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