Uncertainty among private investors
Developments in assets under management
and held in custody for clients
Assets under management and held in custody
for clients by asset category
Financial results of asset management
Results
The sale of Sarasin caused total assets under management and held in custody for
Rabobank Group clients to drop by EUR 41.1 billion, landing at EUR 221.2 (262.321) billion.
Disregarding the sale of Sarasin, which managed EUR 79.3 billion in assets at year-end 2011
assets under management rose by EUR 38.1 billion. Besides Robeco, Schretlen Co also
managed EUR 8.6 (8.4) billion and Rabo Real Estate Group managed EUR 5.5 (5.9) billion in
Rabobank Group assets. The remainder of clients'assets is managed by local Rabobanks.
21 The comparative figure has been
restated; Rabo Real Estate Group uses
a new standard for calculating assets
under management.
Despite the trouble in the eurozone and the recession in large parts of Europe, 2012 proved
to be a good investment year in which taking risk was rewarded. But the economic climate
also brought plenty of uncertainty and investment sentiments were hurt by political
developments. Many private individuals opted for the certainty of low returns on savings
rather than going with more high-risk investments with better, but uncertain returns.
These developments resulted in limited inflows of private funds in 2012.
in billions of euros
310
290
270
250
2011
230
210
2012
190
Cash flows
Investment income
Currency and other
gains and losses
Sale of Sarasin
in at year-end
2
Equities
Fixed-income
Fiduciary
Alternatives
Hybrid
Real estate
Money market
in millions of euros
2012
2011
Change
Interest
22
55
-60%
Fees and commission
680
620
10%
Other results
78
-3
Total income
780
671
16%
Staff costs
308
279
10%
Other administrative expenses
135
151
-11
Depreciation
38
38
Operating expenses
481
467
3%
Gross result
299
204
47%
Value adjustments
2
0
Operating profit before taxation
297
204
46%
Taxation
100
70
43%
Net profit from discontinued operations - Robeco
197
134
47%
Net profit from continued operations
19
-72
Net profit
216
62
Assets (in billions of euros)
31-Dec-12
31-Dec-11
Assets under management and held in custody for clients
Robeco
188.9
150.3
26%
Number of employees Robeco (in FTEs)
1,387
1,414
76 Annual Report 2012 Rabobank Group
