UBI Banca Group

Indirect funding and assets under management
Indirect funding from ordinary customers
Changes
31.12.2011 % 31.12.2010 %
Figures in thousands of euro amount %
Assets under custody 35,175,527 48.8% 35,449,316 45.4% -273,789 -0.8%
Assets under management 36,892,042 51.2% 42,629,553 54.6% -5,737,511 -13.5%
Customer portfolio management 7,898,346 11.0% 9,112,815 11.7% -1,214,469 -13.3%
of which: fund based instruments 1,699,935 2.4% 2,065,172 2.6% -365,237 -17.7%
Mutual investment funds and SICAV’s 17,250,549 23.9% 21,189,141 27.1% -3,938,592 -18.6%
Insurance policies and pension funds 11,743,147 16.3% 12,327,597 15.8% -584,450 -4.7%
of which: Insurance policies 11,545,015 16.0% 12,124,734 15.5% -579,719 -4.8%
Total indirect funding from ordinary customers 72,067,569 100.0% 78,078,869 100.0% -6,011,300 -7.7%
Group indirect funding from ordinary
customers amounted to €72.1 billion
as at 31 st December 2011, a decrease
of €6 billion compared to €78.1
billion at the end of 2010 (-7.7%). If
the estimated impact of the
unfavourable performance of the
market prices of the different
components is excluded, the fall in
the total over twelve months was
slight.
As can be seen from the graph, the
trend for the total over the last three
years was basically stable for assets
under custody, while that for assets
under management was more
volatile, still far from the pre-crisis
levels of 2008. The latter was
particularly penalised in the second
half of 2011 by the progressive
deterioration of conditions on
financial markets.
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
Indirect funding
(end of quarter totals in millions of euro)
1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q
2008 2009 2010 2011
Assets under management
Assets under custody
This therefore explains why the contraction in indirect funding over twelve months (-€6 billion)
is attributable almost entirely to assets under management (down by €5.7 billion to €36.9
billion; -13.5%). Seventy percent of the negative trend for this item was due to mutual funds
and Sicav’s (-€3.9 billion; -18.6%) and also to customer portfolio managements (-€1.2
billion; -13.3%), while the fall in insurance products was less (-€0.6 billion; -4.7%).
The annual performance of assets under custody, which was more or less unchanged at €35.2
billion (-€0.3 billion; -0.8%), was affected by the strong contraction that occurred over the
summer which wiped out the increases recorded during the other quarters of the year.
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