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. With the LLB Swiss Investment AG, the LLB is present in Switzerland. The LLB teams of experts for the care of fiduciaries, external asset managers, insurances and public institutions are distinguished by their integral, partner-like client focus.
Business segment result
The segment profit before tax of the Institutional Clients segment again increased by over 13 percent. Operating income improved largely on account of the good performance of interest business from foreign currency investments. Income from fees and commissions exceeded the previous year’s result thanks to active sales and marketing efforts, as well as the first-time consolidation of LLB Swiss Investment AG. Operating expenses rose on account of the takeover of the personnel of LLB Swiss Investment AG.
Positive inflows in all business areas led to a gratifying increase in net new money inflows of CHF 446 million. At CHF 27.7 billion, the business volume remained stable.
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in CHF thousands |
First half 2018 |
First half 2017 |
+/− % |
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Net interest income |
9'156 |
6'896 |
32.8 |
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Credit loss (expense) / recovery |
637 |
0 |
|
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Net interest income after credit loss expense |
9'793 |
6'896 |
42.0 |
|||
Net fee and commission income |
29'384 |
27'589 |
6.5 |
|||
Net trading income |
5'673 |
5'367 |
5.7 |
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Other income |
1 |
0 |
|
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Total operating income |
44'850 |
39'853 |
12.5 |
|||
Personnel expenses |
–9'948 |
–8'981 |
10.8 |
|||
General and administrative expenses |
–1'561 |
–1'048 |
49.0 |
|||
Depreciation and amortisation |
–27 |
0 |
|
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Services (from) / to segments |
–7'047 |
–6'700 |
5.2 |
|||
Total operating expenses |
–18'583 |
–16'729 |
11.1 |
|||
Segment profit before tax |
26'268 |
23'124 |
13.6 |
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First half 2018 |
First half 2017 |
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Net new money (in CHF millions) |
446 |
698 |
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Growth of net new money (in percent) |
1.6 |
2.8 |
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Cost-Income-Ratio (in percent) * |
42.0 |
42.0 |
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Gross margin (in percent) ** |
32.4 |
30.7 |