Institutional Clients Segment
Intermediary and investment fund business, asset management
The Institutional Clients Division encompasses the intermediary and investment fund business, as well as asset management services predominantly 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 integral, partner-like client focus.
Business segment result
The business volume in the Institutional Clients Segment expanded in the first half of 2017 by 5.2 percent, reaching a new record of CHF 26.5 billion. All business areas made a positive contribution to the gratifying net new money inflows of around CHF 700 million. Operating income improved largely thanks to the good performance of interest business. In a challenging market environment, income from fees and commissions remained at the same level as in the previous year. Operating expenses increased on account of higher internal settlements. The segment profit before tax climbed by 4.2 percent to CHF 23.1 million, a new record.
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in CHF thousands |
First half 2017 |
First half 2016 |
+/− % |
|||
Net interest income |
6'896 |
4'568 |
51.0 |
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Credit loss (expense) / recovery |
0 |
–25 |
–100.0 |
|||
Net interest income after credit loss expense |
6'896 |
4'543 |
51.8 |
|||
Net fee and commission income |
27'589 |
28'046 |
–1.6 |
|||
Net trading income |
5'367 |
5'062 |
6.0 |
|||
Other income |
0 |
2 |
–100.0 |
|||
Total operating income |
39'853 |
37'653 |
5.8 |
|||
Personnel expenses |
–8'981 |
–8'727 |
2.9 |
|||
General and administrative expenses |
–1'048 |
–1'054 |
–0.6 |
|||
Depreciation and amortisation |
0 |
0 |
|
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Services (from) / to segments |
–6'700 |
–5'683 |
17.9 |
|||
Total operating expenses |
–16'729 |
–15'464 |
8.2 |
|||
Segment profit before tax |
23'124 |
22'189 |
4.2 |
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First half 2017 |
First half 2016 |
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Net new money (in CHF millions) |
698 |
–277 |
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Growth of net new money (in percent) |
2.8 |
–1.1 |
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Cost-Income-Ratio (in percent) * |
42.0 |
41.0 |
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Gross margin (in percent) ** |
30.7 |
30.5 |
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30.06.2017 |
31.12.2016 |
+/− % |
|||
Business volumes (in CHF millions) |
26'533 |
25'227 |
5.2 |
|||
Assets under management (in CHF millions) |
26'189 |
24'704 |
6.0 |
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Loans (in CHF millions) |
344 |
523 |
–34.2 |
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Employees (full time equivalent, in positions) |
89 |
86 |
3.5 |