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    Client Solutions

    Segment results

     

     

     

     

    in CHF 1,000

    2021

    2020

    Variance
    absolute

    Variance
    in %

    Total net interest income

    516

    1,677

    –1,161

    –69.2

    Total net income from commission 
    business and services

    32,132

    31,254

    877

    2.8

    Income from trading activities

    2,401

    2,479

    –78

    –3.1

    Income from financial instruments

    330

    0

    330

    n.a.

    Other income

    137

    323

    –186

    –57.6

    Total operating income

    35,515

    35,733

    –218

    –0.6

    Personnel expenses

    13,709

    10,960

    2,749

    25.1

    General and administrative expenses

    6,155

    4,973

    1,181

    23.8

    Depreciation of property, equipment and intangible assets

    588

    527

    61

    11.6

    Credit loss expenses

    –4

    –30

    26

    86.8

    Provisions and losses

    4

    4

    0

    3.6

    Services to/from other segments

    2,952

    2,421

    531

    21.9

    Operating expenses

    23,404

    18,855

    4,548

    24.1

    Segment earnings before income tax

    12,112

    16,878

    –4,766

    –28.2

     

     

     

     

     

    Additional information

     

     

     

     

    Operating expenses excluding depreciation and amortisation, valuation
    allowances, provisions and losses / total operating income (in %)

    64.2

    51.4

     

     

    Operating expenses excluding valuation allowances, provisions and losses /
    total operating income (in %)

    65.9

    52.8

     

     

    Client assets under management (in CHF billion)

    11.6

    11.5

     

     

    Change in client assets under management
    compared to 31.12. prior year (in %)

    1.6

    0.9

     

     

    Net new money (in CHF billion)

    –0.5

    0.5

     

     

    Total operating income / average client assets under management (bp) (gross margin)1

    30.8

    31.3

     

     

    Segment result / average client assets under management (bp)1

    10.5

    14.8

     

     

    Cost/income ratio operating income (in %)2

    65.1

    51.8

    13.3

    25.6

    Headcount (number of employees)

    90

    81

    9.0

    11.1

    Headcount (expressed as full-time equivalents)

    85.9

    75.3

    10.6

    14.0

    Structure

    1. Annualised, average values.Operating expenses excluding depreciation and amortisation, valuation allowances, provisions and losses / gross income less other income and income from financial instruments.

    The “Client Solutions” business unit comprises the following teams: Direct Private Markets Investments, Collective Private Markets Investments, CSL Access Partners, Fund Client & Investment Services, Philanthropy and Impact, CSL Operations, CSL Legal, Risk & Compliance, and CSL Office. The two fund management companies VP Fund Solutions (Luxembourg) SA and VP Fund Solutions (Liechtenstein) AG remain as independent legal entities and are now part of Client Solutions.

    The new business unit is off to a successful start with the development of a modular, open investment and structuring platform that allows for systematic access to private market investment opportunities. The first private market financing transactions have already been structured and placed. The business unit assumes responsibility for earnings and income.

     

    Segment income

    In 2021, the pre-tax segment income decreased by CHF 4.8 million to CHF 12.1 million compared to the previous-year period.

    Despite the decline in US dollar and euro interest income, operating income could be maintained at the previous year’s level of just under CHF 36 million. Thanks to initial successes with the placement and financing of private market transactions, income from commission business and services increased by CHF 0.9 million.

    Operating expenses increased by CHF 4.5 million to CHF 23.4 million, which can be attributed to the further development of the new business unit.

    The fund business reported a new money inflow of CHF 1.1 billion. This strong development was impaired by the strategic repositioning and the corresponding outflow of the assets of a major fund client, which resulted in a net new money outflow of minus CHF 0.5 billion. Client assets under management as of 31 December 2021 totalled CHF 11.6 billion (31 December 2020: CHF 11.5 billion). The headcount rose from 75 positions to 86 positions.