The negative sentiment on the stock markets resulted in a decrease in both the number of investment orders from clients of local Rabobanks and price losses on equity invest ments. As a result, assets managed by the Rabobank Group declined to EUR 153 billion. Due to acquisitions, gross profit rose by EUR 11 million to EUR 127 million. Robeco is the competence centre for asset management within Rabobank Group.This subsidiary offers clients a broad range of investment funds and services in both Europe and the United States. Schretlen Co specialises in asset management, asset plan ning and advice and focuses on clients of local Rabobanks. Effectenbank Stroeve focuses on investment advice, asset manage ment and services to professional clients. Decline in assets managed by Rabobank Group Acquisitions and strategic alliance Decline in investment orders 32 Rabobank Group Annual Report 2002 Asset management and investment At the end of 2002, total assets managed by Rabobank Group amounted to EUR 153 billion, down EUR 25 billion on 2001. Assets managed comprise the assets managed on behalf of clients and the Group's own investment portfolio. In 2002, the latter declined by 15% to EUR 51 billion. Assets managed by the Group on behalf of clients decreased by EUR 16 billion. Price losses results on equity investments amounted to EUR 17 billion.The sale to Bank Sarasin Cie of the International Private Banking activities contributed EUR 11 billion to the decrease, but this was largely offset by acquisitions of EUR 9 billion.The inflow of new assets amounted to EUR 5 billion. Robeco significantly expanded its activities in the United States with the acquisition of hedge fund manager Sage Capital Management and a 60% share in Boston Partners Asset Management (with an option to buy the remaining share). After these acquisitions, assets managed in the United States amount to 40% of the total assets managed by Robeco. As a result of the acquisition of the Dutch hedge fund manager Transtrend, Robeco clients can invest in hedge funds directly. Rabobank Nederland took a 28% share in Bank Sarasin Cie, of Switzerland, with Rabobank Nederland contributing its own International Private Banking activities to Bank Sarasin Cie. In addi tion, Rabobank Nederland can obtain a majority interest in Bank Sarasin Cie by means of a call option.The alliance ties in with Rabobank's strategy to strengthen its position abroad. Due to the unfavourable stock exchange climate, the number of investment and option orders from clients of local Rabobanks did not exceed 1.8 (1.9) million orders, 7% down on 2001.

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 34