |
Other income |
2 |
1'584 |
−99.9 |
Total operating income |
37'653 |
35'715 |
5.4 |
Personnel expenses |
−8'727 |
−8'033 |
8.6 |
General and administrative expenses |
−1'054 |
−1'050 |
0.4 |
Depreciation and amortisation |
0 |
0 |
|
Services (from) / to segments |
−5'683 |
−4'830 |
17.7 |
Total operating expenses |
−15'464 |
−13'913 |
11.1 |
Segment profit before tax |
22'189 |
21'802 |
1.8 |
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First half 2016 |
First half 2015 |
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Net new money (in CHF millions) |
−277 |
−211 |
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Growth of net new money (in percent) |
−1.1 |
−0.8 |
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Cost-Income-Ratio (in percent) * |
41.0 |
34.4 |
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Gross margin (in percent) ** |
30.5 |
32.3 |