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