The taste of success
Asset management and investment 33
'By contrast to equity funds, Robeco Lux-o-rente again
performed well in 2002, with returns of 13.8%. At the end
of December it was number 1 on the "hit list" of the Wall
Street Journal. That's a fantastic feeling. Our bond fund
trades globally in state bonds and bonds of creditworthy
enterprises. Our active interest policy and emphasis on
high credit ratings have given us an edge over other
funds. In addition, we hedge currency risks. In 2002, the
fund was added to Rabobank's model portfolio. Its size
has doubled since. I love it when a product is popular in
both the sales channel and among clients. Competitors
have their eye on our managers, but there is little staff
turnover. Professionalism and a good working environment
are worth a lot and definitely contribute to our success.'
Breakdown of investment orders
100%
Gross profit
(in EUR millions)
Advice
Rabo Order Line
Internet
1997 1998 1999 2000 2001 2002
Edith Siermann, manager fixed-interest investments,
Robeco
Further increase in orders placed via the Internet
Clients are increasingly placing investment orders via the Internet. In
2002,40% of the total number of investment orders were placed via
this virtual channel. As a result, the number of advice orders and
orders placed by telephone declined. In 2002, orders placed via
advisors in local banks declined to 41% and the number of orders
placed via the Rabo Orderlijn to 19%.
Number of orders for branded investment funds
Apart from the 1.8 million orders for securities and options, orders
for Robeco funds and Rabobank Membership Certificates from
clients of the local banks were also transacted last year. The number
of orders processed for Robeco funds and Rabobank Membership
Certificates was 1.1 (1.2) million, virtually unchanged from 2001.
Increase in gross profit
Due to the acquisitions made in 2002 and the acquisition, in mid-
2001, of Harbor Capital Advisors, gross profit increased by EUR 11
million to EUR 127 million.
