Sarasin delivers handsome return on investments
activities will be expanded on a selective basis. At the same time, Rabobank Group aims to
strengthen its position in the market for high net-worth individuals and institutional investors
and to consolidate its positions in the Netherlands and abroad.
Asset management and investment services to clients of every kind
In the Netherlands, Rabobank Group offers, through several channels, a broad range of
investment products and services to both private and institutional investors. Robeco offers
many investment products and Robeco Direct offers tailored asset advice and management
to private individuals. Rabo Direct Beleggen accommodates active, independent investors with
investment funds including those offered by Robeco and Sarasin. Rabobank Private Banking
and Schretlen Co focus on high net-worth clients. Large institutional investors can turn to
Robeco Institutional Asset Management and to Sarasin. Internationally, too, Robeco meets
the needs of numerous investors, while Sarasin offers private banking and made-to-measure
investment services to its high net-worth clients.
Cost savings programme at Robeco and expansion in Asia
A substantial drop in stock prices in 2008 put Robeco's profit development under pressure and
a cost reduction programme was needed to make its core business more effective. The size
and composition of its product range were put under close scrutiny and around 250 jobs were
shed. Robeco is gradually expanding its international operations in Asia and an office for
services to institutional clients and for funds distribution was opened in South Korea in 2009.
Apart from this Seoul branch, Robeco's Asian offices include Mumbai, Shanghai, Tokyo,
Singapore and Hong Kong. Robeco aims to open an office in Taiwan in the future.
Positive investment year for Robeco clients
For most of Robeco's clients, 2009 was a positive year, both in absolute and in relative terms.
73%9 of assets managed by Robeco outperformed the benchmark in terms of their return.
Of the equity portfolios, 89% achieved above-benchmark results. The Robeco flagship fund
achieved a 31.5% return, beating the benchmark by 3.8%. The Emerging Markets funds
achieved the highest returns: 85.4% for Robeco Emerging Markets Equities, i.e. 7.2% above
the benchmark, and a staggering 99.9% for Robeco Emerging Stars Equities, 15.6% higher
than the reference figure. Robeco's subsidiary Harbor Capital Advisors beat the benchmark by
6.0% and 4.1%, respectively, with its flagship funds Harbor International and Harbor Capital
Appreciation. The two biggest funds of Robeco's subsidiary Sustainable Asset Management
(SAM) likewise outstripped their reference figure: SAM Sustainable Water by 8.5% and SAM
Smart Energy by 44.0%.
The fixed-income funds showed a mixed picture, with 46% of the assets beating the bench
mark. Rorento's return was 4.8%, lagging behind the 6.3% benchmark. The return for Robeco
Lux-o-rente was negative, at 1.6%, and was 2.4% below the benchmark. Robeco High Yield
Bonds achieved a 53.0% return.
Robeco's subsidiary Transtrend achieved negative returns for 2009. Expressed in US dollars,
Sage International achieved a 12.0% net return.
Sarasin continues growth strategy, but at a lower rate
In 2009, Sarasin expanded its presence further in its Swiss domestic market as well as in other
European countries and in Asia, in accordance with its strategy for growth. It opened its fifth
Swiss office, in Berne. Its activities in Germany, Poland and Austria grew through new offices
in Nuremberg, Warsaw and Vienna. In addition, the bank has started offering advisory services
to institutional clients from Northern European countries from a base in Frankfurt, Germany.
In India, Sarasin entered the market with new offices in Mumbai and Delhi. In view of the
economic situation, however, the bank slowed down its growth rate and fewer client relation
ship managers were hired.
9 Percentages are based on weighted
assets; with the exception of alterna
tives, performance figures include asset
management fees.
Sarasin experienced a robust inflow of assets and delivered a handsome return on investment
in 2009, as well as receiving several awards. Many investments showed sound returns, both
in absolute terms and relative to the benchmark. 99% of all Sarasin's investment products
delivered positive returns and more than half of them achieved strong, double-digit returns.
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Asset management and investment
