Financial results of asset management
Changes in assets under management and held in custody for clients
in billions of euros
Assets under management and held in custody for clients
by asset category, at year-end 2011
250
290
280 n
Equities
270 HFixed income
260 77777... Mixed
Money market
Alternatives
-§ S g Real estate
S 2 o Other
Limited drop in managed assets
Rabobank Group's assets managed and held in custody for clients saw a limited drop in 2011
falling to EUR 263.6 (270.4) billion, and could be broken down as follows by the subsidiaries:
- Robeco: EUR 150.3 (149.6) billion;
- Sarasin: EUR 79.3 (82.5) billion;
- Schretlen Co: EUR 8.4 (8.4) billion; and
- Rabo Real Estate Group: EUR 7.2 (7.2) billion.
The remainder of clients'assets is held by local Rabobanks. Total inflow of assets into the asset
management business was EUR 7.0 (9.7) billion. The inflow of assets into Robeco stood at
EUR 7.6 billion. Rabobank Group's assets managed and held in custody for clients dropped
nonetheless due, in part, to investment losses in the third quarter and the sale of Banque
Robeco France. Although the stock market did fairly well in the first half of 2011, equities
slumped in the third quarter in particular and only partially recovered in the fourth quarter of
the year. As a result, the asset management business suffered an investment loss of EUR 16.5
billion, compared with an investment income of EUR 15.3 billion in 2010. Total currency gains
stood at EUR 4.9 (16.5) billion.
Results (in millions of euros)
2011
2010
Change
Interest
163
166
-2%
Commission
979
995
-2%
Other results
2
47
Total income
1,144
1,208
-5%
Staff costs
593
564
5%
Other administrative expenses
311
287
8%
Depreciation and amortisation
114
117
-3%
Total operating expenses
1,018
968
5%
Gross result
126
240
-48%
Value adjustments
-1
2
Operating profit before taxation
127
238
-47%
Taxation
65
71
-9%
Net profit
62
167
-63%
Assets (in billions of euros)
Assets under management and held in custody for clients
31-Dec-11
263.6
31-Dec-10
270.4
-3%
Number of employees (in FTEs) 3,129 3,070 2%
68
Annual Report 2011 Rabobank Group
