Schretlen Co: higher customer satisfaction
Alex divested
Assets managed and held in custody for clients up 6% to EUR 232 billion
Schretlen Co is the asset management specialist within Rabobank Group. Its asset
management and advice activities, combined with asset planning, are focused primarily on
high net-worth individuals and medium-sized institutions. Its collaboration with local
Rabobanks has resulted in activities including Rabobank Beheerd Beleggen and the
Rabobank Effecten Advies Desk. In addition to its head office in Amsterdam, Schretlen Co
has branches in Apeldoorn, Heerenveen, Rotterdam and Waalre.
In terms of customer satisfaction and growth in client numbers, Schretlen Co showed a
very strong performance in 2007. Clients were more satisfied with the services provided.
The business periodical Incompany awarded Schretlen Co the title of best private bank in
the Netherlands. In that survey, clients rated their satisfaction with a score of 7.3 (6.8).
Schretlen Co succeeded in attracting many new clients in the year under review and their
number grew by 16% to 6,091 (5,247). This growth was due in part to good collaboration
with the local Rabobanks. Assets managed grew by 12% to EUR 8.4 (7.5) billion, mainly as a
result of the inflow of assets from new clients.
In 2007, following a strategic reorientation at Group level, Rabobank Group decided to sell
the online investment bank Alex to BinckBank. Due to the increased volatility at the stock
exchange, Alex clients placed a large number of orders again in 2007. The number of orders
handled increased by 17% to 3.7 (3.2) million.
In 2007, assets managed and held in custody at Rabobank Group grew by 3% to EUR 301
(291) billion, of which EUR 69 (72) billion represents Rabobank's investment portfolio.
Assets managed and held in custody for clients grew by 6% to EUR 232 (219 4) billion.
Deposits, due to the increase in
interest paid on them, became a
more interesting investment category
for clients. For Robeco, this resulted in
an asset outflow from a number of
investment funds, including Robeco
Lux-o-rente and Rorento. Despite the
inflow of funds at Sustainable Asset
Management Group and Harbor
Capital Advisors, both of which are
Robeco subsidiaries, Robeco's cash
flow was slightly negative on balance.
Rabobank Group's total cash flow
amounted to EUR 7 billion, largely as
a result of an inflow of assets at
Sarasin. Despite the turbulence in
financial markets, the majority of
equity funds showed positive returns for 2007, resulting in positive investment results and a
EUR 10 billion increase in assets. The positive investment results were largely offset by the
depreciation of the US dollar by 11% and of the Swiss franc by 3%. As a result of the
consolidation, from the beginning of 2007, of the Sustainable Asset Management Group,
assets grew by more than EUR 2 billion; the sale of Sarasin's Luxembourg activities and the
acquisition of DWS Investment Switzerland by Sarasin caused a net decline in assets of more
4 Assets managed and held in custody on than EUR 2 billion.
31 December 2006 have been adjusted for
the increase in Sarasin's assets in the second Of total assets managed and held in custody for clients, 47% is invested in equity, 29% in
half of 2006. fixed-income securities and 6% in structured products, hedge funds and private equity.
Changes in assets managed and
held in custody for clients
in billions of euros
60
Rabobank Group Annual Report 2007
