Asset management
Good investment year despite turbulent times
The strategic options for Robeco were explored in 2012,
which resulted in February 2013 in the sale of the asset
management business to Orix, a Japanese financial services
provider. This transaction will be effectively completed later
in 2013. In addition, the sale of Sarasin was finalised in July
2012. Asa result of these developments, the Annual Report
for 2012 will be the last time for Rabobank Group to report
on asset management activities.
www.robeco.com,www.schretlen.com
Disregarding the effect of the sale of Sarasin, Rabobank Group's assets under management for
clients rose by EUR 38.1 billion as a result of a combination of high cash flows and positive
investment returns. The Pension Fund for the Transport Sector transferred its plan assets to
Robeco early in 2012, which contributed greatly to the high cash flows from asset management
in the sum of EUR 16.4 (7.0) billion. Many customers saw the value of their investments rise in
2012. Overall, 69% of assets managed by Robeco outperformed the benchmark in 2012.
The increase in assets managed by Robeco, combined with a strong focus on costs, contributed
to the 47% increase in Robeco's net profit to EUR 197 million.
Sale agreement with Orix on the subject of Robeco
With Orix, a Japanese financial services provider, a sale agreement is signed on the subject of
Robeco in February 2013. Orix will acquire over 90% of the Robeco shares in exchange for a
purchase price of EUR 1,935 million. All the required regulatory approvals are expected to be
granted within six months, after which the closing will be transacted. As part of the deal,
Rabobank and Orix have agreed to become strategic partners. Rabobank will keep an equity
interest of nearly 10% in Robeco and Robeco's Dutch-based banking activities will be
transferred to Rabobank. Rabobank has decided to sell Robeco to act ahead of future rules
and regulations. The sale is also likely to improve Robeco's growth perspectives. Robeco is
Orix's most significant strategic acquisition and it will become the key platform in its ambition
to achieve global growth in asset management services. Robeco will continue to serve its
customers using the existing labels.
Asset management business Rabobank Group
Robeco forms the heart of Rabobank Group's asset management business. By selling Robeco,
as is the plan, Rabobank Group will no longer have an asset management segment, which is
now presented separately in the consolidated financial statements and the Annual Report.
The Annual Report for 2012 will be the last time for Rabobank Group to report on this
segment. The consolidated financial statements for 2012 of Rabobank Group recognise the
activities undertaken by Robeco as'discontinued operations'under IFRS, meaning that the
figures for 2012 will be reclassified to a single line in the statement of financial position and
the statement of income. The statement of income for 2011 will also be restated accordingly.
Robeco investment funds: good performance for 2012
Stock markets did well in 2012 and fixed-income markets showed a positive picture too.
Both the AEX Index and the MSCI World Index rose by 14% and MSCI Emerging Markets
delivered a 16% return, all with reinvestment of dividends. The Robeco investment funds
Net profit
in millions of euros
216
62
2011
2012
74 Annual Report 2012 Rabobank Group
