Assets managed by Rabobank Group increased by 10% in 2003 to EUR 184 billion.This growth was attributable both to the inflow of new assets and to upward share price movements. Operating profit from asset management activities rose by 24% to EUR 157 million. Increase in assets managed by Rabobank Group Acquisition of Alex More investment orders 42 Rabobank Group Annual Report 2003 Asset management and investment Robeco Group is the competence centre for investment within Rabobank Group.This subsidiary offers clients a wide range of investment funds and services in both Europe and the United States. Schretlen Co specialises in asset management, asset planning and advice and focuses on clients of local Rabobanks. Effectenbank Stroeve focuses on investment advice and asset management and operates mainly in the Randstad area, in the west of the Netherlands.With the acquisition of Alex in 2003, Rabobank Group took over the leading position in online investing. Alex is a successful internetbroker that targets active investors. At the end of 2003, total assets managed by Rabobank Group amounted to EUR 184 billion, up EUR 16 billion on 2002. Assets managed comprise the assets managed on behalf of clients and the Group's own investment portfolio. In 2003, the latter increased by 1% to EUR 52 billion. Assets managed by the Group on behalf of clients, including the assets managed by Interpolis on behalf of third party pension funds,grew by EUR 15 billion to EUR 132 billion. Price gains on equity investments amounted to EUR 11 billion.The inflow of new assets amounted to EUR 2 billion.The depreciation of the dollar against the euro had a negative effect of more than EUR 6 billion. In 2003, Rabobank Group finalised the acquisition of the e-brokerage activities of Dexia Bank Nederland, which had decided to sell its two brands, Alex and VEB Bottom-Line (together the 'Alex' business unit), because these activities were no longer part of its core activities. Both brands were combined into 'Alex, an independent business unit within Rabobank Nederland. Market leadership in retail investment services is a key objective of Rabobank Group and the acquisition of Alex is a major step towards the attainment of this objective. As a result of this acquisition, Rabobank Group is now market leader in online investing. Alex will continue to be an independent market operator. The number of orders for securities and options from clients of local Rabobanks increased by 3% in 2003 to 1.8 million. Clients are increasingly placing investment orders via the Internet. In 2003, almost half of the total number of investment orders was placed via this channel, at the Breakdown of investment orders as a percentage

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Annual Reports Rabobank | 2003 | | pagina 46