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