Schroder & Co Bank AG | Annual Report
Schroder & Co Bank AG | Annual Report 2 012
www.schroders.ch
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 2 012
Zurich
Limmat – City centre,
View from Central towards the lake
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 2 012
Content
Chairman’s Statement
6
Executive Board’s Statement
8
Balance Sheet
14
Off-Balance Sheet Transactions
16
Profit and Loss Account
17
1. Comments on Business Activities
23
2. Principal Accounting Policies and Valuation Principles
25
3. Information on the Balance Sheet
30
4. Information on Off-Balance Sheet Transactions
44
5. Information on the Profit and Loss Account
48
Report of the Statutory Auditor
50
Board and Senior Staff
52
Main Schroder Branches
54
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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 2 012
Chairman’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 2 012
In 2012, the financial sector continued to be faced with a
2012. The Bank’s capital base remains strong. As a result, I
whole range of challenges. Financial markets and investor
believe that Schroder & Co Bank AG is in a good position to
sentiment fluctuated sharply in the first half of 2012, with
sustain its success going forward.
early gains in equity markets given back in the second quarter as concerns grew over the Eurozone and faltering eco-
The Board of Directors is proposing to the General Meet-
nomic growth. In the second half, there was some easing
ing the distribution of an ordinary dividend of CHF 9 million
of the Eurozone crisis brought about by both the stabilisation
(previous year: CHF 10 million). It is also proposing that CHF
measures taken by the central banks and the interventions
0.6 million (previous year: CHF 0.7 million) be allocated to
by governments of some of the most exposed countries.
the general statutory reserve and CHF 0.7 million (previous
The persistent tensions in the financial markets and political
year: 1.7 million) to other reserves. As a result, the Bank’s
arena had a strong negative impact on the financial sector,
reported equity capital after payment of the dividend will rise
and Switzerland was no exception. European stock markets
to CHF 134.8 million (previous year: CHF 133.5 million).
proved susceptible to this uncertainty throughout the year.
Our clients once again placed their trust in us in this chalThis general market trend ultimately had an impact on the
lenging environment, and on behalf of the entire Board of
performance of Schroder & Co Bank AG, which posted
Directors I would like to thank them for doing so. I would
slightly lower earnings for 2012 when compared to 2011.
also like to thank our employees, who prove their competence and their commitment to serving our clients on a daily
The Bank’s net income fell from CHF 12.4 million in 2011 to
basis.
CHF 10.3 million in 2012. Commission income was impacted
by the drop in stock market transactions and did not build
on the levels of income earned in the prior year. In addition,
the continued strength of the Swiss franc, a lower volume of
trading operations and perennially low interest rates com-
Philip Mallinckrodt
bined with record high liquidity levels held by clients also
Chairman of the Board of Directors
contributed to the slightly lower results. Earnings from
administrative services provided by the Service Centre
Private Banking remained consistent, with only a slight drop
over earnings in the previous year.
Schroder & Co Bank AG was able to manage the effects of
the financial market challenges in 2012 due to its strategic
focus on specific core markets and its prudent risk policy in
recent years. The broad-based and comprehensive measures to reduce costs and boost productivity also bore fruit in
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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 2 012
Executive
Board’s
Statement
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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 2 012
Private Banking
Schroder & Co Bank AG was able to manage the effects of
Due to the low level of trading activity on the equity markets,
market developments in 2012 thanks to its long-term stra-
commission income earned by Schroder & Co Bank AG
tegic focus on clearly defined core markets and its prudent
was down year-on-year. Investors again sought refuge in
risk policy. Although earnings were down slightly, the Bank
liquidity. Commission income eased to CHF 36.4 million from
performed well considering the backdrop of market volatil-
CHF 38.6 million in the previous year. Interest income was
ity and political tension during the year. Despite the market
affected by the continuing decline in interest rates, as his-
conditions, Schroder & Co Bank AG succeeded in acquiring
torically low rates again prevented any reversal of this trend.
new clients during the year under review.
Thus, Schroder & Co Bank AG’s interest income decreased
to CHF 8.4 million against CHF 9.5 million in the previous
European stock markets welcomed the stabilisation meas-
year. The volatile and uncertain foreign exchange markets
ures undertaken within the Eurozone, and this positive
resulting from the ongoing euro crisis had a significant
reaction was reflected in the markets’ performance. Never-
impact on trading income, which fell to CHF 5 million from
theless, the latent political and economic tension prevented
CHF 6.8 million in the previous year.
many private investors, in particular, from regaining confidence. As a result, trading volumes in general were low,
Faced with market volatility and continued uncertainty
despite the solid market performance. In Switzerland, nega-
over the prospects of a lasting stabilisation of the Eurozone,
tive currency effects and historically low interest rates also
clients again turned to cash. As a result, the total assets
contributed to a challenging market environment that had an
of Schroder & Co Bank AG increased significantly from
impact on all market participants.
CHF 1.53 billion in the previous year to CHF 1.84 billion in
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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 2 012
the year under review. This increase mainly resulted from
The measures implemented to increase efficiency and
amounts due to clients, which rose from CHF 1.25 billion in
optimise the cost structure at Schroder & Co Bank AG
the previous year to CHF 1.61 billion as clients maintained
showed their full impact during the reporting year. The con-
a strong preference for liquidity.
sistent implementation of these measures brought about
a significant reduction in total operating expenses, which
Schroder & Co Bank AG pursues a long-term and consistent
totalled CHF 51.2 million in 2012 compared to CHF 56.1 mil-
strategy, which we believe has led to a distinct positioning
lion in the prior year. Including an extraordinary income item
in Swiss Private Banking. The trust placed in us by estab-
compensating for a precautionary reserve for valuation
lished and new clients of the Bank, in our view, vindicates
adjustments and risks in the regulatory environment, the
the prudence of our strategy. In spite of a difficult environ-
Bank achieved net income of CHF 10.3 million against CHF
ment, assets under management fell modestly from CHF
12.4 million in 2011. Headcount at Schroder & Co Bank AG
6.5 billion in 2011 to CHF 6.3 billion in 2012.
was down slightly from the previous year due to natural
fluctuations.
Luc Denis
Heinz Scheiwiller
Martin Liebi
Chairman
Deputy Chairman, Head of Service Centre
Head of Client Relationship Management
Private Banking
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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 2 012
Service Centre Private Banking
The Service Centre Private Banking in Zurich represents an
Schroder & Co Bank AG believes that its in-house Service
important centre of competence for the Schroder Group.
Centre Private Banking is in a strong position to make a
The level of training and personal commitment of the em-
material contribution to the Bank’s business success going
ployees of the Service Centre are essential for providing a
forward. Given the year-on-year increases in administrative
high-quality service. The Service Centre Private Banking
costs for financial service providers, a further rise in demand
provides custody and in-house services in reporting, IT,
in this area seems likely. As the Service Centre Private
operational and financial services to the Schroder Group’s
Banking benefits from synergies and economies of scale,
Private Banking business units in Switzerland, London,
it will be able to process larger volumes more productively
Guernsey and Singapore. In spite of a slight weakening of
to the benefit of all the parties involved.
the Swiss franc over the course of 2012, the Service Centre
Private Banking earned income of CHF 17.8 million, which
was close to the prior-year income of CHF 18 million.
Pierre-Louis Favre
Jean-Jacques Hunziker
Michael Kiepert
Head of Finance
Head of Compliance
Head of Investment Management and Banking
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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 2 012
Geneva
City centre,
View to the lake and “Jet d’eau”
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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 2 012
Balance Sheet
& Profit and
Loss Account
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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 2 012
Balance Sheet
as of 31 December 2012
CHF
Assets Notes
31.12.12
31.12.11
Liquid assets
685 199 122 231 060 989
Due from banks
795 418 820 920 517 166
Due from clients
3.1
246 578 989 230 658 885
Mortgages
3.1
–
300 000
Financial investments
3.2, 3.6
91 073 734 113 484 609
Participations
3.3
1 100 000 1 100 000
Fixed assets
3.4
305 589 373 274
Accrued income and prepaid expenses
13 330 915 12 990 847
Other assets
3.5
7 122 294 16 216 046
Total assets
1 840 129 463 1 526 701 816
1 418 183 507 227
Total due from Group entities and
significant shareholders
Liabilities and shareholders’ equity
Due to banks
27 922 736 61 651 648
Due to clients
1 612 828 750 1 251 357 626
Accrued expenses and deferred income
15 667 851 21 889 492
8 379 022 17 409 525
Other liabilities
3.5
Valuation adjustments and provisions
3.8
31 513 087 30 875 263
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
28 100 000 27 400 000
Other reserves
3.10
27 400 000 25 700 000
Retained earnings brought forward
18 262 23 072
Net income
10 299 755 12 395 190
Total liabilities and shareholders’ equity
1 840 129 463 1 526 701 816
19 106 717 24 615 610
Total due to Group entities and
significant shareholders
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Off-Balance Sheet Transactions
as of 31 December 2012
CHF
Notes
Contingent liabilities
3.1, 4.1
19 820 598 31 827 484
Irrevocable commitments
3.1
8 431 000 3 858 000
Derivative instruments
4.2
– positive replacement values
6 565 564 15 733 437
– negative replacement values
5 866 166 14 920 672
– notional amounts
1 161 963 470 927 398 352
Fiduciary transactions
31.12.12
31.12.11
4.3
– Fiduciary placements with third parties
1 023 719 097 1 922 405 642
– Fiduciary placements with Group entities
7 540 512 21 026 267
– Fiduciary credits
12 631 692 15 861 943
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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 2 012
Profit and Loss Account
for the period from 1 Januar y to 31 December 2012
CHF
Notes
2012
2011
a ) Revenues and expenses from ordinar y banking activities
Results from interest activities
– Interest and discount income
6 312 371 7 978 570
– Interest and discount income from financial investments
2 570 063 2 918 900
– Interest expenses
(494 461)
(1 364 571)
Total
8 387 973 9 532 899
– Commission income on lending activities
480 764 650 699
– Commission income on securities and investment transactions
44 449 881 49 320 112
– Commission income on other services
1 357 541 1 184 738
– Commission expenses
(9 860 390)
(12 546 769)
Total
36 427 796 38 608 780
5 049 278 6 765 174
Results from commission and service fee activities
Results from trading operations
5.1
Other ordinary results
– Participation income
—
1 878 000
– Income from administrative services provided by the Service Centre
17 782 590 18 020 677
– Other ordinary income
—
—
– Other ordinary expenses
(2 507 775)
(1 878 777)
Total
15 274 815 18 019 900
(36 455 470)
(39 834 439)
Operating expenses
– Personnel expenses
5.2 – Other operating expenses
5.3
(14 809 516)
(16 278 193)
Total
(51 264 986)
(56 112 632)
Gross profit
13 874 876 16 814 121
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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 2 012
CHF
Notes
2012
2011
b ) Net income
Gross profit
13 874 876 16 814 121
3.4
(163 539)
(180 539)
Valuation adjustments, provisions and losses
(7 129 792)
(743 192)
Results before extraordinary items and taxes
6 581 545 15 890 390
Extraordinary income
6 988 348 —
Taxes
(3 270 138)
(3 495 200)
Net income
10 299 755 12 395 190
10 299 755 12 395 190
Depreciation and write-offs of non-current assets
5.4
c ) Allocation of retained earnings
Net income
Retained earnings brought forward
18 262 23 072
Total
10 318 017 12 418 262
Retained earnings at the end of the period
10 318 017 12 418 262
– Ordinary dividend
(9 000 000)
(10 000 000)
– Allocation to general legal reserve
(600 000)
(700 000)
– Allocation to other reserves
(700 000)
(1 700 000)
Retained earnings carried forward
18 017 18 262
Allocation of retained earnings
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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 2 012
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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 2 012
Zurich, Central
left Page from the top ( l. to r. ) : Stefano Scanzoni / Anja Hähnlein,
Verena van Voornveld, Sandra Röthlisberger / Alexandra Limburg, Silvia
Makowski, Beat Bochsler, Credit Team, Anja Hähnlein, Eastern Europe
Team, Michèle Chardon, Isabelle Brechbühl, Norbert Brestel, Rifat Mahmud.
right Page from the top ( l. to r. ) : Alexandra Limburg, Alice West /
Verena van Voornveld, Carole Richener, Michael Heil, Blanka Kristinova,
Marcel Ursprung, Michel Rossi, Sandra Röthlisberger, Norbert Brestel /
Jürg Klingler, Michael Spörndli.
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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 2 012
Notes
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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 2 012
1. Comments on Business Activities
General
Risk management
Schroder & Co Bank AG is a wholly-owned subsidiary of
Risk Assessment
Schroders plc, London. In addition to the head office in
The Board of Directors re-assesses the Bank’s risks each
Zurich the Bank has a branch office in Geneva.
year (in particular with respect to credit, market, liquidity and
operational risks). The effectiveness of the limit system and
The business activities of the Bank are described below.
the controls are also evaluated. The Organisation and Man-
There are no further business activities that would signifi-
agement Regulations ensure that the Board of Directors is
cantly impact the Bank’s risk and income situation.
always adequately informed of the risk situation and that the
authority for decisions in this area remains in the Board of
Fee and commission business
Directors’ responsibility.
The Bank’s principal line of business is investment management for both domestic and foreign clients.
Details on Risk Management
The risk management procedures and the ongoing monitor-
Asset management, trustee, custodian and credit operations
ing is delegated to committees. The Asset & Liability Man-
are the main contributors to commission and service fee
agement Committee is responsible for monitoring market
revenues.
risk, interest rate risk and liquidity. This includes the selection and monitoring of banks, brokers and custodians. In
Banking activities
addition it monitors the adherence to the capital and large
The Bank’s main balance sheet activities are the client-lend-
exposure regulations.
ing business and interbank operations.
The interest rate risks arising out of the balance sheet and
Loans to clients are mainly granted on the basis of Lombard
off-balance sheet positions are monitored and managed
coverage.
centrally. They are managed using calculations of the net
present value effect on shareholders equity and the net
Trading activities
income effect under various interest rate assumptions. The
Trading comprises mainly trading for the accounts of clients
ability to meet obligations is monitored and ensured within
in interest rate products, securities and foreign exchange,
the framework defined in the bank law and by the Group.
and to a limited extent proprietary trading.
Operational risks are managed through internal organisation
and control procedures. Internal audit regularly audits the in-
Service Centre – Insourcing Business
ternal controls and issues reports to the Board of Directors.
The Service Centre Private Banking renders securities
administration, funds transfer, accounting and IT services
The credit risks are subject to specific monitoring by the
centrally. These services are being offered to other
Credit Committee and the Credit Department. Loan col-
Schroder Group companies (Schroder & Co. Limited, Lon-
lateral is valued at market value. The collateral rates are set
don, Schroders (C. I.) Limited, Guernsey, Schroder & Co.
forth in predefined procedures.
(Asia) Limited, Singapore and Schroder Investment Management (Switzerland) AG, Zurich). These services are charged
at market rates.
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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 2 012
Outsourcing
Staff
The Bank has an outsourcing agreement with the company
At the end of the business year the Bank had 133 full- and
Biveroni Batschelet Partners AG (BBP) for running the inter-
30 part-time employees, for a total of 163 (or 153 full-time
bank applications SIC, EuroSIC, Swift and Secom. BBP’s
equivalent positions; previous year: 157.6).
role is limited to providing electronic access to the abovementioned interbank services.
Capital adequacy
CHF 1000
2012
2011
Eligible adjusted capital
132 418
130 023
Total minimum capital requirement
48 846
50 177
– thereof for credit risk
36 391
38 440
– thereof for non-counterparty related risks
153
187
– thereof for market risks
604
326
– thereof for operational risks
12 178
12 094
– thereof for deductions from minimum capital requirements
(480)
(870)
Capital requirement coverage ratio
271%
259 %
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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 2 012
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
Supervisory Authority’s (FINMA) regulations and directives.
Troubled loans are reclassified as being of full value when
outstanding amounts of capital and interest are again paid
All transactions are recorded in the Bank’s books at the
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 recog-
From the settlement date, these transactions are included in
nised stock exchange or for which a representative market
the balance sheet.
exists are valued at market value. Refinancing costs are
charged against trading income. All other trading positions
Business risks are covered by adequate value adjustments
are valued at the lower of cost or net realisable value.
and provisions.
Financial investments
Detailed principles
Securities held to generate income in the medium term are
The most important accounting policies and valuation princi-
valued at the lower of cost or net realisable value. Realised
ples are shown below.
profits or losses from sales of these securities are included
within “Results from the sale of financial investments”.
Liquid assets, receivables from banks and liabilities
Unrealised profits or losses are included within “Other ordi-
These items are stated in the balance sheet respectively at
nary income” or “Other ordinary expenses”. Debt securities
their nominal value or at cost less any individual valuation
to be held until maturity are valued at cost. Any premium or
adjustments required for impaired assets.
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
Participations
debtor, are valued individually. A specific provision is made
Participations are stated at cost, less any impairment.
for the estimated shortfall against nominal value in capital
and interest. Off-balance sheet exposure, such as commit-
Tangible fixed assets
ments, guarantees or derivative instruments, are also taken
Tangible fixed assets are valued at cost, less accumulated
into consideration for this valuation. Loans are considered
depreciation. Depreciation is calculated using the straight-
as impaired at the latest when the contractual payments for
line method based on useful life.
capital and/or interest are overdue for more than 90 days.
Interest accrual is suspended if recovering interest is so unlikely that an accrual no longer makes sense.
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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 2 012
The recoverability is reconsidered each year. Should the
Taxes
useful life change or the value decrease upon reconsidering
Current tax is generally tax on profit and recurs on an annual
the recoverability, the remaining book value will be depreci-
basis. One-off or transaction taxes are not considered as
ated according to the revised plan, or an extraordinary de-
current tax.
preciation can be made. In accordance with tax regulations,
smaller items may be charged directly to the profit and loss
Current tax on earnings is included as expense of the pe-
account.
riod in which the earnings are recognized. Tax liabilities are
shown under “Accrued expenses and deferred income”.
Useful life of the various fixed assets:
Information technology (hardware and software): 3 years
Derivative financial instruments
Cars: 4 years
Derivative financial instruments are used by the Bank for
asset and liability management and for securities and foreign
Foreign currencies
exchange dealing. They are used both for proprietary trad-
Foreign currency transactions are translated at the average
ing and for trading for the accounts of clients. Valuation is in
exchange rates ruling at the balance sheet date. Foreign
accordance with the purposes for which they were originally
exchange positions in the balance sheet are translated at the
acquired.
average exchange rates at the balance sheet date and taken
1. Derivative trading positions
to the profit and loss account. Forward foreign exchange
These derivatives are marked to market. Positive and
transactions are valued at the forward market rates ruling at
negative replacement values are included within “Other
the balance sheet date. The valuation result is taken to the
assets” or “Other liabilities”. Profits and losses are
profit and loss account.
included within “Result from trading operations”.
2. Derivative financial investments
The main conversion rates applied are listed below:
2012
2011
These derivatives are acquired by the Bank instead of
direct investments. In accordance with the accounting
EUR
1.2066
1.2137
policy for financial investments, these positions are val-
GBP
1.4877
1.4531
ued at the lower of cost or net realisable value. Any inter-
USD
0.9153
0.9348
est income components are included within “Interest and
JPY
1.0586
1.2154
dividend income from financial investments”. Realised
profits or losses are included within “Result from the sale
of financial investments”.
Valuation adjustments and provisions
Based on the principle of prudence, the Bank establishes
3. Derivatives for hedging purposes
valuation adjustments and provisions within liabilities for
Derivative transactions concluded for hedging purposes
contingent risks. The valuation adjustments and provisions
are valued and booked on a basis consistent with the
may contain undisclosed reserves.
underlying transactions.
26
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 2 012
Liabilities to own pension plans
The employees of Schroder & Co Bank AG benefit from
two defined contribution pension plans. The “BVG Stiftung”
grants a minimum of the benefits mandatory by law. The
“Vorsorgestiftung” of Schroder & Co Bank AG grants benefits for that part of the salary above the limit of the BVG
law. The employer’s contributions according to the defined
contribution pension plans are included within “Personnel
expenses”.
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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 2 012
Geneva, rue d’Italie
left Page from the top ( l. to r. ) : Felicia Avasiloaie, Trust Team, Reto
Dietrich, Andrea Linet-Gairing, Bernhard Leibkutsch, Dorothée Léger,
Daniela Carissoni / Romain Cymberg / Samuel Moulin, Slavica EsnaultPelterie, Sybille Albrecht, Cynthia Pierrel, Alexandra Vuagnat.
right Page from the top ( l. to r. ) : Romain Cymberg, Roberta Riviera,
Fernando Garro, Elias Carballo, Rosetta Mitrione, Elias Carballo / Romain
Cymberg, Denis Purmann, Manuela de Kerchove, Adriana Loiola, Samuel
Moulin, Roberta Riviera.
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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 2 012
Information
on the
Balance Sheet
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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 2 012
3. Information on the Balance Sheet
3.1 Schedule of collateral for loans and off-balance sheet transactions
CHF 1000Type of collateral
Mortgage
collateral
Other
collateral
Without
Total
collateral
Loans
Due from clients
—
229 238 17 341 246 579
Total
31.12.12
—
229 238 17 341 246 579
31.12.11
300 215 639 15 020 230 959
Contingent liabilities —
19 751 70 19 821
Irrevocable commitments —
—
4 409 4 409
Off-balance sheet transactions
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel
—
—
4 022 4 022
Total
31.12.12
—
19 751 8 501 28 252
31.12.11
5 812 25 710 4 163 35 685
Gross
amount
Estimated
collateral
proceeds
Net
amount
Specific
provision
Impaired loans
31.12.12
34 003 15 761 18 242 18 242
31.12.11
33 794 17 665 16 129 16 129
3.2 Financial investments
CHF 1000
Book value
Book value
Fair value
Fair value
31.12.12
31.12.11
31.12.12
31.12.11
– with the intention to hold to maturity
57 424 80 929 57 427 Precious metals
33 650 32 556 33 650 32 556
Total
91 074 113 485
91 077 113 485
of which qualify as repos as defined in the liquidity rules
57 427 80 929
Debt securities and rights
31
80 929
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 2 012
3.3 Participations
CHF 1000
31.12.12
31.12.11
Without market value
1 100
1 100
Total
1 100
1 100
Share capital
Ownership
propor tion
Ownership
propor tion
company administrationCHF 100 000
100%
100%
Schroder Cayman Bank
Banking services and
100%
100%
Additional information on significant participations
Company Name
Business activities
Schroder Trust AG, Geneva
Trust and offshore
and Trust Company Ltd.,
trust and offshore
Cayman Islands
company administrationUSD 633 714
3.4 Assets and participations
CHF 1000
Historical
cost
31.12.11
Accumulated
Book value
Additions
Disposals
depreciation
31.12.12
Depreciation
Book value
Total majority participations
1 100
—
1 100
—
—
—
1 100
Other fixed assets
4 138 (3 764)
374 96 —
(164)
306
Total
5 238 (3 764)
1 474 96 —
(164)
1 406
Fire insurance value of other fixed assets
20 925
Liabilities: future operational lease commitments
13 011
32
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 2 012
3.5 Other assets and other liabilities
CHF 1000
Other assets
31.12.12
Other liabilities
Other assets
31.12.11
Other liabilities
Replacement costs of derivative instruments
6 566 5 866 15 733 14 921
Indirect taxes and stock exchange fees
394 2 417 378 2 288
Other assets and liabilities
163 96 105 200
Total
7 123 8 379 16 216 17 409
3.6 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
CHF 1000
31.12.12
Assets pledged
Effective liability
(Book value)
Own securities
46 330 There are no loans or pension transactions with securities.
33
­—
Assets pledged
(Book value)
56 780 31.12.11
Effective liability
2 076
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 2 012
3.7 Pension plans
CHF 1000
31.12.12
31.12.11
The liabilities due to own pension plans at the balance
sheet date amounted to:
9 551 9 359
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 pensionplan) and the Vorsorgestiftung (non-mandatory pension plan)
of Schroder & Co Bank AG at 31.12.2011, the employer contribution
reserves at period end were:
—
Pension plan free funds at the balance sheet date
CHF 1000
31.12.11
31.12.10
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
52
51
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
3
2
CHF 1000
2012
2011
The Bank’s total contributions to both pension plans for the year amounted to:
3 915 3 921
5 569 5 673
In 2011 the level of the accounts of the individual plan members was TCHF 22 450.
Contributions to pension funds / pension and related benefits expense
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 2 012
3.8 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance
Specific
31.12.11
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
31.12.12
Loan losses (credit
and country risk)
16 129 (410)
—
323 2 200 —
18 242
Other provisions
14 746 (101)
—
4
5 122 (6 500)
13 271
327 Valuation adjustments and provisions
30 875 (511)
—
31.12.11
29 618 (496)
—
7 322 (6 500)
31 513
1 561
192
—
30 875
banking risks (fully taxed)
18 000
—
—
—
—
—
18 000
31.12.11
18 000
—
—
—
—
—
18 000
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 2012 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is
ultimately wholly-owned by Schroders plc, London.
On 7 March 2012, respectively 9 March 2011 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:
07.03.2012
Shares Schroders plc
Stake
Vincitas Limited
60 951 886
26.97%
09.03.2011
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.
11 369 900
5.03 %
0
0%
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 2 012
3.10 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Total shareholders’ equity at the beginning of 2012
Paid-in share capital
60 000
General legal reserve
27 400
Other reserves
25 700
Reserves for general banking risks
18 000
Retained earnings brought forward
12 418
Total shareholders’ equity at the beginning of 2012
143 518
Movements
Dividend 2011
(10 000)
Deduction from available earnings for allocation to reserves
(2 400)
Allocation to legal reserve
700
Allocation to other reserves
1 700
Net income 2012
10 300
Total shareholders’ equity at the end of 2012
143 818
Paid-in share capital
60 000
General legal reserve
28 100
Other reserves
27 400
Reserves for general banking risks
18 000
Retained earnings carried forward
10 318
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 2 012
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
Due from banks
Due from clients
685 199 —
—
—
—
—
685 199
87 119 —
684 169 24 131 —
—
795 419
3
125 329 77 678 43 569 —
—
246 579
33 649 —
26 105 —
31 320 —
91 074
Total 31.12.12
805 970 125 329 787 952 67 700 31 320 —
1 818 271
360 095 93 514 907 988 66 642 67 783 — 1 496 022
Financial investments
31.12.11
Liabilities
Due to banks
10 170 —
17 753 —
—
—
27 923
Due to clients
1 591 592 494 10 627 10 115 —
—
1 612 828
Total 31.12.12
1 601 762 494 28 380 10 115 —
— 1 640 751
1 262 942 1 093 41 052 7 923 —
—
31.12.11
1 313 010
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
31.12.12
31.12.11
Due from affiliated companies
414
—
Due to affiliated companies
3 628 7 527
Loans and exposures to members of the Bank’s governing bodies
287 1 683
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
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 2 012
3.13 Assets and liabilities by domestic and foreign origin
CHF 1000
Domestic
31.12.12
Foreign
Domestic
31.12.11
Foreign
Assets
Cash
685 199 —
231 061 —
Due from banks
302 767 492 652 259 320 661 197
Due from clients
39 937 206 642 41 139 189 520
Mortgages
—
—
300 —
Financial investments
91 074 —
113 485 —
Participations
100 1 000 100 1 000
Fixed assets
306 —
373 —
Accrued income and prepaid expenses
12 881 450 9 829 3 162
Other assets
2 320 4 801 7 503 8 713
Total
1 134 584 705 545 663 110 863 592
Liabilities and shareholders’ equity
Due to banks
1 886 26 037 3 259 58 393
Due to clients
275 397 1 337 431 283 080 968 278
Accrued expenses and deferred income
15 657 11 21 732 157
Other liabilities
5 141 3 238 5 934 11 476
Valuation adjustments and provisions
31 513 —
30 875 —
Reserves for general banking risks
18 000
—
18 000
—
Share capital
60 000
—
60 000
—
General legal reserve
28 100 —
27 400 —
Other reserves
27 400 —
25 700 —
Retained earnings brought forward
18 —
23 —
Net income
10 300 —
12 395 —
Total
473 412 1 366 717 488 398 1 038 304
38
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 2 012
3.14 Assets by countries / country groups
CHF 1000
Total
31.12.12
in %
Total
31.12.11
in %
Assets
Europe
– Germany
7 357 0.4 %
37 167 2.4 %
– United Kingdom
123 574 6.7%
155 215 10.2 %
– Switzerland
1 134 584 61.6 %
663 110 43.4 %
– Rest of Europe
372 810 20.3 %
514 872 33.7 %
Total Europe
1 638 325 89.0 %
1 370 364 89.7 %
North America
30 470 1.7%
8 442 0.6 %
Asia
11 358 0.6 %
13 501 0.9 %
Other countries
159 976 8.7%
134 395 8.8 %
Total
1 840 129 100.0 %
1 526 702 100.0 %
39
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 2 012
3.15 Assets by currencies
CHF 1000
Currencies
CHF
EUR
USD
Precious
metals
Other
31.12.12
Total
Assets Cash
684 523 418 148 —
111 685 200
Due from banks
2 269 31 747 623 915 22 985 114 501 795 417
Due from clients
31 514 108 932 80 390 —
25 743 246 579
Mortgages
—
—
—
—
Financial investments
57 424 —
—
33 649 — ­—
—
91 073
Participations
1 100 —
—
—
—
1 100
Fixed assets
306 —
—
—
—
306
Accrued income and prepaid expenses
12 547 184 317 —
283 13 331
Other assets
6 621 7
494 —
1
7 123
Total balance sheet assets
796 304 141 288 705 264 56 634 FX forward and FX option transactions
192 298 615 421 264 597 —
Total assets
988 602 756 709 969 861 56 634 Due to banks
188 1 253 13 204 —
13 278 27 923
Due to clients
223 420 513 771 688 533 56 635 130 469 1 612 828
Accrued expenses and deferred income
14 491 —
12 —
1 165 15 668
140 639 1 840 129
Assets deriving from FX spot,
79 303 1 151 619
219 942 2 991 748
Liabilities and shareholders’ equity
Other liabilities
7 895 —
483 —
1
8 379
Valuation adjustments and provisions
15 576 15 788 —
—
149 31 513
Reserves for general banking risks
18 000 —
—
—
—
18 000
Share capital
60 000 —
—
—
—
60 000
General legal reserve
28 100 —
—
—
—
28 100
Other reserves
27 400 —
—
—
—
27 400
Retained earnings brought forward
18 —
—
—
—
18
Net income
10 300 —
—
—
—
10 300
Total balance sheet liabilities
405 388 530 812 702 232 56 635 FX forward and FX option transactions
582 704 225 865 267 471 —
Total liabilities
988 092 756 677 969 703 56 635 Net position by currency
510 32 158 (1)
145 062 1 840 129
Liabilities deriving from FX spot,
40
74 811 1 150 851
219 873 2 990 980
69 768
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 2 012
42
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 2 012
Zurich, Westpark
left Page from the top ( l. to r. ) : Geraldine Nacario, Laurent Mayor,
David Dowse, Markus Birrer, Andreas Perschl, Dietmar Engel, Patrick
Jaeggi, Karin Basler / Alexandra Ureña, Sacha Rigoni, Gisela Enz, Erika
Saiti, Jürg Egli.
right Page from the top ( l. to r. ) : Matthias Mühlinghaus / Marco Isaak,
Patricia Bieri, Rainer Rüegg, Liza Vonwyl, Leo Diyenis, Sandra Wohnlich,
Peter Mikusi, Jan Pobuda, Markus Kräuchi, Anja Petritz, Toni Piscitelli.
43
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 2 012
Information on
Off-Balance Sheet
Transactions
44
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 2 012
4. Information on Off-Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000
31.12.12
31.12.11
Credit guarantees
15 803 27 901
Irrevocable commitments
4 018 3 926
Total
19 821 31 827
4.2 Outstanding derivative instruments
CHF 1000
Positive
replacement
values
Negative
replacement
values
Contract
volume
Foreign exchange / metal instruments
Forward contracts
6 070 5 370 1 141 425
Options (OTC)
496 496 20 538
Total 31.12.12
31.12.11
6 566 15 733 5 866 1 161 963
14 921 927 398
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
Outstanding derivative instruments by counterparties
CHF 1000
Banks
Positive
replacement
values
31.12.12
Negative
Contract
replacement
volume
values
2 558 2 432 760 936 Positive
replacement
values
6 706 Negative
replacement
values
3 232 31.12.11
Contract
volume
373 736
Non banks
4 008 3 434 401 027 9 027 11 689 553 662
Total
6 566 5 866 1 161 963 15 733 14 921 927 398
45
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 2 012
4.3 Fiduciary transactions
CHF 1000
31.12.12
31.12.11
Fiduciary deposits in CHF
8 500 4 903
Fiduciary deposits in European currencies
489 872 1 408 989
Fiduciary deposits in USD
515 296 504 940
Fiduciar y deposits
Fiduciary deposits in other currencies
17 592 24 600
Total
1 031 260 1 943 432
Fiduciar y credits
Fiduciary credits in CHF —
—
Fiduciary credits in European currencies
—
2 402
Fiduciary credits in USD
12 632 13 460
Total
12 632 15 862
Effected fiduciary deposits placed with banks within the Schroder Group at the end of the year amounted to TCHF 7541.
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 2 012
4.4 Funds under management
CHF 1000
31.12.12
31.12.11
Private Banking
Assets in own managed investment funds
7 943 8 720
Assets under discretionary management
1 585 729 1 724 674
Assets subject to other management
4 727 909 4 762 389
Total funds under management Private Banking (incl. double counting)
6 321 581 6 495 783
of which double counting
7 943 8 720
Total funds under management Private Banking (excl. double counting)
6 313 638 6 487 063
Total net inflow / outflow of assets
(286 695)
353 031
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.
4.5 Funds administered by the Service Centre Private Banking
CHF 1000
Assets administered banking activities (cf 4.4.)
31.12.12
31.12.11
6 313 638 6 487 063
insourcing for Schroder Group companies
23 851 529 21 066 321
Total assets administered by the Service Centre Private Banking
30 165 167 27 553 384
Assets administered in connection with the
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).
47
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 2 012
Information
on the Profit and
Loss Account
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 2 012
5. Information on the Profit and Loss Account
5.1 Results from trading operations
CHF 1000
2012
2011
Securities
—
Foreign exchange
5 049 6 765 —
Total
5 049 6 765
5.2 Personnel expenses
CHF 1000
2012
2011
Authorities, meeting compensations and fixed compensations
180 216
Salaries and extras
29 989 33 039
Social security contributions
1 654 1 752
Pension plan contributions
3 915 3 921
Other personnel expenses
717 906
Total
36 455 39 834
5.3 Operating expenses
CHF 1000
Occupancy expenses
2012
2011
3 487 3 758
3 267 3 963
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,
publication and advertising, audit, other costs
8 056 8 557
Total
14 810 16 278
5.4 Extraordinary income
CHF 6.5 million of extraordinary income is due to the reversal of a provision which was no longer necessary.
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 2 012
Report of the
Statutory Auditor
50
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 2 012
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 2012.
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 2012 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 art. 11 AOA) and that there are no
of Directors is further responsible for selecting and applying
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 Ltd
statements. The procedures selected depend on the audi-
Roman Berlinger,
tor’s judgement, including the assessment of the risks of
Markus Meier,
Audit expert, Auditor In Charge
Audit expert
material misstatement of the financial statements, whether
Zurich, 22 March 2013
due to fraud or error. In making those risk assessments, the
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
51
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 2 012
Board and
Senior Staff
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 2 012
Board and Senior Staff ( as of 1 March 2013 )
Board of Directors
Senior Management
Philip Mallinckrodt
Beat Bochsler
Andreas Borsari
Chairman
Dr. François Bochud
Jonathan Brander
Deputy Chairman
Isabelle Brechbühl
Dr. Martin Eckert
Norbert Brestel
Jean-Claude Marchand
Pierre-Antoine Carron
Jean-Charles Roguet
Reto Dietrich
Markus Rütimann
Pascal Ducry
Markus Engeler
Executive Board
Slavica Barovic Esnault-Pelterie
Luc Denis
Pierre-Louis Favre
Chairman
Heinz Scheiwiller
Rolf Fischer
Deputy Chairman,
Head of Service Centre Private Banking
Claudia Giger
Enrique Gil
Pierre-Louis Favre
Roland Heule
Member, Head of Finance
Jürg Klingler
Jean-Jacques Hunziker
Bernhard Leibkutsch
Member, Head of Compliance
Michael Kiepert
Samuel Moulin
Denis Purmann
Member, Head of Investment Management and Banking
Martin Liebi
Michel Rossi
Member, Head of Client Relationship Management
Stefano Scanzoni
Christian Schmid
Michael Spörndli
Urs Winiger
Paolo Zaglia
External Auditors
PricewaterhouseCoopers Ltd, Zurich
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 2 012
Main
Schroder
Branches
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 2 012
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 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
Agenzia di Padova Private Banking
Piazzetta Bettiol 15, 35137 Padova
Tel + 39 049 876 57 76
Schroder Property Investment
Management GmbH
World Trade Center
Tower A, Level 5
Strawinskylaan 521
1077 XX Amsterdam
Tel +31 (0)20 301 65 60
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 Pinar 7, 28006 Madrid
Tel +34 91 590 05 05
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, 8021 Zürich
Tel + 41 (0)44 250 11 11
Agenzia di Roma Private Banking
Piazza della Maddalena 6, 00186 Roma
Tel + 39 06 321 83 68
Schroder & Co Bank AG
Service Centre Private Banking
Pfingstweidstrasse 60
8005 Zürich
Tel +41 (0)44 250 11 11
Luxembourg
Schroder Investment Management
(Luxembourg) S.A.
5, rue Höhenhof, 1736 Senningerberg
Tel + 352 341 34 22 12
Schroder & Co Banque SA
8, rue d’ltalie, 1204 Genève
Tel + 41 (0)22 818 41 11
Netherlands
Schroder Investment Management
Benelux
World Trade Center
Tower A, Level 5
Strawinskylaan 521
1077 XX Amsterdam
Tel +31 (0)20 305 28 40
55
Schroder Investment Management
(Switzerland) AG
Central 2, 8021 Zürich
Tel +41 (0)800 84 44 48
Schroder Investment Management
(Switzerland) AG
8, rue d’ltalie, 1204 Genève
Tel +41 (0)22 818 41 91
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 2 012
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
90 Pitts Bay Road, Pembroke HM08
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 KY1-1102, BWI
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
56
Schroder & Co. (Asia) Limited
11 Beach Road #06-01
Singapore 189675
Tel +65 65 07 01 23
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 (02) 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 2 012
Schroder & Co Bank AG
Head Office
Schroder & Co Bank AG
Central 2, 8001 Zürich
Postfach 1820, 8021 Zürich
Service Centre Private Banking
Pfingstweidstrasse 60, 8005 Zürich
Postfach 2222, 8031 Zürich
Tel +41 (0)44 250 11 11
Fax +41 (0)44 250 13 12
www.schroders.ch
contact@schroders.ch
Branch Office
Schroder & Co Banque SA
8, rue d’Italie, 1204 Genève
Case postale 3655, 1211 Genève 3
Tel +41 (0)22 818 41 11
Fax +41 (0)22 818 41 12
Subsidiary Companies
Schroder Trust SA
8, rue d’Italie, 1204 Genève
Case postale 3655, 1211 Genève 3
Tel +41 (0)22 818 41 22
Fax +41 (0)22 818 41 28
Schroder Cayman Bank and
Trust Company Limited
P.O. Box 1040GT, Harbour Centre
Grand Cayman KY1-1102, B.W.I.
Tel +1 345 949 28 49
Fax +1 345 949 54 09
57
© 2013
Schroder & Co Bank AG
Annual Report 2012
Project management:
Schroder & Co Bank AG
Concept:
markenart, Zurich
Peter Bütikofer & Company, Zurich
Schroder & Co Bank AG
Design, production:
markenart, Zurich
Fotografie:
Stefan Baumgartner, Zurich
Printed by:
Neidhart + Schön Group, Zurich
The Annual Report 2012 is also published in
German. The German version takes precedence.
The web version of the Annual Report 2012 is
available at www.schroders.ch
Zurich Westpark
“Gleisbogen Zurich West”
View from pedestrian bridge over Pfingstweid road
Schroder & Co Bank AG | Annual Report
Schroder & Co Bank AG | Annual Report 2 012
www.schroders.ch