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:,,, and

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Annual Reports Rabobank | 2002 | | pagina 36