Annual Report 2007
Schroder & Co Bank AG
«Our clients rightly expect us to
provide the best service. It is our
highest priority and tradition.»
Luc Denis, Chairman of the Executive Board
This annual report is also published in German. The German version takes precedence.
Content
Chairman’s Statement
5
Executive Board’s Statement
6
Balance Sheet
13
Off-Balance Sheet Transactions
14
Profit and Loss Account
15
1. Comments on Business Activities
17
2. Principal Accounting Policies and Valuation Principles
18
3. Information on the Balance Sheet
20
3.1
Schedule of collateral for loans and off-balance sheet transactions
20
3.2
Securities and precious metals trading portfolios
20
3.3
Participations
21
3.4
Assets and participations
21
3.5
Other assets and other liabilities
22
3.6
Assets pledged or ceded to secure own liabilities and
22
assets subject to ownership reservation
3.7
Pension plans
23
3.8
Valuation adjustments, provisions and reserves for general banking risks
24
3.9
Capital structure and shareholders
24
3.10 Statement of changes in shareholders’ equity (before profit distribution)
25
3.11 Maturity structure of working capital and liabilities
26
3.12 Amounts due from and due to affiliated companies as well as loans
26
and exposures to members of the bank’s governing bodies
3.13 Assets and liabilities by domestic and foreign origin
27
3.14 Assets by countries /country groups
28
29
3.15 Assets by currencies
4. Information on Off-Balance Sheet Transactions
30
4.1
Contingent liabilities
30
4.2
Confirmed credits
30
4.3
Outstanding derivative instruments
30
Outstanding derivative instruments by counterparties
30
4.4
Fiduciary transactions
31
4.5
Funds under management
31
5. Information on the Profit and Loss account
32
5.1
Results from trading operations
32
5.2
Personnel expenses
32
5.3
Operating expenses
32
5.4
Extraordinary income
32
Report of the Statutory Auditors
33
Corporate and Social Responsibility
34
Board and Senior Staff
36
Main Schroder Branches
37
Schroder & Co Bank AG | Annual Report 2007
3
Executive Board and Chairman of the Board of Directors: (from the left) Heinz Scheiwiller,
Deputy Chairman; Stephen Mills, Head of Schroder Investment Management (SIM)
Switzerland; Philip S. Mallinckrodt, Chairman of the Board of Directors; Luc Denis, Chairman
of the Executive Board; Rudolf Stäger, Head of Private Banking Zurich
Chairman’s Statement
2007 proved to be a year of two
Against this backdrop, the big secular
Following this result, the Board of
halves for most investors. Liberal lend-
trends in the world economy continue,
Directors proposes to the General
ing conditions and excess leverage in
with the United States economy
Meeting the distribution of a regular
the first half were followed in July/Au-
and currency weakened by the twin
dividend of CHF 24 million.
gust by a rapid change in liquidity and
deficits and the housing crisis, while
At the same time it also proposes to
credit conditions in capital markets,
the emerging markets, many of them
allocate CHF 2.3 million (previous year:
and a process of de-leveraging and
the beneficiaries of a high oil price,
CHF 1.5 million) to the “General legal
de-risking that is still continuing.
continue to enjoy high growth rates.
reserve” and CHF 13.6 million (previ-
The European currencies, notably the
The process of deleveraging by banks
reserves”. This means that, after
euro and the Swiss franc, strength-
and leveraged investors is leading
distribution of the dividend, the Bank’s
ened against the US dollar. However,
to many assets trading at distressed
stated equity stands at CHF 118.4 mil-
sterling relinquished some of its earlier
prices. Some assets offer attractive
lion (previous year: CHF 102.4 million).
strength and weakened against both
value for long-term unlevered inves-
the euro and the Swiss franc. The
tors, but we believe that prices may
On behalf of the Board of Directors,
volatility in prices of almost all financial
remain depressed until the process
I would like to thank all our clients
assets increased considerably.
of the reallocation of these assets into
for the trust they have put in us for
the hands of long-term investors has
so many years. At the same time my
been achieved.
thanks also go to all of our employees
ous year: CHF 4.5 million) to “Other
Government bonds appreciated
in price, but spread-widening has
who made our success possible in
occurred in corporate debt, mort-
A good year for
the first place with their expertise and
gage-backed securities and structured
Schroder & Co Bank AG
engagement.
credit. Equity markets have fallen,
2007 was in all respects a good
driven in particular by declines in
business year for Schroder & Co Bank
Philip Mallinckrodt
financial equities.
AG. Net income after tax increased
Chairman of the Board of Directors
by 81% to CHF 39.9 million. All of
our business areas – private banking,
institutional investment management
and investment funds – contributed
significantly to this result.
Schroder & Co Bank AG | Annual Report 2007
5
Executive Board’s Statement
At the beginning of 2007, the interna-
discount rate in mid-August that
Switzerland (SPI): – 0.05 %
tional financial markets were looking
the measures began to take effect,
USA (S&P 500): + 5.49 %
forward to another promising year in
and the equity markets recovered
UK (FTSE 100): +7.75 %
an almost unchanged positive envi-
significantly from their previous lows.
Brazil (Bovespa): + 43.65 %
ronment. Then, in mid-July, the crisis
A sustained slow-down in global
Russia (RTS$): + 20.03 %
that had been brewing in the US real
economic growth had already begun,
India (BSE Sensex 30): + 48.84%
estate market for some time abruptly
especially in the US. Many investors
China (Shanghai Comp.): + 97.94%
came to a head, spilling over into the
reacted by shifting their investments
global financial system. The result was
into physical assets and commodities.
a widespread confidence crisis. The
major central banks responded by
The markets reflected this develop-
pumping billions into the financial sys-
ment in the global economy. The
tem daily to maintain its liquidity, but
most important among them became
did not fully achieve the calming effect
extremely volatile, but ended the year
they had hoped for. It was not until the
in slightly positive territory. In 2007,
Fed, the US central bank, cut its
only the emerging economies generated significant returns. Here are some
examples in local currencies, from
January to December 2007:
“Our independence enables
us to deliver the best possible
client solutions.”
Beat Cassani, Relationship Manager
“High expectations are not
fulfilled by being met, but rather
by being exceeded.”
Yvonne Lampart, Treasury Dealer
6
Schroder & Co Bank AG | Annual Report 2007
Private Banking
In a difficult and turbulent market
Our top priority in business devel-
In the year under review, we succeed-
environment, our top priority in man-
opment is managing our existing
ed in expanding our private clients
aging our clients’ assets was to pre-
clients. We also believe there are big
business at both Geneva and Zurich.
serve capital and reduce volatility.
opportunities for growth among entre-
Private clients’ assets under manage-
As the high level of financial market
preneurs, who have many and com-
ment rose from CHF 8.4 billion to CHF
turbulence continued, we were
plex needs in terms of both advice and
9 billion.
successful in benefiting client port-
individual solutions. These heightened
folios through careful selection of
expectations can only be met by
Our commission business posted
both our own products and selected
highly trained and experienced rela-
even stronger growth, with income up
third-party funds. Alternative invest-
tionship managers.
from CHF 84.3 million to CHF 105.4
ments grew particularly strongly at the
million. Net income from interest activi-
expense of equity exposures.
ties increased from CHF 12.0 million to
CHF 14.6 million.
We believe holistic thinking, combined
with discretion and a long-term
Market development in Spain and
approach is key to our relationships
Germany was specifically targeted for
with our clients.
expansion via small units in Madrid
and Frankfurt. Although our marketing
activities have an international focus,
we have also successfully grown our
Swiss clients business over recent
years.
“We focus not on the successes
of today, but on the challenges of
tomorrow. As we have done for
over 200 years.”
Béatrice Hirzel Corte, Head of Institutional Marketing
“Independence and know-how
form the basis for individual
strategies of the highest standard.”
Philipp Bruderer, Analyst & Fund Manager
Schroder & Co Bank AG | Annual Report 2007
7
Institutional Investment
Fund Management
Institutional Sales and Marketing
Management & Fund Sales
Our Swiss-based team of fund
We are one of the largest foreign-
The activities of the division (SIM
managers and analysts is responsible
owned providers of products and
Switzerland) can be divided into fund
for the management of Swiss and
services for the management of pen-
management, institutional sales and
European equity as well as balanced
sion fund and other institutional assets
marketing, as well as the distribution
mandates. Intensive local research,
in Switzerland. We manage country-
of Schroders’ range of Luxembourg-
including an extensive company visit
specific, regional, global and balanced
domiciled funds. The division again
programme, is augmented by the
mandates on a segregated, unitised or
enjoyed strong results and contributed
global research efforts of the Schroder
sub-advisory (white label) basis.
substantially to the good performance
Group. We are recognised as a leader
of the bank.
amongst local Swiss managers.
In the management of balanced
mandates, we offer state-of-the-art
solutions to a wide variety of Swiss
institutions.
“At Schroders we have local roots
and a global network – the
perfect foundation for genuine
premium services.”
Stephan Eckstein, Senior Sales Manager
“At Schroders we feel at home
anywhere in the world. That
creates a bond with our clients.”
Csilla Deri, Portfolio Management Assistant
8
Schroder & Co Bank AG | Annual Report 2007
Distribution of Mutual Funds (Retail)
Subsidiaries
Our mutual funds business made
To enable us to offer the best possible
further progress during the year. We
solutions to the differing needs of our
provide our broad client-base with the
international clientele, Schroder & Co
highest level of service. The strong
Bank AG maintains proven expertise
performance of many of our mutual
in a range of related areas. Our subsi-
funds, the launch of innovative new
diary, Schroder Cayman Bank & Trust
products and the strength of the
Company Limited, supports our clients
Schroder brand underpinned our sales
in establishing and managing trusts
efforts.
and foreign-domiciled corporations.
Schroder Trust AG in Zurich, on the
other hand, mainly acts as a trustee
for trusts formed under Anglo-Saxon
law. Both companies contributed
to our Bank’s success in the past
business year.
“Our client strategies are highly
individual. Our processes, however,
are standardised.”
Nadine Steel, Fund Dealer
“Experienced staff and high-performance IT systems mean we can provide
top-quality processes and services.”
Rolf Bachmann, IT Infrastructure Analyst
Schroder & Co Bank AG | Annual Report 2007
9
Service Centre Private Banking
The Service Centre provides rational-
The advantage of this innovative
The financial year just ended repre-
ised business processes to support
form of organisation for our clients is
sents a significant milestone for the
Schroder private banking relationship
obvious: our relationship managers
entire operational area of Schroder &
managers operating internationally
can focus completely on managing
Co Bank AG. Our Service Centre Pri-
from London, Guernsey, Zurich and
portfolios and providing a direct and
vate Banking commenced operations,
Geneva.
personalised advice to their clients.
while our high-performance IT system
Consolidating these business proc-
has enabled us to further standardise
To offer this kind of consistent back-
esses at one location also generates
and rationalise our processes, such
up, the Service Centre must combine
considerable synergies. The substan-
as client reporting. As a result, our
expertise in dealing with the interna-
tial cost savings that resulted from the
services can now be extended to
tional financial markets with an under-
discontinuation of local back offices,
aditional private banking units within
standing of the characteristics specific
for example, benefited all the compa-
the Schroder Group.
to each country.
nies concerned, as well as our clients,
in the financial year just ended.
Thanks to this combination of global
know-how in areas such as differences in tax law, regulatory systems
and market practice, relationship
managers can now benefit from organisational procedures that are highly
automated and take full account of
local circumstances.
“We are committed to earning
our clients’ trust. Every day.”
Pierre-Antoine Carron, Relationship Manager
(with Schroders for 21 years)
“Trust and continuity are the crucial
elements in our relations with clients.”
Slavica Esnault-Pelterie, Relationship Manager
(with Schroders for 19 years)
10
Schroder & Co Bank AG | Annual Report 2007
The basis of this model is the mainte-
Since the start of operations at the
nance of an IT infrastructure specifi-
Service Centre in April last year, the
cally tailored to the requirements of
unit increased its headcount to 72,
our banks in London, Guernsey and
thus creating a number of new jobs in
Switzerland, as well as securities
Zurich’s financial centre.
transaction settlement, management
of all securities holdings, processing
Luc Denis
of foreign currency transfers and pay-
Chairman of the Executive Board
ments, and the full range of account-
Heinz Scheiwiller
ing and reporting activities – all within
Deputy Chairman of the Executive Board
the Service Centre in Zurich. Our modern Temenos T24 IT platform provides
integrated management and processing for a number of companies, even
with different reference currencies.
“Schroders is not an investment
banking house. We concentrate on
what we do best: managing assets.”
Stefano Scanzoni, Advisory Services
“Schroders stands for state-of-the-art
know-how backed by over 200 years
of expertise and tradition.”
Andrea Foiada, Head of Human Resources
Schroder & Co Bank AG | Annual Report 2007
11
Executive Board Service Centre Private Banking (from the left):
Heinz Scheiwiller, Head of Service Centre; Rolf Fischer, Head of IT Business Applications;
Markus Engeler, Head of IT Operations; Pierre-Louis Favre, Head of Finance & Treasury;
Christian Schmid, Head of Securities & Cash Operations
Balance Sheet
as of 31 December 2007
CHF
Notes
31.12.2007
31.12.2006
Assets
Liquid assets
Due from banks
16 724 492
16 869 062
417 611 545
179 646 524
Due from clients
3.1
400 783 060
405 040 765
Mortgages
3.1
—
14 833 500
Securities and precious metal trading portfolios
3.2, 3.6
58 806 000
50 519 220
Participations
3.3
1 100 000
1 100 000
Fixed assets
3.4
Accrued income and prepaid expenses
Other assets
3.5
482 812
1 010 861
20 664 895
16 756 430
11 596 921
6 644 827
927 769 725
692 421 189
171 232 798
948
Due to banks
453 319 896
257 476 687
Due to clients
241 195 076
245 207 207
48 291 272
36 081 234
Total assets
Total due from Group entities and
significant shareholders
Liabilities and shareholders’ equity
Accrued expenses and deferred income
Other liabilities
3.5
16 088 249
8 454 234
Valuation adjustments and provisions
3.8
26 481 945
26 757 891
Reserves for general banking risks
3.8
18 000 000
18 000 000
Share capital
3.9, 3.10
20 000 000
20 000 000
General legal reserve
3.10
21 400 000
19 900 000
Other reserves
3.10
42 900 000
38 400 000
143 936
83 491
Retained earnings brought forward
Net income
Total liabilities and shareholders’ equity
39 949 351
22 060 445
927 769 725
692 421 189
14 538 625
12 897 943
Total due to Group entities and
significant shareholders
Schroder & Co Bank AG | Annual Report 2007
13
Off-Balance Sheet Transactions
as of 31 December 2007
CHF
Notes
31.12.2007
31.12.2006
Contingent liabilities
3.1, 4.1
110 074 315
72 344 466
Confirmed credits
3.1, 4.2
1 670 952
—
Irrevocable commitments
3.1
1 090 000
1 032 000
Derivative instruments
4.3
– positive replacement values
10 835 222
6 015 428
– negative replacement values
11 619 929
4 518 591
1 224 322 342
860 570 950
4 103 262 091
2 826 662 871
15 223 204
25 886 679
– notional amounts
Fiduciary transactions
– Fiduciary placements with third parties
– Fiduciary credits
14
Schroder & Co Bank AG | Annual Report 2007
4.4
Profit and Loss Account
for the period from 1 January to 31 December 2007
CHF
Notes
2007
2006
a) Revenues and expenses from ordinary banking activities
Results from interest activities
– Interest and discount income
– Interest expenses
– Total
27 056 793
22 472 475
(12 505 453)
(10 478 595)
14 551 340
11 993 880
1 062 929
854 705
114 064 672
91 979 161
841 221
773 730
Results from commission and service fee activities
– Commission income on lending activities
– Commission income on securities and investment transactions
– Commission income on other services
– Commission expenses
(10 584 284)
(9 307 021)
– Total
105 384 538
84 300 575
8 870 572
7 207 046
Results from trading operations
5.1
Other ordinary results
– Other ordinary income
4 214 520
—
– Total
4 214 520
—
Operating expenses
– Personnel expenses
5.2
(49 874 593)
(43 962 416)
– Other operating expenses
5.3
(30 982 498)
(29 795 198)
(80 857 091)
(73 757 614)
52 163 879
29 743 887
– Total
Gross profit
Schroder & Co Bank AG | Annual Report 2007
15
CHF
Notes
2007
2006
52 163 879
29 743 887
(569 048)
(625 987)
(474 507)
(419 608)
51 120 324
28 698 292
b) Net income
Gross profit
Depreciation and write-offs of non-current assets
3.4
Valuation adjustments, provisions and losses
Results before extraordinary items and taxes
Extraordinary income
Taxes
Net income
5.4
391 523
—
(11 562 496)
(6 637 847)
39 949 351
22 060 445
39 949 351
22 060 445
143 936
83 491
c) Allocation of retained earnings
Net income
Retained earnings brought forward
Total
40 093 287
22 143 936
Retained earnings at the end of the period
40 093 287
22 143 936
(24 000 000)
(16 000 000)
(2 300 000)
(1 500 000)
(13 600 000)
(4 500 000)
193 287
143 936
Allocation of retained earnings
– Ordinary dividend
– Allocation to general legal reserve
– Allocation to other reserves
Retained earnings carried forward
16
Schroder & Co Bank AG | Annual Report 2007
1. Comments on Business Activities
General
Risk management
Staff
Schroder & Co Bank AG is a wholly-
Interest rate risk
At the end of the business year the
owned subsidiary of Schroders plc,
On- and off-balance-sheet interest
Bank had 155 full- and 14 part-time
London. In addition to the head office
rate risk is monitored and managed
employees, for a total of 169 (or 164
in Zurich the Bank has a branch office
centrally by the market risk committee.
full-time equivalent positions; previous
in Geneva.
It’s management based on the com-
year: 148.2).
putation of the impact of potential inThe business activities of the Bank
terest rate changes on the discounted
are described below. There are no
net value of the shareholders’ equity
further business activities that would
and on the projected net income ef-
significantly impact the Bank’s risk
fect.
and income situation.
Other risks
Fee and commission business
The Bank’s liquidity is monitored and
The Bank’s principal line of business
ensured in accordance with Swiss
is investment management for both
banking legislation and group regula-
domestic and foreign clients.
tions.
Asset management, trustee, custodian
Credit risk is monitored separately
and credit operations are the main
by the banking division. The secur-
contributors to commission and ser-
ities underlying the loans are valued
vice fee revenues.
at market prices. The lending values
are established based on predefined
Banking activities
directives.
The Bank’s main balance-sheet activities are the client-lending business
Operational risks are limited through
and interbank operations.
internal guidelines for organisation and
controls. Internal audit periodically re-
Loans to clients are mainly granted on
views the internal controls and reports
the basis of Lombard coverage.
to the Board of Directors.
Trading activities
Outsourcing
Trading comprises mainly trading for
The Bank has an outsourcing agree-
the accounts of clients in interest-
ment with the company Biveroni
rate products, securities and foreign
Batschelet Partners AG (BBP) for run-
exchange, and proprietary trading.
ning the interbank applications SIC,
EuroSIC, Swift and Secom. BBP’s
role is limited to providing electronic
access to the above-mentioned interbank services.
Schroder & Co Bank AG | Annual Report 2007
17
2. Principal Accounting Policies and Valuation Principles
Basis of preparation
is made for the estimated shortfall
Realised profits or losses from sales
The accounts are prepared in
against nominal value in capital and
of these securities are included within
accordance with the Swiss Code of
interest. Off-balance sheet exposure,
“Results from the sale of financial
Obligations, the Swiss Federal Law
such as commitments, guarantees or
investments”. Unrealised profits or
Governing Banks and Savings Banks,
derivative instruments, are also taken
losses are included within “Other
including its directives, and the Swiss
into consideration for this valuation.
ordinary income” or “Other ordinary
Federal Banking Commission’s regula-
Loans are considered as impaired at
expenses”. Debt securities held for
tions and directives.
the latest when the contractual pay-
investment are stated at cost, adjusted
ments for capital and/or interest are
for possible premiums or discounts.
All transactions are recorded in the
overdue for more than 90 days. Inter-
Precious metals are valued at market
Bank’s books at the trade date and
est accrual is suspended if recovering
value.
valued from that date for the profit
interest is so unlikely that an accrual
and loss account. Money market and
no longer makes sense.
foreign exchange transactions are
Participations
Participations are stated at cost, less
reported off-balance-sheet until the
If an outstanding loan is classified as
settlement date. From the settlement
entirely or partially irrecoverable or
date, these transactions are included
if a renunciation of outstandings is
Tangible fixed assets
in the balance sheet.
granted, the outstanding loan is writ-
Tangible fixed assets are valued at
ten off by debiting the respective loss
cost, less accumulated depreciation.
provision.
Depreciation is calculated using the
Business risks are covered by adequate value adjustments and provisions.
any impairment.
straight-line method based on useful
Troubled loans are reclassified as
life.
being of full value when outstanding
Detailed principles
amounts of capital and interest are
The recoverability is reconsidered
The most important accounting
again paid on time according to the
each year. Should the useful life
policies and valuation principles are
conditions fixed by contract.
change or the value decrease upon
shown below.
reconsidering the recoverability, the
Securities and precious metals
remaining book value will be depreci-
Liquid assets, receivables from banks
trading portfolio
ated according to the revised plan, or
and liabilities
Actively-traded positions which are
an extraordinary depreciation can be
These items are stated in the balance
either traded on a recognised stock
made. In accordance with tax regula-
sheet respectively at their nominal
exchange or for which a representa-
tions smaller items may be charged
value or at cost less any individual
tive market exists are valued at market
directly to the profit and loss account.
valuation adjustments required for im-
value. Refinancing costs are charged
paired assets.
against trading income. All other trad-
Useful life of the various fixed assets:
ing positions are valued at the lower of
Information technology (hardware and
cost or net realisable value.
software): 3 years
Loans
Impaired loans, i.e. loans that are un-
Cars: 4 years
likely to be repaid by the debtor, are
Financial Investments
valued individually. A specific provision
Securities held to generate income
in the medium term are valued at the
lower of cost or net realisable value.
18
Schroder & Co Bank AG | Annual Report 2007
Foreign currencies
Derivative financial instruments
Liabilities to own pension plans
Foreign currency transactions are
Derivative financial instruments are
The employees of Schroder & Co
translated at the average exchange
used by the Bank for asset and liability
Bank AG benefit from two defined
rates ruling at the balance sheet date.
management and for securities and
contribution pension plans. The
Foreign exchange positions in the
foreign exchange dealing. They are
“BVG Stiftung” grants a minimum of
balance sheet are translated at the
used both for proprietary trading and
the benefits mandatory by law. The
average exchange rates at the balance
for trading for the accounts of clients.
“Vorsorgestiftung” of Schroder & Co
sheet date and taken to the profit and
Valuation is in accordance with the
Bank AG grants benefits for that part
loss account. Forward foreign ex-
purposes for which they were origin-
of the salary above the limit of the
change transactions are valued at the
ally acquired.
BVG law. The employer’s contributions
forward market rates ruling at the bal-
according to the defined contribu-
ance sheet date. The valuation result
1) Derivative trading positions
tion pension plans are included within
is taken to the profit and loss account.
These derivatives are marked to mar-
“Personnel expenses”.
ket. Positive and negative replacement
The main conversion rates applied are
values are included within “Other
listed below:
assets” or “Other liabilities”. Profits and
losses are included within “Result from
2007
2006
EUR
1.6567
1.6090
GBP
2.2605
2.3925
USD
1.1310
1.2200
2) Derivative financial investments
JPY
1.0114
1.0250
These derivatives are acquired by the
trading operations”.
Bank instead of direct investments. In
Valuation adjustments and provisions
accordance with the accounting policy
Based on the principle of prudence,
for financial investments, these posi-
the Bank establishes valuation adjust-
tions are valued at the lower of cost
ments and provisions within liabilities
or net realisable value. Any interest in-
for contingent risks. The valuation ad-
come components are included within
justments and provisions may contain
“Interest and dividend income from
undisclosed reserves.
financial investments”. Realised profits
or losses are included within “Result
Taxes
from the sale of financial investments”.
Current tax is generally tax on profit
and recurs on an annual basis. One-
3) Derivatives for hedging purposes
off or transaction taxes are not con-
Derivative transactions concluded
sidered as current tax.
for hedging purposes are valued and
booked on a basis consistent with the
Current tax on earnings is included
underlying transactions.
as expense of the period in which the
earnings are recognized. Tax liabilities
are shown under “Accrued expenses
and deferred income”.
Schroder & Co Bank AG | Annual Report 2007
19
3. Information on the Balance Sheet
3.1 Schedule of collateral for loans and off-balance sheet transactions
CHF 1000
Type of Collateral
Mortgage
collateral
Other
collateral
Without
collateral
Total
Loans
Due from clients
Total
—
387 216
13 567
400 783
31.12.2007
—
387 216
13 567
400 783
31.12.2006
14 834
394 155
10 886
419 875
8 891
100 232
951
110 074
—
1 671
—
1 671
—
—
1 090
1 090
31.12.2007
8 891
101 903
2 041
112 835
31.12.2006
—
72 089
1 287
73 376
Gross
amount
Estimated
collateral
proceeds
Net
amount
Specific
provision
31.12.2007
632
—
632
632
31.12.2006
547
—
547
547
31.12.2007
31.12.2006
Off-balance-sheet transactions
Contingent liabilities
Confirmed credits
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel
Total
Impaired loans
3.2 Securities and precious metals trading portfolios
CHF 1000
Interest bearing securities and rights
– Exchange traded
58 806
50 519
Total
58 806
50 519
of which qualify as repos as defined in the liquidity rules
58 806
50 519
(Trading positions in derivatives are included under 4.3)
20
Schroder & Co Bank AG | Annual Report 2007
3.3 Participations
CHF 1000
31.12.2007
31.12.2006
Without market value
1 100
1 100
Total
1 100
1 100
Share
Capital
Ownership
proportion
Ownership
proportion
100 000
100%
100%
633 714
100%
100%
Additional information on significant participations
Company Name
Business activities
Schroder Trust AG, Zurich Trust and offshore
company administration
Schroder Cayman Bank
Banking services and
and Trust Company Ltd.,
trust and offshore
Cayman Islands
company administration
CHF
USD
3.4 Assets and participations
CHF 1000
31.12.2006
31.12.2007
Historical
cost
Accumulated
Depreciation
Book value
Additions
Disposals
Depreciation
Book value
Total majority participations
1 100
—
1 100
—
—
—
1 100
Other fixed assets
6 069
(5 058)
1 011
41
—
(569)
483
Total
7 169
(5 058)
2 111
41
—
(569)
1 583
Fire insurance value of other
fixed assets
14 610
Liabilities: future operational
lease commitments
15 108
Schroder & Co Bank AG | Annual Report 2007
21
3.5 Other assets and other liabilities
CHF 1000
31.12.2007
31.12.2006
Other assets
Other liabilities
Other assets
Other liabilities
10 835
11 620
6 015
4 519
Indirect taxes and stock exchange fees
501
3 987
515
3 670
Other assets and liabilities
261
481
115
265
11 597
16 088
6 645
8 454
Replacement costs of derivative instruments
Total
3.6 Assets pledged or ceded to secure own liabilities and assets subject
to ownership reservation
CHF 1000
Own securities
There are no loans nor pension transactions with securities.
22
Schroder & Co Bank AG | Annual Report 2007
31.12.2007
31.12.2006
Assets pledged
(Book value)
Effective liability
Assets pledged
(Book value)
Effective liability
58 806
3 866
50 519
4 862
3.7 Pension plans
CHF 1000
31.12.2007
31.12.2006
6 640
3 141
The liablities due to own pension plans at the balance
sheet date amounted to:
According to the pension fund regulations, the employer pays total contributions and benefits equivalent to 15% of the relevant
salary whereas the employees contribute 5% of that salary.
CHF 1000
31.12.2007
31.12.2006
2 955
2 904
As per the most recent audited financial statements of the BVG-Stiftung
(mandatory pension plan) and the Vorsorgestiftung (non-mandatory pension plan)
of Schroder & Co Bank AG at 31.12.2007, the employer contribution
reserves at period end were:
Schroder & Co Bank AG guaranteed in writing to the bank’s Vorsorgestiftung (i. e., the non-mandatory pension plan) that any losses the plan
incurs which are not offset by plan gains within a three year period will be compensated by the bank through a corresponding reduction in the
bank’s employer contribution reserves. The guarantee did not result in any liability as of the balance sheet date.
Pension plan surpluses at the balance sheet date
CHF 1000
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan)
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan)
31.12.2007
31.12.2006
129
128
7
1
The surpluses correspond to the excess of the plan assets over the plan liabilities as of the balance sheet date including the employer contribution
reserves ceded by the bank. The accounts of the individual plan members were credited with TCH 13 320 out of the unencumbered plan assets.
Contributions to pension funds / pension and related benefits expense
CHF 1000
The bank’s total contributions to both pension plans for the year amounted to:
2007
2006
4 123
3 864
5 981
5 411
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:
Schroder & Co Bank AG | Annual Report 2007
23
3.8 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance
31.12.2006
Specific
usage and
reversals
Change in
definition of
purpose (reclassifications)
Recoveries,
overdue interest,
exchange rate
differences
New provisions
charged to
Profit & Loss
statement
Reversals
credited to
Profit & Loss
statement
Balance
31.12.2007
Loan losses (credit and
country risk)
Other provisions
547
—
—
—
119
(34)
632
26 211
—
—
(3)
—
(358)
25 850
26 758
—
—
(3)
119
(392)
26 482
18 000
—
—
—
—
—
18 000
Valuation adjustments
and provisions
Reserves for general
banking risks (fully taxed)
3.9 Capital structure and shareholders
The share capital amounts to CHF 20 million and is split into 20 000 shares of CHF 1000 nominal value each.
At 31 December 2007 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately
wholly-owned by Schroders plc, London.
On 8th March 2007 Schroders plc has been notified pursuant to “FSA’s Disclosure and Transparency Rule 5.1.2 R” of the
following interests of 3 % or more in the ordinary shares:
Shares Schroders plc
Stake
Vincitas Limited
62 861 892
27.81%
Veritas Limited
37 308 464
16.51%
Flavida Limited
62 861 892
27.81%
Fervida Limited
38 278 700
16.94%
Harris Associates L.P.
16 204 595
7.17%
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.
24
Schroder & Co Bank AG | Annual Report 2007
3.10 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Shareholders’ equity at the beginning of 2007
Share capital
20 000
General legal reserve
19 900
Other reserves
38 400
Reserves for general banking risks
18 000
Retained earnings brought forward
22 144
Total shareholders’ equity at the beginning of 2007
118 444
Movements
Dividend 2006
Deduction from available earnings
Allocation to legal reserve
Allocation to other reserves
Net income 2007
Total shareholders’ equity at the end of 2007
(16 000)
(6 000)
1 500
4 500
39 949
142 393
Share capital
20 000
General legal reserve
21 400
Other reserves
42 900
Reserves for general banking risks
18 000
Retained earnings carried forward
40 093
Schroder & Co Bank AG | Annual Report 2007
25
3.11 Maturity structure of working capital and liabilities
CHF 1000
At sight
Redeemable
upon notice
Maturities
Up to
3 months
From
3 to 12
months
From
12 months
to 5 years
Beyond
5 years
—
—
—
—
Total
Assets
Cash
16 724
—
16 724
Due from banks
248 814
—
168 797
—
—
—
417 611
Due from clients
3 589
67 080
255 871
73 924
320
—
400 784
—
—
—
—
—
—
—
Mortgages
Securities and precious
metal trading portfolios
Total
58 806
—
—
—
—
—
58 806
31.12.2007
327 933
67 080
424 668
73 924
320
—
893 925
31.12.2006
96 097
132 197
319 813
108 543
10 259
—
666 909
182 892
—
195 916
74 512
—
—
453 320
Liabilities
Due to banks
Due to clients
218 479
13 486
9 230
—
—
—
241 195
Total
31.12.2007
401 371
13 486
205 146
74 512
—
—
694 515
31.12.2006
233 487
7 162
190 214
71 499
—
—
502 362
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
Due from affiliated companies
31.12.2007
31.12.2006
—
4 752
Due to affiliated companies
3 613
1 047
Loans and exposures to members of the bank’s governing bodies
2 523
1 159
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.
26
Schroder & Co Bank AG | Annual Report 2007
3.13 Assets and liabilities by domestic and foreign origin
CHF 1000
31.12.2007
Domestic
Foreign
31.12.2006
Domestic
Foreign
Assets
Cash
16 724
—
16 869
—
Due from banks
74 947
342 664
23 780
155 867
Due from clients
127 528
273 257
113 395
291 645
—
—
—
14 834
58 806
—
50 519
—
100
1 000
100
1 000
Mortgages
Securities and precious metal trading portfolios
Participations
Fixed assets
Accrued income and prepaid expenses
Other assets
483
—
1 011
—
18 680
1 984
15 184
1 572
2 837
8 760
4 215
2 430
300 105
627 665
225 073
467 348
Due to banks
19 925
433 395
32 473
225 004
Due to clients
91 244
149 951
79 371
165 837
Accrued expenses and deferred income
46 135
2 156
34 543
1 538
7 242
8 847
5 250
3 204
Valuation adjustments and provisions
26 482
—
26 758
—
Reserves for general banking risks
18 000
—
18 000
—
Share capital
20 000
—
20 000
—
General legal reserve
21 400
—
19 900
—
Other reserves
42 900
—
38 400
—
144
—
83
—
Total
Liabilities and shareholders’ equity
Other liabilities
Retained earnings brought forward
Net income
Total
39 949
—
22 060
—
333 421
594 349
296 838
395 583
Schroder & Co Bank AG | Annual Report 2007
27
3.14 Assets by countries / country groups
CHF 1000
31.12.2007
31.12.2006
Total
in %
Total
in %
22 329
2.4
39 032
5.6
Assets
Europe
– Germany
28
– United Kingdom
229 155
24.7
50 059
7.2
– Switzerland
300 104
32.4
225 073
32.5
– Rest of Europe
137 098
14.8
172 200
24.9
Total Europe
688 686
74.3
486 364
70.2
North America
50 529
5.4
29 183
4.2
Asia
10 211
1.1
17 777
2.6
Other countries
178 344
19.2
159 097
23.0
Total
927 770
100.0
692 421
100.0
Schroder & Co Bank AG | Annual Report 2007
3.15 Assets by currencies
CHF 1000
Currencies
31.12.2007
CHF
EUR
USD
Precious
metals
Other
Total
Assets
Cash
14 579
1 761
136
—
249
16 725
Due from banks
104 940
232 754
40 948
20 267
18 704
417 613
Due from clients
85 875
154 494
129 814
—
30 598
400 781
—
—
—
—
—
—
58 806
—
—
—
—
58 806
1 100
—
—
—
—
1 100
483
—
—
—
—
483
Accrued income and prepaid expenses
17 670
1057
1060
—
878
20 665
Other assets
11 463
58
73
—
3
11 597
294 916
390 124
172 031
20 267
50 432
927 770
FX forward and FX option transactions
196 452
381 808
501 131
—
144 931
1 224 322
Total assets
491 368
771 932
673 162
20 267
195 363
2 152 092
37 021
284 300
114 259
—
17 739
453 319
Due to clients
59 927
61 831
79 514
20 267
19 656
241 195
Accrued expenses and deferred income
45 846
1 180
1 168
—
98
48 292
Other liabilities
15 932
22
7
—
128
16 089
Valuation adjustments and provisions
26 482
—
—
—
—
26 482
Reserves for general banking risks
18 000
—
—
—
—
18 000
Share capital
20 000
—
—
—
—
20 000
Mortgages
Securities and precious
metal trading portfolios
Participations
Fixed assets
Total balance sheet assets
Assets deriving from FX spot,
Liabilities and shareholders’ equity
Due to banks
General legal reserve
21 400
—
—
—
—
21 400
Other reserves
42 900
—
—
—
—
42 900
Retained earnings brought forward
144
—
—
—
—
144
39 949
—
—
—
—
39 949
327 601
347 333
194 948
20 267
37 621
927 770
FX forward and FX option transactions
166 569
424 317
478 094
—
155 984
1 224 964
Total liabilities
494 170
771 650
673 042
20 267
193 605
2 152 734
(2 802)
282
120
—
1 758
(642)
Net income
Total balance sheet liabilities
Liabilities deriving from FX spot,
Net position by currency
Schroder & Co Bank AG | Annual Report 2007
29
4. Information on Off-Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000
Credit guarantees
Irrevocable commitments
31.12.2007
31.12.2006
78 985
63 841
31 089
8 503
110 074
72 344
31.12.2007
31.12.2006
1 671
—
Positive
replacement
values
Negative
replacement
values
Contract
volume
10 835
11 620
1 224 322
—
—
—
Total
4.2 Confirmed credits
CHF 1000
Obligations under deferred payments
4.3 Outstanding derivative instruments
CHF 1000
Foreign exchange
Forward contracts
Options (OTC)
Total
31.12.2007
10 835
11 620
1 224 322
Total
31.12.2006
6 015
4 519
860 571
The above outstanding derivative instruments are held for trading purposes.
There are not any netting agreements in place.
Outstanding derivative instruments by counterparties
CHF 1000
Banks
Non banks
Total
30
Schroder & Co Bank AG | Annual Report 2007
31.12.2007
31.12.2006
Positive
replacement
values
Negative
replacement
values
Contract
volume
Positive
replacement
values
Negative
replacement
values
Contract
volume
3 623
2 841
320 030
3 072
1 236
322 925
7 212
8 779
904 292
2 943
3 283
537 646
10 835
11 620
1 224 322
6 015
4 519
860 571
4.4 Fiduciary transactions
CHF 1000
31.12.2007
31.12.2006
93 539
68 230
3 163 616
1 961 002
827 133
786 177
Fiduciary deposits
Fiduciary deposits in CHF
Fiduciary deposits in European currencies
Fiduciary deposits in USD
Fiduciary deposits in other currencies
Total
18 974
11 254
4 103 262
2 826 663
Fiduciary credits
Fiduciary credits in CHF
Fiduciary credits in European currencies
600
600
2 635
6 255
Fiduciary credits in USD
11 988
19 032
Total
15 223
25 887
31.12.2007
31.12.2006
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
4.5 Funds under management
CHF 1000
Assets in own managed investment funds
1 536 023
1 920 816
Assets under discretionary management
4 201 084
3 846 806
Assets subject to other management
Total funds under management (including double counting)
of which double counting
Total funds under management (excluding double counting)
8 439 403
7 988 907
14 176 510
13 756 529
93 326
103 736
14 083 184
13 652 793
of which Private Banking
9 087 155
8 370 325
of which Institutional Business
4 996 029
5 282 468
420 052
586 516
Net inflow / outflow of assets:
– Private Banking
– Institutional Business
(604 395)
(739 709)
Total net inflow/outflow of assets
(184 343)
(153 193)
—
(790 313)
– of which group-internal transfers (Institutional Business)
The bank does not hold any custody-only assets. Debit interest on current account overdrafts is treated as negative performance, while interest charged
on Lombard loans is a cash outflow. The bank calculates performance according to the direct method.
The institutional funds under management reported above exclude Swiss institutional and wholesale clients managed by other Schroder Group entities
and not under custody at Schroder & Co Bank AG.
Schroder & Co Bank AG | Annual Report 2007
31
5. Information on the Profit and Loss account
5.1 Results from trading operations
CHF 1000
2007
2006
(9)
(320)
Securities
Foreign exchange
8 880
7 527
Total
8 871
7 207
2007
2006
5.2 Personnel expenses
CHF 1000
Authorities, meeting compensations and fixed compensations
Salaries and extras
210
150
41 070
36 642
Social security contributions
1 613
1 547
Pension plan contributions
4 368
3 864
Other personnel expenses
2 614
1 759
49 875
43 962
2007
2006
6 381
5 263
5 658
9 765
publication and advertising, audit, other costs
18 943
14 767
Total
30 982
29 795
Total
5.3 Operating expenses
CHF 1000
Occupancy 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,
5.4 Extraordinary income
The extraordinary income in 2007 arose from the reversal of legal proceeding provisions no longer required.
32
Schroder & Co Bank AG | Annual Report 2007
Report of the Statutory Auditors
Report of the statutory auditors to the general meeting of
Schroder & Co Bank AG, Zurich
As statutory auditors, we have audited the accounting records and the financial
statements (balance sheet, income statement and notes) of Schroder & Co
Bank AG for the year ended 31 December 2007.
These financial statements are the responsibility of the Board of Directors.
Our responsibility is to express an opinion on these financial statements based
on our audit. We confirm that we meet the legal requirements concerning
professional qualification and independence.
Our audit was conducted in accordance with Swiss Auditing Standards, which
require that an audit be planned and performed to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accounting records and financial statements and the proposed appropriation of available earnings comply with Swiss law and the company’s articles of incorporation.
We recommend that the financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Rolf Birrer, Auditor in charge
Roman Berlinger
Zurich, 26. February 2008
Schroder & Co Bank AG | Annual Report 2007
33
Corporate and Social Responsibility
The Board of Directors, manage-
Charitable Donations
Schroder & Co Bank AG has been
ment and staff of Schroder & Co
Social responsibility plays a very im-
a main sponsor of Special Olympics
Bank AG recognise the importance
portant role in the Bank’s business
Switzerland, a charitable foundation
of corporate and social responsibil-
activities. The Executive Board itself,
which organises and supports sports
ity to investors, the community at
together with an internal Charity Com-
activities for handicapped people for
large and those in whom it invests.
mittee, undertakes the task of decid-
several years. The Bank is represented
ing on charitable donations by the
on the foundation’s board by Stephen
Bank. In addition, voluntary donations
Mills, a Member of the Executive
by staff members to local charities are
Board of the Bank.
matched one-to-one by the Bank.
More about the above-mentioned
As in previous years, we made con-
organisations can be found at:
tributions to several local charities.
†
www.seehalde.ch
Employees and the Bank together
†
www.castagna-zh.ch
donated most of the funds required for
†
www.sternschnuppe.ch
a “Seehalde” charity holiday camp for
†
www.tixi.ch
people with multiple disabilities. Along
†
www.specialolympics.ch
with many others, we donated to
“Castagna”, a support centre for sexually abused children and adolescents,
the Children’s Fund, “Sternschnuppe”
and “Tixi Taxi”, a local organisation
which provides transport for handicapped people.
34
Schroder & Co Bank AG | Annual Report 2007
We nurture talent
Through this programme, talented
during the year wins a bonus of the
Since 2005 Schroder & Co Bank AG
youngsters are selected by a jury of
same amount. The jury members and
has been sponsoring “Team Schrod-
sports personalities (former or cur-
nominees for 2008 are:
ers”, a programme to support Swiss
rent Olympic gold medallists or world
youngsters who are talented in sports.
champions). Each jury member also
acts as a mentor to the youngster selected in his or her respective sport.
Schroder & Co Bank AG supports
each youngster with CHF 10 000, and
the most successful amongst them
Sport
Jury & Mentor
Team Schroders 2007
Team Schroders 2008
Skiing
Bernhard Russi (Jury-Präsident)
Gabriel Anthamatten (1991)
Reto Schmidiger (1992)
Orienteering
Simone Niggli-Luder
Matthias Kyburz (1990)
Florian Howald (1991)
Fencing
Marcel Fischer
Antoine Varrenne (1990)
Lara Imhof (1991)
Mountain biking
Thomas Frischknecht
Vivienne Meyer (1990)
Michelle Hediger (1991)
More about “Team Schroders”
†
www.team-schroders.ch
Photos: Laurent Bleuze, Special Olympics Switzerland
Schroder & Co Bank AG | Annual Report 2007
35
Board and Senior Staff
Board of Directors
Senior Management
External Auditors
Philip S. Mallinckrodt,
Otto J. Amberg,
PricewaterhouseCoopers AG,
Alexis André,
Zurich
Chairman
Jonathan Asquith,
Deputy Chairman
Beat Bochsler,
Norbert Brestel,
Dr. François R. Bochud
Pierre-Antoine Carron,
Dr. Martin K. Eckert
Beat Cassani,
Jean-Claude Marchand
Ann Daverio,
Jean-Charles Roguet
Jean-Fabrice della Volpe,
George W. Mallinckrodt,
Reto Dietrich,
KBE, Honorary Chairman
Stephan Eckstein,
Markus Engeler,
Executive Board
Slavica J. Barovic Esnault-Pelterie,
Luc Denis,
Pierre-Louis Favre,
Chairman of the Executive Board,
Rolf Fischer,
Head of Private Banking
Stefan Frischknecht,
Heinz Scheiwiller,
Karl Gallmann,
Deputy Chairman of the Executive Board,
Enrique Gil,
Head of Service Centre Private Banking
Roland Heule,
Stephen J. Mills,
Gregor Hirt,
Member, Head of Schroder Investment
Béatrice Hirzel Corte,
Management (SIM) Switzerland
Jean-Jacques Hunziker,
Rudolf Stäger,
Member, Head of Private Banking Zurich
Jürg Klingler,
Bernhard H. Leibkutsch,
Daniel Lenz,
Samuel Moulin,
Werner Niedermann,
Stephan Ochsner,
Andreas Pletscher,
Christoph Portmann,
Dr. Alois Rimle,
Christian Schmid,
Ulysse-Oliver Traub,
Urs Winiger,
Antonio Winspeare Guiccardi,
Stephan Zumsteg
36
Schroder & Co Bank AG | Annual Report 2007
Main Schroder Branches
GROUP’S HE AD OFFICE
EUROPE
United Kingdom
Austria
Schroders plc
31 Gresham Street, London EC2V 7QA
Tel + 44 207 658 60 00
www.schroders.com
Schroders Investment Management GmbH
Repräsentanz
Am Stadtpark 1, 1030 Wien
Tel + 43 (0)1 990 63 84
Schroder Investment Management Limited
31 Gresham Street, London EC2V 7QA
Tel + 44 207 658 60 00
Channel Islands
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
Schroder Investment Management
(Guernsey) Limited
Trafalgar Court, Les Banques,
St. Peter Port, Guernsey, GY1 3QL
Tel + 44 (0)1481 71 06 51
Schroders (C.I.) Limited
Regency Court
Glategny Esplanade
St. Peter Port, Guernsey, GY1 3UF
Tel + 44 (0)1481 70 37 00
Schroders (C.I.) Limited
2–6 Church Street, 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
Germany
Schroder Investment Management GmbH
Mainzer Landstrasse 16
60325 Frankfurt am Main
Tel + 49 (0)69 97 57 17 0
Schroder & Co Limited
Mainzer Landstrasse 16
60325 Frankfurt am Main
Tel + 49 (0)69 97 57 17 120
Schroder Property Investment
Management GmbH (SPrIM)
Wilhelmstrasse 7
65185 Wiesbaden
Tel +49 (0)611 20 50 61 21
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 + 352 341 342 202
Netherlands
Schroder Investment Management
Benelux N.V.
Waldeck Pyrmontlaan 13
1075 BT Amsterdam
Tel + 31 (0)20 305 28 40
Portugal
Schroder Investment Management Limited
Avenida da Liberdade 180-E
Edificio Tivoli Forum, 1250-146 Lisboa
Tel + 351 21 330 89 00
Sweden
Schroder Investment Management
Fondsmæglersgelskab A/S
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
France
Spain
Schroder Investment Management Limited
8 –10 rue Lamennais, 75008 Paris
Tel + 33 (0)1 53 85 85 85
Schroder Investment Management Limited
Calle Pinar 7, 28006 Madrid
Tel + 34 91 590 95 41
Italy
Schroders & Co
Calle Pinar 7, 28006 Madrid
Tel +34 91 590 95 31
Schroders Italy SIM S.p.A.
Via della Spiga 30, 20121 Milano
Tel + 39 02 76 37 71
Schroder & Co Bank AG | Annual Report 2007
37
AMERICAS
ASIA / PACIFIC
Argentina
Australia
Taiwan
Schroder Investment Management S.A.
Ing. Enrique Butty 220
C1001AFB - Buenos Aires
Tel +54 11 43 17 13 00
Schroder Investment Management
Australia Limited
123 Pitt Street, Sydney, NSW 2000
Tel +61 (0)2 92 10 92 00
Bermuda
China
Schroder Investment Consulting
Company Limited
2F, Suite B1, 108, Sec.5, Hsin-Yi Road,
Hsin-Yi District, Taipei 11047,
Taiwan, R.O.C
Tel +886 2 27 22 18 68
Schroders (Bermuda) Limited
131 Front Street, Hamilton HM 12
Tel +1 441 292 49 95
Schroders plc
7 Finance Street
Xicheng District, Beijing 100034
Tel +86 10 66 55 53 88
MIDDLE E AST
Brazil
Schroder Investment Management
Brasil S.A.
Rua Joaquim Floriano, 72
São Paulo, SP, Brazil 04534-000
Tel +55 11 30 54 51 55
Cayman Islands
Schroder Cayman Bank and Trust
Company Limited
PO Box 1040 GT, Harbour Centre
Grand Cayman, British West Indies
Tel +1 345 949 28 49
Mexico
Schroder Investment Management,
S.A. de C.V.
Avenida Paseo de Las Palmas 425
Col. Lomas de Chapultepec
México, D. F., 11000
Tel +52 55 11 00 10 30
USA
Schroder Investment Management
North America Inc.
875 Third Avenue
New York, NY 10022- 6225
Tel +1 212 641 38 30
Schroders plc
1000 Lujiazui, Ring Road
Pudong, Shanghai 200120
Tel +86 21 68 41 19 88
Schroder Investment Management
(Hong Kong) Ltd
Two Pacific Place, 88 Queensway
Hong Kong SAR
Tel +852 25 21 16 33
Indonesia
PT Schroder Investment Management
Indonesia
Jakarta Stock Exchange Building
Jl. Jend. Sudirman Kav. 52– 53,
Jakarta 12190
Tel +62 21 515 01 01
Japan
Schroder Investment Management
(Japan) Limited
Pacific Century Place Marunouchi
1-11-1 Marunouchi, Chiyoda-ku,
Tokyo 100 - 6224
Tel +81 (0)3 52 93 15 00
Korea
Schroder Investment Management
The Curtis Centre
Independence Square West
Philadelphia, PA 19106
Tel +1 215 861 09 97
Schroders Korea Limited
Seoul Finance Centre, 84 Taepyungro
1ga Chung-gu, Seoul 100 -768
Tel +82 2 37 83 05 00
Singapore
Schroder Investment Management
(Singapore) Limited
65 Chulia Street, #47- 01, 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
38
Schroder & Co Bank AG | Annual Report 2007
Dubai
Schroder Investment Management Limited
Dubai International Financial Centre
P.O. Box 506612
Dubai
Tel +971 50 653 82 75
Head Office
Branch Office
Subsidiary Companies
Schroder & Co Bank AG
Schroder & Co Banque SA
Schroder Cayman Bank and
Central 2, 8001 Zürich
8, rue d’Italie, 1204 Genève
Trust Company Limited
Postfach 1820, 8021 Zürich
Case postale 3655, 1211 Genève 3
P.O. Box 1040, Harbour Centre
Tel +41 (0)22 818 41 11
Grand Cayman, B.W.I.
Fax +41 (0)22 818 41 12
Tel +1 345 949 28 49
Service Centre Private Banking
Pfingstweidstrasse 60, 8005 Zürich
Fax +1 345 949 54 09
Postfach 2222, 8031 Zürich
Schroder Trust AG
Tel +41 (0)44 250 11 11
Central 2, 8001 Zürich
Fax +41 (0)44 250 13 12
Tel +41 (0)44 250 14 00
www.schroders.ch
Fax +41 (0)44 250 12 66
contact@schroders.ch