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.

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 35