Rabobank Group
Gilde Investment
Schretlen 6c Co
The possibility of access to venture
capital is an additional asset in the
range of services on offer to Rabobank
clients. In 1996, Rabobank acquired one
of the pioneers in Dutch venture
capital, Gilde Investment Management.
£|n the meantime, says executive
director Leendert van Driel, Gilde and
Rabobank have discovered a lot of
common ground.
^private equity
Top player
For Rl, a dedicated IPB and trust
operation has been a fact of life and a
business opportunity for some time.
Less well-known, perhaps, is the Dutch
private bank which caters to domestic
high-net worth individuals. However,
there is synergy with the Group here
too, including Rl, as confirmed by our
Antwerp people. Managing director
Klaas Veen spoke about Schretlen's
interaction with the Group.
Local branch
Attractive segment
What'sNewS Issue 5-May 1999 II
Phere is a gradual transfer of back office
operations on custody of securities to
Rabobank Nederland's security services.
This development appears to snit Robeco
- and Rabobank - very well.
Willem van 't Hooft's structured
finance people are again a regular
contact point within this broader network
of subsidiary cooperation. 'We have very
close relations with that team,' confirms
Van Driel, 'especially on our Gilde Buy-
Out fund. We have already done many
transactions with them.' The Gilde people
are also in regular contact with Rabo
Securities. 'Rabo Securities handles IPOs,'
says Van Driel, 'especially when one of our
companies is ready for floatation.'
In terms of Group synergy, Gilde has a
number of funds which dovetail perfectly
with general Rabobank objectives. One is
the Gilde Participation fund, which
specializes in middle market companies.
'This adds to the product range local
banks offer,' Van Driel explains. 'Custo-
mers who are interested in private equity
are often referred to us. The fund's
marketing strategy is build on the power-
ful alliance with Rabobank and to
maintain contacts with professional M&A
advisors and investment banks to secure
the non-captive deal flow.'
Another Gilde activity which is even closer
to RI's core business is the F&A fund. This
^omprises no less than six regional funds,
I^Povering the US, Latin America, South
Africa, Europe, Asia and Australia.
Building funds does not happen overnight,
and F&A funds are often even more
Executive director Leendert van Driel
difficult because previously, many
investors lost money. 'This is why we are
building these funds very carefully,' Van
Driel confirms. 'It will take around three
years to complete the entire cycle. How-
ever, we are already on our way to full
capitalization in some regional funds. In
future, I think you could see us becoming
a top player in F&A.'
Like Robeco, Schretlen's immediate
synergy is clearly local banks. Says
Veen: 'We have grown massively through
local bank referrals, for example people
who have recently sold their business'
and whose needs cannot be adequately
served at local-bank level.' Yet there is
more to Group cooperation. 'Rabo
Securities is another operation where
we've achieved a synergy that really
works. For example, if they are doing an
IPO, they will often introducé us to their
clients. On the bigger floatations, we can
win mandates to administer major option
programs. And if a company does well,
then you're building assets. Potentially we
have access to more clients.'
Although Schretlen is a Dutch private
bank, it sees Belgium as a natural
extension. Many Dutch people opt to
cross the border. 'Basically,' says Veen, 'we
have followed them to optimize the
portfolio and estate management we offer.'
Recently, the bank set up a branch in
Antwerp for this purpose. 'That brought
us into intensive contact with Rl,' he
continues. 'It has been a real advantage.
We are able to call on Willy van den
Houdt and his people for help and advice
on how to meet cliënt needs. Fm talking
about simple things, such as arranging
mortgages. In Holland, we would pass this
kind of business on to the local bank - in
Antwerp, the local bank is the Rl branch.'
Klaas Veen of Schretlen
In terms of future development, Veen sees
the huge number of Dutch people leaving
annually to work elsewhere. 'The Dutch
are in just about every expatriate coni-
munity in the world,' he reckons. 'It could
be a potentially attractive segment for us.
This year is a very interesting time for us,
examining how we can and should
develop our activities. However, before
any decision is taken, we need good
analysis and research on potential syner-
gies. Once that's done, we can plot a
course for future development.'
This is no more than a brief roundup of
existing interaction between the various
suhsidiaries in the Group - we will keep
you posted on 'Lausanne' developments
as they occur.
