Sarasin awarded for investment performance
In 2008, Sarasin was presented with several awards for its outstanding investment performance.
Based on the overall performance of its global range of investment funds, it was awarded the title of
Switzerland's best asset manager by the EDHEC Business School, in France, and Euro Performance.
In the 'Elite Report - the top asset managers', published by the German financial newspaper Flandelsblatt,
Sarasin was named one of the best private banks in German-speaking countries for the sixth consecutive
year. At the annual 'Banker Middle East Awards' ceremony, in Dubai, Bank Sarasin-Alpen was awarded
the title of'Best Private Bank in the Middle East'for the second time in a row.
Schretlen Co
Schretlen Co's operations were affected by the negative mood on the stock exchanges. Some clients
went so far as to give up investing altogether. The number of clients declined by 2% to 5,978 (6,091).
While customer satisfaction remained high, it fell short of its 2008 level. In a survey held by the business
periodical Incompany, clients rated Schretlen Co's services with a score of 7.0 (7.3). Although less
satisfied with the price/quality balance and transparency, clients were highly satisfied with Schretlen
Co's expertise.
Decrease in assets under management and held in custody due to adverse stock
market conditions
In 2008 the adverse stock market conditions caused a 21% decline in assets managed and held in
custody for clients to EUR 184 (232) billion. Robeco now manages EUR 110.7 (145.8) billion in assets,
Sarasin EUR 46.9 (50.2) billion and Schretlen Co EUR 6.8
(8.4) billion.
Share indexes worldwide dropped by double-digit
percentages, with the AEX index 52% lower, the
S&P 500 index in the US 38% lower and the
Assets under management
and held in custody for clients
at year-end 2008
Equity
36%
Fixed income
33%
Mixed
10%
Money market
8%
Alternatives
7%
Real estate
4%
Other
2%
Japanese NIKKEI 225 index 42% lower.These price
falls resulted in a EUR -59 billion return on
investments. The appreciation of the US dollar and
the Swiss franc had a positive impact on assets of
EUR 7 billion.
The total inflow of assets of EUR 13 billion
was mainly realised by Sarasin, whose clients
contributed EUR 9.7 billion. The inflow of assets from clients of AIG Private Bank into the new 'bank
zweiplus'joint enterprise resulted in a cash flow of EUR 1.3 billion. At Robeco the huge inflow of assets
at Flarbor Capital Advisors and Transtrend resulted in a positive cash flow. Flowever a few of Robeco's
traditional investment funds, such as Robeco Lux-o-rente and Robeco Flex-o-rente, showed an outflow
of assets because more clients in the Netherlands chose to invest in time deposits.
Early in 2008, Robeco decided to sell the fixed-income activities of Robeco Investment Management
in the United States (RIM Fl USA) to Morgan Stanley Investment Management and Lehman Brothers.
In addition, Rabobank Group sold the online broker Alex. As a result of these disposals, assets under
management and held in custody were EUR 7 billion lower.
Changes in assets 250
managed and held in
custody for clients
in billions of euros
42
Rabobank Group Annual Report 2008
