Notes to financial results of asset management
Outlook for asset management
Income down 5%
The asset management business saw its total income decrease by 5%, dropping to EUR 1,144
(1,208) million in 2011. Interest earnings fell by 2% to EUR 163 (166) million. Commission
income was down 2%, landing at EUR 979 (995) million, due to market conditions and lower
commissions at Transtrend, a Robeco subsidiary. The sale of Sarasin contributed to the EUR 45
million drop in other results to EUR 2 (47) million.
Operating expenses up 5%
Total operating expenses incurred by the asset management business rose by 5% in 2011,
reaching EUR 1,018 (968) million. Robeco implemented staff cuts. Staff costs were up 5% in the
asset management business, rising to EUR 593 (564) million, while other administrative expenses
grew by 8% to EUR 311 (287) million. Lower amortisation charges of intangible assets led to a
drop in depreciation and amortisation by 3%, reducing them to EUR 114 (117) million.
Managed assets are expected to increase in 2012 thanks to positive cash flows and fairly sound
investment income. Return on investment will be weighed down by the fact that the financial
markets are not yet showing any signs of a speedy recovery. Robeco will continue on its course
of strengthening its market leadership position in the Netherlands combined with reducing
the complexity of its product offering. Private Banking will further roll out its new Rabo Asset
Management client service concept in 2012 in addition to streamlining its investment services.
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Our specialised subsidiaries
