Financial results of asset management
and investment
I
Results (in millions of euros)
Changes in assets under
management and held in
custody for clients
in billions of euros
250
230
200
I
180__^™_
170
160
150
Harbor Capital Advisors performed well in terms of
cash flows in 2009. Thanks in part to its strong invest
ment performance, Robeco was successful in raising
assets. Cash flows for Robeco as a whole stood at
EUR 7.7 billion.The local Rabobanks and Schretlen
Co saw an outflow of assets.
Beginning in March 2009, stock markets worldwide
made a partial recovery from the disastrous invest
ment year 2008. In 2009, the AEX Index was 36%
higher, while in the United States the S&P 500 Index
was 23% higher and Hong Kong's Hang Seng Index
increased by 52%. The, on average, positive equity
returns resulted in a investment return of EUR 34.0
billion. The depreciation of the US dollar against the
euro adversely affected assets under management.
The total negative impact of currency translation
differences on assets under management amounted
to EUR 1.2 billion.
Interest
Fees, and com mission
Other income.
Total income
Staff costs
Other administrative expenses.
Depreciation and. amortisation
Operating, expenses
Gross, result
Value adjustments
Operating profit before taxation
Taxation
Net. profit
Assets (in billions of euros)
2009
2008
Change
104
144
-28%
.7.57.
1,084
-30%
123
390
68" o
984
1,618
-3.9%
553
559
-1%
288
352
-18%
109
102
7%
.950.
1,013
-6%
34.
605
-9.4%
4
42
-9.0%
30
563.
-95%
17
125
-86%
13.
438
-9.7%
31-Dec-09
31-Dec-08
230.4
183.6
25%
Assets under management and held in custody for clients
Number of employees (in PTEs)3,50.13,620. -3%
Income down 21%
In 2008, the gain on the sale of Alex and the performance-related commission fees from Robeco
subsidiary Transtrend had made a significant contribution to income. In 2009, total income
from asset management declined by 21% to EUR 984 million, compared with EUR 1,251 million
in 2008, not including Alex.The lower performance-related commission fees at Robeco's
subsidiary Transtrend were the main driver for the 30% decline in total commission income to
EUR 757 (1,084) million. The regular asset management fees, that depend on average assets
managed during the year, dropped slightly. Interest income for Robeco Direct was lower due
to fierce competition in the savings market. This was a decisive factor in the 28% decrease in
interest income to EUR 104 (144) million. Thanks in part to higher trading results for Sarasin,
other income was EUR 100 million higher, at EUR 123 million, not including Alex.
36
Report 2009 Rabobank Group
