Investment Management — The Investment Management segment comprises Group-wide institutional asset management activities. At CHF 77 million, the 2009 result is CHF 17 million less than the previous year, mainly due to lower asset management income. Thanks to new business and positive trends, assets under management increased by CHF 5 billion to over CHF 116 billion. Insurance assets climbed CHF 4 billion to over CHF 106 billion. Assets invested in funds and third-party mandates rose to around CHF 10 billion. The previous year’s decline in assets under management was mainly offset in the year under review. Although substantial cost savings were again achieved in the 2009 financial year, expenses remained on a par with last year because of the large investments made in modern infrastructure.

The Investment Management segment implemented measures to further improve efficiency in the year under review. It outsourced management of its Swiss mortgage portfolio, centralised management of its Group-wide third-party mandates and stepped up its cooperation with insurance units on product development and distribution. For instance, the Swiss Life Investment Foundation in Switzerland now offers its clients the opportunity to invest in real estate products.

New asset management applications were introduced in Switzerland at the start of 2010. Within the framework of MILESTONE, the segment’s top priorities for the current year are to expand and optimise all associated processes and to further advance its third-party business.

Key figures for Investment Management
Amounts in CHF million 
  20092008+/–
Commission income
  253265–4.5%
Financial result
  34–25.0%
Other income
  14–75.0%
Total income
  257273–5.9%
Interest expense
  000.0%
Operating expense
  –180–1790.6%
Segment result
  7794–18.1%
Assets under management 1
  116 411111 5194.4%
Number of employees (full-time equivalents)
  582613–5.1%
1 incl. intragroup assets