Investment Management — The Investment Management segment comprises the Group-wide institutional asset management activities. At CHF 103 million, the 2010 segment result is CHF 26 million up on the previous year. This equates to an increase of 34%. Thanks to new business and positive market developments on the one hand, and despite heavy currency-related losses on the other, assets under management increased by CHF 3 billion to just under CHF 120 billion. Insurance assets rose by CHF 3 billion to almost CHF 110 billion. Assets invested in funds and third-party mandates stagnated at around CHF 10 billion. Thanks to a greater volume of assets under management, income rose by 6%. At the same time, expenses fell by 8% due to lower investment and increased efficiency.

In the year under review, the newly developed application for asset management was successfully launched in Switzerland. This tool facilitates more efficient administration of assets under management. The new strategy for the third-party business (TPAM), which was presented on Investors’ Day 2009, yielded very good results with a net inflow of CHF 1 billion. Cooperation with the insurance units was successfully stepped up. Among other things, this fed through into the growth of the Swiss Life Investment Foundation, which was one of the strongest growing investment foundations in Switzerland in 2010, just as it had been the previous year.

For 2011, Investment Management is planning to implement the new asset management application in Germany. The launch is scheduled for the start of 2012. In the product area, the focus will lie on supporting the insurance units in the development of modern insurance products and on the introduction of new investment products.

Key figures for Investment Management
Amounts in CHF million  
  2010 2009 +/–
Commission income
  268 253 5.9%
Financial result
  0 3 n/a
Other income
  1 1 0.0%
Total income
  269 257 4.7%
Interest expense
  0 0 n/a
Operating expense
  –166 –180 –7.8%
Segment result
  103 77 33.8%
Assets under management 1
  119 571 116 411 2.7%
Number of employees (full-time equivalents)
  572 582 –1.7%
1 incl. intragroup assets