Schroder & Co Bank AG
Annual Report 2008 Schroder & Co Bank AG
Annual Report 2008
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 1040, 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
Fax +1 345 949 54 09
Postfach 2222, 8031 Zürich
Schroder Trust AG
Tel +41 (0)44 250 11 11
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)44 250 12 66
contact@schroders.ch
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
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
18
2. Principal Accounting Policies and Valuation Principles
21
3. Information on the Balance Sheet
24
4. Information on Off-Balance Sheet Transactions
34
5. Information on the Profit and Loss Account
37
Report of the Statutory Auditor
41
Board and Senior Staff
43
Main Schroder Branches
44
Front page: Extract 100 Swiss franc note (Switzerland)
Left page: Extract 100 Chinese yuan note (China)
3
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Chairman’s Statement
2008 was a difficult year for the global financial markets,
change rate fluctuations. Market trends had a more severe
one in which the FTSE All Share Index lost 32.8 % of its
impact on the institutional business, where the decline in
value and the MSCI World Index tumbled by 42.1%.
assets due to market movements led to significantly lower
In Switzerland, too, the first signs of a deep-seated crisis
earnings.
in the financial sector emerged during the year. Stock
markets were already falling at the beginning of the year
The Board of Directors proposes to the General Meeting
following a mixed showing in 2007, and forecasts began to
the distribution of an ordinary dividend of CHF 22 million
grow gloomier as early as the second quarter. Many finan-
(previous year: CHF 24 million). It also proposes that
cial services providers suffered as extremely challenging
CHF 1.9 million (previous year: CHF 2.3 million) be allo-
conditions unfolded. Other sectors of the economy were
cated to the general statutory reserve and CHF 7.3 million
also hit hard as the crisis spread. Investors were deeply
(previous year: CHF 13.6 million) to other reserves. As a
unsettled by these developments and there was a general
result, the Bank’s reported equity capital after payment of
flight to liquidity.
the dividend will stand at CHF 127.5 million (previous year:
CHF 118.4 million).
Extract 20 pound sterling note (United Kingdom)
It was difficult to predict the severity of the crisis that
started as a credit crunch and culminated in massive tur-
On behalf of the Board of Directors, I would like to thank all
bulence in the financial markets last year. Inevitably, opera-
our clients for the trust they have placed in us.
tional business in 2008 proved to be highly challenging.
I would also like to express my gratitude towards all our
employees. Without their commitment and expertise,
Net profit for 2008 was CHF 31.1 million, down 22% on the
Schroders would not be able to serve our clients through
previous year (CHF 39.9 million). In private banking, the
these turbulent times.
base established in previous years was maintained – albeit
with a small drop in net new money – despite the nega-
Philip Mallinckrodt
tive performance of global financial markets and large ex-
Chairman of the Board of Directors
5
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
E xecutive Board’s Statement
In spite of the negative developments in the markets in
There were two key factors that enabled Schroder &
the first half of 2008, Schroder & Co Bank AG produced
Co Bank AG to withstand the crisis. Firstly, our invest-
a good financial performance thanks to the structures put
ment strategies were basically conservative, and this has
in place the previous year. This positive first-half perform-
contributed to preserving and strengthening the trust of
ance can be attributed to the strong reputation that we
clients. Secondly, the Schroder Group’s presence around
have built in the market over the years.
the world also helped us to identify and better monitor the
impact of the financial crisis at an early stage. The Bank
This overall picture took a different turn in the second half
took precautionary measures during the second half of
of the year. In particular, the currency situation changed for
2008. The extremely difficult market environment necessi-
the worse, institutional business suffered as market vol-
tated great vigilance, which took the form of daily monitor-
umes tumbled, and private banking experienced a decline
ing of the markets and constant reassessment of risks.
in funds under management. General market performance
was the main driver of all these trends. Here are some
The turbulent market environment will continue to make
examples in local currencies, from January to December
day-to-day operations challenging in the coming year. On
2008:
the other hand changed conditions will also open up considerable opportunities, and Schroder & Co Bank AG is
determined to seize them. The scene is now set for further
Market indices
Extract 200 euro note (EU)
Switzerland (SPI)
– 34.05%
expansion of our activities.
USA (S&P 500)
– 37.00 %
UK (FTSE 100)
– 28.00 %
To drive our growth, we have strengthened our private cli-
Brazil (Bovespa)
– 41.22 %
ent operations in Geneva and Zurich, taking on additional
Russia (RTS$)
– 72.26 %
staff, and have reinforced our support resources. Our
India (BSE Sensex 30)
– 51.80 %
objective is to generate additional client assets and further
China (Shanghai Comp.)
– 64.89 %
enhance the quality of our services.
7
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
8
The acquisition of Swiss Re Asset Management Funds
We aim to make full use of the year of changes that lies
AG – now Schroder Investment Funds (Switzerland) AG –
ahead, by progressively building on our solid base to se-
completed in the spring marked another major strategic
cure sustainable, long-term growth.
step for the Schroder Group’s Swiss activities. It will enable us to strengthen our institutional business and capital-
Private Banking
ise on the opportunities made possible by the changes to
In the year under review, we succeeded in maintaining our
the Swiss Collective Investment Schemes Act. Schroders
private client business in Geneva and Zurich without any
is well placed to be one of the leaders in exploiting the
major setbacks, despite the turbulent market environment.
new possibilities resulting from these changes.
We believe that clients’ trust in Schroders remains intact,
and has even been strengthened under these difficult con-
On the cost side, we have started the new year in a good
ditions.
position, with synergies from the Service Centre playing a
significant role. This unit now comprises the back-office
Private client funds under management decreased by
services for three Schroders companies: Schroder & Co.
24.4 % in Swiss franc terms to CHF 6.8 billion. This decline
Limited, London; Schroders (C.I.) Limited, Guernsey; and
was chiefly attributable to the negative market perform-
Schroder & Co Bank AG.
ance, as well as the strength of the Swiss franc against
the major client currencies towards the end of 2008. The
One of the main reasons we can face the future with great
balance of net new funds was slightly negative in Swiss
confidence is the quality of our employees. Schroders has
francs, at CHF – 25.6 million.
always applied a prudent Human Resources policy. We
have highly qualified staff on whom we can rely. We are
Commission income declined from CHF 105.4 million to
therefore convinced of our ability to exploit the opportuni-
CHF 81.9 million. This was where our clients’ uncertainty
ties opened up by the crisis.
was most evident, as they shunned stock market transactions in favour of holding more liquidity. The declines
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
9
Chairman of the Board of Directors and Executive Board (from the left):
Philip Mallinckrodt, Chairman of the Board of Directors; Luc Denis, Chairman of the Executive Board;
Heinz Scheiwiller, Deputy Chairman of the Executive Board; Stephen J. Mills, Member, Head of Schroder
Investment Management (SIM) Switzerland; Martin R. Liebi, Member, Head of Private Banking Zurich
in funds under management in both private banking and
The Service Centre also contributes to containing costs
institutional business also negatively affected commission
within Schroders Private Banking since it encompasses all
income.
the operational areas of the affiliated companies, enabling
considerable synergies to be achieved. This process is still
Net interest income increased year-on-year, whereas the
ongoing, and it is planned to extend the services provided
trading result decreased slightly.
to a unit of Schroders Private Banking in Singapore, as
well as insourcing certain tasks in fund administration and
Service Centre
institutional business. The Service Centre staffing level has
The Bank’s internal Service Centre performed well in
therefore been gradually increased.
its first full year of operation. IT, operational and financial services with a total value of CHF 13.7 million were
charged to other Schroder Group companies.
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
Institutional Asset Management and Fund Distribution
Institutional Sales and Marketing
The activities of the division (SIM Switzerland) can be
We are one of the largest foreign-owned providers of
divided into fund management, institutional sales and mar-
products and services for the management of pension
keting, as well as the distribution of Schroders’ range of
fund and other institutional assets in Switzerland. We
Luxembourg-domiciled funds.
manage country-specific, regional, global and balanced
mandates.
On 31 May 2008 Schroder International Holdings Limited,
London acquired Swiss Re Asset Management Funds AG,
Distribution of Mutual Funds (Intermediary)
which was re-named Schroder Investment Funds (Switzer-
Our mutual funds business started the year strongly but
land) AG. With this acquisition Schroders has significantly
then was negatively affected by the sharp decline in fi-
extended its services and product range. We now have a
nancial markets in the latter part of the year. Whilst the
highly competitive platform to further develop our business
outlook for this business is currently clouded, we are well
in Switzerland.
placed to benefit from any improvement in sentiment given
our strong relative performance, our innovative and broad
Fund Management
product range as well as the high level of service we offer.
Our Swiss-based team of fund managers and analysts is
responsible for the management of Swiss and European
Subsidiaries
equity as well as balanced mandates. Intensive local re-
Our clients have an international perspective and wide-
search, including an extensive company visit programme,
ranging needs, which are not confined to financial serv-
is augmented by the global research efforts of the Schro-
ices. Schroder & Co Bank AG therefore offers proven
der Group. In the management of balanced mandates, we
expertise in related areas through its subsidiaries. Our
offer state-of-the-art solutions to a wide variety of Swiss
subsidiary Schroder Cayman Bank & Trust Company
institutions.
Limited supports our clients in establishing and managing
trusts and foreign-domiciled corporations, while Schroder
Trust AG in Zurich mainly acts as a trustee for trusts created in common-law jurisdictions.
Extract 20 pound sterling note (United Kingdom)
10
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Balance Sheet
as of 31 December 2008
CHF
Notes
31.12.08
31.12.07
Assets
Liquid assets
19 618 747
16 724 492
Due from banks
385 681 460
417 611 545
Due from clients
3.1
349 853 209
400 783 060
Securities and precious metal trading portfolios
3.2
3 799 825
58 806 000
Financial investments
3.3, 3.7
86 474 430
—
Participations
3.4
1 100 000
1 100 000
Fixed assets
3.5
484 669
482 812
Accrued income and prepaid expenses
13 338 013
20 664 895
3.6
29 295 346
11 596 921
Total assets
Other assets
889 645 699
927 769 725
844 484
171 232 798
Total due from group entities and
significant shareholders
13
Liabilities and shareholders’ equity
Due to banks
117 595 054
453 319 896
Due to clients
516 079 532
241 195 076
Accrued expenses and deferred income
43 432 294
48 291 272
Other liabilities
3.6
34 743 716
16 088 249
Valuation adjustments and provisions
3.9
28 335 386
26 481 945
Reserves for general banking risks
3.9
18 000 000
18 000 000
Share capital
3.10, 3.11
60 000 000
20 000 000
General legal reserve
3.11
23 700 000
21 400 000
Other reserves
3.11
16 500 000
42 900 000
Retained earnings brought forward
193 287
143 936
Net income
31 066 430
39 949 351
Total liabilities and shareholders’ equity
889 645 699
927 769 725
16 091 989
14 583 625
Total due to Group entities and
Extract 10 Australian dollar note (Australia)
significant shareholders
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
Of f-Balance Sheet Transactions
as of 31 December 2008
CHF
Notes
31.12.08
31.12.07
Contingent liabilities
3.1, 4.1
68 878 536
110 074 315
Confirmed credits
3.1, 4.2
—
1 670 952
Irrevocable commitments
3.1
1 740 000
1 090 000
Derivative instruments
4.3
28 718 737
10 835 222
– positive replacement values
– negative replacement values
30 645 761
11 619 929
– notional amounts
1 056 733 152
1 224 322 342
Fiduciary placements with third parties
2 938 369 940
4 103 262 091
Fiduciary credits
18 345 489
15 223 204
Fiduciary transactions
14
4.4
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Profit and Loss Account
for the period from 1 January to 31 December 2008
CHF
Notes
2008
2007
Interest and discount income
24 627 523
27 056 793
a) Revenues and expenses from ordinary banking activities
Results from interest activities
Interest and discount income from financial investments
1 080 722
—
Interest expenses
(10 728 915)
(12 505 453)
Total
14 979 330
14 551 340
Commission income on lending activities
1 017 338
1 062 929
Commission income on securities and investment transactions
89 975 681
114 064 672
Commission income on other services
1 019 029
841 221
Commission expenses
(10 144 474)
(10 584 284)
Total
81 867 574
105 384 538
5.1
8 201 009
8 870 572
– Other ordinary income
13 735 899
4 214 520
Results from commission and service fee activities
Results from trading operations
Other ordinary results
– Other ordinary expenses
(14 400)
—
Total
13 721 499
4 214 520
(49 117 202)
(49 874 593)
Operating expenses
– Personnel expenses
5.2
– Other operating expenses
5.3
(27 171 027)
(30 982 498)
Total
(76 288 229)
(80 857 091)
Gross profit
42 481 183
52 163 879
15
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CHF
Notes
2008
2007
Gross profit
42 481 183
52 163 879
(467 931)
(569 048)
b) Net income
Depreciation and write-offs of non-current assets
3.5
Valuation adjustments, provisions and losses
(2 103 690)
(474 507)
Results before extraordinary items and taxes
39 909 562
51 120 324
—
391 523
Taxes
(8 843 132)
(11 562 496)
Net income
31 066 430
39 949 351
Net income
31 066 430
39 949 351
Retained earnings brought forward
193 287
143 936
Extraordinary income
5.4
c) Allocation of retained earnings
31 259 717
40 093 287
Retained earnings at the end of the period
31 259 717
40 093 287
(22 000 000)
(24 000 000)
Allocation of retained earnings
Ordinary dividend
Allocation to general legal reserve
(1 900 000)
(2 300 000)
Allocation to other reserves
(7 300 000)
(13 600 000)
Retained earnings carried forward
59 717
193 287
Extract 10 Chinese yuan note (China)
16
Total
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
1. Comments on Business Activities
18
General
Trading activities
Schroder & Co Bank AG is a wholly-owned subsidiary of
Trading comprises mainly trading for the accounts of
Schroders plc, London. In addition to the head office in
clients in interest-rate products, securities and foreign ex-
Zurich the Bank has a branch office in Geneva.
change, and proprietary trading.
The business activities of the Bank are described below.
Service Centre – Insourcing business
There are no further business activities that would signifi-
The Service Centre Private Banking renders securities
cantly impact the Bank’s risk and income situation.
administration, funds transfer, accounting and IT services
centrally. These services are being offered to other Schro-
Fee and commission business
der Group companies (currently Schroder & Co. Limited,
The Bank’s principal line of business is investment man-
London, and Schroders (C.I.) Limited, Guernsey). These
agement for both domestic and foreign clients.
services are charged at market rates.
Asset management, trustee, custodian and credit opera-
Risk management
tions are the main contributors to commission and service
Risk assessment
fee revenues.
The Board of Directors re-assesses the Bank’s risks each
year (in particular with respect to credit, market, liquidity
Banking activities
and operational risks). The effectiveness of the limit sys-
The Bank’s main balance-sheet activities are the client-
tem and the controls are also evaluated. The Organisation
lending business and interbank operations.
and Management Regulations ensure that the Board of Directors is always adequately informed of the risk situation
Loans to clients are mainly granted on the basis of Lom-
and the authority for decisions in this area remains in the
bard coverage.
Board of Directors’ responsibility.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Details on risk management
Outsourcing
The risk management procedures and the ongoing moni-
The Bank has an outsourcing agreement with the com-
toring are delegated to committees. The Asset & Liability
pany Biveroni Batschelet Partners AG (BBP) for running
Management Committee is responsible for monitoring
the interbank applications SIC, EuroSIC, Swift and Secom.
market risk, interest rate risk and liquidity. This includes
BBP’s role is limited to providing electronic access to the
the selection and monitoring of banks, brokers and custo-
above-mentioned interbank services.
dians. In addition it monitors the adherence to the capital
and large exposure regulations.
Staff
At the end of the business year the Bank had 162 full- and
The interest rate risks arising from the balance-sheet and
17 part-time employees, for a total of 179 (or 176.3 full-
off-balance sheet positions are monitored and managed
time equivalent positions; previous year: 164).
centrally. They are managed using calculations of the net
present value effect on shareholders’ equity and the net
income effect under various interest rate assumptions. The
ability to meet obligations is monitored and ensured within
the framework defined in the bank law and by the Group.
Operational risks are managed through internal organisation and control procedures. Internal audit regularly audits
the internal controls and issues reports to the Board of
Directors.
The credit risks are subject to specific monitoring by the
Credit Committee and the Credit Department. Loan collateral is valued at market value. The collateral rates are set
forth in predefined procedures.
19
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
2. Principal Accounting Policies and Valuation Principles
Basis of preparation
Loans
The accounts are prepared in accordance with the Swiss
Impaired loans, i.e. loans that are unlikely to be repaid by
Code of Obligations, the Swiss Federal Law Governing
the debtor, are valued individually. A specific provision is
Banks and Savings Banks, including the implementing
made for the estimated shortfall against nominal value in
ordinances, directives, and the Swiss Financial Market Su-
capital and interest. Off-balance sheet exposure, such as
pervisory Authority’s (FINMA) regulations and directives.
commitments, guarantees or derivative instruments, is
also taken into consideration for this valuation. Loans are
All transactions are recorded in the Bank’s books at the
considered as impaired at the latest when the contractual
trade date and valued from that date for the profit and loss
payments for capital and/or interest are overdue for more
account. Money market and foreign exchange transactions
than 90 days. Interest accrual is suspended if recover-
are reported off-balance sheet until the settlement date.
ing interest is so unlikely that an accrual no longer makes
From the settlement date, these transactions are included
sense.
in the balance sheet.
If an outstanding loan is classified as entirely or partially irBusiness risks are covered by adequate value adjustments
recoverable or if a renunciation of outstandings is granted,
and provisions.
the outstanding loan is written off by debiting the respective loss provision.
Extract 100 Swiss franc note (Switzerland)
Detailed principles
The most important accounting policies and valuation
Troubled loans are reclassified as being of full value when
principles are shown below.
outstanding amounts of capital and interest are again paid
on time according to the conditions fixed by contract.
Liquid assets, receivables from banks and liabilities
These items are stated in the balance sheet respectively at
Securities and precious metals trading portfolio
their nominal value or at cost less any individual valuation
Actively-traded positions which are either traded on a
adjustments required for impaired assets.
recognised stock exchange or for which a representa-
21
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
22
tive market exists are valued at market value. Refinancing
ing the recoverability, the remaining book value will be
costs are charged against trading income. All other trading
depreciated according to the revised plan, or an extraor-
positions are valued at the lower of cost or net realisable
dinary depreciation can be made. In accordance with tax
value.
regulations smaller items may be charged directly to the
profit and loss account.
Financial Investments
Securities held to generate income in the medium term are
Useful life of the various fixed assets
valued at the lower of cost or net realisable value. Realised
Information technology (hardware and software): 3 years.
profits or losses from sales of these securities are included
Cars: 4 years.
within “Results from the sale of financial investments”.
Unrealised profits or losses are included within “Other
Foreign currencies
ordinary income” or “Other ordinary expenses”. Debt se-
Foreign currency transactions are translated at the average
curities held for investment are stated at cost, adjusted
exchange rates ruling at the balance sheet date. Foreign
for possible premiums or discounts. Precious metals are
exchange positions in the balance sheet are translated
valued at market value.
at the average exchange rates at the balance sheet date
and taken to the profit and loss account. Forward foreign
Participations
exchange transactions are valued at the forward market
Participations are stated at cost, less any impairment.
rates ruling at the balance sheet date. The valuation result
is taken to the profit and loss account.
Tangible fixed assets
Tangible fixed assets are valued at cost, less accumulated
The main conversion rates applied are listed below:
depreciation. Depreciation is calculated using the straight-
line method based on useful life.
EUR
The recoverability is reconsidered each year. Should the
useful life change or the value decrease upon reconsider-
JPY
2008
2007
1.4869
1.6567
GBP
1.5621
2.2605
USD
1.0638
1.1310
1.1733
1.0114
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Valuation adjustments and provisions
assets” or “Other liabilities”. Profits and losses are in-
Based on the principle of prudence, the Bank establishes
cluded within “Result from trading operations”.
valuation adjustments and provisions within liabilities for
2. Derivative financial investments
contingent risks. The valuation adjustments and provisions
may contain undisclosed reserves.
These derivatives are acquired by the Bank instead of
direct investments. In accordance with the accounting policy for financial investments, these positions are
Taxes
valued at the lower of cost or net realisable value. Any
Current tax is generally tax on profit and recurs on an
interest income components are included within “Inter-
annual basis. One-off or transaction taxes are not consid-
est and dividend income from financial investments”.
ered as current tax.
Realised profits or losses are included within “Result
from the sale of financial investments”.
Current tax on earnings is included as expense of the pe-
3. Derivatives for hedging purposes
riod in which the earnings are recognised. Tax liabilities are
shown under “Accrued expenses and deferred income”.
Derivative transactions concluded for hedging purposes
are valued and booked on a basis consistent with the
underlying transactions.
Derivative financial instruments
Derivative financial instruments are used by the Bank for
Liabilities to own pension plans
asset and liability management and for securities and for-
The employees of Schroder & Co Bank AG benefit from
eign exchange dealing. They are used both for proprietary
two defined contribution pension plans. The “BVG Stif-
trading and for trading for the accounts of clients. Valu-
tung” grants a minimum of the benefits mandatory by law.
ation is in accordance with the purposes for which they
The “Vorsorgestiftung” of Schroder & Co Bank AG grants
were originally acquired.
benefits for that part of the salary above the limit of the
1. Derivative trading positions
BVG law. The employer’s contributions according to the
These derivatives are marked to market. Positive and
defined contribution pension plans are included within
negative replacement values are included within “Other
“Personnel expenses”.
23
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
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
collateral
Total
Loans
Due from clients
—
331 853
18 000
349 853
Total
31.12.08
—
331 853
18 000
349 853
31.12.07
—
387 216
13 567
400 783
Contingent liabilities
6 248
60 549
2 081
68 878
Off-balance sheet transactions
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel
24
—
—
1 740
1 740
Total
31.12.08
6 248
60 549
3 821
70 618
31.12.07
8 891
101 903
2 041
112 835
Gross
amount
Estimated
collateral
proceeds
Net
amount
Specific
provision
Impaired loans
31.12.08
2 485
—
2 485
2 485
31.12.07
632
—
632
632
CHF 1000
31.12.08
31.12.07
—
58 806
3.2 Securities and precious metals trading portfolios
Debt securities and rights
– Exchange traded
Shares and similar securities and rights
3 800
—
Total
3 800
58 806
of which qualify as repos as defined in the liquidity rules
—
58 806
(Trading positions in derivatives are included under 4.3)
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.3 Financial investments
CHF 1000
31.12.08
31.12.07
31.12.08
31.12.07
Book value
Book value
Fair value
Fair value
79 844
—
81 213
—
Precious metals
6 630
—
6 630
—
Total
86 474
—
87 843
—
of which qualify as repos as defined in the liquidity rules
81 213
Debt securities and rights
– with the intention to hold to maturity
3.4 Participations
CHF 1000
31.12.08
31.12.07
Without market value
1 100
1 100
Total
1 100
1 100
Share
capital
Ownership
proportion
Ownership
proportion
100%
100%
100%
100%
Additional information on significant participations:
Company name
Business activities
Schroder Trust AG, ZurichTrust and offshore
company administrationCHF 100 000
Schroder Cayman Bank
Banking services and
and Trust Company Ltd.,
trust and offshore
Cayman Islandscompany administrationUSD 633 714
3.5 Assets and participations
CHF 1000
Historical
cost
31.12.07
Accumulated
Book value
Additions
Disposals
depreciation
31.12.08
Depreciation
Book value
Total majority participations
1 100
—
1 100
—
—
—
1 100
Other fixed assets
4 253
(3 770)
483
521
(51)
(468)
485
Total
5 353
(3 770)
1 583
521
(51)
(468)
1 585
Fire insurance value of other fixed assets
15 382
Liabilities: future operational lease commitments
13 341
25
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.6 Other assets and other liabilities
CHF 1000
31.12.08
31.12.07
Other assets
Other liabilities
Other assets
Other liabilities
Replacement costs of derivative instruments
28 719
30 646
10 835
11 620
Indirect taxes and stock exchange fees
388
3 529
501
3 987
Other assets and liabilities
188
569
261
481
Total
29 295
34 744
11 597
16 088
3.7 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
26
CHF 1000 Own securities
There are no loans nor pension transactions with securities.
31.12.08
Assets pledged
Effective liability
(Book value)
71 400
27 413
31.12.07
Assets pledged
(Book value)
Effective liability
58 806
3 866
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.8 Pension plans
CHF 1000
31.12.08
31.12.07
6 753
6 640
The liabilities due to own pension plans at the balance
sheet date amounted to:
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.
CHF 1000
31.12.07
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 31.12.2007, the employer contribution
reserves at period end were:
2 955
Schroder & Co Bank AG guaranteed in writing to the Bank’s Vorsorgestiftung (i.e., the non-mandatory pension plan) that any losses the planincurs which are not offset
by plan gains within a three year period will be compensated by the Bank through a corresponding reduction in thebank’s employer contribution reserves. The guarantee did not result in any liability as of the audited balance sheet date of the BVG-Stiftung.
Pension plan surpluses at the balance sheet date
CHF 1000
31.12.07
31.12.06
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
50
51
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
7
7
The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2007 including the employer contribution reserves to which the
employer has waived their right. In 2007 the accounts of the individual plan members were credited with TCH 13 320 out of the unencumbered plan assets.
Contributions to pension funds / pension and related benefits expense
CHF 1000
2008
2007
The bank’s total contributions to both pension plans for the year amounted to:
5 766
4 123
7 553
5 981
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:
27
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.9 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance
Specific
31.12.07
usage and
reversals
Change in
Recoveries, New provisions
definition of overdue interest,
charged to
purpose (re- exchange rate
Profit & Loss
classifications)
differences
statement
Reversals
credited to
Profit & Loss
statement
Balance
31.12.08
Loan losses (credit and
country risk)
Other provisions
632
(12)
—
15
1 850
—
2 485
25 850
—
—
—
—
—
25 850
26 482
(12)
—
15
1 850
—
28 335
18 000
—
—
—
—
—
18 000
Valuation adjustments
and provisions
Reserves for general
banking risks (fully taxed)
28
3.10 Capital structure and shareholders
Other reserves were used to increase the share capital by CHF 40 Mio. from CHF 20 Mio. to CHF 60 Mio (as per the capital
increase report dated 13 June 2008 and the auditor’s report dated 24 June 2008). At the balance sheet date the share capital
amounted to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.
At 31 December 2008 all shares are held directly by Schroder Nederland Finance BV, Amsterdam.That company is ultimately
wholly-owned by Schroders plc, London.
On 10th March 2008 respectively on 8th March 2007 Schroders plc has been 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:
10.03.2008
Stake
Vincitas Limited 62 861 892
27.81% 62 861 892
27.81%
Veritas Limited 37 308 464
16.51% 37 308 464
16.51%
Flavida Limited 62 861 892
27.81% 62 861 892
27.81%
Fervida Limited 38 278 700
16.94% 38 278 700
16.94%
Harris Associates L.P. 12 919 102
5.72% 16 204 595
7.17%
Legal & General Group Plc
3.04%
6 873 379
Stake
08.03.2007
Shares Schroders plc
Shares Schroders plc
n/a
n/a
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.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.11 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Shareholders’ equity at the beginning of 2008
Paid-in share capital
20 000
General legal reserve
21 400
Other reserves
42 900
Reserves for general banking risks
18 000
Retained earnings brought forward
40 093
Total shareholders’ equity at the beginning of 2008
142 393
Movements
Dividend 2007
(24 000)
Deduction from available earnings
(15 900)
Allocation to legal reserve
2 300
Allocation to other reserves
13 600
Withdrawal from other reserves to increase share capital
(40 000)
Increase share capital
40 000
Net income 2008
31 066
Total shareholders’ equity at the end of 2008
149 459
Paid-in share capital
60 000
General legal reserve
23 700
Other reserves
16 500
Reserves for general banking risks
18 000
Retained earnings carried forward
31 259
29
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.12 Maturity structure of working capital and liabilities
CHF 1000
At sight
Redeemable
upon notice
Up to
3 months
Maturities
From
3 to 12
months
From
12 months
to 5 years
—
—
—
Total
Beyond
5 years
Assets
Cash
19 619
—
—
Due from banks
Due from clients
19 619
79 932
—
305 749
—
—
—
385 681
18
57 464
246 976
45 096
300
—
349 854
3 800
—
—
—
—
—
3 800
Securities and precious
metal trading portfolios
Financial investments
30
6 884
—
24 017
6 398
49 175
—
86 474
Total 31.12.08
110 253
57 464
576 742
51 494
49 475
—
845 428
327 933
67 080
424 668
73 924
320
—
893 925
Due to banks
25 827
—
64 054
27 714
—
—
117 595
Due to clients
488 033
11 114
16 733
200
—
—
516 080
Total 31.12.08
513 860
11 114
80 787
27 914
—
—
633 675
401 371
13 486
205 146
74 512
—
—
694 515
31.12.07
Liabilities
31.12.07
3.13 Amounts due from and due to affiliated companies as well as loans and exposures
to members of the Bank’s governing bodies
CHF 1000
31.12.08
31.12.07
Due from affiliated companies
9 762
—
Due to affiliated companies
274
3 613
Loans and exposures to members of the Bank’s governing bodies
637
2 523
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.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.14 Assets and liabilities by domestic and foreign origin
CHF 1000 31.12.08
31.12.07
Domestic
Foreign
Domestic
Foreign
19 619
—
16 724
—
Assets
Cash
Due from banks
30 936
354 745
74 947
342 664
Due from clients
116 495
233 358
127 528
273 257
Securities and precious metal trading portfolios
3 800
—
58 806
—
Financial investments
86 474
—
—
—
Participations
100
1 000
100
1 000
Fixed assets
485
—
483
—
Accrued income and prepaid expenses
12 073
1 265
18 680
1 984
Other assets
12 445
16 851
2 837
8 760
Total
282 427
607 219
300 105
627 665
Due to banks
24 162
93 433
19 925
433 395
Due to clients
131 732
384 350
91 244
149 951
Accrued expenses and deferred income
42 427
1 005
46 135
2 156
Other liabilities
12 585
22 158
7 242
8 847
Valuation adjustments and provisions
28 335
—
26 482
—
Reserves for general banking risks
18 000
—
18 000
—
Share capital
60 000
—
20 000
—
General legal reserve
23 700
—
21 400
—
Other reserves
16 500
—
42 900
—
Retained earnings brought forward
193
—
144
—
Net income
31 066
—
39 949
—
Total
388 700
500 946
333 421
594 349
Liabilities and shareholders’ equity
31
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.15 Assets by countries / country groups
CHF 1000 31.12.08
Total
31.12.07
Total
in %
in %
– Germany
38 067
4.3%
22 329
2.4%
– United Kingdom
68 351
7.7%
229 155
24.7%
Assets
Europe
32
– Switzerland
282 427
31.8%
300 104
32.4%
– Rest of Europe
292 783
32.9%
137 098
14.8%
Total Europe
681 628
76.7%
688 686
74.3%
North America
42 960
4.8%
50 529
5.4%
Asia
10 211
1.1%
10 211
1.1%
Other countries
154 847
17.4%
178 344
19.2%
Total
889 646
100.0%
927 770
100.0%
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
3.16 Assets by currencies
CHF 1000 Currencies
CHF
EUR
USD
31.12.2008
Precious
metals
Other
Total
137
—
113
19 618
Assets
Cash
17 915
1 453
Due from banks
103 630
38 821
188 614
9 195
45 421
385 681
Due from clients
66 005
137 746
102 786
—
43 316
349 853
metal trading portfolios
3 800
—
—
—
—
3 800
Financial investments
79 844
—
—
6 631
—
86 475
Participations
1 100
—
—
—
—
1 100
Securities and precious
Fixed assets
485
—
—
—
—
485
Accrued income and prepaid expenses
10 806
784
610
—
1 138
13 338
Other assets
29 284
7
4
—
1
29 296
Total balance sheet assets
312 869
178 811
292 151
15 826
89 989
889 646
FX forward and FX option transactions
281 956
337 202
313 585
—
123 363
1 056 106
Total assets
594 825
516 013
605 736
15 826
213 352
1 945 752
Assets deriving from FX spot,
Liabilities and shareholders’ equity
Due to banks
1 811
38 334
52 572
—
24 878
117 595
Due to clients
104 461
128 075
227 390
15 826
40 329
516 081
Accrued expenses and deferred income
42 428
433
467
—
104
43 432
Other liabilities
34 262
21
460
—
1
34 744
Valuation adjustments and provisions
28 335
—
—
—
—
28 335
Reserves for general banking risks
18 000
—
—
—
—
18 000
Share capital
60 000
—
—
—
—
60 000
General legal reserve
23 700
—
—
—
—
23 700
Other reserves
16 500
—
—
—
—
16 500
Retained earnings brought forward
193
—
—
—
—
193
Net income
31 066
—
—
—
—
31 066
Total balance sheet liabilities
360 756
166 863
280 889
15 826
65 312
889 646
Liabilities deriving from FX spot,
FX forward and FX option transactions
238 315
348 713
324 533
—
146 543
1 058 104
Total liabilities
599 071
515 576
605 422
15 826
211 855
1 947 750
Net position by currency
(4 246)
437
314
—
1 497
(1 998)
33
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
4. Information on Of f-Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000
31.12.08
31.12.07
Credit guarantees
53 372
78 985
Irrevocable commitments
15 507
31 089
Total
68 879
110 074
CHF 1000
31.12.08
31.12.07
Obligations under deferred payments
—
1 671
Contract
volume
4.2 Confirmed credits
34
4.3 Outstanding derivative instruments
CHF 1000
Positive
Negative
replacement
values
replacement
values
Forward contracts
28 715
30 642
1 056 104
Options (OTC)
—
—
—
—
—
—
Foreign exchange instruments
Indices
Forward contracts
Options (OTC)
4
4
629
Total 31.12.08
28 719
30 646
1 056 733
10 835
11 620
1 224 322
31.12.07
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Outstanding derivative instruments by counterparties
CHF 1000 Positive
replacement
values
Banks
17 299
31.12.08
Negative
Contract
replacement
volume
values
3 731
382 203
31.12.07
Positive
replacement
values
Negative
replacement
values
Contract
volume
3 623
2 841
320 030
Non banks
11 420
26 915
674 530
7 212
8 779
904 292
Total
28 719
30 646
1 056 733
10 835
11 620
1 224 322
CHF 1000
31.12.08
31.12.07
4.4 Fiduciary transactions
35
Fiduciary deposits
Fiduciary deposits in CHF
59 495
93 539
Fiduciary deposits in European currencies
2 096 265
3 163 616
Fiduciary deposits in USD
771 039
827 133
Fiduciary deposits in other currencies
11 571
18 974
Total
2 938 370
4 103 262
Fiduciary credits
Fiduciary credits in CHF
600
600
Fiduciary credits in European currencies
1 992
2 635
Fiduciary credits in USD
15 753
11 988
Total
18 345
15 223
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
4.5 Funds under management
CHF 1000
31.12.08
31.12.07
Assets in own managed investment funds
535 328
1 536 023
Assets under discretionary management
3 065 416
4 201 084
Assets subject to other management
6 404 618
8 439 403
Total funds under management (including double counting)
10 005 362
14 176 510
of which double counting
44 412
93 326
Total funds under management (excluding double counting)
9 960 950
14 083 184
of which Private Banking
6 753 702
9 087 155
of which Institutional Business
3 207 248
4 996 029
(25 628)
420 052
Net inflow / outflow of assets:
36
– Private Banking
– Institutional Business
(789 947)
(604 395)
Total net inflow / outflow of assets
(815 575)
(184 343)
– of which group-internal transfers (Institutional Business)
—
—
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 not under
custody at Schroder & Co Bank AG.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
5. Information on the Profit and Loss Account
5.1 Results from trading operations
CHF 1000
2008
2007
Securities
(951)
(9)
Foreign exchange
9 152
8 880
Total
8 201
8 871
CHF 1000
2008
2007
Authorities, meeting compensations and fixed compensations
210
210
Salaries and extras
39 232
41 070
Social security contributions
1 787
1 613
Pension plan contributions
5 766
4 368
Other personnel expenses
2 122
2 614
Total
49 117
49 875
CHF 1000
2008
2007
Occupancy expenses
5 836
6 381
4 073
5 658
publication and advertising, audit, other costs
17 262
18 943
Total
27 171
30 982
5.2 Personnel expenses
5.3 Operating expenses
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,
37
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
5.4 Extraordinary Income
The extraordinary income in 2007 arose from the reversal of legal proceeding provisions no longer required.
5.5 Post Balance Sheet Events
The negative developments on the security markets between the balance sheet date and the presentation of the annual report
by the Board of Directors on 10th March 2009 resulted in a collateral shortfall on lombard loans in the amount of about
CHF 10.9 million. These credit positions are being monitored on an ongoing basis and, if needed, a provision would be created.
Extract 10 Australian dollar note (Australia)
38
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Repor t of the Statutor y Auditor
As statutory auditor, we have audited the financial
well as evaluating the overall presentation of the financial
statements of Schroder & Co Bank AG, which com-
statements. We believe that the audit evidence we have
prise the balance sheet, income statement and notes,
obtained is sufficient and appropriate to provide a basis
for the year ended 31 December 2008.
for our audit opinion.
Board of Directors’ responsibility
Opinion
The Board of Directors is responsible for the prepara-
In our opinion, the financial statements for the year ended
tion of the financial statements in accordance with the
31 December 2008 comply with Swiss law and the com-
requirements of Swiss law and the company’s articles
pany’s articles of incorporation.
of incorporation. This responsibility includes designing,
implementing and maintaining an internal control system
Report on other legal requirements
relevant to the preparation of financial statements that are
We confirm that we meet the legal requirements on licens-
free from material misstatement, whether due to fraud or
ing according to the Auditor Oversight Act (AOA) and
error. The Board of Directors is further responsible for se-
independence (article 728 CO and article 11 AOA) and
lecting and applying appropriate accounting policies and
that there are no circumstances incompatible with our in-
making accounting estimates that are reasonable in the
dependence.
circumstances.
In accordance with article 728a paragraph 1 item 3 CO
Auditor’s responsibility
and Swiss Auditing Standard 890, we confirm that an in-
Our responsibility is to express an opinion on these finan-
ternal control system exists which has been designed for
cial statements based on our audit. We conducted our
the preparation of financial statements according to the
audit in accordance with Swiss law and Swiss Auditing
instructions of the Board of Directors.
Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the
We further confirm that the proposed appropriation of
financial statements are free from material misstatement.
available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the
An audit involves performing procedures to obtain audit
financial statements submitted to you be approved.
evidence about the amounts and disclosures in the financial statements. The procedures selected depend on
PricewaterhouseCoopers AG
the auditor’s judgment, including the assessment of the
Roman Berlinger, Audit expert, Auditor In Charge
risks of material misstatement of the financial statements,
Beatrice Kiefer, Audit expert
whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system
Extract 100 US dollar note (USA)
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 on 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
Zurich, 10 March 2009
41
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Board and Senior Staf f
Board of Directors
Senior Management
Philip Mallinckrodt
Otto J. Amberg, Alexis André, Beat Bochsler, Norbert
Brestel, Philipp Bruderer *, Pierre-Antoine Carron, Beat
Chairman
Dr. François R. Bochud
Cassani, Ann Daverio, Jean-Fabrice della Volpe, Reto
Dietrich, Stephan Eckstein, Markus Engeler, Slavica J.
Deputy Chairman (since 11.09.08)
Dr. Martin K. Eckert
Barovic Esnault-Pelterie, Pierre-Louis Favre, Rolf Fischer,
Jean-Claude Marchand
Karl Gallmann, Marco Ghilotti, Enrique Gil, Roland Heule,
Jean-Charles Roguet
Béatrice Hirzel Corte, Jean-Jacques Hunziker, Michael
Kiepert, Jürg Klingler, Bernhard H. Leibkutsch, Daniel
Executive Board
Lenz, Samuel Moulin, Stephan Ochsner, Andreas
Luc Denis
Pletscher, Christoph Portmann, Denis Purmann, Stefano
Scanzoni *, Christian Schmid, Ulysse-Oliver Traub, Urs
Chairman, Head of Private Banking
Heinz Scheiwiller
Stephen J. Mills
* Member of Senior Management since 01.03.09
Member, Head of Schroder Investment Management (SIM) Switzerland
Martin R. Liebi
External Auditors
PricewaterhouseCoopers AG, Zürich
Member, Head of Private Banking Zurich
Boards’ Changes
On 18 May 2008, Jonathan Asquith stepped down as
Deputy Chairman of the Board of Directors. The Board
wishes to convey its sincere thanks for his valuable contribution and dedicated service to the Bank’s success.
At the Board of Directors Meeting held on 11 September
2008, Dr. François R. Bochud, already a Member, was
newly elected as Deputy Chairman. The Board would like
to thank him for taking over this responsibility and wishes
him every success in his endeavours.
As of 1 June 2008, Martin R. Liebi became Head of
Private Banking at our head office in Zurich and Member
Extract 10 Chinese yuan note (China)
Winiger, Antonio Winspeare Guiccardi, Stephan Zumsteg
Deputy Chairman, Head of Service Centre Private Banking
of the Bank’s Executive Board. He took over from Rudolf
Stäger who left the Bank in summer 2008 and whom the
Board wishes to thank for his contribution over the years.
Martin R. Liebi’s experience and profile in private banking
will be invaluable and the Board wishes him much success
in his future tasks.
43
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
Main Schroder Branches
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
44
France
Schroder Investment Management Limited
8–10 rue Lamennais, 75008 Paris
Tel + 33 (0)1 53 85 85 85
Switzerland
Schroder & Co Bank AG
Central 2, 8001 Zürich
Tel + 41 (0)44 250 11 11
Germany
Schroder Investment Management GmbH
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 0
Schroder & Co Bank AG
Service Centre Private Banking
Pfingstweidstrasse 60
8005 Zürich
Tel +41 (0)44 250 11 11
Schroder & Co Limited
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 120
Schroder & Co Banque SA
8, rue d’ltalie, 1204 Genève
Tel + 41 (0)22 818 41 11
Schroder Property Investment
Management GmbH (SPrIM)
Wilhelmstrasse 7
65185 Wiesbaden
Tel +49 (0)611 20 50 61 21
Europe
Channel Islands
Schroder Investment Management
(Guernsey) Limited
Trafalgar Court, Les Banques,
St. Peter Port, Guernsey, GY1 3QL
Tel + 44 (0)1481 71 06 51
Schroders (C.I.) Limited
Regency Court
Glategny Esplanade
St. Peter Port, Guernsey, GY1 3UF
Tel + 44 (0)1481 70 37 00
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
Schroders (C.I.) Limited
2–6 Church Street, St. Helier
Jersey, JE4 9WB
Tel + 44 (0)1534 75 66 00
Luxembourg
Schroder Investment Management
(Luxembourg) S.A.
5 rue Höhenhof, 1736 Senningerberg
Tel + 352 341 34 22 02
Denmark
Schroder Investment Management
Fondsmæglerselskabet A/S
Store Strandstræde 21
1255 København
Tel + 45 33 15 18 22
Netherlands
Schroder Investment Management
Benelux N.V.
Waldeck Pyrmontlaan 13
1075 BT Amsterdam
Tel + 31 (0)20 305 28 40
Sweden
Schroder Investment Management
Fondsmæglersgelskab A/S
Sveavägen 9, 11157 Stockholm
Tel + 46 (0)8 678 40 10
Spain
Schroder Investment Management Limited
Calle Pinar 7, 28006 Madrid
Tel + 34 91 590 95 41
Schroders & Co
Calle Pinar 7, 28006 Madrid
Tel +34 91 590 95 31
Americas
Argentina
Schroder Investment Management S.A.
Ing. Enrique Butty 220
C1001AFB - Buenos Aires
Tel +54 11 43 17 13 00
Bermuda
Schroders (Bermuda) Limited
131 Front Street, Hamilton HM 12
Tel +1 441 292 49 95
Brazil
Schroder Investment Management
Brasil S.A.
Rua Joaquim Floriano, 72
São Paulo, SP, Brasil 04534-000
Tel +55 11 30 54 51 55
Cayman Islands
Schroder Cayman Bank and Trust
Company Limited
PO Box 1040 GT, Harbour Centre
Grand Cayman, British West Indies
Tel +1 345 949 28 49
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 8
Mexico
Schroder Investment Management,
S.A. de C.V.
Avenida Paseo de Las Palmas 425
Col. Lomas de Chapultepec
México, D.F., 11000
Tel +52 55 11 00 10 30
USA
Schroder Investment Management
North America Inc.
875 Third Avenue
New York, NY 10022-6225
Tel +1 212 641 38 30
Schroder Investment Management
The Curtis Centre
Independence Square West
Philadelphia, PA 19106
Tel +1 215 861 09 97
Asia / Pacific
Australia
Schroder Investment Management
Australia Limited
123 Pitt Street, Sydney, NSW 2000
Tel +61 (0)2 92 10 92 00
China
Schroders plc
7 Finance Street
Xicheng District, Beijing 100140
Tel +86 10 66 55 53 88
Schroders plc
1000 Lujiazui, Ring Road
Pudong, Shanghai 200120
Tel +86 21 68 41 19 88
Schroder Investment Management
(Hong Kong) Ltd
Two Pacific Place, 88 Queensway
Hong Kong SAR
Tel +852 25 21 16 33
India
Schroders India Private Limited
Ramnord House
77, Dr. Annie Besant Road
Worli
Mumbai, 400018,
Maharashtra
Tel +91 22 2410 1010
Middle East
Dubai
Schroder Investment Management Limited
Dubai International Financial Centre
P.O. Box 506612
Dubai
Tel +971 4 704 9100
Indonesia
PT Schroder Investment Management
Indonesia
Jakarta Stock Exchange Building
Jl. Jend. Sudirman Kav. 52–53,
Jakarta 12190
Tel +62 21 515 01 01
Japan
Schroder Investment Management
(Japan) Limited
Pacific Century Place Marunouchi
1-11-1 Marunouchi, Chiyoda-ku,
Tokyo 100-6224
Tel +81 (0)3 52 93 15 00
Korea
Schroders Korea Limited
Seoul Finance Centre, 84 Taepyungro
1ga Chung-gu, Seoul 100-768
Tel +82 2 37 83 05 00
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
Taiwan
Schroder Investment Consulting
Company Limited
2F, Suite B1, 108, Sec.5, Hsin-Yi Road,
Hsin-Yi District, Taipei 11047,
Taiwan, R.O.C
Tel +886 2 27 22 18 68
45
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 8
46
© 2009
Schroder & Co Bank AG
Annual Report 2008
Project management:
Schroder & Co Bank AG
Concept:
Peter Bütikofer & Company, Zurich
Design, production:
markenart, Zurich
Printed by:
Lenggenhager Druck, Zurich
The Annual Report 2008 is also published in
German. The German version takes precedence.
The web version of the Annual Report 2008 is
available at www.schroders.ch
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 1040, 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
Fax +1 345 949 54 09
Postfach 2222, 8031 Zürich
Schroder Trust AG
Tel +41 (0)44 250 11 11
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)44 250 12 66
contact@schroders.ch
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 1040, 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
Fax +1 345 949 54 09
Postfach 2222, 8031 Zürich
Schroder Trust AG
Tel +41 (0)44 250 11 11
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)44 250 12 66
contact@schroders.ch