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
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.