Financial results of asset management Outlook for asset management Results (in millions of euros) Income up 23% 2010 2009 Change Interest 166 104 60% Commission 995 757 31% Other results 47 123 -61% Total income 1,208 984 23% Staff costs 564 553 2% Other administrative expenses 287 288 0% Depreciation and amortisation 117 109 7% Operating expenses 968 950 2% Gross result 240 34 Value adjustments 2 4 -25% Operating profit before taxation 238 30 Taxation 71 17 Net profit 167 13 Assets (in billions of euros) 31-Dec-10 31-Dec-09 Assets under management and held in custody for clients 270.4 230.4 17% Number of employees (in FTEs) 3,160 3,191 -1% On the back of higher commissions and higher interest income, total income from asset management was 23% higher in 2010, at EUR 1,208 (984) million. Asset management fees were higher than in 2009 for both Robeco's core business and its subsidiaries Transtrend and Harbor. The increase in asset management fees is a direct result of the average growth in managed assets andTranstrend's higher performance-related income. Total interest income was higher, due in particular to growth of Robeco's interest income. Sarasin generated less income from trading activities in 2010 and contributed to the EUR 76 million drop in other results to EUR 47 (123) million. Operating expenses up 2% Sarasin's operating expenses were up as a result of the appreciation of the Swiss franc. Thanks in part to Robeco's sharp cost focus, however, total operating expenses at group level were a mere 2% higher, rising to EUR 968 (950) million. Staff costs and other administrative expenses were virtually unchanged. Due to higher amortisation of intangible assets, depreciation and amortisation charges rose by 7% higher to EUR 117 (109) million. The outlook for 2011 for the asset management business is relatively favourable, with managed assets expected to grow further, thanks to positive cash flows and favourable investment returns on average. For Robeco, the theme for the year 2010 was the new strategic plan for the period 2010 to 2014, while focusing on capital increases, product clarity and sound investment returns. Sarasin will continue its strategy of selective growth, investing in such markets as Singapore and Hong Kong, where it sees opportunities to offer innovative products and services to clients. Rabobank Private Banking and Schretlen Co are to continue their development towards a proactive, advice-oriented customer approach, which they initiated in 2010. The investment framework they developed will be implemented further, in preparation for 2012. The service provision to clients at the local Rabobanks through Schretlen Co's specialists will be given further shape in 2011Focus will be on customer satisfaction and on growing the number of high net-worth clients by providing support to corporate clients seeking to sell their enterprise. 46 Annual Report 2010 Rabobank Group

Rabobank Bronnenarchief

Annual Reports Rabobank | 2010 | | pagina 47