solutions. In the retail investment market, Robeco seeks to grow its market share by highlighting the benefits of using investment funds. On an international level, Robeco made choices relating to markets and clients. As regards products, it chose to offer a more compact product range with a number of themes as important elements, the first being responsible investing. In addition, there was greater focus in the year under review on collaboration with Rabobank, particularly in the areas of food and agri as well as CSR. Together with Rabobank International and De Lage Landen, a strategic alliance was formed with the Agricultural Bank of China, for instance. Tight cost control was continued in 2010. The ultimate goal of the revised strategy is to be guided even more by our customers' interests. Sarasin expanding in growth markets Sarasin pursues an international growth strategy. To this end, it expanded its office network into growth markets such as Bahrain and Abu Dhabi in 2010. It also invested in a high-quality team of relationship managers while at the same time strengthening its position in its Swiss heartland. Sarasin also succeeded in growing further in 2010. It increased its emphasis on controlled, qualitative growth in selected markets rather than on quantitative growth. It also focused on cost control. Rabobank Private Banking and Schretlen Co: shift from products to advice The strategy of Rabobank Private Banking is aimed at deepening its services further and at expanding its natural market share in the top end of the market. To improve their client services, Rabobank Private Banking and Schretlen Co have started a programme of advising clients more proactively on the basis of their needs. Essential aspects are monitoring clients' objectives and alerting clients. Handsome returns at Robeco and Sarasin investment funds Stock exchanges worldwide showed a positive development. In 2010, the AEX index, including dividend reinvestment, was 9% higher. The MSCI World index for developed countries rose by 20% and MSCI Emerging Markets by 27%. Robeco and Sarasin investment funds generally achieved handsome returns in 2010. Overall, 63%6 of Robeco's investment funds outperformed the benchmark in the year under review, against 70% in the previous three years. One-third of the Sarasin funds were ranked in the top 25% of their benchmark group. The table below shows the returns delivered by Robeco and Sarasin's main funds in 2010 and compares them with the benchmark. 6 Percentages are based on weighted assets; with the exception of alternatives (Transtrend), performance figures include asset management fees. Fund Return Benchmark Managed assets (in billions) Harbor International 12.9 7.7 32.6 USD Harbor Capital Appreciation 12.4 16.7 10.8 USD Harbor Bond 8.6 6.5 7.5 USD Transtrend Enhanced Risk USD 14.9 5.8 USD Robeco 21.0 20.1 4.4 EUR Rolinco 23.4 19.9 0.8 EUR Robeco Emerging Markets Equities 25.5 27.1 3.6 EUR Rorento 7.9 5.0 1.8 EUR Robeco Lux-o-rente 4.7 4.3 2.6 EUR Robeco High Yield Bonds 16.0 12.9 2.2 EUR Sarasin EmergingSar - Global A 20.4 18.9 0.5 USD Sarasin EquiSar - Global F 21.8 19.5 0.4 EUR Sarasin EquiSar - MID (EUR) B 11.0 3.8 0.2 EUR Sarasin Sustainable Water Fund A 28.1 19.5 0.2 EUR SaraSelect 36.0 20.1 0.7 CHF 42 Annual Report 2010 Rabobank Group

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Annual Reports Rabobank | 2010 | | pagina 43