Schroder & Co Bank AG
Annual Report 2009 Schroder & Co Bank AG
Annual Report 2009
Hauptsitz
Niederlassung
Tochtergesellschaften
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
Postfach 2222, 8031 Zürich
Fax +1 345 949 54 09
Schroder Trust SA
12, rue Ami-Lullin
Schroder Trust AG
Tel +41 (0)44 250 11 11
1207 Genève
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)22 818 41 22
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)22 818 41 28
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 9
Content
Chairman’s Statement
4
Executive Board’s Statement
7
Balance Sheet
11
Off Balance Sheet Transactions
12
Profit and Loss Account
13
1. Comments on Business Activities
16
2. Principal Accounting Policies and Valuation Principles
20
3. Information on the Balance Sheet
25
4. Information on Off Balance Sheet Transactions
35
5. Information on the Profit and Loss Account
38
Report of the Statutory Auditor
41
Board and Senior Staff
42
Main Schroder Branches
44
Front page: Extract 50 pound sterling note (United Kingdom)
Left page: Extract 500 Indian rupee note (India)
3
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
Chairman’s Statement
4
At the start of 2009, the world’s financial markets were still
allocated to the general statutory reserve and CHF 1.4 mil-
feeling the effects of the global crisis, which had spread
lion (previous year: CHF 7.3 million) to other reserves. As a
from the financial sector to broad swathes of the global
result, the Bank’s reported equity capital after payment of
economy in 2008. The markets remained volatile during
the dividend will stand at CHF 130.2 million (previous year:
the year: the FTSE All-Share Index gained 30.66 % and the
CHF 127.5 million).
MSCI World Index increased by 30.81%.
Schroders in Switzerland took an important step by separ­
As in 2008, market volatility formed a key variable influ-
ating the two business areas of Private Banking and Insti-
encing earnings in the banking sector. Many investors re-
tutional Asset Management and Fund Distribution into two
mained uncertain in 2009 and continued to favour liquidity.
operational and formally independent units, thus enabling
each area to focus on its core business.
Schroder & Co Bank AG’s net income fell by 40 % from
CHF 31.1 million in 2008 to CHF 18.8 million in 2009. This
There has also been a new appointment to the Board of
fall in earnings was due to two factors: commission in-
Directors. Markus Rütimann, Chief Operating Officer of
come decreased due to the adverse market situation and
the Schroder Group, joined the Board of Directors on 14
interest income was also down as rates reached unpre­
September 2009.
cedented lows.
On behalf of the Board of Directors, I would like to thank all
The Board of Directors is proposing to the General Meet-
our clients for the trust they have placed in us. I would also
ing the distribution of an ordinary dividend of CHF 16 mil-
like to express my gratitude towards all our employees.
lion (previous year: CHF 22 million). It is also proposing
that CHF 1.3 million (previous year: CHF 1.9 million) be
Philip Mallinckrodt, Chairman of the Board of Directors
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Executive Board (from the top left):
Luc Denis, Chairman, Head of Private Banking; Heinz Scheiwiller, Deputy
Chairman, Head of Service Centre Private Banking; Jean-Jacques
Hunziker, Head Legal and Compliance; Michael Kiepert, Head Banking,
Treasury and Risk Management; Martin Liebi, Head of Private Banking
Zurich
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
E xecutive Board’s Statement
The revenues of Schroder & Co Bank AG fell by 20 % in
offset the fall in revenues. Net income for Schroder & Co
2009, which was due to lower commission and inter-
Bank AG amounted to CHF 18.8 million (versus CHF 31.1
est income. The commission business suffered from the
million in the previous year).
volatile market situation and investors maintaining their
penchant for liquidity. Commission income thus amounted
Difficult market conditions had a substantial impact on
to CHF 61 million, 25 % lower than in the previous year. In-
daily business. Nevertheless, the Bank was still able to
terest rates also hit historic lows in 2009; the Bank’s inter-
benefit from the fundamentals that it has nurtured over the
est income fell by 35 % to CHF 9.7 million. Increased client
years. The Bank’s longstanding conservative investment
liquidity explains the marked rise in Schroder & Co Bank
strategies played a big role in bolstering client confidence,
AG’s total assets to CHF 1.6 billion. The amount due to
leading to an increase in the volume of assets under man-
clients rose from CHF 516 million in 2008 to CHF 1.2 billion
agement. This is a clear indication that Schroder & Co
in the reporting year.
Bank AG enjoys many opportunities in the Swiss market.
On a more positive note, the trading result improved, albeit
The long-term strategy of extending the profile of
slightly, primarily due to the gratifying securities trading
Schroders Private Banking in the Swiss market will be
profit. There were no losses on securities.
maintained. The ongoing recruitment in Zurich and Geneva
will strengthen Schroders’ market position in Switzerland
Developments on the cost side were also positive. Oper-
and bring long-term benefits. We are convinced that ex-
ating expenses fell from CHF 76.3 million in the previous
tending and adding value to our services will raise our pro-
year to CHF 70.1 million in 2009. This was mainly due to
file with our target client segment, thus generating more
lower personnel expenses during the year. Other operating
client assets.
expenses were also lower than in 2008, as the strategy of
merging in-house banking services created further syn­
ergies. Nevertheless, lower costs were unable to entirely
7
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
8
In 2009 the necessary preparations were made to sep­
Private Banking
arate the institutional asset management from the private
In spite of the volatile state of the markets, we continued
client business. This step was completed on 1 January
to expand our teams in Zurich and Geneva in 2009.
2010. The institutional business and fund distribution were
Private clients’ assets under management increased by
incorporated into the former Swiss Re Asset Management
7.5 % to CHF 7.3 billion, despite a small net money outflow
Funds (Switzerland) AG (acquired in 2008) now known
of CHF 60.2 million. Earnings from commission business
as Schroder Investment Management (Switzerland) AG,
fell due to clients’ strong preference for liquidity during the
which employs about 30 staff. We have every confidence
year, which caused the volume of stock market transac-
that this strategy of having two independently operating
tions to go down. Interest income suffered from historically
companies focusing on their core businesses is in the best
low interest rates, while trading business was slightly posi-
interest of both areas.
tive.
The composition of the Executive Board also changed.
Institutional Asset Management
Jean-Jacques Hunziker, Head of Legal & Compliance
and Fund Distribution
and Michael Kiepert, Head of Banking, Treasury and Risk
This division covers all aspects of fund management, the
both joined the Executive Board on 17 September 2009.
administration and management of institutional assets, as
Stephen Mills, CEO of the new Schroder Investment Man-
well as the distribution of Schroder funds domiciled in Lux-
agement (Switzerland) AG, left the Executive Board of
embourg. On 1 January 2010, the division was transferred
Schroder & Co Bank AG on 31 December 2009. We would
to the new Schroder Investment Management (Switzer-
like to thank Mr Mills for his contribution and wish him
land) AG, which arose from the acquisition of the former
every success in his new position.
Swiss Re Asset Management Funds (Switzerland) AG. As
an independent company it now has an extremely competitive product and services portfolio, which will enable it
to bring more vigour to developing its Swiss operations.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Service Centre Private Banking
The in-house Service Centre Private Banking enjoyed
a successful year. It provided CHF 14.6 million worth of
operational, IT and financial services for Schroder com­
panies in Guernsey, London and Switzerland. It is foreseen
that later this year, the Service Centre Private Banking will
also assume tasks for another Schroder Group entity. The
Service Centre Private Banking provides custody services
for Schroder Investment Management (Switzerland) AG
and thus has an important interface function between the
two operational units in Switzerland.
9
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Balance Sheet
as of 31 December 2009
CHF
Notes
31.12.09
31.12.08
Assets
Liquid assets
219 439 812
19 618 747
Due from banks
906 399 621
385 681 460
Due from clients
3.1
345 738 877
349 853 209
Mortgages
3.1
300 000
—
Securities and precious metal trading portfolios
3.2
—
3 799 825
Financial investments
3.3, 3.7
89 718 260
86 474 430
Participations
3.4
1 100 000
1 100 000
Fixed assets
3.5
439 812
484 669
Accrued income and prepaid expenses
13 596 592
13 338 013
Other assets
3.6
12 348 363
29 295 346
Total assets
1 589 081 337
889 645 699
17 014 069
844 484
Due to banks
129 447 165
117 595 054
Due to clients
1 243 071 694
516 079 532
Accrued expenses and deferred income
27 733 054
43 432 294
Total due from group entities and
significant shareholders
Extract 10 000 South Korean won note (South Korea)
Liabilities and shareholders’ equity
Other liabilities
3.6
14 328 941
34 743 716
Valuation adjustments and provisions
3.9
28 259 217
28 335 386
Reserves for general banking risks
3.9
18 000 000
18 000 000
Share capital
3.10, 3.11
60 000 000
60 000 000
General legal reserve
3.11
25 600 000
23 700 000
Other reserves
3.11
23 800 000
16 500 000
Retained earnings brought forward
59 718
193 287
Net income
18 781 548
31 066 430
Total liabilities and shareholders’ equity
1 589 081 337
889 645 699
23 959 509
16 091 989
Total due to Group entities and
significant shareholders
11
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Of f Balance Sheet Transactions
as of 31 December 2009
CHF
Notes
31.12.09
31.12.08
Contingent liabilities
3.1, 4.1
40 545 299
68 878 536
Confirmed credits
3.1, 4.2
—
—
Irrevocable commitments
3.1
2 786 000
1 740 000
Derivative instruments
4.3
11 755 610
28 718 737
– positive replacement values
– negative replacement values
11 613 652
30 645 761
– notional amounts
1 348 083 489
1 056 733 152
Fiduciary placements with third parties
1 679 862 838
2 938 369 940
Fiduciary credits
17 493 938
18 345 489
Fiduciary transactions
12
4.4
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Profit and Loss Account
for the period from 1 January to 31 December 2009
CHF
Notes
2009
2008
Interest and discount income
9 671 402
24 627 523
a) Revenues and expenses from ordinary banking activities
Results from interest activities
Interest and discount income from financial investments
2 637 917
1 080 722
Interest expenses
(2 560 582)
(10 728 915)
Total
9 748 737
14 979 330
Commission income on lending activities
791 844
1 017 338
Commission income on securities and investment transactions
70 785 836
89 975 681
Commission income on other services
1 120 285
1 019 029
Commission expenses
(11 618 183)
(10 144 474)
Total
61 079 782
81 867 574
5.1
9 448 531
8 201 009
provided by the Service Centre
14 608 735
13 735 899
– Other ordinary income
885 751
—
Results from commission and service fee activities
Results from trading operations
Other ordinary results
– Income from administrative services
Other ordinary expenses
(742 906)
(14 400)
Total
14 751 580
13 721 499
(45 901 418)
(49 117 202)
Operating expenses
– Personnel expenses
5.2
– Other operating expenses
5.3
(24 157 071)
(27 171 027)
Total
(70 058 489)
(76 288 229)
Gross profit
24 970 141
42 481 183
13
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CHF
Notes
2009
2008
Gross profit
b) Net income
24 970 141
42 481 183
3.5
(199 481)
(467 931)
Valuation adjustments, provisions and losses
(11 394 861)
(2 103 690)
Results before extraordinary items and taxes
13 375 799
39 909 562
Extraordinary income
5.4
11 414 042
—
Taxes
(6 008 293)
(8 843 132)
Net income
18 781 548
31 066 430
Net income
18 781 548
31 066 430
Retained earnings brought forward
59 718
193 287
Depreciation and write-offs of non-current assets
c) Allocation of retained earnings
18 841 266
31 259 717
Retained earnings at the end of the period
18 841 266
31 259 717
Ordinary dividend
(16 000 000)
(22 000 000)
Allocation to general legal reserve
(1 300 000)
(1 900 000)
Allocation to other reserves
(1 400 000)
(7 300 000)
Retained earnings carried forward
141 266
59 717
Allocation of retained earnings
Extract 200 Polish złoty note (Polen)
14
Total
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
1. Comments on Business Activities
16
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 to a limited extent 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, Schroders (C.I.) Limited, Guernsey and Schroder
agement for both domestic and foreign clients.
Investment Management (Switzerland) AG, Zurich). These
services are charged at market rates.
Asset management, trustee, custodian and credit operations are the main contributors to commission and service
Risk management
fee revenues.
Risk assessment
The Board of Directors re-assesses the Bank’s risks each
Banking activities
year (in particular with respect to credit, market, liquidity
The Bank’s main balance sheet activities are the client-
and operational risks). The effectiveness of the limit sys-
lending business and interbank operations.
tem and the controls are also evaluated. The Organisation
and Management Regulations ensure that the Board of Di-
Loans to clients are mainly granted on the basis of Lom-
rectors is always adequately informed of the risk situation
bard coverage.
and that the authority for decisions in this area remains in
the Board of Directors’ responsibility.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Details on risk management
present value effect on shareholders’ equity and the net
The risk management procedures and the ongoing moni-
income effect under various interest rate assumptions. The
toring are delegated to committees. The Asset & Liability
ability to meet obligations is monitored and ensured within
Management Committee is responsible for monitoring
the framework defined in the bank law and by the Group.
market risk, interest rate risk and liquidity. This includes
Operational risks are managed through internal organisa-
the selection and monitoring of banks, brokers and custo-
tion and control procedures. Internal audit regularly audits
dians. In addition it monitors the adherence to the capital
the internal controls and issues reports to the Board of
and large exposure regulations.
Directors.
The interest rate risks arising from the balance sheet and
The credit risks are subject to specific monitoring by the
off balance sheet positions are monitored and managed
Credit Committee and the Credit Department. Loan collat-
centrally. They are managed using calculations of the net
eral is valued at market value. The collateral rates are set
forth in predefined procedures.
Capital adequacy
CHF 1000
2009
2008
Eligible adjusted capital
126 360
117 293
Total minimum capital requirement
63 956
53 930
– thereof for credit risk
46 988
37 710
– thereof for non-counterparty related risks
220
242
– thereof for market risks
750
1 249
– thereof for operational risks
16 868
16 280
– thereof for deductions from minimum capital requirements
(870) (1 551)
Capital requirement coverage ratio
198 %
217%
17
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
Outsourcing
The Bank has an outsourcing agreement with the company Biveroni Batschelet Partners AG (BBP) for running
the interbank applications SIC, EuroSIC, Swift and Secom.
BBP’s role is limited to providing electronic access to the
above-mentioned interbank services.
Staff
At the end of the business year the Bank had 162 full-time
and 25 part-time employees, for a total of 187 (or 177.8
full-time equivalent positions; previous year: 176.3).
Extract 100 Brazilian real note (Brazil)
18
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
2. Principal Accounting Policies and Valuation Principles
20
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.
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 at their nomi-
Securities and precious metals trading portfolio
nal value or at cost less any individual valuation adjust-
Actively traded positions which are either traded on a
ments required for impaired assets.
recognised stock exchange or for which a representa-
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
21
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 or-
Foreign currencies
dinary income” or “Other ordinary expenses”. Debt securi-
Foreign currency transactions are translated at the average
ties to be held until maturity are valued at cost. Any pre-
exchange rates ruling at the balance sheet date. Foreign
mium or discount ist amortized over the life of the security.
exchange positions in the balance sheet are translated
Precious metals are 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
GBP
1.6734
1.5621
The recoverability is reconsidered each year. Should the
USD
1.0368
1.0638
useful life change or the value decrease upon reconsider-
JPY
1.1149
1.1733
2009
2008
1.4848
1.4869
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
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 at least the benefits mandatory by law. The
ation is in accordance with the purposes for which they
“Vorsorgestiftung” of Schroder & Co Bank AG grants ben-
were originally acquired.
efits for that part of the salary above the limit of the BVG
1. Derivative trading positions
law. The employer’s contributions according to the defined
These derivatives are marked to market. Positive and
contribution pension plans are included within “Personnel
negative replacement values are included within “Other
expenses”.
Extract 1000 Czech crown note (Czech Republic)
22
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
23
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
3. Information on the Balance Sheet
3.1 Schedule of collateral for loans and off balance sheet transactions
CHF 1000 Type of collateral
Mortgage
collateral
Other
collateral
Without
collateral
Total
—
319 037
26 702
345 739
Loans
Due from clients
Mortgages
– Residential real estate
300
—
—
300
Total
31.12.09
300
319 037
26 702
346 039
31.12.08
—
331 853
18 000
349 853
Contingent liabilities
6 694
29 166
4 685
40 545
—
—
2 786
2 786
Off balance sheet transactions
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel
Total
31.12.09
6 694
29 166
7 471
43 331
31.12.08
6 248
60 549
3 821
70 618
Gross
amount
Estimated
collateral
proceeds
Net
amount
Specific
provision
Impaired loans
31.12.09
30 167
16 558
13 609
13 609
31.12.08
2 485
—
2 485
2 485
CHF 1000
31.12.09
31.12.08
– Exchange traded
—
—
Shares and similar securities and rights
—
3 800
Total
—
3 800
of which qualify as repos as defined in the liquidity rules
—
—
3.2 Securities and precious metals trading portfolios
Extract 100 Singapore dollar note (Singapore)
Debt securities and rights
(Trading positions in derivatives are included under 4.3)
25
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.3 Financial investments
CHF 1000
31.12.09
31.12.08
31.12.09
31.12.08
Book value
Book value
Fair value
Fair value
81 506
79 844
82 038
81 213
Debt securities and rights
– with the intention to hold to maturity
Precious metals
8 212
6 630
8 212
6 630
Total
89 718
86 474
90 250
87 843
of which qualify as repos as defined in the liquidity rules
82 038
81 213
31.12.09
31.12.08
3.4 Participations
CHF 1000
26
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
31.12.08
Accumulated
Book value
Additions
Disposals
depreciation
31.12.09
Depreciation
Book value
Total majority participations
1 100
—
1 100
—
—
—
1 100
Other fixed assets
4 490
(4 006)
485
154
—
(199)
440
Total
5 590
(4 006)
1 585
154
—
(199)
1 540
Fire insurance value of other fixed assets
15 382
Liabilities: future operational lease commitments
10 346
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.6 Other assets and other liabilities
CHF 1000
31.12.09
31.12.08
Other assets
Other liabilities
Other assets
Other liabilities
Replacement costs of derivative instruments
11 756
11 614
28 719
30 646
Indirect taxes and stock exchange fees
478
2 409
388
3 529
Other assets and liabilities
114
306
188
569
Total
12 348
14 329
29 295
34 744
3.7 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
CHF 1000
Own securities
There are no loans nor pension transactions with securities.
31.12.09
Assets pledged
Effective liability
(Book value)
67 400
47 807
31.12.08
Assets pledged
(Book value)
Effective liability
71 400
27 413
27
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.8 Pension plans
CHF 1000
31.12.09
31.12.08
3 895
6 753
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
31.12.08
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 31.12.2008, the employer contribution
reserves at period end were:
28
4 078
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. In the last
revised balance deadline of the BVG-Stiftung an obligation of TCHF 4020 resultedfrom this declaration of guarantee.
Pension plan shortfalls /surpluses at the balance sheet date
CHF 1000
31.12.08
31.12.07
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
(3 991)
50
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
(29)
7
The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2008 including the employer contribution reserves to which the
employer has waived their right. In 2008 the accounts of the individual plan members were credited with TCH 10 616 out of the unencumbered plan assets.
Contributions to pension funds / pension and related benefits expense
CHF 1000
2009
2008
The Bank’s total contributions to both pension plans for the year amounted to:
4 453
5 766
6 505
7 553
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:
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.9 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance
Specific
31.12.08
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
31.12.09
Loan losses (credit and
country risk)
2 485
(25)
—
250
10 963
(64)
13 609
25 850
—
—
—
150
(11 350)
14 650
provisions
28 335
(25)
—
250
11 113
(11 414)
28 259
31.12.08
26 482
(12)
—
15
1 850
—
28 335
banking risks (fully taxed)
18 000
—
—
—
—
—
18 000
31.12.08
18 000
—
—
—
—
—
18 000
Other provisions
Valuation adjustments and
Reserves for general
3.10 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 2009 all shares are held directly by Schroder Nederland Finance BV, Amsterdam.That company is ultimately
wholly-owned by Schroders plc, London.
On 9 March 2009, respectively on 10 March 2008 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:
Shares Schroders plc
09.03.2009
Stake
Shares Schroders plc
10.03.2008
Stake
Vincitas Limited 60 951 886
26.97% 62 861 892
27.81%
Veritas Limited 39 218 470
17.35% 37 308 464
16.51%
Flavida Limited 60 951 886
26.97% 62 861 892
27.81%
Fervida Limited 40 188 706
17.78% 38 278 700
16.94%
Harris Associates L.P. 13 543 841
5.99% 12 919 102
Legal & General Group Plc
n/a
n/a
6 873 379
5.72%
3.04%
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.
29
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.11 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Shareholders’ equity at the beginning of 2009
Paid-in share capital
60 000
General legal reserve
23 700
Other reserves
16 500
Reserves for general banking risks
18 000
Retained earnings brought forward
31 260
Total shareholders’ equity at the beginning of 2009
149 460
Movements
Dividend 2008
(22 000)
Deduction from available earnings
30
for allocation to reserves
(9 200)
Allocation to legal reserve
1 900
Allocation to other reserves
7 300
Net income 2009
18 782
Total shareholders’ equity at the end of 2009
146 242
Paid-in share capital
60 000
General legal reserve
25 600
Other reserves
23 800
Reserves for general banking risks
18 000
Retained earnings carried forward
18 841
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.12 Maturity structure of working capital and liabilities
CHF 1000
At sight
Redeemable
upon notice
Up to
3 months
From
3 to 12
months
From
12 months
to 5 years
—
—
Maturities
Total
Beyond
5 years
Assets
Cash
219 440
—
—
Due from banks
Due from clients
148 367
—
758 033
—
9
109 081
160 691
64 062
—
300
—
—
metal trading portfolios­—
—
—
Financial investments
8 213
—
—
Total 31.12.09
376 029
109 381
918 724
110 253
57 464
576 742
Mortgages
—
219 440
—
—
906 400
11 896
—
345 739
—
—
300
—
—
—
—
30 588
50 917
—
89 718
94 650
62 813
—
1 561 597
51 494
49 475
—
845 428
Securities and precious
31.12.08
Liabilities
Due to banks
57 294
—
55 238
16 915
—
—
129 447
Due to clients
1 224 534
13 494
5 044
—
—
—
1 243 072
Total 31.12.09
1 281 828
13 494
60 282
16 915
—
—
1 372 519
513 860
11 114
80 787
27 914
—
—
633 675
31.12.08
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
31.12.09
31.12.08
Due from affiliated companies
37 195
9 762
Due to affiliated companies
375
274
Loans and exposures to members of the Bank’s governing bodies
2 100
49
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.
31
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.14 Assets and liabilities by domestic and foreign origin
CHF 1000
31.12.09
31.12.08
Domestic
Foreign
Domestic
Foreign
Cash
219 440
—
19 619
—
Due from banks
142 114
764 286
30 936
354 745
Due from clients
78 139
267 600
116 495
233 358
Mortgages
300
—
—
—
Securities and precious metal trading portfolios
—
—
3 800
—
Financial investments
89 718
—
86 474
—
Participations
100
1 000
100
1 000
Assets
32
Fixed assets
440
—
485
—
Accrued income and prepaid expenses
12 994
603
12 073
1 265
Other assets
3 626
8 722
12 445
16 851
Total
546 871
1 042 211
282 427
607 219
Liabilities and shareholders’ equity
Due to banks
45 330
84 117
24 162
93 433
Due to clients
236 946
1 006 126
131 732
384 350
Accrued expenses and deferred income
27 388
345
42 427
1 005
Other liabilities
7 948
6 381
12 585
22 158
Valuation adjustments and provisions
28 259
—
28 335
—
Reserves for general banking risks
18 000
—
18 000
—
Share capital
60 000
—
60 000
—
General legal reserve
25 600
—
23 700
—
Other reserves
23 800
—
16 500
—
Retained earnings brought forward
60
—
193
—
Net income
18 782
—
31 066
—
Total
492 113
1 096 969
388 700
500 946
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.15 Assets by countries / country groups
CHF 1000
Total
31.12.09
31.12.08
in %
Total
in %
Assets
Europe
– Germany
62 400
3.9%
38 067
4.3%
– United Kingdom
219 474
13.8%
68 351
7.7%
– Switzerland
546 872
34.5%
282 427
31.8%
– Rest of Europe
526 451
33.1%
292 783
32.9%
Total Europe
1 355 197
85.3%
681 628
76.7%
North America
63 928
4.0%
42 960
4.8%
Asia
10 482
0.7%
10 211
1.1%
Other countries
159 475
10.0%
154 847
17.4%
Total
1 589 082
100.0%
889 646
100.0%
33
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
3.16 Assets by currencies
CHF 1000
Currencies
CHF
EUR
USD
Precious
metals
Other
31.12.2009
Total
Assets
Cash
217 193
1 833
273
—
141
219 440
Due from banks
25 435
320 030
392 597
34 398
133 940
906 400
Due from clients
49 056
150 272
95 447
—
50 964
345 739
Mortgages
300
—
—
—
—
300
Securities and precious
34
metal trading portfolios
—
—
—
—
—
—
Financial investments
81 506
—
—
8 212
—
89 718
Participations
1 100
—
—
—
—
1 100
Fixed assets
440
—
—
—
—
440
Accrued income and prepaid expenses
10 860
259
260
—
2 218
13 597
Other assets
11 984
7
356
—
1
12 348
Total balance sheet assets
397 874
472 401
488 933
42 610
187 264
1 589 082
FX forward and FX option transactions
369 684
344 405
457 412
—
176 583
1 348 084
Total assets
767 558
816 806
946 345
42 610
363 847
2 937 166
Assets deriving from FX spot,
Liabilities and shareholders’ equity
Due to banks
1 327
35 775
67 143
—
25 202
129 447
Due to clients
181 943
412 093
460 846
42 610
145 580
1 243 072
Accrued expenses and deferred income
26 252
151
164
—
1 166
27 733
Other liabilities
13 813
18
498
—
—
14 329
Valuation adjustments and provisions
28 259
—
—
—
—
28 259
Reserves for general banking risks
18 000
—
—
—
—
18 000
Share capital
60 000
—
—
—
—
60 000
General legal reserve
25 600
—
—
—
—
25 600
Other reserves
23 800
—
—
—
—
23 800
Retained earnings brought forward
60
—
—
—
—
60
Net income
18 782
—
—
—
—
18 782
Total balance sheet liabilities
397 836
448 037
528 651
42 610
171 948
1 589 082
Liabilities deriving from FX spot,
FX forward and FX option transactions
372 421
368 563
417 469
—
189 653
1 348 106
Total liabilities
770 257
816 600
946 120
42 610
361 601
2 937 188
Net position by currency
(2 699)
206
225
—
2 246
(22)
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
4. Information on Of f Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000
31.12.09
31.12.08
Credit guarantees
36 027
53 372
Irrevocable commitments
4 518
15 507
Total 40 545 68 879
4.2 Confirmed credits
CHF 1000
31.12.09
31.12.08
Obligations under deferred payments
—
—
35
4.3 Outstanding derivative instruments
CHF 1000
Positive
Negative
replacement
values
replacement
values
Forward contracts
11 360
11 219
1 313 459
Options (OTC)
395
395
34 624
Options (traded)
—
—
—
Forward contracts
—
—
—
Options (OTC)
—
—
—
Contract
volume
Foreign exchange instruments
Indices
Total 31.12.09
11 755 11 614 1 348 083
28 719
31.12.08
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
30 646
1 056 733
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
Outstanding derivative instruments by counterparties
CHF 1000
Positive
replacement
values
Banks
3 048
31.12.09
Negative
Contract
replacement
volume
values
7 635
645 750
31.12.08
Positive
replacement
values
Negative
replacement
values
Contract
volume
17 299
3 731
382 203
Non banks
8 708
3 979
702 333
11 420
26 915
674 530
Total
11 756
11 614
1 348 083
28 719
30 646
1 056 733
CHF 1000
31.12.09
31.12.08
Fiduciary deposits in CHF
14 368
59 495
Fiduciary deposits in European currencies
1 341 397
2 096 265
Fiduciary deposits in USD
312 580
771 039
4.4 Fiduciary transactions
36
Fiduciary deposits
Fiduciary deposits in other currencies
11 517
11 571
Total
1 679 862
2 938 370
Fiduciary credits
Fiduciary credits in CHF
600
600
Fiduciary credits in European currencies
3 177
1 992
Fiduciary credits in USD
13 717
15 753
Total
17 494
18 345
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
4.5 Funds under management
CHF 1000
31.12.09
31.12.08
Assets in own managed investment funds
11 900
15 635
Assets under discretionary management
1 872 450
1 944 719
Assets subject to other management
5 385 014
4 808 984
Total funds under management Private Banking (incl. double counting)
7 269 364
6 769 338
of which double counting
11 900
15 635
Total funds under management Private Banking (excl. double counting)
7 257 464
6 753 703
Total net inflow/outflow of assets
(60 211)
(25 628)
Assets in own managed investment funds
391 428
519 693
Assets under discretionary management
718 313
1 047 177
Assets subject to other management
4 438 290
1 669 154
Total funds under management Institutional Business (incl. double counting)
5 548 031
3 236 024
of which double counting
24 323
28 777
Total funds under management Institutional Business (excl. double counting)
5 523 708
3 207 247
Total net inflow/outflow of assets
2 556 776
(789 947)
Private Banking
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 wich are
not under custody at Schroder & Co Bank AG.
4.6 Funds administered by the Service Centre Private Banking
CHF 1000
31.12.09
31.12.08
Assets administered Private Banking (cf 4.5.)
7 257 464
6 753 703
Assets administered Institutional Business (cf 4.5.)
5 523 708
3 207 247
Assets administered in connection with the insourcing for Schroder Group companies
12 762 254
9 034 901
Total assets administered by the Service Centre Private Banking
25 543 426
18 995 851
The Bank’s Service Centre Private Banking renders administrative services to other Schroder Group companies in the areas ofcustody, 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 results” (see explanation
about the Service Centre – insourcing business).
37
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
5. Information on the Profit and Loss Account
5.1 Results from trading operations
CHF 1000
2009
2008
Securities
323
(951)
Foreign exchange
9 125
9 152
Total
9 448
8 201
CHF 1000
2009
2008
Authorities, meeting compensations and fixed compensations
216
210
Salaries and extras
38 171
39 232
Social security contributions
2 052
1 787
Pension plan contributions
4 453
5 766
Other personnel expenses
1 009
2 122
Total
45 901
49 117
CHF 1000
2009
2008
Occupancy expenses
4 145
5 836
4 890
4 073
publication and advertising, audit, other costs
15 122
17 262
Total
24 157
27 171
5.2 Personnel expenses
38
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,
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
5.4 Extraordinary Income
The CHF 11.4 million of extraordinary income is due to the reversal of a provision which was no longer necessary.
5.5 Post Balance Sheet Events
As of 1 January 2010 the Bank’s Institutional Asset Management and Fund Distribution division was transferred to Schroder
Investment Management (Switzerland) AG, which has been a part of the Schroder Group s ince 2008. The employees of that
division complement the existing team of fund managers and analysts.
That Group’s company now has its own independent integrated platform for the delivery of comprehensive services to institutional clients. Following this separation, the Bank will focus on the private banking business and the expansionof the Service Centre
Private Banking. Based on the 2009 results, the Bank expects a reduction in commissionsof CHF 22 million and in expenses of
CHF 16 million. The effects on the balance sheet will be minimal.
39
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Repor t of the Statutor y Auditor
As statutory auditor, we have audited the finan-
well as evaluating the overall presentation of the financial
cial statements of Schroder & Co Bank AG, which
statements. We believe that the audit evidence we have
comprise the balance sheet, income statement and
obtained is sufficient and appropriate to provide a basis
notes, for the year ended 31 December 2009.
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 2009 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 judgement, 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 assessExtract 100 Swedish krona note (Sweden)
ments, 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
Zurich, 4 March 2010
41
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
Board and Senior Staf f
( as of 1 Ja nu a r y 2010 )
Board of Directors
Senior Management
Philip Mallinckrodt
Otto Amberg
Alexis André
Chairman
Dr. François Bochud
Beat Bochsler
Norbert Brestel
Deputy Chairman
Dr. Martin Eckert
Pierre-Antoine Carron
Jean-Claude Marchand
Beat Cassani
Jean-Charles Roguet
Ann Daverio
Markus Rütimann (since 14.09.09)
Reto Dietrich
Markus Engeler
Slavica Barovic Esnault-Pelterie
Luc Denis
Pierre-Louis Favre
Rolf Fischer
Chairman, Head of Private Banking
Heinz Scheiwiller
Karl Gallmann
Marco Ghilotti
Deputy Chairman, Head of Service Centre Private Banking
Jean-Jacques Hunziker
Claudia Giger
Enrique Gil
Member, Head Legal and Compliance
Michael Kiepert
Roland Heule
Jürg Klingler
Member, Head Banking, Treasury and Risk Management
Martin Liebi
Bernhard Leibkutsch
Samuel Moulin
Member, Head of Private Banking Zurich
Stephan Ochsner
Andreas Pletscher
Denis Purmann
Stefano Scanzoni
Christian Schmid
Michael Spörndli
Ulysse-Oliver Traub
Urs Winiger
Antonio Winspeare Guiccardi
Paolo Zaglia
External Auditors
PricewaterhouseCoopers AG Zürich
Extract 10 000 Japanese yen note (Japan)
42
Executive Board
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
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
Germany
Schroder Investment Management GmbH
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 0
Sweden
Schroder Investment Management
Fondsmæglersgelskab A/S
Sveavägen 9, 11157 Stockholm
Tel + 46 (0)8 678 40 10
Schroder & Co Limited
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 5
Switzerland
Schroder & Co Bank AG
Central 2, 8001 Zürich
Tel + 41 (0)44 250 11 11
Schroder Property Investment
Management GmbH (SPrIM)
Taunustor 2 (Japan Center)
60311 Frankfurt am Main
Tel +49 (0)69 97 57 17 800
Schroder & Co Bank AG
Service Centre Private Banking
Pfingstweidstrasse 60
8005 Zürich
Tel +41 (0)44 250 11 11
Italy
Schroders Italy SIM S.p.A.
Via della Spiga 30, 20121 Milano
Tel + 39 02 76 37 71
Schroder & Co Banque SA
8, rue d’ltalie, 1204 Genève
Tel + 41 (0)22 818 41 11
Europe
Channel Islands
Schroder Investment Management
(Guernsey) Limited
Trafalgar Court, Les Banques,
St. Peter Port, Guernsey, GY1 3QL
Tel + 44 (0)1481 74 50 01
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
Schroder Trust SA
12, rue Ami-Lullin
1207 Genève
Tel +41 (0)22 818 41 22
Spain
Schroder Investment Management Limited
Calle Pinar 7, 28006 Madrid
Tel + 34 91 590 95 41
Schroders (C.I.) Limited
Regency Court
Glategny Esplanade
St. Peter Port, Guernsey, GY1 3UF
Tel + 44 (0)1481 70 37 00
Luxembourg
Schroder Investment Management
(Luxembourg) S.A.
5 rue Höhenhof, 1736 Senningerberg
Tel + 352 341 34 22 02
Schroders (C.I.) Limited
2–6 Church Street, St. Helier
Jersey, JE4 9WB
Tel + 44 (0)1534 75 66 00
Netherlands
Schroder Investment Management
(SIM) Benelux N.V.
De entree 260
18th floor
1101 EE Amsterdam Zuidoost
Tel + 31 (0)20 301 65 60
Americas
Schroder Property Investment
Management GmbH
De entree 260
18th floor
1101 EE Amsterdam Zuidoost
Tel + 31 (0)20 301 65 60
Bermuda
Schroder (Bermuda) Limited
131 Front Street, Hamilton HM 12
Tel +1 441 292 49 95
Denmark
Schroder Investment Management
Fondsmæglerselskabet A/S
Store Strandstræde 21
1255 København
Tel + 45 33 15 18 22
France
Schroder Investment Management Limited
8–10 rue Lamennais, 75008 Paris
Tel + 33 (0)1 53 85 85 85
Schroders & Co
Calle Pinar 7, 28006 Madrid
Tel +34 91 590 05 05
Argentina
Schroder Investment Management S.A.
Ing. Enrique Butty 220
C1001AFB - Buenos Aires
Tel +54 11 43 17 13 00
Sc hrode r & C o Ba nk AG | A nnua l Re por t 20 0 9
Brazil
Schroder Investment Management
Brasil 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 1040 GT, Harbour Centre
Grand Cayman, British West Indies
Tel +1 345 949 28 49
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
Schroders plc
Shanghai IFC Phase I
No. 8 Century Avenue
Pudong, Shanghai 200120
Tel +86 21 50 12 05 80
South Korea
Schroders Korea Limited
Seoul Finance Centre, 84 Taepyungro
1ga Chung-gu, Seoul 100-768
Tel +82 2 37 83 05 00
Schroder Investment Management
(Hong Kong) Ltd
Two Pacific Place, 88 Queensway
Hong Kong SAR
Tel +852 25 21 16 33
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
India
Schroders India Private Limited
Ramnord House
77, Dr. Annie Besant Road
Worli
Mumbai, 400018
Maharashtra
Tel +91 22 4347 3401
USA
Schroder Investment Management
North America Inc.
875 Third Avenue
New York, NY 10022-6225
Tel +1 212 641 38 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
Schroder Investment Management
Penn Mutual Towers
520 Walnut Street
Suite 1150
Philadelphia, PA 19106
Tel +1 215 861 09 97
Japan
Schroder Investment Management
(Japan) Limited
21st Floor Marunouchi Trust Tower Main
1-8-3 Marunouchi
Chiyoda-Ku, Tokyo 100-0005
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
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
Middle East
Dubai
Schroder Investment Management Limited
Dubai International Financial Centre
P.O. Box 506612
Dubai
Tel +971 4 704 9100
45
Sc hrod e r & C o Ba nk AG | A nnua l Re por t 20 0 9
46
© 2010
Schroder & Co Bank AG
Annual Report 2009
Project management:
Schroder & Co Bank AG
Concept:
Peter Bütikofer & Company, Zurich
Design, production:
markenart, Zurich
Printed by:
Lenggenhager Druck, Zurich
The Annual Report 2009 is also published in
German. The German version takes precedence.
The web version of the Annual Report 2009 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
Postfach 2222, 8031 Zürich
Fax +1 345 949 54 09
Schroder Trust SA
12, rue Ami-Lullin
Schroder Trust AG
Tel +41 (0)44 250 11 11
1207 Genève
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)22 818 41 22
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)22 818 41 28
Fax +41 (0)44 250 12 66
contact@schroders.ch