2005 Annual Report Julius Baer Holding Ltd. - GAM Holding AG

Private Banking
The following table presents the former Julius Baer Group for all of 2005 and also contains the
December 2005 profit and loss figures of the acquired entities attributable to Private Banking. Some
significant differences appear as a result. Comparable pro-forma figures for 2004 are not available.
The restatement of figures for 2004 relates to the IFRS changes (cf. page 78 ff.).
2004 2005 Change Change
CHF m
restated
CHF m CHF m %
Operating income 453.5 583.2 129.7 28.6
Personnel expenses 1 130.3 223.6 93.3 71.6
General expenses 1 58.7 107.4 48.7 83.0
Services to/from other business lines 139.9 156.3 16.4 11.7
Depreciation and write-offs
of non-current assets 1 2.7 15.3 12.6 466.7
Valuation adjustments, provisions, losses 10.1 37.6 27.5 272.3
Operating expenses 341.7 540.2 198.5 58.1
Net profit before taxes per business line 111.8 43.0 -68.8 -61.5
Net profit before taxes per business line 2 111.8 123.3 11.5 10.3
Key figures
Cost/income ratio 73.1% 86.2%
Cost/income ratio 2 73.1% 69.2%
Growth of assets under management -0.1% 99.2%
of which acquisition 3 - 93.7%
of which divestment 4 - -9.5%
of which net new money -1.3% -2.4%
of which market appreciation 1.2% 17.4%
Gross margin on assets under management (bp) 5 74 87
Gross margin on assets under management (bp) 2, 5 74 78
Net margin on assets under management (bp) 5 18 6
Net margin on assets under management (bp) 2, 5 18 18
31.12.2004 31.12.2005 Change Change
%
Assets under management (CHF m) 61103 121739 60636 99.2
of which acquisition 3 - 57255 57255 -
of which divestment 4 - -5825 -5825 -
of which net new money -814 -1456 -642 -
of which market appreciation 745 10662 9917 -
Number of employees (FTE) 6 491 1447 956 194.7
Allocated FTE from Corporate Center 317 242 -75 -23.7
Total (FTE) 808 1689 881 109.0
1 In relation to the integration, the following costs incurred: within personnel expenses CHF 54.9 million, within general
expenses CHF 42.3 million and within depreciation CHF 5.7 million.
2 Excluding amortization of intangible assets and significant financial events.
3 As per 02.12.2005, Julius Baer acquired the three private banks Ehinger & Armand von Ernst AG, Ferrier Lullin & Cie SA
and BDL Banco di Lugano from UBS AG.
4 As per 01.04.2005, Julius Baer sold the Private Banking activities in the USA to UBS AG
5 Operating income / net profit before taxes divided by average assets under management. The acquired companies have
been included as follows in the calculation of the key figures: average assets under management as per end of November
and December divided by 12.
6 The increase in the number of employees (FTE) relates to the above-mentioned acquisition.
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