Downloadcenter

    Client Solutions

    Segment results

     

     

     

     

    in CHF 1,000

    2022

    2021

    Variance
    absolute

    Variance
    in %

    Total net interest income

    2,453

    516

    1,937

    375.7

    Total net income from commission 
    business and services

    28,921

    32,132

    –3,210

    –10.0

    Income from trading activities

    2,728

    2,401

    327

    13.6

    Income from financial instruments

    2,742

    330

    2,412

    n.a.

    Other income

    32

    137

    –105

    –76.6

    Total operating income

    36,876

    35,515

    1,361

    3.8

    Personnel expenses

    13,328

    13,709

    –381

    –2.8

    General and administrative expenses

    6,551

    6,155

    396

    6.4

    Depreciation of property, equipment and intangible assets

    568

    588

    –20

    –3.4

    Credit loss expenses

    –16

    –4

    –12

    –293.0

    Provisions and losses

    338

    4

    334

    n.a.

    Services to/from other segments

    3,467

    2,952

    515

    17.5

    Operating expenses

    24,236

    23,404

    833

    3.6

    Segment earnings before income tax

    12,640

    12,112

    528

    4.4

     

     

     

     

     

    Additional information

     

     

     

     

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

    63.3

    64.2

     

     

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

    64.8

    65.9

     

     

    Client assets under management (in CHF billion)

    11.7

    11.6

     

     

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

    0.5

    1.6

     

     

    Net new money (in CHF billion)

    1.5

    –0.5

     

     

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

    31.6

    30.8

     

     

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

    10.8

    10.5

     

     

    Cost/income ratio operating income (in %)2

    68.5

    65.1

    3.4

    5.2

    Headcount (number of employees)

    84

    90

    –6.0

    –6.7

    Headcount (expressed as full-time equivalents)

    78.8

    85.9

    –7.2

    –8.3

    1. Annualised, average values.
    2. Operating expenses less depreciation, credit loss expenses, provisions and losses / operating income less other income and income from financial instruments.

     

    Structure

    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. Some individually defined financial instruments are managed in the Client Solutions business unit.

     

    Segment income

    In 2022, the pre-tax segment income was increased by ­ CHF 0.5 million, compared to the previous-year period, to CHF 12.6 million.

    Operating income was increased by CHF 1.4 million, despite corrections on the stock market. Income from ­interest-related transactions and financial assets developed positively: this increased by CHF 1.9 million or CHF 2.4 million respectively compared to the previous year. Similar, income from trading activities grew by CHF 0.3 million compared to the previous-year period. Corrections on the financial markets had a negative impact on client assets and, as a result, on the recurring earnings within commission income.

    Operating expenses increased by CHF 0.8 million to CHF 24.2 million, which can be attributed to higher general and administrative expenses.

    In the 2022 reporting year, the fund business saw a strong net new money inflow of CHF 1.5 billion. The client assets under management amounted to CHF 11.7 billion as of ­ 31 December 2022 (31 December 2021: CHF 11.6 billion). ­ The headcount in the reporting year was slightly below the previous year’s level at 79 (–7 positions).