Robeco Group
Schretlen Co
Effectenbank Stroeve
Alex
34 Rabobank Group Annual Report 2002
The explosive growth of gross profit in 1999 and 2000 was mainly
due to successes in the field of venture capital and private equity
funds. As a result of the change in economic conditions, these activ
ities did not generate profit in 2002.
Robeco is the Dutch market leader in investment funds.
With EUR 6.2 billion of assets managed, the branded fund
Robeco is one of Europe's biggest funds. Besides offering
investment funds for private clients, Robeco also provides
asset management for institutional clients, who account for
approximately half of the assets managed.With three acqui
sitions in 2002, Robeco significantly expanded its services in
both Europe and the United States. In the year under review,
assets managed by Robeco declined by 6% to EUR 98 billion.
Schretlen Co is the Rabobank Group's asset management
specialist for high net-worth clients of the local Rabobanks.
Asset management is particularly suited for the longer term,
where asset management or advice is combined with asset
planning.The services are available to private individuals
with a minimum of EUR 500,000 freely available for invest
ment. In the year under review, Schretlen Co, in co-opera
tion with the local Rabobanks, introduced a standardised
form of asset management, Rabobank Managed Investment,
for private individuals with a minimum of EUR 150,000 in
assets managed. In addition, Schretlen Co focuses on
small and medium-sized institutional investors. Assets
managed and held in custody declined by 8% in 2002 to
EUR 3.8 (4.1) billion.
Active investors with a minimum of EUR 150,000 freely avail
able for investment can turn to Effectenbank Stroeve for
investment advice. Asset management is provided to clients
with a minimum of EUR 50,000 freely available for invest
ment. Effectenbank Stroeve is the Dutch market leader in
services to professional clients, such as independent asset
managers and brokers. In the year under review, assets
managed and held in custody by Effectenbank Stroeve
increased by 23% to EUR 1.9 (1.6) billion, with particularly
strong growth in the volume of services to professional
clients.
In December 2002, the Rabobank Group signed an agree
ment for the acquisition from Dexia Bank Nederland of
Internet broker Alex and the order telephone line VEB-
Bottomline. Not only does this make the Rabobank the mar
ket leader in investing via the Internet (market share 35%),
but also the market leader in terms of the number of its
investment clients (market share 30%). Alex, which was elec
ted several times as the best Internet broker in the
Netherlands, focuses on active clients who prefer to place
their own orders against competitive rates. Alex and VEB-
Bottomline are to be combined into a separate Rabobank
Nederland business unit.
Key figures - Asset management and investment
Results (in EUR millions)
2002
2001
change
Total income
586
679
-14%
Total operating expenses
459
563
-18%
Gross profit
127
116
10%
Assets managed (in EUR billions)
153
178
-14%
- For clients
102
118
-14%
- Investment portfolio
51
60
-15%
Number of orders (in millions)
2.9
3.1
-6%
- Securities and options
1.8
1.9
-7%
- Robeco funds
1.1
1.2
-3%
FTEs
2.030
2.462
-1 8%
More about asset management and investment?
Go to: www.rabobank.com,www.robeco.com,
www.schretlen.com,www.stroeve.com and
www.vebbottomline.com
