UBI Banca Group

UBI Pramerica SGR finished in second place in the classification for “The best Italian mutual fund
manager in the BIG category”
still in March, the company received the Milano Finanza “Tripla A Fondi Comuni di Investimento” prize
for the results achieved by the “UBI Pramerica Portafoglio Moderato” and “UBI Pramerica Euro Cash”
funds over a period of 36 months
in March as well,UBI Pramerica received four prizes at the 2011 Lipper Fund Awards granted to: the
“UBI Pramerica Euro B.T.” fund as the best “bond-eurozone-short term” fund over three, five and ten
years; the “UBI Pramerica Euro Corporate” fund as the best “bond euro-corporates” fund over five years;
the “UBI Pramerica Euro Medio/Lungo Termine” fund as the best “bond eurozone long term” fund over
five years; and “UBI Pramerica Portfolio Moderato”, as the best “mixed asset EUR cons-global” fund over
five years.
Further recognition was also received in 2012:
in the 2012 “Grands Prix – Fundclass” awards, UBI Pramerica SGR received the 2012 “European Funds
Trophy-Fundclass” prize as the best management company in the category “16-25 funds”;
with regard to the 2011 “High Return Prize”, for the second year running, the “UBI Pramerica
Obbligazioni Dollari” fund was again recognised as the “Best American Bond Fund” as a result of its
achievements over three years, while UBI Pramerica Sgr was classified in third place as “The best
Italian mutual fund manager in the BIG category”.
In terms of volumes, total assets managed by UBI Pramerica as at 31 st December 2011 – on
behalf of ordinary customers – amounted to €20.3 billion, a decrease compared to €25 billion
at the end of 2010, given the difficulties experienced by the sector. If the customer portfolios
managed on behalf of institutional customers are also considered, total assets under
management by UBI Pramerica at the end of 2011 amounted to €22.8 billion (net of
duplications) compared to 29.4 billion (again net of duplications) twelve months before.
In terms of the income statement, net operating income fell by €2.3 million to €55.1 million,
the result of a contraction in revenues (-4.1 to €84 million), only partially compensated by
costs decrease (-1.8 to €28.9 million).
Within operating income, the reduction in net commissions (-€5 million; -5.9%) was affected by
both a lower contribution from performance fees (-€3.3 million) and a contraction in total
assets managed, although mitigated by the commission reallignement carried out in the firt
part of the year.
On the other hand, net interest income recorded a slight increase (+€0.8 million to €1.7
million), a reflection of a general increase in interest rates and a more efficient allocation of
liquidity.
On the expense front, personnel expense fell slightly (-€1.1 million; -7%) as did other
administrative expenses (-€0.7 million; -4.8%), which, moreover, benefited from a reduction in
costs for the service provided by the Group IT outsourcer.
As a result of the performance reported above, the year 2011 ended with a profit of €37.6
million, compared to €38.5 million earned in the previous year. The proposal for the allocation
of profits is to distribute dividends of €37.3 million.
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