Full-year Results 2020
Business review Asset Managers
CHF million (IFRS basis, AuM fair value basis)
FY 2019
FY 2020
Change
Commission and
853
936
+10%
•
other net income¹)
377
377
0%
PAM
476
559
+17%
TPAM¹)
Operating expense
-480
-519
+8%
Segment result
309
345
+12%
PAM
223
207
-7%
•
TPAM
86
137
+60%
Net new assets TPAM
8 916
7 485
(NNA)
AuM
PAM
TPAM
254 400
269 720
+6%
•
171 353
178 144
+4%
83 046
91 576
+10%
1) Incl. net income from real estate project development
15 | Investor presentation | Full-year results 2020
•
•
•
PAM: Higher management fees (due to increased asset
base) offset by lower real estate transaction fees
TPAM: Higher recurring fees on growing AuM, strong
growth of non-recurring fees and other net income
Business growth, accelerated amortisation of customer
relationship assets, process optimisation and digitalisation
PAM: Stable income more than offset by higher expenses
TPAM: Higher commission income combined with
improved cost income ratio; strong other net income
Strong inflows, thereof 5.6 bn real assets (real estate
and infrastructure)
PAM: Positive performance partly offset by FX translation
TPAM: Strong NNA and positive performance partly
offset by FX translation
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