S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Content Chairman’s Statement
5
Executive Board’s Statement
7
Balance Sheet
13
Off Balance Sheet Transactions
14
Profit and Loss Account
15
1. Comments on Business Activities
21
2. Principal Accounting Policies and Valuation Principles
23
3. Information on the Balance Sheet
29
4. Information on Off Balance Sheet Transactions
47
5. Information on the Profit and Loss Account
53
Report of the Statutory Auditor
55
Board and Senior Staff
57
Main Schroder Branches
59
3
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Chairman’s Statement
4
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
In contrast to prior years, the global financial markets were
The exclusive focus on private banking for ultra high net
relatively stable in 2010. Despite persistent strong investor
worth individuals as well as high net worth individuals is
reservations at the start of the year, most stock markets
enabling Schroder & Co Bank AG to concentrate even more
worldwide posted gains and were able to recoup the heavy
on providing first class services to our clients and growing
losses suffered during the financial crisis.
our franchise. The Board of Directors is, therefore, confident about the road ahead.
Since 1 January 2010, Schroder & Co Bank AG has focussed entirely on private banking, following the separation of the
Our clients and colleagues again confirmed and built on our
institutional business into Schroder Investment Management
mutual bond of trust, and I would like to express my thanks
(Switzerland) AG. The Board of Directors regards this move
for that on behalf of the entire Board of Directors.
as having been successfully implemented. Net income of Schroder & Co Bank AG fell from CHF 18.8 million in 2009 to CHF 8.9 million in 2010. To place this result in context, net income in 2009, excluding the institutional
Philip Mallinckrodt
business, was CHF 9.6 million. This decrease in income was
Chairman of the Board of Directors
due to two factors besides the restructuring: interest income remained entrenched at a low level, and reduced investor activity led to lower commission income. The Board of Directors is proposing to the General Meeting the distribution of an ordinary dividend of CHF 8 million (previous year: CHF 16 million). It is also proposing that CHF 0.5 million (previous year: CHF 1.3 million) be allocated to the general statutory reserve and CHF 0.5 million (previous year: CHF 1.4 million) to other reserves. As a result, the Bank’s reported equity capital after payment of the dividend will stand at CHF 131.1 million (previous year: CHF 130.2 million).
5
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Executive Board’s Statement
6
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
The full picture of Schroder & Co Bank AG’s business performance in 2010 must take account of the operational realignment and resulting reorganisation of the business areas. On 1 January 2010, the institutional business and fund distribution activities were incorporated into Schroder Investment Management (Switzerland) AG. This annual report, therefore, only includes the results of the remaining business areas, i.e. Private Banking and the Service Centre Private Banking. Additional information on the separation of the accounts can be found in the Notes to the Financial Statements on pages 15, 16, 21, 49, 50 and 53. Luc Denis The main impact of the reorganisation of Schroder & Co
Chairman, Head of Private Banking
Bank AG’s business areas in 2010 was lower income due to the separation for accounting purposes. In addition, commission business was lower during the reporting year. With the memory of the market volatility of recent years fresh in their minds, investors maintained their preference for liquidity. This led commission income to fall year-on-year from CHF 40.3 million (excluding institutional business) to CHF 38.1 million. Interest rates also remained at historically low levels in 2010, although they have most probably now bottomed out. As a result, the Bank’s interest income fell from CHF 9.7 million to CHF 9.3 million. As in previous years,
unchanged, with just a slight year-on-year decrease from
clients of Schroder & Co Bank AG preferred the security
CHF 1.59 billion to CHF 1.51 billion. Amounts due to clients
offered by cash. The outcome was that the volume of bal-
in particular remained high, with only marginal changes.
ance sheet assets of Schroder & Co Bank AG was virtually
The unstable currency situation and resulting investor uncertainty, together with the effects of the strong Swiss franc, also had an impact on the Bank’s earnings.
Heinz Scheiwiller
The Service Centre Private Banking provided more services
Deputy Chairman,
to Schroders’ units within and outside Switzerland and,
Head of Ser vice Centre Private Banking
as a result, increased its income from CHF 14.6 million to CHF 17.3 million year-on-year. The separation of business areas also had an impact on the cost situation. Total operating expenses fell from CHF 70.1 million in 2009 to CHF 57.5 million in 2010. This was mainly due to the lower headcount to match the new organisational requirements. In addition, other operating expenses fell markedly from CHF 24.2 million in 2009 to CHF 15.8 million
7
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
million. Even disregarding the distortion caused by the accounting change, commission business was still not entirely satisfactory in operational terms, as uncertainty among private investors was too great. Volatility and poor market performance in recent years have left their mark. Nevertheless, there are signs of a gradual trend reversal. Interest income was affected by historically low interest rates on the international financial markets. However, there are signs of a turnaround. Trading income, on the other hand,
Martin Liebi
performed roughly in line with the previous year.
Head of Private Banking Zurich
Schroders sees private banking in Switzerland as a key component of its business, especially in light of the national and international efforts to promote transparency and investor security. The presence of Schroders Private Banking in the UK and the Channel Islands also offers our clients attractive opportunities to benefit from Schroders’ international network and local market knowledge. Besides expanding private banking in Switzerland, Schroders in 2010. However, the lower costs did not entirely make up
Private Banking will continue to tap other strategically
for the fall in income. Net income for Schroder & Co Bank
important growth markets. This will bring benefits to Swiss
AG fell from CHF 9.6 million excluding institutional business,
clients in the form of local research, market knowledge and
or CHF 18.8 million including all units of the Bank in 2009,
market access.
to CHF 8.9 million in 2010. Nevertheless, the strategic steps taken in recent years mean that Schroder & Co Bank AG is ideally positioned to benefit
Michael Kiepert
from the challenges of the market and regulatory changes in
Head Banking, Treasur y and Risk Management
the Swiss banking centre and worldwide, both for itself and for its clients. Private Banking Income from commission business posted a structural decline from CHF 61.1 million in 2009 to CHF 38.1 million in 2010, due to Institutional Asset Management now having its own, separate accounts. Excluding institutional business, the decrease would have been just CHF 2.2
8
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Jean-Jacques Hunziker Head Legal and Compliance
Schroders Private Banking enjoys broad-based trust among its current and prospective clients. This trust has been earned time and again, through continuity, performance and service quality. Service Centre Private Banking The location in Zurich of the Service Centre Private Banking for Schroder Group entities worldwide shows our ongoing investment in building our business in Switzerland. This paid off again during 2010 as the Service Centre continued performing a critical function. It provides custody, reporting, IT, and operational and financial services to the business units in Switzerland. In addition, it serves Schroder companies in London and Guernsey. This enabled the Service Centre to increase income from CHF 14.6 million in 2009 to CHF 17.3 million in 2010. The Service Centre also contributes to lean cost structures and the market success of the units it serves, by ensuring quality, bundling together standardised processes and unlocking the resulting synergies.
9
«We know where our roots are. But we are also at home in 25 financial markets worldwide.» International Team, Relationship Management Zurich (from the left): Michel Rossi, Sandra Hollenstein, Claudia Giger, Beat Bochsler – at Zurich airport
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Balance Sheet & Profit and Loss Account
12
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Balance Sheet
as of 31 December 2010
CHF
Assets
Notes
31.12.10
31.12.09
Liquid assets
219 060 332
219 439 812
Due from banks
872 114 097
906 399 621
Due from clients
3.1
254 406 356
345 738 877
Mortgages
3.1
300 000
300 000
Financial investments
3.2, 3.6
123 184 754
89 718 260
Participations
3.3
1 100 000
1 100 000
Fixed assets
3.4
280 542
439 812
Accrued income and prepaid expenses
13 607 418
13 596 592
30 396 724
12 348 363
Other assets
3.5
Total assets
1 514 450 223 1 589 081 337
Total due from group entities and significant shareholders
960 487
17 014 069
Liabilities and shareholders’ equity Due to banks
95 241 052
129 447 165
Due to clients
1 199 456 320
1 243 071 694
Accrued expenses and deferred income
24 476 209
27 733 054
Other liabilities
3.5
26 534 623
14 328 941
Valuation adjustments and provisions
3.8
29 618 947
28 259 217
Reserves for general banking risks
3.8
18 000 000
18 000 000
Share capital
3.9, 3.10
60 000 000
60 000 000
General legal reserve
3.10
26 900 000
25 600 000
Other reserves
3.10
25 200 000
23 800 000
Retained earnings brought forward
141 266
59 718
Net income
8 881 806
18 781 548
Total liabilities and shareholders’ equity
1 514 450 223 1 589 081 337
Total due to Group entities and significant shareholders
13
15 667 486
23 959 509
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Off Balance Sheet Transactions as of 31 December 2010
CHF
Notes
31.12.10
31.12.09
Contingent liabilities
3.1, 4.1
43 837 559
40 545 299
Irrevocable commitments
3.1
18 035 000
2 786 000
Derivative instruments
4.2
– positive replacement values
29 360 070
11 755 610
– negative replacement values
23 392 808
11 613 652
– notional amounts Fiduciary transactions
1 492 648 114 1 348 083 489
4.3
– Fiduciary placements with third parties
1 128 052 627 1 679 862 838
– Fiduciary placements with group entities
18 898 158
—
– Fiduciary credits
17 797 654
17 493 938
14
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Profit and Loss Account for the period from 1 Januar y to 31 December 2010
CHF
2009
2009
Notes
2010
excluding institutional business (unaudited) *
a ) Revenues and expenses from ordinar y banking activities Results from interest activities – Interest and discount income
7 771 307
9 671 402
9 671 402
– Interest and discount income from financial investments
2 857 181
2 637 917
2 637 917
– Interest expenses
(1 287 614)
(2 560 582)
(2 560 582)
Total
9 340 874
9 748 737
9 748 737
– Commission income on lending activities
927 002
791 844
791 844
– Commission income on securities and investment transactions
49 823 061
70 785 836
49 956 835
– Commission income on other services
1 151 622
1 120 285
1 120 285
– Commission expenses
(13 831 001)
(11 618 183)
(11 583 993)
Total
38 070 684
61 079 782
40 284 971
Results from commission and service fee activities
Results from trading operations
5.1
9 147 220
9 448 531
8 662 484
– Income from administrative services provided by the Service Centre
17 312 706
14 608 735
14 608 735
– Other ordinary income
175 682
885 751
42 179
Other ordinary results
– Other ordinary expenses
(1 956 735)
(742 906)
(800 088)
Total
15 531 653
14 751 580
13 850 826
Operating expenses – Personnel expenses
5.2
(41 721 118)
(45 901 418)
(38 910 909)
– Other operating expenses
5.3
(15 827 032)
(24 157 071)
(17 954 892)
Total
(57 548 150)
(70 058 489)
(56 865 801)
Gross profit
14 542 281
24 970 141
15 681 217
* This unaudited 2009 profit and loss statement excluding the Institutional Asset Management and Funds business segregated as at 1 January 2010 is presented for information only.
15
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
CHF
2009
2009
Notes
2010
excluding institutional business (unaudited)*
b ) Net income Gross profit Depreciation and write-offs of non-current assets
14 542 281
24 970 141
15 681 217
3.4
(119 354)
(199 481)
(87 295)
Valuation adjustments, provisions and losses
(2 753 004)
(11 394 861)
(11 367 453)
Results before extraordinary items and taxes
11 669 923
13 375 799
4 226 469
Extraordinary income
129 301
11 414 042
11 414 042
Taxes
(2 917 418)
(6 008 293)
(6 008 293)
Net income
8 881 806
18 781 548
9 632 218
8 881 806
18 781 548
c ) Allocation of retained earnings Net income Retained earnings brought forward
141 266
59 718
Total
9 023 072
18 841 266
Retained earnings at the end of the period
9 023 072
18 841 266
Ordinary dividend
(8 000 000)
(16 000 000)
Allocation to general legal reserve
(500 000)
(1 300 000)
Allocation to other reserves
(500 000)
(1 400 000)
Retained earnings carried forward
23 072
141 266
Allocation of retained earnings
* This unaudited 2009 profit and loss statement excluding the Institutional Asset Management and Funds business segregated as at 1 January 2010 is presented for information only.
16
Integrity Our commitment goes beyond core values such as discretion and security. We know that trust can only be created by acting transparently.
«Real values don’t come overnight. The private banking culture at Schroders stems from over two hundred years of tradition.» Relationship Management Team Geneva (from the left): Elias Carballo, Simon Comina, Fernando Garro, Frédéric Enry – at Piaget Time Gallery, Geneva
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Notes
20
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
1. Comments on Business Activities General
Service Centre – Insourcing Business
Schroder & Co Bank AG is a wholly-owned subsidiary
The Service Centre Private Banking renders securities
of Schroders plc, London. In addition to the head office in
administration, funds transfer, accounting and IT services
Zurich the Bank has a branch office in Geneva.
centrally. These services are being offered to other Schroder Group companies (currently Schroder & Co. Limited,
As at 1 January 2010 the Institutional Asset Management
London, Schroders (C.I.) Limited, Guernsey and Schroder
and Fund Distribution division of the Bank was transferred to
Investment Management (Switzerland) AG, Zurich). These
Schroder Investment Management (Schweiz) AG (SIMSAG),
services are charged at market rates.
also a Schroder Group’s subsidiary. Consequently, those business activities are no longer reflected in the Bank’s
Risk management
balance sheet and income statement. This makes numeric
Risk assessment
comparisons to the previous year’s figures more difficult.
The Board of Directors re-assesses the Bank’s risks each
Additional information has, therefore, been added on pages
year (in particular with respect to credit, market, liquidity
15, 16, 49, 50 and 53 for ease of reference.
and operational risks). The effectiveness of the limit system and the controls are also evaluated. The Organisation and
The business activities of the Bank are described below.
Management Regulations ensure that the Board of Directors
There are no further business activities that would signifi-
is always adequately informed of the risk situation and that
cantly impact the Bank’s risk and income situation.
the authority for decisions in this area remains in the Board of Directors’ responsibility.
Fee and commission business The Bank’s principal line of business is investment manage-
Details on risk management
ment for both domestic and foreign clients.
The risk management procedures and the ongoing monitoring are delegated to committees. The Asset & Liability
Asset management, trustee, custodian and credit operations
Management Committee is responsible for monitoring
are the main contributors to commission and service fee
market risk, interest rate risk and liquidity. This includes the
revenues.
selection and monitoring of banks, brokers and custodians. In addition it monitors the adherence to the capital and large
Banking activities
exposure regulations.
The Bank’s main balance sheet activities are the clientlending business and interbank operations.
The interest rate risks arising out of the balance sheet and off balance sheet positions are monitored and managed
Loans to clients are mainly granted on the basis of Lombard
centrally. They are managed using calculations of the net
coverage.
present value effect on shareholders equity and the net income effect under various interest rate assumptions. The
Trading activities
ability to meet obligations is monitored and ensured within
Trading comprises mainly trading for the accounts of clients
the framework defined in the bank law and by the Group.
in interest rate products, securities and foreign exchange
Operational risks are managed through internal organisation
and to a limited extend proprietary trading.
and control procedures. Internal audit regularly audits the internal controls and issues reports to the Board of Directors.
21
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
The credit risks are subject to specific monitoring by
Staff
the Credit Committee and the Credit Department. Loan
At the end of the business year the Bank had 153 full- and
collateral is valued at market value. The collateral rates
24 part-time employees, for a total of 177 (or 166.3 full-time
are set forth in predefined procedures.
equivalent positions; previous year: 177.8). The previous year’s figures include 17 full-time equivalents employed in
Outsourcing
the institutional business which is now separated from the
The Bank has an outsourcing agreement with the company
Bank.
Biveroni Batschelet Partners AG (BBP) for running the interbank applications SIC, EuroSIC, Swift and Secom. BBP’s role is limited to providing electronic access to the above mentioned interbank services.
Capital adequacy CHF 1000
2010
2009
Eligible adjusted capital
129 141
126 360
Total minimum capital requirement
56 588
63 956
– thereof for credit risk
41 001
46 988
– thereof for non-counterparty related risks
140
220
– thereof for market risks
610
750 16 868
– thereof for operational risks
15 707
– thereof for deductions from minimum capital requirements
(870)
(870)
Capital requirement coverage ratio
228 %
198 %
22
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
2. Principal Accounting Policies and Valuation Principles Basis of preparation
If an outstanding loan is classified as entirely or partially
The accounts are prepared in accordance with the Swiss
irrecoverable or if a renunciation of outstandings is granted,
Code of Obligations, the Swiss Federal Law Governing
the outstanding loan is written off by debiting the respective
Banks and Savings Banks, including the implementing
loss provision.
ordinances, directives, and the Swiss Financial Market Troubled loans are reclassified as being of full value when
Supervisory Authority’s (FINMA) regulations and directives.
outstanding amounts of capital and interest are again All transactions are recorded in the Bank’s books at the
paid on time according to the conditions fixed by contract.
trade date and valued from that date for the profit and loss account. Money market and foreign exchange transactions
Securities and precious metals trading portfolio
are reported off balance sheet until the settlement date.
Actively traded positions which are either traded on a
From the settlement date, these transactions are included in
recognised stock exchange or for which a representative
the balance sheet.
market exists are valued at market value. Refinancing costs are charged against trading income. All other trading
Business risks are covered by adequate value adjustments
positions are valued at the lower of cost or net realisable
and provisions.
value.
Detailed principles
Financial Investments
The most important accounting policies and valuation princi-
Securities held to generate income in the medium term
ples are shown below.
are valued at the lower of cost or net realisable value. Realised profits or losses from sales of these securities are
Liquid assets, receivables from banks and liabilities
included within “Results from the sale of financial invest-
These items are stated in the balance sheet respectively at
ments”. Unrealised profits or losses are included within
their nominal value or at cost less any individual valuation
“Other ordinary income” or “Other ordinary expenses”.
adjustments required for impaired assets.
Debt securities to be held until maturity are valued at cost. Any premium or discount is amortized over the life of the security. Precious metals are valued at market value.
Loans Impaired loans, i.e. loans that are unlikely to be repaid by the debtor, are valued individually. A specific provision
Participations
is made for the estimated shortfall against nominal value in
Participations are stated at cost, less any impairment.
capital and interest. Off balance sheet exposure, such as commitments, guarantees or derivative instruments, are
Tangible fixed assets
also taken into consideration for this valuation. Loans are
Tangible fixed assets are valued at cost less, accumulated
considered as impaired at the latest when the contractual
depreciation. Depreciation is calculated using the straight-
payments for capital and/or interest are overdue for more
line method based on useful life.
than 90 days. Interest accrual is suspended if recovering interest is so unlikely that an accrual no longer makes sense.
23
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
The recoverability is reconsidered each year. Should the
Current tax on earnings is included as expense of the
useful life change or the value decrease upon reconsidering
period in which the earnings are recognized. Tax liabilities
the recoverability, the remaining book value will be depre
are shown under “Accrued expenses and deferred income”.
ciated according to the revised plan or an extraordinary depreciation can be made. In accordance with tax regulations
Derivative financial instruments
smaller items may be charged directly to the profit and loss
Derivative financial instruments are used by the Bank for
account.
asset and liability management and for securities and foreign exchange dealing. They are used both for proprietary trad-
Useful life of the various fixed assets:
ing and for trading for the accounts of clients. Valuation is in
Information technology (hardware and software): 3 years
accordance with the purposes for which they were originally
Cars: 4 years
acquired. 1. Derivative trading positions
Foreign currencies
These derivatives are marked to market. Positive and
Foreign currency transactions are translated at the average
negative replacement values are included within “Other
exchange rates ruling at the balance sheet date. Foreign
assets” or “Other liabilities”. Profits and losses are in-
exchange positions in the balance sheet are translated at the
cluded within “Result from trading operations”.
average exchange rates at the balance sheet date and taken
2. Derivative financial investments
to the profit and loss account. Forward foreign exchange
These derivatives are acquired by the Bank instead of
transactions are valued at the forward market rates ruling at
direct investments. In accordance with the accounting
the balance sheet date. The valuation result is taken to the
policy for financial investments, these positions are
profit and loss account.
valued at the lower of cost or net realisable value. Any interest income components are included within “Interest
The main conversion rates applied are listed below:
and dividend income from financial investments”. Real-
2010
2009
ised profits or losses are included within “Result from the
EUR
1.2508
1.4848
sale of financial investments”.
GBP
1.4602
1.6734
3. Derivatives for hedging purposes
USD
0.9324
1.0368
JPY
1.1495
1.1149
Derivative transactions concluded for hedging purposes are valued and booked on a basis consistent with the underlying transactions.
Valuation adjustments and provisions Based on the principle of prudence, the Bank establishes
Liabilities to own pension plans
valuation adjustments and provisions within liabilities for
The employees of Schroder & Co Bank AG benefit from
contingent risks. The valuation adjustments and provisions
two defined contribution pension plans. The “BVG Stiftung”
may contain undisclosed reserves.
grants a minimum of the benefits mandatory by law. The “Vorsorges tiftung” of Schroder & Co Bank AG grants ben-
Taxes
efits for that part of the salary above the limit of the BVG
Current tax is generally tax on profit and recurs on an annual
law. The employer’s contributions according to the defined
basis. One-off or transaction taxes are not considered as
contribution pension plans are included within “Personnel
current tax.
expenses”.
24
Teamwork We have an international network spanning national boundaries and disciplines. As a result we can adopt a balanced advisory approach, drawing equally on the regional and global outlook.
«Trust is based on continuity. Heinz Scheiwiller and his team have been working together for Schroders’ clients for over 20 years.» Team Service Centre Private Banking Zurich (from the left): Heinz Scheiwiller, Brigitte Schenkel, Pierre-Louis Favre, Christian Schmid – Westpark, Zurich
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Information on the Balance Sheet
28
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3. Information on the Balance Sheet 3.1 Schedule of collateral for loans and off balance sheet transactions CHF 1000 Type of collateral
Mortgage collateral
Other collateral
Without Total collateral
Loans Due from clients
—
244 604
9 802
254 406
Mortgages – Residential real estate
300
—
—
300
Total
31.12.10
300
244 604
9 802
254 706
31.12.09
300
319 037
26 702
346 039
5 841
37 649
348
43 838
—
—
4 050
4 050
Off balance sheet transactions Contingent liabilities Irrevocable commitments:
– Irrevocable commitment to the Swiss Bankers’ and Securities Dealers’ Deposit Guarantee Association, Basel
—
8 574
5 411
13 985
Total
– Others 31.12.10
5 841
46 223
9 809
61 873
31.12.09
6 694
29 166
7 471
43 331
Gross amount
Estimated collateral proceeds
Net
Specific
amount
provision
Impaired loans
31.12.10
34 283
19 715
14 568
14 568
31.12.09
30 167
16 558
13 609
13 609
3.2 Financial investments CHF 1000
Book value
Book value
Fair value
Fair value
31.12.10
31.12.09
31.12.10
31.12.09
83 302
81 506
83 302
Debt securities and rights – with the intention to hold to maturity
82 038
Precious metals
39 883
8 212
39 883
8 212
Total
123 185
89 718
123 185
90 250
of which qualify as repos as defined in the liquidity rules
83 302
82 038
29
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.3 Participations CHF 1000
31.12.10
31.12.09
Without market value
1 100
1 100
Total
1 100
1 100
Additional information on significant participations Company Name Business activities
Share capital
Schroder Trust AG, Zurich
Trust and offshore
company administration CHF 100 000
Schroder Cayman Bank
Banking services and
and Trust Company Ltd.,
trust and offshore
Cayman Islands
company administration USD 633 714
Ownership propor tion
Ownership propor tion
100%
100%
100%
100%
3.4 Assets and participations CHF 1000
Historical cost
31.12.09
Accumulated Book value Additions Disposals depreciation
Depreciation
31.12.10 Book value
Total majority participations
1 100
—
1 100
—
—
—
1 100
Other fixed assets
4 319
(3 879)
440
178
(218)
(119)
281
Total
5 419
(3 879)
1 540
178
(218)
(119)
1 381
Fire insurance value of other fixed assets
23 500
Liabilities: future operational lease commitments
17 016
30
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.5 Other assets and other liabilities CHF 1000
Other assets
31.12.10 Other liabilities
Other assets
31.12.09 Other liabilities
Replacement costs of derivative instruments
29 360
23 393
11 756
11 614
Indirect taxes and stock exchange fees
359
2 980
478
2 409
Other assets and liabilities
678
161
114
306
Total
30 397
26 534
12 348
14 329
3.6 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
CHF 1000
31.12.10
Assets pledged Effective liability (Book value)
Assets pledged (Book value)
31.12.09 Effective liability
Own securities
56 780
There are no loans or pension transactions with securities.
31
70
67 400
47 807
«Performance stems from extensive knowledge of different markets. This requires an international perspective and permanent dialogue.» Portfolio Management Team Geneva & Zurich (from the left): Rifat Mahmud, Samuel Moulin, Jürg Klingler, Romain Cymberg, Alain Kunz, Urs Winiger – at Zurich lake
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.7 Pension plans CHF 1000
31.12.10
31.12.09
The liabilities due to own pension plans at the balance sheet date amounted to:
6 846
3 895
According to the pension fund regulations, the employer pays total contributions and benefits equivalent to 15% of the relevant salary whereas the employees contribute 5% of that salary.
As per the most recent audited financial statements of the BVG-Stiftung (mandatory pension plan) and the Vorsorgestiftung (non-mandatory pension plan) of Schroder & Co Bank AG at 31.12.2009, the employer contribution reserves at period end were:
—
Pension plan free funds at the balance sheet date CHF 1000
31.12.09
31.12.08
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
53
(29)
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
5
(3 991)
In 2009 the level of the accounts of the individual plan members was TCH 18 496.
Contributions to pension funds / pension and related benefits expense CHF 1000
The Bank’s total contributions to both pension plans for the year amounted to:
2010
2009
3 830
4 453
5 443
6 505
The Bank’s total pension and related benefit expenses (including old age and survivors’ insurance, disability insurance, unemployment insurance and other mandatory contributions) for the year amounted to:
34
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.8 Valuation adjustments, provisions and reserves for general banking risks CHF 1000 Balance Specific 31.12.09 usage and reversals
Change in Recoveries, definition of overdue interest, purpose (re- exchange rate classifications) differences
New provisions charged to Profit & Loss statement
Reversals credited to Profit & Loss statement
Balance 31.12.10
Loan losses (credit and country risk)
13 609
(1 950)
—
300
2 609
—
14 568
Other provisions
14 650
(184)
—
—
618
(34)
15 050
and provisions
28 259
(2 134)
—
300
3 227
(34)
29 618
31.12.09
28 335
(25)
—
250
11 113
(11 414)
28 259
banking risks (fully taxed)
18 000
—
—
—
—
—
18 000
31.12.09
18 000
—
—
—
—
—
18 000
Valuation adjustments
Reserves for general
3.9 Capital structure and shareholders The share capital amounts to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each. At 31 December 2010 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately wholly-owned by Schroders plc, London. On 3 March 2010, respectively 9 March 2009 Schroders plc was notified pursuant to “FSA’s Disclosure and Transparency Rule 5.1.2 R” of the following interests of 3% or more in the ordinary shares:
03.03.2010
Shares Schroders plc
Stake
Vincitas Limited
60 951 886
26.97%
09.03.2009
Shares Schroders plc
60 951 886
Stake
26.97%
Veritas Limited
39 218 470
17.35%
39 218 470
17.35%
Flavida Limited
60 951 886
26.97%
60 951 886
26.97%
Fervida Limited
40 188 706
17.78%
40 188 706
17.78%
Harris Associates L.P.
8 603 500
3.81%
13 543 841
5.99%
Vincitas Limited and Veritas Limited held their interests as trustees of certain settlements made by members of the Schroder family. The interests of Flavida Limited and Fervida Limited include interests in voting rights in respect of all the shares in which Vincitas Limited and Veritas Limited are interested as trustees.
35
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.10 Statement of changes in shareholders’ equity (before profit distribution) CHF 1000
Total shareholders’ equity at the beginning of 2010 Paid-in share capital
60 000
General legal reserve
25 600
Other reserves
23 800
Reserves for general banking risks
18 000
Retained earnings brought forward
18 841
Total shareholders’ equity at the beginning of 2010
146 241
Movements Dividend 2009
(16 000)
Deduction from available earnings for allocation to reserves
(2 700)
Allocation to legal reserve
1 300
Allocation to other reserves
1 400
Net income 2010
8 882
Total shareholders’ equity at the end of 2010
139 123
Paid-in share capital
60 000
General legal reserve
26 900
Other reserves
25 200
Reserves for general banking risks
18 000
Retained earnings carried forward
9 023
36
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.11 Maturity structure of working capital and liabilities CHF 1000 At sight
Redeemable upon notice
Up to 3 months
From 3 to 12 months
Maturities
From 12 months to 5 years
Total
Beyond 5 years
Assets Cash
219 060
—
—
—
—
—
219 060
91 446
—
780 668
—
—
—
872 114
Due from clients
—
109 175
63 547
73 008
8 677
—
254 407
Mortgages
—
300
—
—
—
—
300 123 185
Due from Banks
Financial investments
39 883
—
—
16 671
66 631
—
Total 31.12.10
350 389
109 475
844 215
89 679
75 308
— 1 469 066
376 029
109 381
918 724
94 650
62 813
—
1 561 597
29 968
—
44 320
20 953
—
—
95 241
31.12.09
Liabilities Due to Banks Due to clients
1 162 181
31 376
5 899
—
—
— 1 199 456
Total 31.12.10
1 192 149
31 376
50 219
20 953
—
— 1 294 697
1 281 828
13 494
60 282
16 915
—
—
31.12.09
1 372 519
3.12 Amounts due from and due to affiliated companies as well as loans and exposures to members of the Bank’s governing bodies CHF 1000
31.12.10
31.12.09
Due from affiliated companies
223
37 195
Due to affiliated companies
1 819
375
Loans and exposures to members of the Bank’s governing bodies
1 362
2 100
With related parties the Bank engages in securities and money market transactions and applies interest rates at conditions applicable to third parties. Members of the Board of Management and of the Board of Directors are granted the conditions and tariffs applicable to staff members of the Bank.
37
«The highest quality demands a passion for detail and perfect performance.» Swiss Team, Relationship Management Zurich (from the left): Beat Cassani, Isabelle Brechbühl, Marcel Ursprung – at Jakob Schlaepfer, St. Gallen
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.13 Assets and liabilities by domestic and foreign origin CHF 1000
Domestic
31.12.10 Foreign
Domestic
31.12.09 Foreign
Assets Cash
219 060
—
219 440
—
Due from banks
237 279
634 835
142 114
764 286
Due from clients
52 229
202 178
78 139
267 600
Mortgages
300
—
300
—
Financial investments
123 185
—
89 718
—
Participations
100
1 000
100
1 000
Fixed assets
281
—
440
—
Accrued income and prepaid expenses
13 120
487
12 994
603
Other assets
12 896
17 500
3 626
8 722
Total
658 450
856 000
546 871
1 042 211
Liabilities and shareholders’ equity Due to banks
366
94 875
45 330
84 117
Due to clients
311 464
887 992
236 946
1 006 126
Accrued expenses and deferred income
24 349
127
27 388
345
Other liabilities
13 095
13 440
7 948
6 381
Valuation adjustments and provisions
29 619
—
28 259
—
Reserves for general Banking risks
18 000
—
18 000
—
Share capital
60 000
—
60 000
—
General legal reserve
26 900
—
25 600
—
Other reserves
25 200
—
23 800
—
Retained earnings brought forward
141
—
60
—
Net income
8 882
—
18 782
—
Total
518 016
996 434
492 113
1 096 969
40
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.14 Assets by countries / country groups CHF 1000
Total
31.12.10 in %
Total
31.12.09 in %
Assets Europe – Germany
33 159
2.2%
62 400
3.9%
– United Kingdom
172 412
11.4%
219 474
13.8%
– Switzerland
658 450
43.4%
546 872
34.5%
– Rest of Europe
491 255
32.4%
526 451
33.1%
Total Europe
1 355 276
89.4%
1 355 197
85.3%
North America
24 997
1.7%
63 928
4.0%
Asia
5 437
0.4%
10 482
0.7%
Other countries
128 740
8.5%
159 475
10.0%
Total
1 514 450
100.0%
1 589 082
100.0%
41
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
3.15 Assets by currencies CHF 1000 Currencies CHF EUR USD
Precious metals
Other
31.12.2010 Total
Assets Cash
217 350
1 400
143
—
167
219 060
Due from banks
1 603
322 179
405 015
36 482
106 835
872 114
Due from clients
38 191
117 263
70 018
—
28 935
254 407
Mortgages
300
—
—
—
—
300
Financial investments
83 302
—
—
39 883
—
123 185
Participations
1 100
—
—
—
—
1 100
Fixed assets
281
—
—
—
—
281
Accrued income and prepaid expenses
12 866
271
127
—
343
13 607
Other assets
27 037
579
2 780
—
—
30 396
Total balance sheet assets
382 030
441 692
478 083
76 365
136 280 1 514 450
FX forward and FX option transactions
467 409
348 679
531 314
—
137 784 1 485 186
Total assets
849 439
790 371 1 009 397
76 365
274 064 2 999 636
Assets deriving from FX spot,
Liabilities and shareholders’ equity Due to banks
45
33 480
26 045
—
35 671
95 241
Due to clients
233 092
356 920
444 588
76 365
88 492
1 199 457
Accrued expenses and deferred income
23 490
94
52
—
840
24 476
Other liabilities
23 762
2
2 769
—
1
26 534
Valuation adjustments and provisions
29 619
—
—
—
—
29 619
Reserves for general banking risks
18 000
—
—
—
—
18 000
Share capital
60 000
—
—
—
—
60 000
General legal reserve
26 900
—
—
—
—
26 900
Other reserves
25 200
—
—
—
—
25 200
Retained earnings brought forward
141
—
—
—
—
141
Net income
8 882
—
—
—
—
8 882
Total balance sheet liabilities
449 131
390 496
473 454
76 365
FX forward and FX option transactions
395 045
399 852
536 087
—
Total liabilities
844 176
790 348 1 009 541
76 365
Net position by currency
5 263
125 004 1 514 450
Liabilities deriving from FX spot,
23
42
(144)
—
148 550
1 479 534
273 554 2 993 984 510
5 652
Excellence High performers do not meet their targets – they exceed them. That is how we do business.
«Art comes from ability. We master the art of meeting the different needs of our clients.» Art Advisory: Manuela de Kerchove – at Gallery Association des amis de Gustave de Beaumont, Geneva
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Information on Off Balance Sheet Transactions
46
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
4. Information on Off Balance Sheet Transactions 4.1 Contingent liabilities CHF 1000
31.12.10
31.12.09
Credit guarantees
39 877
36 027
Irrevocable commitments
3 961
4 518
Total
43 838
40 545
4.2 Outstanding derivative instruments CHF 1000
Positive replacement values
Negative replacement values
Contract volume
Foreign exchange / metal instruments Forward contracts
26 574
20 607
1 195 742
Options (OTC)
2 786
2 786
296 906
Total 31.12.10
29 360
23 393 1 492 648
11 756
11 614 1 348 083
31.12.09
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
Outstanding derivative instruments by counterparties CHF 1000
Positive replacement values
31.12.10
Negative Contract replacement volume values
Positive replacement values
Negative replacement values
31.12.09 Contract volume
Banks
20 209
6 904
677 697
3 048
7 635
645 750
Non banks
9 151
16 489
814 951
8 708
3 979
702 333
Total
29 360
23 393 1 492 648
11 756
47
11 614 1 348 083
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
4.3 Fiduciary transactions CHF 1000
31.12.10
31.12.09
Fiduciar y deposits Fiduciary deposits in CHF
7 171
14 368
Fiduciary deposits in European currencies
861 098
1 341 397
Fiduciary deposits in USD
270 744
312 580
Fiduciary deposits in other currencies
7 938
11 517
Total
1 146 951
1 679 862
Fiduciar y credits Fiduciary credits in CHF
—
600
Fiduciary credits in European currencies
2 758
3 177
Fiduciary credits in USD
15 040
13 717
Total
17 798
17 494
Effected fiduciary deposits placed with banks within the Schroder Group at the end of the year amounted to TCHF 18 898.
48
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
4.4 Funds under management CHF 1000
31.12.10
31.12.09
Private Banking Assets in own managed investment funds
9 411
11 900
Assets under discretionary management
1 826 640
1 872 450
Assets subject to other management
4 718 593
5 385 014
Total funds under management Private Banking (incl. double counting)
6 554 644
7 269 364
of which double counting
9 411
11 900
Total funds under management Private Banking (excl. double counting)
6 545 233
7 257 464
Total net inflow / outflow of assets
(217 894)
(60 211)
—
391 428
Assets under discretionary management
—
718 313
Assets subject to other management
—
4 438 290
Institutional Business Assets in own managed investment funds
Total funds under management Institutional Business (incl. double counting)
—
5 548 031
of which double counting
—
24 323
Total funds under management Institutional Business (excl. double counting)
—
5 523 708
Total net inflow / outflow of assets
—
2 556 776
The Bank does not hold any custody-only assets. Debit interest on current account overdrafts is treated as negative performance, while interest charged on Lombard loans is a cash outflow. The Bank calculates performance according to the direct method. The institutional funds under management reported above exclude Swiss institutional and wholesale clients managed by other Schroder Group entities and which are not under custody at Schroder & Co Bank AG.
49
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
4.5 Funds administered by the Service Centre Private Banking CHF 1000
31.12.10
31.12.09
Assets administered Private Banking (cf 4.4.)
6 545 233
7 257 464
Assets administered Institutional Business (cf 4.4.)*
—
5 523 708
Assets administered in connection with the insourcing for Schroder Group companies
24 314 414
12 762 254
Total assets administered by the Service Centre Private Banking
30 859 647
25 543 426
The Bank’s Service Centre Private Banking renders administrative services to other Schroder Group companies in the areas of custody, operations and finance. For this insourcing business the Service Centre charges fees which are reflected in the profit and loss account under the position other ordinary income (see explanation about the Service Centre – insourcing business). * Effective 1.1.2010 the “Assets administered Instiutional Business” are reported within “Assets administered in connection with the inscourcing for Schroder Group companies”. This is the result of the transfer of the institutional Asset Management and Funds business to another group company.
50
Innovation Our thoughts and actions are geared to the future, as we look beyond the requirements of our daily business. We do this by consistently questioning the status quo.
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Information on the Profit and Loss Account
52
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
5. Information on the Profit and Loss Account 5.1 Results from trading operations CHF 1000
2009
2009
2010
excluding institutional business (unaudited)*
Securities
—
323
–
Foreign exchange
9 147
9 125
8 662
Total
9 147
9 448
8 662
5.2 Personnel expenses CHF 1000
2009
2009
2010
excluding institutional business (unaudited)*
Authorities, meeting compensations and fixed compensations
216
216
216
Salaries and extras
35 158
38 171
32 034
Social security contributions
1 613
2 052
1 880
Pension plan contributions
3 830
4 453
3 857
Other personnel expenses
904
1 009
924
Total
41 721
45 901
38 911
5.3 Operating expenses CHF 1000
2009
2009
excluding institutional business (unaudited)*
Occupancy expenses
2010
3 317
4 145
3 498
3 872
4 890
4 757
publication and advertising, audit, other costs
8 638
15 122
9 700
Total
15 827
24 157
17 955
Expenses for EDP, machinery, fixtures and fittings, vehicles and other equipment Other operating expenses including: Telephone, telex, postage, electronic information systems, legal and other consulting fees, stationery and printing, courier services, property insurance, travel and entertainment,
* This unaudited 2009 profit and loss statement excluding the Institutional Asset Management and Funds business segregated as at 1 January 2010 is presented for information only.
53
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Report of the Statutory Auditor
54
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Report of the Statutory Auditor As statutory auditor, we have audited the financial
presentation of the financial statements. We believe that the
statements of Schroder & Co Bank AG, which
audit evidence we have obtained is sufficient and appropri-
comprise the balance sheet, income statement and
ate to provide a basis for our audit opinion.
notes, for the year ended 31 December 2010. Opinion Board of Directors’ responsibility
In our opinion, the financial statements for the year ended
The Board of Directors is responsible for the preparation
31 December 2010 comply with Swiss law and the com-
of the financial statements in accordance with the require-
pany’s articles of incorporation.
ments of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing
Report on other legal requirements
and maintaining an internal control system relevant to the
We confirm that we meet the legal requirements on licensing
preparation of financial statements that are free from mate-
according to the Auditor Oversight Act (AOA) and independ-
rial misstatement, whether due to fraud or error. The Board
ence (article 728 CO and article 11 AOA) and that there are
of Directors is further responsible for selecting and applying
no circumstances incompatible with our independence.
appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal
Auditor’s responsibility
control system exists which has been designed for the
Our responsibility is to express an opinion on these financial
preparation of financial statements according to the instruc-
statements based on our audit. We conducted our audit in
tions of the Board of Directors.
accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit
We further confirm that the proposed appropriation of avail-
to obtain reasonable assurance whether the financial state-
able earnings complies with Swiss law and the company’s
ments are free from material misstatement.
articles of incorporation. We recommend that the financial statements submitted to you be approved.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
PricewaterhouseCoopers AG
statements. The procedures selected depend on the audi-
Roman Berlinger,
tor’s judgement, including the assessment of the risks of
Markus Bucheli,
Audit expert, Auditor In Charge
Auditor
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
Zurich, 4 March 2011
auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall
55
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Board and Senior Staff
56
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Board and Senior Staff (as of 1 March 2011) Board of Directors
Senior Management
Philip Mallinckrodt
Otto Amberg
Alexis André
Chairman
Dr. François Bochud
Beat Bochsler
Andreas Borsari
Deputy Chairman
Dr. Martin Eckert
Isabelle Brechbühl
Jean-Claude Marchand
Norbert Brestel
Jean-Charles Roguet
Pierre-Antoine Carron
Markus Rütimann
Beat Cassani Reto Dietrich
Executive Board
Markus Engeler
Luc Denis
Slavica Barovic Esnault-Pelterie
Pierre-Louis Favre
Chairman, Head of Private Banking
Heinz Scheiwiller
Rolf Fischer
Karl Gallmann
Deputy Chairman, Head of Ser vice Centre Private Banking
Jean-Jacques Hunziker
Claudia Giger
Member, Head Legal and Compliance
Enrique Gil
Michael Kiepert
Roland Heule
Member, Head Banking, Treasur y and Risk Management
Martin Liebi
Jürg Klingler
Bernhard Leibkutsch
Member, Head of Private Banking Zurich
Samuel Moulin Andreas Pletscher Denis Purmann Michel Rossi Stefano Scanzoni Christian Schmid Michael Spörndli Ulysse-Oliver Traub Urs Winiger Antonio Winspeare Guiccardi Paolo Zaglia
External Auditors PricewaterhouseCoopers AG Zürich
57
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Main Schroder Branches
58
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Group’s Head Office United Kingdom Schroders plc 31 Gresham Street, London EC2V 7QA Tel + 44 207 658 60 00 www.schroders.com Schroder Investment Management Limited 31 Gresham Street, London EC2V 7QA Tel + 44 207 658 60 00 Schroder & Co. Limited 100 Wood Street, London EC2V 7ER Tel + 44 207 658 60 00 Schroder Investments Limited 33 Gutter Lane, London EC2V 8AS Tel + 44 207 658 60 00
France Schroder Investment Management Limited 8–10 rue Lamennais, 75008 Paris Tel + 33 (0)1 53 85 85 85 Germany Schroder Investment Management GmbH Taunustor 2 60311 Frankfurt am Main Tel + 49 (0)69 97 57 17 0 Schroder & Co Limited Taunustor 2 60311 Frankfurt am Main Tel + 49 (0)69 97 57 17 5 Schroder Property Investment Management GmbH (SPrIM) Taunustor 2 (Japan Center) 60311 Frankfurt am Main Tel +49 (0)69 97 57 17 800
Europe Channel Islands Schroder Investment Management (Guernsey) Limited c/o Northern Trust International Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 3QL Tel + 44 (0)1481 74 50 01 Schroders (C.I.) Limited Regency Court Glategny Esplanade St. Peter Port, Guernsey, GY1 3UF Tel + 44 (0)1481 70 37 00 Schroders (C.I.) Limited 29 Esplanade, St. Helier Jersey, JE4 9WB Tel + 44 (0)1534 75 66 00 Denmark Schroder Investment Management Fondsmæglerselskabet A/S Store Strandstræde 21 1255 København Tel + 45 33 15 18 22
Italy Schroders Italy SIM S.p.A. Via della Spiga 30, 20121 Milano Tel + 39 02 76 37 71 Schroders Italy SIM S.p.A. Piazzetta Bettiol 15, 35137 Padova Tel + 39 049 876 57 76 Schroders Italy SIM S.p.A. Via del Babuino 169, 00187 Roma Tel + 39 06 321 83 68 Luxembourg Schroder Investment Management (Luxembourg) S.A. 5, rue Höhenhof, 1736 Senningerberg Tel + 352 341 34 22 02 Netherlands Schroder Investment Management (SIM) Benelux N.V. De entree 260 18th floor 1101 EE Amsterdam Zuidoost Tel + 31 (0)20 301 65 60
59
Schroder Property Investment Management GmbH De entree 260 18th floor 1101 EE Amsterdam Zuidoost Tel + 31 (0)20 301 65 60 Sweden Schroder Investment Management A/S Danmark Sveavägen 9, 11157 Stockholm Tel + 46 (0)8 678 40 10 Switzerland Schroder & Co Bank AG Central 2, 8001 Zürich Tel + 41 (0)44 250 11 11 Schroder & Co Bank AG Service Centre Private Banking Pfingstweidstrasse 60 8005 Zürich Tel +41 (0)44 250 11 11 Schroder & Co Banque SA 8, rue d’ltalie, 1204 Genève Tel + 41 (0)22 818 41 11 Schroder Trust SA 12, rue Ami-Lullin 1207 Genève Tel +41 (0)22 818 41 22 Spain Schroder Investment Management Limited Calle Pinar 7, 28006 Madrid Tel + 34 91 590 95 41 Oficina de representación en España de Schroder & Co Bank AG Calle Pedro de Valdivia 14 28006 Madrid Tel +34 91 590 05 05
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Americas
Asia / Pacific
Argentina Schroder Investment Management S.A. Ing. Enrique Butty 220 C1001AFB - Buenos Aires Tel +54 11 43 17 13 00
Australia Schroder Investment Management Australia Limited 123 Pitt Street, Sydney, NSW 2000 Tel +61 (0)2 92 10 92 00
Bermuda Schroder (Bermuda) Limited 131 Front Street, Hamilton HM 12 Tel +1 441 292 49 95
China Schroders plc 7 Finance Street Xicheng District, Beijing 100033 Tel +86 10 66 55 53 88
Brazil Schroder Investment Management Brasil DTVM S.A. Rua Joaquim Floriano, 100 São Paulo, SP, Brasil 04534-000 Tel +55 11 30 54 51 55 Cayman Islands Schroder Cayman Bank and Trust Company Limited PO Box 1040GT, Harbour Centre, Grand Cayman, British West Indies Tel +1 345 949 28 49
Schroders plc Shanghai IFC Phase I No. 8 Century Avenue Pudong, Shanghai 200120 Tel +86 21 50 12 05 80 Schroder Investment Management (Hong Kong) Ltd Two Pacific Place, 88 Queensway Hong Kong SAR Tel +852 25 21 16 33
Mexico Schroders S.A. de C.V. Montes Urales 760 Col. Lomas de Chapultepec México, D.F. 11000 Tel +52 55 11 00 10 30
Indonesia PT Schroder Investment Management Indonesia Jakarta Stock Exchange Building Jl. Jend. Sudirman Kav. 52–53, Jakarta 12190 Tel +62 21 515 01 01
USA Schroder Investment Management North America Inc. 875 Third Avenue New York, NY 10022-6225 Tel +1 212 641 38 30
Japan Schroder Investment Management (Japan) Limited 21st Floor Marunouchi Trust Tower Main 1-8-3 Marunouchi Chiyoda-Ku, Tokyo 100-0005
Schroder Investment Management North America Inc. Penn Mutual Towers 520 Walnut Street Suite 1150 Philadelphia, PA 19106 Tel +1 215 861 09 97
Singapore Schroder Investment Management (Singapore) Limited 65 Chulia Street, #46-00, OCBC Centre Singapore 049513 Tel +65 65 35 34 11 Schroder & Co. (Asia) Limited 11 Beach Road #06-01 Singapore 189675 Tel +65 65 07 01 23
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South Korea Schroders Korea Limited Seoul Finance Centre, 84 Taepyungro 1ga, Chung-gu, Seoul 100-768 Tel +82 2 37 83 05 00 Taiwan Schroder Investment Management (Taiwan) Limited 9F, Suite B1, 108, Sec.5, Hsin-Yi Road, Hsin-Yi District, Taipei 11047, Taiwan, R.O.C Tel +886 2 27 22 18 68
Middle East Dubai Schroder Investment Management Limited Dubai International Financial Centre P.O. Box 506612 Dubai Tel +971 4 704 9100
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
© 2011 Schroder & Co Bank AG Annual Report 2010 Project management: Schroder & Co Bank AG Concept: Peter Bütikofer & Company, Zurich markenart, Zurich Schroder & Co Bank AG Design, production: markenart, Zurich Photograph: Geri Krischker, Zurich Printed by: Neidhart + Schön Group, Zurich The Annual Report 2010 is also published in German. The German version takes precedence. The web version of the Annual Report 2010 is available at www.schroders.ch
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 010
Head Office
Branch Office
Subsidiary Companies
Schroder & Co Bank AG
Schroder & Co Banque SA
Schroder Cayman Bank and
Central 2, 8001 Zürich
8, rue d’Italie, 1204 Genève
Trust Company Limited
Postfach 1820, 8021 Zürich
Case postale 3655, 1211 Genève 3
P.O. Box 1040GT, Harbour Centre
Tel +41 (0)22 818 41 11
Grand Cayman, B.W.I.
Fax +41 (0)22 818 41 12
Tel +1 345 949 28 49
Service Centre Private Banking Pfingstweidstrasse 60, 8005 Zürich Postfach 2222, 8031 Zürich
Fax +1 345 949 54 09 Schroder Trust SA 8, rue d’Italie, 1204 Genève
Tel +41 (0)44 250 11 11
Case postale 3655, 1211 Genève 3
Fax +41 (0)44 250 13 12
Tel +41 (0)22 818 41 22
www.schroders.ch
Fax +41 (0)22 818 41 28
[email protected]
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