Private success WHAT'S NewS Issue 11 December 1997 special 9 in any way the advisability of y-iuilding the investment 'nanking side of our operation, but is aimed more specifically at how the integration of global product managers and their teams will be enabled successfully. 'We've certainly been the "talk of the town" around the network,' confirmed Alex von Ungern- Sternberg in his presentation at RICO. 'Sometimes it's positive, sometimes negative, undeniably it's exciting, unsettling and promising.' He went on to explain his perception of a verv hot issue, especially at a gathering such as RICO - the role of the general manager in relation to ^that of the global product managers (GPMs). 4*OAa- A strategy plan will be developed for those offices that lose significant treasury income due to centralized investment banking activity. private banking )- Short and sweet - in fact, very sweet indeed - was the thinking behind private banking's progress report and plans for structural change. Perhaps the fact that the network of private bankers around the world has already made their 1999 targets inspired a rather smug brevity. Growth, more growth and the kind of income this lucrative business has to offer is the name of the game, as Thomas van Rijckevorsel explained. Compared to more traditional Rabobank activities, private banking is undoubtedly a newcomer to the product range. In 1994, Rabobank had less than NLG 5 billion in assets under management. In less than three years, that amount has almost tripled and targets for Thomas van Rijckevorsel both organic and acquisitive growth have been bumped up accordingly. In this month's issue you will find a two-page spread on the revised private banking business plan so we will be just as short as Van Rijckevorsel at RICO. CURTAILED PROFIT The basic question everyone wants answered is: who is responsible for P/I.. By bringing in a structure in which the roles of general managers and GPMs are derived from the market- results, Greenberg suggested that APFT could be seen as a catalytic unit in ongoing integration.'APFT clearly a "natural partner"for our investment banking and corporate finance people,' he said. 'A knowledge intensive transaction involving these various elements of Rl would mean joint value added to the customer by bringing product knowledge and F&A expertise together.' Peter Greenberg SOLID ROS A further overlap and integration requirement was the creation of a global functional F&A balance sheet and income statement.'We need this,' he stressed, 'so that we can determine ROS, not only by cliënt, but also by product and sector.This would better facilitate future annual planning cycles.'On a regional basis, he also pushed for real commitment to bringing strong corporate finance and investment banking efforts into European F&A to revitalize activity.This is crucial, he argued, or solvency will have to be reallocated to other regions which are producing solid ROS. In spite of this warning.the overriding conclusion is that we're certainly off the launching pad in terms of the F&A business plan. Alex von Vngern-Sternherg driven model whose guiding principle is who can add most value it may appear that GPMs have taken on many of the responsibilities and, perhaps even more importantly from the perspective of some general managers, and powers of GMs. The GPMs have a responsibility to manage trading results, as well as for example, propose optimal booking and settlement innovative, trusted and profitable provider of selected financial products, services and advice to our global cliënt base. 'We have a number of strategie advantages,' Ice says. 'In this very tough, highly Consolidated market, which is cyclical and volatile as well as involving high labour costs, there are also barriers to entry. Our Triple-A will ease our entry. Our reputation is very, very clean.' The extensive international network is another plus here along with our credit expertise and the size of our balance sheet. Ice is very clear on where FID needs to go and how to get there. The first step is going global and that means: global books passed through time zones global credit limits global systems/technology unified Rabobank Group efficiencies of capital, cost and control In all this international activity, we may not lose sight of the customer. Relationship capital, ie. the quality of our relationships with our customers, leads to quality of business, Ice believes. But he is also convinced we need passion, we need to be passionate about this business for a lot of reasons, the most pressing being the fact that we'11 find the competition is just that. BUI Cuthbert - Short-term interest rate products (STIR) According to Cuthbert, STIR's mission statement

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blad 'What's news' (EN) | 1997 | | pagina 9