Schroder & Co Bank AG | Annual Report 2011
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 2 011
A Bank with a view
2
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 2 011
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
41
5. Information on the Profit and Loss Account
45
Report of the Statutory Auditor
47
Board and Senior Staff
49
Main Schroder Branches
51
Previous page : Central, Zurich
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
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 2 011
The past year posed some major challenges. Even though
The Board of Directors is proposing to the General Meeting
2011 started by showing signs of solid global economic
the distribution of an ordinary dividend of CHF 10 million
growth, it was gradually overshadowed by the negative influ-
(previous year: CHF 8 million). It is also proposing that
ence of the European government debt crisis. This made
CHF 0.7 million (previous year: CHF 0.5 million) be allo-
the global financial markets more volatile in the second half
cated to the general statutory reserve and CHF 1.7 million
of the year. In particular, the stock markets were impacted.
(previous year: CHF 0.5 million) to other reserves. As a
Private clients’ investments, in turn, were affected by the
result, the Bank’s reported equity capital after payment of
strong franc and the stock exchange volatility.
the dividend will rise to CHF 133.5 million (previous year:
CHF 131.1 million).
In spite of this environment, Schroder & Co Bank AG’s net
income increased during the reporting year. The Board
On behalf of the entire Board of Directors, I would like to
of Directors regards this as a consequence of the Bank’s
thank our clients who once again placed their trust in us
focussing on serving clients in strategic core markets.
during a challenging year. We would also like to thank our
employees whose commitment and professionalism make
Schroder & Co Bank AG’s net income rose from CHF 8.9
the Bank a reliable institution in these unstable times.
million in 2010 to CHF 12.4 million in 2011. The Bank’s
revenues suffered from the ongoing negative currency
effects and the results from trading operations also declined due to the difficult situation on the foreign exchange
markets. However, the results from commission and service
Philip Mallinckrodt
fee activities, as well as the results from interest activities,
Chairman of the Board of Directors
rose slightly year-on-year. Earnings from administrative
services provided by the Private Banking Service Centre
also increased. The consequence was a general improvement in earnings over the previous year. The Bank’s
longstanding commitment to greater efficiency and cost
optimisation also contributed significantly to this successful
result.
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 2 011
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 2 011
Private Banking
Following the reorganisation of its business areas in 2010,
The commission income was flat during the year under
Schroder & Co Bank AG successfully implemented the
review and only posted a slight improvement year-on-year.
improved operational capabilities during 2011. Against the
Faced with high market volatility, investors again, and to a
background of the year’s challenging market conditions,
high degree, opted for liquidity. This development resulted
the results achieved by the Bank are even more noteworthy.
in commission income of CHF 38.6 million, which remained
The Bank succeeded in acquiring new clients in an environ-
practically unchanged from the CHF 38.1 million in 2010.
ment of extremely volatile markets and continued investor
Interest income was again affected by historically low inter-
uncertainty. This achievement underscores Schroder & Co
est rates on the international financial markets. The Bank’s
Bank AG’s position in the Swiss market.
interest income at CHF 9.5 million was thus only slightly
higher than in the previous year at CHF 9.3 million. The
However, along with its market peers, Schroder & Co Bank
trading income had the ongoing difficulties on the foreign
AG was also confronted with negative currency effects,
exchange markets to contend with. This was reflected in the
poor stock market returns at nearly all the relevant financial
result of CHF 6.8 million which was considerably lower than
centres and historically low interest rates.
the CHF 9.1 million achieved in 2010.
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
As in previous years, clients in 2011 again preferred the
effects. As a result, assets under management remained
security offered by cash. Consequently the total assets of
unchanged at CHF 6.5 billion in comparison with 2010.
Schroder & Co Bank AG were practically unchanged, albeit
marginally higher, at CHF 1.53 billion versus CHF 1.51 billion
The company’s expenses fell again during the year under
in 2010. Amounts due to clients in particular remained high:
review. Thanks to a broad range of cost-optimisation mea­
they rose again over the previous year from CHF 1.2 billion
sures, total operating expenses fell from CHF 57.5 million
to CHF 1.25 billion.
in 2010 to CHF 56.1 million in 2011. Including dividends
from subsidiary undertakings, this results in net income of
Thanks to a prudent risk policy, Schroders Private Banking
CHF 12.4 million, compared to CHF 8.9 million in 2010. The
enjoys a high level of confidence among its current and
headcount at Schroder & Co Bank AG remained practically
potential clients in Switzerland. It was therefore no surprise
unchanged from the previous year. The company knows
to see a pleasing inflow of CHF 353 million in net new money
that low employee turnover and continuity in all areas of
in the reporting year. However, this was still insufficient to
competence is an important asset for the ongoing success-
fully compensate for the negative currency & performance
ful development of all business lines.
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 2 011
Service Centre Private Banking
The location of the in-house Service Centre Private Banking
The changes in the regulatory environment will bring about
in Switzerland is evidence of the Schroder Group’s strong
a major increase in the administrative workload of all
identification with the Swiss banking centre. This paid off
market participants. This means intelligent solutions will
again during the reporting year. It provides custody, report-
be required so that the Bank can manage its continuously
ing, IT, operations and finance services to the Schroders
growing administrative duties efficiently. The Schroders
Private Banking business units in Switzerland, London,
Service Centre Private Banking in Switzerland will play a big
Guernsey and Singapore. By providing these services, the
part in these solutions. By ensuring quality and bundling
Service Centre Private Banking increased its revenues from
together standardised processes, this business area is in a
CHF 17.3 million in 2010 to CHF 18 million in 2011, despite
position to meet future demands in a cost-efficient way, thus
not being immune to negative currency effects.
giving Schroder & Co Bank AG a competitive advantage.
From left to right:
Luc Denis, Chairman
Heinz Scheiwiller, Deputy Chairman, Head
of Service Centre Private Banking
Martin Liebi, Head of Client Relationship
Management
Michael Kiepert, Head of Investment
Management and Banking
Jean-Jacques Hunziker, Head of Legal and
Compliance
9
Central
Zurich
left Page from the top ( l. to r. ) : Karine Gfeller, Andreas Ungricht,
Beat Bochsler, Alice West, Ruzica Dragicevic, Fredi Rihner, Rifat Mahmud,
PM Team, Josiane Stepham, Credit Team, Sandra Hollenstein.
right Page from the top ( l. to r. ) : Paul Weber, Michel Rossi, Jürg
Klingler, Claudia Giger, Stefano Scanzoni, Urs Winiger, Carole Richener,
Marcel Ursprung, Martin Liebi & Carole Richener, Isabelle Brechbühl.
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 2 011
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 2 011
Balance Sheet
as of 31 December 2011
CHF
Notes
31.12.11
31.12.10
Liquid assets
231 060 989
219 060 332
Due from banks
920 517 166
872 114 097
Due from clients
3.1
230 658 885
254 406 356
Mortgages
3.1
300 000
300 000
Assets Financial investments
3.2, 3.6
113 484 609
123 184 754
Participations
3.3
1 100 000
1 100 000
Fixed assets
3.4
373 274
280 542
Accrued income and prepaid expenses
12 990 847
13 607 418
Other assets
3.5
16 216 046
30 396 724
Total assets
1 526 701 816
1 514 450 223
507 227
960 487
Total due from group entities and
significant shareholders
Liabilities and shareholders’ equity
Due to banks
61 651 648
95 241 052
Due to clients
1 251 357 626
1 199 456 320
Accrued expenses and deferred income
21 889 492
24 476 209
Other liabilities
3.5
17 409 525
26 534 623
Valuation adjustments and provisions
3.8
30 875 263
29 618 947
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
27 400 000
26 900 000
Other reserves
3.10
25 700 000
25 200 000
Retained earnings brought forward
23 072
141 266
Net income
12 395 190
8 881 806
Total liabilities and shareholders’ equity
1 526 701 816
1 514 450 223
24 615 610
15 667 486
Total due to Group entities and
significant shareholders
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Off-Balance Sheet Transactions
as of 31 December 2011
CHF
Notes
31.12.11
31.12.10
Contingent liabilities
3.1, 4.1
31 827 484
43 837 559
Irrevocable commitments
3.1
3 858 000
18 035 000
Derivative instruments
4.2
– positive replacement values
15 733 437
29 360 070
– negative replacement values
14 920 672
23 392 808
– notional amounts
927 398 352
1 492 648 114
1 922 405 642
1 128 052 627
– Fiduciary placements with group entities
21 026 267
18 898 158
– Fiduciary credits
15 861 943
17 797 654
Fiduciary transactions
4.3
– Fiduciary placements with third parties
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Profit and Loss Account
for the period from 1 Januar y to 31 December 2011
CHF
Notes
2011
2010
– Interest and discount income
7 978 570
7 771 307
a ) Revenues and expenses from ordinar y banking activities
Results from interest activities
– Interest and discount income from financial investments
2 918 900
2 857 181
– Interest expenses
(1 364 571)
(1 287 614)
Total
9 532 899
9 340 874
– Commission income on lending activities
650 699
927 002
Results from commission and service fee activities
– Commission income on securities and investment transactions
49 320 112
49 823 061
– Commission income on other services
1 184 738
1 151 622
– Commission expenses
(12 546 769)
(13 831 001)
Total
38 608 780
38 070 684
6 765 174
9 147 220
Results from trading operations
5.1
Other ordinary results
– Participation income
1 878 000 —
– Income from administrative services provided by the Service Centre
18 020 677
17 312 706
– Other ordinary income
—
175 682
– Other ordinary expenses
(1 878 777)
(1 956 735)
Total
18 019 900
15 531 653
(39 834 439)
(41 721 118)
Operating expenses
– Personnel expenses
5.2 – Other operating expenses
5.3
(16 278 193)
(15 827 032)
Total
(56 112 632)
(57 548 150)
Gross profit
16 814 121
14 542 281
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
CHF
Notes
2011
2010
Gross profit
16 814 121
14 542 281
(180 539)
(119 354)
Valuation adjustments, provisions and losses
(743 192)
(2 753 004)
Results before extraordinary items and taxes
15 890 390
11 669 923
Extraordinary income
—
129 301
Taxes
(3 495 200)
(2 917 418)
Net income
12 395 190
8 881 806
12 395 190
8 881 806
b ) Net income
Depreciation and write-offs of non-current assets
3.4
c ) Allocation of retained earnings
Net income
Retained earnings brought forward
23 072
141 266
Total
12 418 262
9 023 072
Retained earnings at the end of the period
12 418 262
9 023 072
(10 000 000)
(8 000 000)
Allocation to general legal reserve
(700 000)
(500 000)
Allocation to other reserves
(1 700 000)
(500 000)
Retained earnings carried forward
18 262
23 072
Allocation of retained earnings
Ordinary dividend
Following page : rue d’Italie,
16
Geneva
rue d’Italie
Geneva
left page from the top ( l. to r. ) : Sybille Albrecht, Alexis André,
Pierre-Antoine Carron & Alexandra Vuagnat, Manuela de Kerchove,
Cynthia Pierrel, Anna-Maria Zarb, Enrique Gil, Reto Dietrich, Slavica
Esnault-Pelterie, Mélanie Clavijo, Adriana Loiola, Diane de Chollet,
Bénédicte Lucas-Eissa.
right page from the top ( l. to r. ) : Roberta Riviera, Madeleine
Deslarzes, Fernando Garro, Joëlle Chabert, Gregory Priolo, Sandra
Puschiasis, Bernhard Leibkutsch, Marianne Wenger, Alain Kunz,
Francine Wilson, Frédéric Enry, Daniela Carissoni.
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 2 011
Notes
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S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
1. Comments on Business Activities
General
Risk management
Schroder & Co Bank AG is a wholly-owned subsidiary of
Risk assessment
Schroders plc, London. In addition to the head office in
The Board of Directors re-assesses the Bank’s risks each
­Z urich the Bank has a branch office in Geneva.
year (in particular with respect to credit, market, liquidity and
operational risks). The effectiveness of the limit system and
The business activities of the Bank are described below.
the controls are also evaluated. The Organisation and Man-
There are no further business activities that would signifi-
agement Regulations ensure that the Board of Directors is
cantly impact the Bank’s risk and income situation.
always adequately informed of the risk situation and that the
authority for decisions in this area remains in the Board of
Fee and commission business
Directors’ responsibility.
The Bank’s principal line of business is investment management for both domestic and foreign clients.
Details on risk management
Asset management, trustee, custodian and credit operations
ing is delegated to committees. The Asset & Liability Man-
are the main contributors to commission and service fee
agement Committee is responsible for monitoring market
revenues.
risk, interest rate risk and liquidity. This includes the selec-
The risk management procedures and the ongoing monitor-
tion and monitoring of banks, brokers and custodians. In
Banking activities
addition it monitors the adherence to the capital and large
The Bank’s main balance sheet activities are the client-
exposure regulations.
lending business and interbank operations.
The interest rate risks arising out of the balance sheet and
Loans to clients are mainly granted on the basis of Lombard
off-balance sheet positions are monitored and managed
coverage.
centrally. They are managed using calculations of the net
present value effect on shareholders equity and the net
Trading activities
income effect under various interest rate assumptions. The
Trading comprises mainly trading for the accounts of clients
ability to meet obligations is monitored and ensured within
in interest rate products, securities and foreign exchange,
the framework defined in the bank law and by the Group.
and to a limited extent proprietary trading.
Operational risks are managed through internal organisation
and control procedures. Internal audit regularly audits the in-
Service Centre – Insourcing business
ternal controls and issues reports to the Board of Directors.
The Service Centre Private Banking renders securities
administration, funds transfer, accounting and IT services
The credit risks are subject to specific monitoring by the
centrally. These services are being offered to other
Credit Committee and the Credit Department. Loan col-
Schroder Group companies (currently Schroder & Co.
lateral is valued at market value. The collateral rates are set
Limited, London, Schroders (C.I.) Limited, Guernsey and
forth in predefined procedures.
Schroder Investment Management (Switzerland) AG, Zurich).
These services are charged at market rates.
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 2 011
Outsourcing
Staff
The Bank has an outsourcing agreement with the company
At the end of the business year the Bank had 138 full- and
Biveroni Batschelet Partners AG (BBP) for running the inter-
30 part-time employees, for a total of 168 (or 157.6 full-time
bank applications SIC, EuroSIC, Swift and Secom. BBP’s
equivalent positions; previous year: 166.3).
role is limited to providing electronic access to the above
mentioned interbank services.
Capital adequacy
CHF 1000
2011
2010
Eligible adjusted capital
130 023
129 141
Total minimum capital requirement
50 177
56 588
– thereof for credit risk
38 440
41 001
– thereof for non-counterparty related risks
187
140
– thereof for market risks
326
610
– thereof for operational risks
12 094
15 707
– thereof for deductions from minimum capital requirements
(870)
(870)
Capital requirement coverage ratio
259 %
228 %
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 2 011
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.
­o rdinances, directives, and the Swiss Financial Market
­S upervisory Authority’s (FINMA) regulations and directives.
Troubled loans are reclassified as being of full value when
outstanding amounts of capital and interest are again paid
All transactions are recorded in the Bank’s books at the
on time according to the conditions fixed by contract.
trade date and valued from that date for the profit and loss
account. Money market and foreign exchange transactions
Securities and precious metals trading portfolio
are reported off balance sheet until the settlement date. ­
Actively-traded positions which are either traded on a recog-
From the settlement date, these transactions are included in
nised stock exchange or for which a representative market
the balance sheet.
exists are valued at market value. Refinancing costs are
charged against trading income. All other trading positions
Business risks are covered by adequate value adjustments
are valued at the lower of cost or net realisable value.
and provisions.
Financial investments
Detailed principles
Securities held to generate income in the medium term are
The most important accounting policies and valuation princi-
valued at the lower of cost or net realisable value. Realised
ples are shown below.
profits or losses from sales of these securities are included
within “Results from the sale of financial investments”.
Liquid assets, receivables from banks and liabilities
­U nrealised profits or losses are included within “Other ordi-
These items are stated in the balance sheet respectively at
nary income” or “Other ordinary expenses”. Debt securities
their nominal value or at cost less any individual valuation
to be held until maturity are valued at cost. Any premium or
adjustments required for impaired assets.
discount is amortized over the life of the security. Precious
metals are valued at market value.
Loans
Impaired loans, i.e. loans that are unlikely to be repaid by the
Participations
debtor, are valued individually. A specific provision is made
Participations are stated at cost, less any impairment.
for the estimated shortfall against nominal value in capital
and interest. Off-balance sheet exposure, such as commit-
Tangible fixed assets
ments, guarantees or derivative instruments, are also taken
Tangible fixed assets are valued at cost, less accumulated
into consideration for this valuation. Loans are considered
depreciation. Depreciation is calculated using the straight-
as impaired at the latest when the contractual payments for
line method based on useful life.
capital and/or interest are overdue for more than 90 days.
Interest accrual is suspended if recovering interest is so unlikely that an accrual no longer makes sense.
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 2 011
The recoverability is reconsidered each year. Should the
Taxes
useful life change or the value decrease upon reconsidering
Current tax is generally tax on profit and recurs on an annual
the recoverability, the remaining book value will be depreci-
basis. One-off or transaction taxes are not considered as
ated according to the revised plan, or an extraordinary de-
current tax.
preciation can be made. In accordance with tax regulations
smaller items may be charged directly to the profit and loss
Current tax on earnings is included as expense of the pe-
account.
riod in which the earnings are recognized. Tax liabilities are
shown under “Accrued expenses and deferred income”.
Useful life of the various fixed assets:
Information technology (hardware and software): 3 years
Derivative financial instruments
Cars: 4 years
Derivative financial instruments are used by the Bank for
­a sset and liability management and for securities and foreign
Foreign currencies
exchange dealing. They are used both for proprietary trad-
Foreign currency transactions are translated at the average
ing and for trading for the accounts of clients. Valuation is in
exchange rates ruling at the balance sheet date. Foreign
accordance with the purposes for which they were originally
exchange positions in the balance sheet are translated at the
acquired.
average exchange rates at the balance sheet date and taken
1. Derivative trading positions
to the profit and loss account. Forward foreign exchange
These derivatives are marked to market. Positive and
transactions are valued at the forward market rates ruling at
negative replacement values are included within “Other
the balance sheet date. The valuation result is taken to the
assets” or “Other liabilities”. Profits and losses are
profit and loss account.
­included within “Result from trading operations”.
2. Derivative financial investments
The main conversion rates applied are listed below:
2011
2010
These derivatives are acquired by the Bank instead of
direct investments. In accordance with the accounting
EUR
1.2137
1.2508
policy for financial investments, these positions are val-
GBP
1.4531
1.4602
ued at the lower of cost or net realisable value. Any inter-
USD
0.9348
0.9324
est income components are included within “Interest and
JPY
1.2154
1.1495
dividend income from financial investments”. Realised
profits or losses are included within “Result from the sale
of financial investments”.
Valuation adjustments and provisions
Based on the principle of prudence, the Bank establishes
3. Derivatives for hedging purposes
valuation adjustments and provisions within liabilities for
Derivative transactions concluded for hedging purposes
contingent risks. The valuation adjustments and provisions
are valued and booked on a basis consistent with the
may contain undisclosed reserves.
underlying transactions.
24
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 2 011
Liabilities to own pension plans
The employees of Schroder & Co Bank AG benefit from
two defined contribution pension plans. The “BVG ­S tiftung”
grants a minimum of the benefits mandatory by law. The
“Vor­s orgestiftung” of Schroder & Co Bank AG grants benefits for that part of the salary above the limit of the BVG
law. The employer’s contributions according to the defined
contribution pension plans are included within “Personnel
expenses”.
25
Westpark
Zurich
left page from the top ( l. to r. ) : Laurent Mayor, Lea Wunderlin,
Dietmar Engel, Herbert Zehnder & Mirveta Alija, Christian Bühler &
Benjamin Fehrensen, Anja Petritz, Reto Weber, Jürg Egli, Sacha Rigoni,
Liza Vonwyl, Jonathan Brander & Tanja Strampfer, Fatmire Avdyli,
Mirko Kräuchi.
right page from the top ( l. to r. ) : Helen Tungol, Domenica Zampatti,
Daniel Stähli, Christoph Kuratle, David Dowse, Monica Briggen, Toni
Piscitelli & Markus Kräuchi, Geraldine Nacario, Jan Pobuda, Markus Birrer,
Thomas Nater, Benjamin Antille & Corinne Tanner.
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 2 011
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 2 011
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
—
215 639
Without
Total
collateral
Loans
Due from clients
15 020
230 659
Mortgages
– Residential real estate 300 Total
31.12.11
300
215 639
—
15 020
—
230 959
300
31.12.10
300
244 604
9 802
254 706
5 812
25 710
305
31 827
—
—
3 858
3 858
Off-balance sheet transactions
Contingent liabilities Irrevocable commitments: – Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel
Total 31.12.11
5 812
25 710
4 163
35 685
31.12.10
5 841
46 223
9 809
61 873
Gross
amount
Estimated
collateral
proceeds
Net
amount
Specific
provision
Impaired loans
31.12.11
33 794
17 665
16 129
16 129
31.12.10
34 283
19 715
14 568
14 568
CHF 1000
Book value
Book value
Fair value
Fair value
31.12.11
31.12.10
31.12.11
31.12.10
3.2 Financial investments
Debt securities and rights
– with the intention to hold to maturity
80 929
83 302
80 929
83 302
Precious metals
32 556
39 883
32 556
39 883
Total
113 485
123 185
113 485
123 185
of which qualify as repos as defined in the liquidity rules
80 929
83 302
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 2 011
3.3 Participations
CHF 1000
31.12.11
31.12.10
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, Geneva
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
31.12.10
Accumulated
Book value
Additions
Disposals
depreciation
Depreciation
31.12.11
Book value
Total majority participations
1 100 —
1 100 —
—
—
1 100
Other fixed assets
4 018
(3 737)
281
309
(36)
(181)
373
Total
5 118
(3 737)
1 381
309
(36)
(181)
1 473
Fire insurance value of other fixed assets
23 500
Liabilities: future operational lease commitments
14 595
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 2 011
3.5 Other assets and other liabilities
CHF 1000
31.12.11
31.12.10
Other assets
Other liabilities
Other assets
Other liabilities
Replacement costs of derivative instruments
15 733
14 921
29 360
23 393
Indirect taxes and stock exchange fees
378
2 288
359
2 980
Other assets and liabilities
105
200
678
161
Total
16 216
17 409
30 397
26 534
3.6 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
CHF 1000
31.12.11
Assets pledged
Effective liability
(Book value)
Own securities
56 780
There are no loans or pension transactions with securities.
31
2 076
31.12.10
Assets pledged
(Book value)
Effective liability
56 780
70
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 2 011
3.7 Pension plans
CHF 1000
31.12.11
31.12.10
9 359
6 846
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.
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 31.12.2010, the employer contribution
reserves at period end were:
—
Pension plan free funds at the balance sheet date
CHF 1000
31.12.10
31.12.09
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
51
53
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
2
5
CHF 1000
2011
2010
The Bank’s total contributions to both pension plans for the year amounted to:
3 921
3 830
5 673
5 443
In 2010 the level of the accounts of the individual plan members was TCH 22 755.
Contributions to pension funds / pension and related benefits expense
The Bank’s total pension and related benefit expenses (including old age and
survivors’insurance, disability insurance, unemployment insurance and other
mandatory contributions) for the year amounted to:
32
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
3.8 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance
Specific
31.12.10
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
31.12.11
1 561
16 129
Loan losses (credit
and country risk)
14 568 —
Other provisions
15 050
—
(496) —
192
14 746
Valuation adjustments and provisions
29 618
(496) —
1 561
192 —
30 875
31.12.10
29 618
(2 134) —
300
3 227
(34)
29 618
banking risks (fully taxed)
18 000 —
—
—
—
—
18 000
31.12.10
18 000 —
—
—
—
—
18 000
Reserves for general
3.9 Capital structure and shareholders
The share capital amounts to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.
At 31 December 2011 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is
ultimately wholly-owned by Schroders plc, London.
On 9 March 2011, respectively 3 March 2010 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:
09.03.2011
03.03.2010
Shares Schroders plc
Stake
Shares Schroders plc
Stake
Vincitas Limited 60 951 886
26.97%
60 951 886
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%
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.
33
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 2 011
3.10 Statement of changes in shareholders’ equity (before profit distribution) CHF 1000 Total shareholders’ equity at the beginning of 2011
Paid-in share capital
60 000
General legal reserve
26 900
Other reserves
25 200
Reserves for general banking risks
18 000
Retained earnings brought forward
9 023
Total shareholders’ equity at the beginning of 2011
139 123
Movements
Dividend 2010
(8 000)
Deduction from available earnings for allocation to reserves
(1 000)
Allocation to legal reserve
500
Allocation to other reserves
500
Net income 2011
12 395
Total shareholders’ equity at the end of 2011
143 518
Paid-in share capital
60 000
General legal reserve
27 400
Other reserves
25 700
Reserves for general banking risks
18 000
Retained earnings carried forward
12 418
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 2 011
3.11 Maturity structure of working capital and liabilities
CHF 1000
At sight
Redeemable
upon notice
Up to
3 months
From
3 to 12
months
Maturities
From
12 months
to 5 years
Total
Beyond
5 years
Assets
Cash
Due from banks
Due from clients
Mortgages
Financial investments
231 061 —
—
—
—
—
231 061
96 178 —
824 339 —
—
—
920 517
300
93 214
83 649
45 380
8 116 —
230 659
—
300 —
—
—
—
300
—
—
21 262
59 667 —
113 485
Total 31.12.11
360 095
93 514
907 988
66 642
67 783 —
1 496 022
350 389
109 475
844 215
89 679
75 308 —
1 469 066
—
41 052
—
—
61 652
31.12.10
32 556 Liabilities
Due to banks
12 677 Due to clients
1 250 265
1 093 —
—
—
1 251 358
Total 31.12.11
1 262 942
1 093
41 052
7 923 —
—
1 313 010
1 192 149
31 376
50 219
20 953 —
—
1 294 697
31.12.10
—
7 923 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
31.12.11
31.12.10
Due from affiliated companies
—
223
Due to affiliated companies
7 527
1 819
Loans and exposures to members of the Bank’s governing bodies
1 683
1 362
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.
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 2 011
3.13 Assets and liabilities by domestic and foreign origin
CHF 1000
Domestic
31.12.11
Foreign
Domestic
31.12.10
Foreign
Assets
Cash
231 061 —
219 060 —
Due from banks
259 320
661 197
237 279
634 835
Due from clients
41 139
189 520
52 229
202 178
Mortgages
300
—
300
—
Financial investments
113 485 —
123 185 —
Participations
1 100 —
100
1 000
Fixed assets
373 —
281 —
Accrued income and prepaid expenses
9 829
3 162
13 120
487
Other assets
7 503
8 713
12 896
17 500
Total
664 110
862 592
658 450
856 000
Liabilities and shareholders’ equity
Due to banks
3 259
58 393
366
94 875
Due to clients
283 080
968 278
311 464
887 992
Accrued expenses and deferred income
21 732
157
24 349
127
Other liabilities
5 934
11 476
13 095
13 440
Valuation adjustments and provisions
30 875 —
29 619 —
Reserves for general banking risks
18 000
—
18 000
—
Share capital
60 000
—
60 000
—
General legal reserve
27 400 —
26 900 —
Other reserves
25 700 —
25 200 —
Retained earnings brought forward
23 —
141 —
Net income
12 395 —
8 882 —
Total
488 398
1 038 304
518 016
996 434
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 2 011
3.14 Assets by countries / country groups
CHF 1000
31.12.11
31.12.10
Total
in %
Total
in %
37 167
2.4 %
33 159
2.2 %
Assets
Europe
– Germany
– United Kingdom
155 215
10.2 %
172 412
11.4 %
– Switzerland
664 110
43.5 %
658 450
43.4 %
– Rest of Europe
514 872
33.7%
491 255
32.4 %
Total Europe
1 371 364
89.8 %
1 355 276
89.4 %
North America
8 442
0.6 %
24 997
1.7 %
Asia
13 501
0.9 %
5 437
0.4 %
Other countries
133 395
8.7%
128 740
8.5 %
Total
1 526 702
100.0 %
1 514 450
100.0 %
37
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
3.15 Assets by currencies
CHF 1000
Currencies
CHF
EUR
USD
31.12.2011
Precious
metals
Other
Total
231 061
Assets Cash
230 190
666
109 —
96
Due from banks
7 912
250 728
505 203
46 729
109 945
920 517
Due from clients
27 735
98 552
74 640 —
29 732
230 659
Mortgages
300 —
—
Financial investments
80 929 —
—
Participations
1 100 —
—
Fixed assets
373 —
—
—
—
300
32 556 —
113 485
—
—
1 100
—
—
373
Accrued income and prepaid expenses
12 257
316
277 —
141
12 991
Other assets
15 693
6
517 —
—
16 216
Total balance sheet assets
376 489
350 268
580 746
79 285
139 914
1 526 702
FX forward and FX option transactions
200 865
290 901
336 577 —
84 287
912 630
Total assets
577 354
641 169
917 323
79 285
224 201
2 439 332
Due to banks
153
11 367
36 137 —
13 995
61 652
Due to clients
198 745
316 242
545 876
79 284
111 211
1 251 358
Accrued expenses and deferred income
20 877
57
93 —
862
21 889
Other liabilities
16 894
7
505 —
4
17 410
Valuation adjustments and provisions
15 227
15 503 —
—
145
30 875
Assets deriving from FX spot,
Liabilities and shareholders’ equity
Reserves for general banking risks
18 000 —
—
—
—
18 000
Share capital
60 000 —
—
—
—
60 000
General legal reserve
27 400 —
—
—
—
27 400
Other reserves
25 700 —
—
—
—
25 700
Retained earnings brought forward
23 —
—
—
—
23
Net income
12 395 —
—
—
—
12 395
Total balance sheet liabilities
395 414
343 176
582 611
79 284
126 217
1 526 702
FX forward and FX option transactions
181 178
298 500
334 716 —
97 579
911 973
Total liabilities
576 592
641 676
917 327
79 284
223 796
2 438 675
Net position by currency
762
(507)
(4)
1
405
657
Liabilities deriving from FX spot,
Following page : Westpark, Zurich
38
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Information on
Off-Balance Sheet
Transactions
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 2 011
4. Information on Off-Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000
31.12.11
31.12.10
Credit guarantees
27 901
39 877
Irrevocable commitments
3 926
3 961
Total
31 827
43 838
Positive
replacement
values
Negative
replacement
values
Contract
volume
Forward contracts
15 171
14 359
896 827 Options (OTC)
562
562
30 571 4.2 Outstanding derivative instruments CHF 1000
Foreign exchange / metal instruments
Total 31.12.11
15 733
14 921
927 398 29 360
23 393
1 492 648 31.12.10
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
31.12.11
Negative
Contract
replacement
volume
values
Positive
replacement
values
31.12.10
Negative
replacement
values
Contract
volume
Banks
6 706
3 232
373 736
20 209
6 904
677 697
Non banks
9 027
11 689
553 662
9 151
16 489
814 951
Total
15 733
14 921
927 398
29 360
23 393
1 492 648
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 2 011
4.3 Fiduciary transactions
CHF 1000
31.12.11
31.12.10
Fiduciary deposits in CHF
4 903
7 171
Fiduciary deposits in European currencies
1 408 989
861 098
Fiduciary deposits in USD
504 940
270 744
Fiduciar y deposits
Fiduciary deposits in other currencies
24 600
7 938
Total
1 943 432
1 146 951
Fiduciar y credits
Fiduciary credits in CHF —
—
Fiduciary credits in European currencies
2 402
2 758
Fiduciary credits in USD
13 460
15 040
Total
15 862
17 798
Effected fiduciary deposits placed with banks within the Schroder Group at the end of the year amounted to TCHF 21 026.
42
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
4.4 Funds under management
CHF 1000
31.12.11
31.12.10
8 720
9 411
Private Banking
Assets in own managed investment funds
Assets under discretionary management
1 724 674
1 826 640
Assets subject to other management
4 762 389
4 718 593
Total funds under management Private Banking (incl. double counting)
6 495 783
6 554 644
of which double counting
8 720
9 411
Total funds under management Private Banking (excl. double counting)
6 487 063
6 545 233
Total net inflow / outflow of assets
353 031
(217 894)
The Bank does not hold any custody-only assets. Debit interest on current account overdrafts is treated as negative performance, while interest charged on Lombard loans
is a cash outflow. The Bank calculates performance according to the direct method.
4.5 Funds administered by the Service Centre Private Banking
CHF 1000
31.12.11
31.12.10
Assets administered Private Banking (cf 4.4.)
6 487 063
6 545 233
insourcing for Schroder Group companies
21 066 321
24 314 414
Total assets administered by the Service Centre Private Banking
27 553 384
30 859 647
Assets administered in connection with the
The Bank’s Service Centre Private Banking renders administrative services to other Schroder Group companies in the areas of custody, operations and finance.
For this insourcing business the Service Centre charges fees which are reflected in the profit and loss account under the position other ordinary income (see explanation about
the Service Centre – insourcing business).
43
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Information
on the Profit and
Loss Account
44
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
5. Information on the Profit and Loss Account
5.1 Results from trading operations
CHF 1000
2011
2010
Securities
—
Foreign exchange
6 765
9 147 —
Total
6 765
9 147
CHF 1000
2011
2010
Authorities, meeting compensations and fixed compensations
216
216
5.2 Personnel expenses
Salaries and extras
33 039
35 158
Social security contributions
1 752
1 613
Pension plan contributions
3 921
3 830
Other personnel expenses
906
904
Total
39 834
41 721
CHF 1000
2011
2010
Occupancy expenses
3 758
3 317
3 963
3 872
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,
publication and advertising, audit, other costs
8 557
8 638
Total
16 278
15 827
45
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Report of the
Statutory Auditor
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 2 011
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 2011.
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 2011 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 that there are no circumstances
of Directors is further responsible for selecting and applying
incompatible with our independence.
appropriate accounting policies and making accounting
estimates that are reasonable in the circumstances.
In accordance with article 728a paragraph 1 item 3 CO and
Swiss Auditing Standard 890, we confirm that an internal
Auditor’s responsibility
control system exists which has been designed for the
Our responsibility is to express an opinion on these financial
preparation of financial statements according to the instruc-
statements based on our audit. We conducted our audit in
tions of the Board of Directors.
accordance with Swiss law and Swiss Auditing Standards.
Those standards require that we plan and perform the audit
We further confirm that the proposed appropriation of avail-
to obtain reasonable assurance whether the financial state-
able earnings complies with Swiss law and the company’s
ments are free from material misstatement.
articles of incorporation. We recommend that the financial
statements submitted to you be approved.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the financial
PricewaterhouseCoopers Ltd
statements. The procedures selected depend on the audi-
Roman Berlinger,
tor’s judgement, including the assessment of the risks of
Markus Bucheli
Audit expert, Auditor In Charge
material misstatement of the financial statements, whether
Zurich, 9 March 2012
due to fraud or error. In making those risk assessments, the
auditor considers the internal control system relevant to the
entity’s preparation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control system.
An audit also includes evaluating the appropriateness of the
accounting policies used and the reasonableness of
accounting estimates made, as well as evaluating the overall
47
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Board and
Senior Staff
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 2 011
Board and Senior Staff ( as of 1 March 2012)
Board of Directors
Senior Management
Philip Mallinckrodt
Alexis André
Beat Bochsler
Chairman
Dr. François Bochud
Andreas Borsari
Isabelle Brechbühl
Deputy Chairman
Dr. Martin Eckert
Norbert Brestel
Jean-Claude Marchand
Pierre-Antoine Carron
Jean-Charles Roguet
Reto Dietrich
Markus Rütimann
Markus Engeler
Slavica Barovic Esnault-Pelterie
Executive Board
Pierre-Louis Favre
Luc Denis
Rolf Fischer
Claudia Giger
Chairman
Heinz Scheiwiller
Enrique Gil
Deputy Chairman,
Head of Service Centre Private Banking
Roland Heule
Jürg Klingler
Jean-Jacques Hunziker
Bernhard Leibkutsch
Member, Head of Legal and Compliance
Michael Kiepert
Samuel Moulin
Denis Purmann
Member, Head of Investment Management and Banking
Martin Liebi
Michel Rossi
Stefano Scanzoni
Member, Head of Client Relationship Management
Christian Schmid
Michael Spörndli
Urs Winiger
Antonio Winspeare Guiccardi
Paolo Zaglia
External Auditors
PricewaterhouseCoopers Ltd, Zurich
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 2 011
Main
Schroder
Branches
50
S c h r o d e r & C o B a n k AG — A n n u a l R e p o r t 2 011
Group’s Head Office
United Kingdom
Schroders plc
31 Gresham Street, London EC2V 7QA
Tel + 44 207 658 60 00
www.schroders.com
Schroder Investment Management Limited
31 Gresham Street, London EC2V 7QA
Tel + 44 207 658 60 00
Schroder & Co. Limited
100 Wood Street, London EC2V 7ER
Tel + 44 207 658 60 00
Schroder Investments Limited
33 Gutter Lane, London EC2V 8AS
Tel + 44 207 658 60 00
France
Schroder Investment Management Limited
8–10 rue Lamennais, 75008 Paris
Tel + 33 (0)1 53 85 85 85
Germany
Schroder Investment Management GmbH
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 0
Schroder & Co Limited
Taunustor 2
60311 Frankfurt am Main
Tel + 49 (0)69 97 57 17 5
Schroder Property Investment
Management GmbH (SPrIM)
Taunustor 2 (Japan Center)
60311 Frankfurt am Main
Tel +49 (0)69 97 57 17 800
Europe
Channel Islands
Schroder Investment Management
(Guernsey) Limited
c/o Northern Trust International
Trafalgar Court, Les Banques,
St. Peter Port, Guernsey, GY1 3QL
Tel + 44 (0)1481 74 50 01
Schroders (C.I.) Limited
Regency Court
Glategny Esplanade
St. Peter Port, Guernsey, GY1 3UF
Tel + 44 (0)1481 70 37 00
Schroders (C.I.) Limited
29 Esplanade, St. Helier
Jersey, JE4 9WB
Tel + 44 (0)1534 75 66 00
Denmark
Schroder Investment Management A/S
Store Strandstræde 21
1255 København
Tel + 45 33 15 18 22
Italy
Schroders Italy SIM S.p.A.
Via della Spiga 30, 20121 Milano
Tel + 39 02 76 37 71
Agenzia di Padova Private Banking
Piazzetta Bettiol 15, 35137 Padova
Tel + 39 049 876 57 76
Agenzia di Roma Private Banking
Piazza della Maddalena 6, 00186 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 28 40
51
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 Investment Management
(Switzerland) AG
Central 2, 8021 Zürich
Tel +41 (0)800 84 44 48
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 2 011
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
52
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 2 011
© 2012
Schroder & Co Bank AG
Annual Report 2011
Project management:
Schroder & Co Bank AG
Concept:
markenart, Zurich
Peter Bütikofer & Company, Zurich
Schroder & Co Bank AG
Design, production:
markenart, Zurich
Fotografie:
Stefan Baumgartner, Zurich
Printed by:
Neidhart + Schön Group, Zurich
The Annual Report 2011 is also published in
German. The German version takes precedence.
The web version of the Annual Report 2011 is
available at www.schroders.ch
53
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
Following page : rue d’Italie, Geneva
www.schroders.ch