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Annual Report 2007Schroder & 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.
Schroder & Co Bank AG | Annual Report 2007 3
Content
Chairman’s Statement
Executive Board’s Statement
Balance Sheet
Off-Balance Sheet Transactions
Profi t and Loss Account
1. Comments on Business Activities
2. Principal Accounting Policies and Valuation Principles
3. Information on the Balance Sheet
3.1 Schedule of collateral for loans and off-balance sheet transactions
3.2 Securities and precious metals trading portfolios
3.3 Participations
3.4 Assets and participations
3.5 Other assets and other liabilities
3.6 Assets pledged or ceded to secure own liabilities and
assets subject to ownership reservation
3.7 Pension plans
3.8 Valuation adjustments, provisions and reserves for general banking risks
3.9 Capital structure and shareholders
3.10 Statement of changes in shareholders’ equity (before profi t distribution)
3.11 Maturity structure of working capital and liabilities
3.12 Amounts due from and due to affi liated companies as well as loans
and exposures to members of the bank’s governing bodies
3.13 Assets and liabilities by domestic and foreign origin
3.14 Assets by countries /country groups
3.15 Assets by currencies
4. Information on Off-Balance Sheet Transactions
4.1 Contingent liabilities
4.2 Confi rmed credits
4.3 Outstanding derivative instruments
Outstanding derivative instruments by counterparties
4.4 Fiduciary transactions
4.5 Funds under management
5. Information on the Profi t and Loss account
5.1 Results from trading operations
5.2 Personnel expenses
5.3 Operating expenses
5.4 Extraordinary income
Report of the Statutory Auditors
Corporate and Social Responsibility
Board and Senior Staff
Main Schroder Branches
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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
Schroder & Co Bank AG | Annual Report 2007 5
Chairman’s Statement
2007 proved to be a year of two
halves for most investors. Liberal lend-
ing conditions and excess leverage in
the first half were followed in July/Au-
gust by a rapid change in liquidity and
credit conditions in capital markets,
and a process of de-leveraging and
de-risking that is still continuing.
The European currencies, notably the
euro and the Swiss franc, strength-
ened against the US dollar. However,
sterling relinquished some of its earlier
strength and weakened against both
the euro and the Swiss franc. The
volatility in prices of almost all financial
assets increased considerably.
Government bonds appreciated
in price, but spread-widening has
occurred in corporate debt, mort-
gage-backed securities and structured
credit. Equity markets have fallen,
driven in particular by declines in
financial equities.
Against this backdrop, the big secular
trends in the world economy continue,
with the United States economy
and currency weakened by the twin
deficits and the housing crisis, while
the emerging markets, many of them
the beneficiaries of a high oil price,
continue to enjoy high growth rates.
The process of deleveraging by banks
and leveraged investors is leading
to many assets trading at distressed
prices. Some assets offer attractive
value for long-term unlevered inves-
tors, but we believe that prices may
remain depressed until the process
of the reallocation of these assets into
the hands of long-term investors has
been achieved.
A good year for
Schroder & Co Bank AG
2007 was in all respects a good
business year for Schroder & Co Bank
AG. Net income after tax increased
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.
Following this result, the Board of
Directors proposes to the General
Meeting the distribution of a regular
dividend of CHF 24 million.
At the same time it also proposes to
allocate CHF 2.3 million (previous year:
CHF 1.5 million) to the “General legal
reserve” and CHF 13.6 million (previ-
ous year: CHF 4.5 million) to “Other
reserves”. This means that, after
distribution of the dividend, the Bank’s
stated equity stands at CHF 118.4 mil-
lion (previous year: CHF 102.4 million).
On behalf of the Board of Directors,
I would like to thank all our clients
for the trust they have put in us for
so many years. At the same time my
thanks also go to all of our employees
who made our success possible in
the first place with their expertise and
engagement.
Philip Mallinckrodt
Chairman of the Board of Directors
Schroder & Co Bank AG | Annual Report 20076
Switzerland (SPI): – 0.05%
USA (S&P 500): +5.49%
UK (FTSE 100): +7.75%
Brazil (Bovespa): +43.65%
Russia (RTS$): +20.03%
India (BSE Sensex 30): +48.84%
China (Shanghai Comp.): +97.94%
Executive Board’s Statement
At the beginning of 2007, the interna-
tional financial markets were looking
forward to another promising year in
an almost unchanged positive envi-
ronment. Then, in mid-July, the crisis
that had been brewing in the US real
estate market for some time abruptly
came to a head, spilling over into the
global financial system. The result was
a widespread confidence crisis. The
major central banks responded by
pumping billions into the financial sys-
tem daily to maintain its liquidity, but
did not fully achieve the calming effect
they had hoped for. It was not until the
Fed, the US central bank, cut its
discount rate in mid-August that
the measures began to take effect,
and the equity markets recovered
significantly from their previous lows.
A sustained slow-down in global
economic growth had already begun,
especially in the US. Many investors
reacted by shifting their investments
into physical assets and commodities.
The markets reflected this develop-
ment in the global economy. The
most important among them became
extremely volatile, but ended the year
in slightly positive territory. In 2007,
only the emerging economies gener-
ated 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
Schroder & Co Bank AG | Annual Report 2007 7
Private Banking
In the year under review, we succeed-
ed in expanding our private clients
business at both Geneva and Zurich.
Private clients’ assets under manage-
ment rose from CHF 8.4 billion to CHF
9 billion.
Our commission business posted
even stronger growth, with income up
from CHF 84.3 million to CHF 105.4
million. Net income from interest activi-
ties increased from CHF 12.0 million to
CHF 14.6 million.
In a difficult and turbulent market
environment, our top priority in man-
aging our clients’ assets was to pre-
serve capital and reduce volatility.
As the high level of financial market
turbulence continued, we were
successful in benefiting client port-
folios through careful selection of
both our own products and selected
third-party funds. Alternative invest-
ments grew particularly strongly at the
expense of equity exposures.
Market development in Spain and
Germany was specifically targeted for
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.
Our top priority in business devel-
opment is managing our existing
clients. We also believe there are big
opportunities for growth among entre-
preneurs, who have many and com-
plex needs in terms of both advice and
individual solutions. These heightened
expectations can only be met by
highly trained and experienced rela-
tionship managers.
We believe holistic thinking, combined
with discretion and a long-term
approach is key to our relationships
with our clients.
“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 20078
Institutional Investment
Management & Fund Sales
The activities of the division (SIM
Switzerland) can be divided into fund
management, institutional sales and
marketing, as well as the distribution
of Schroders’ range of Luxembourg-
domiciled funds. The division again
enjoyed strong results and contributed
substantially to the good performance
of the bank.
Fund Management
Our Swiss-based team of fund
managers and analysts is responsible
for the management of Swiss and
European equity as well as balanced
mandates. Intensive local research,
including an extensive company visit
programme, is augmented by the
global research efforts of the Schroder
Group. We are recognised as a leader
amongst local Swiss managers.
In the management of balanced
mandates, we offer state-of-the-art
solutions to a wide variety of Swiss
institutions.
Institutional Sales and Marketing
We are one of the largest foreign-
owned providers of products and
services for the management of pen-
sion fund and other institutional assets
in Switzerland. We manage country-
specific, regional, global and balanced
mandates on a segregated, unitised or
sub-advisory (white label) basis.
“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
Schroder & Co Bank AG | Annual Report 2007 9
Distribution of Mutual Funds (Retail)
Our mutual funds business made
further progress during the year. We
provide our broad client-base with the
highest level of service. The strong
performance of many of our mutual
funds, the launch of innovative new
products and the strength of the
Schroder brand underpinned our sales
efforts.
Subsidiaries
To enable us to offer the best possible
solutions to the differing needs of our
international clientele, Schroder & Co
Bank AG maintains proven expertise
in a range of related areas. Our subsi-
diary, Schroder Cayman Bank & Trust
Company Limited, supports our clients
in establishing and managing trusts
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-perform-ance IT systems mean we can provide
top-quality processes and services.”Rolf Bachmann, IT Infrastructure Analyst
Schroder & Co Bank AG | Annual Report 200710
Service Centre Private Banking
The financial year just ended repre-
sents a significant milestone for the
entire operational area of Schroder &
Co Bank AG. Our Service Centre Pri-
vate Banking commenced operations,
while our high-performance IT system
has enabled us to further standardise
and rationalise our processes, such
as client reporting. As a result, our
services can now be extended to
aditional private banking units within
the Schroder Group.
The Service Centre provides rational-
ised business processes to support
Schroder private banking relationship
managers operating internationally
from London, Guernsey, Zurich and
Geneva.
To offer this kind of consistent back-
up, the Service Centre must combine
expertise in dealing with the interna-
tional financial markets with an under-
standing of the characteristics specific
to each country.
Thanks to this combination of global
know-how in areas such as differ-
ences in tax law, regulatory systems
and market practice, relationship
managers can now benefit from or-
ganisational procedures that are highly
automated and take full account of
local circumstances.
The advantage of this innovative
form of organisation for our clients is
obvious: our relationship managers
can focus completely on managing
portfolios and providing a direct and
personalised advice to their clients.
Consolidating these business proc-
esses at one location also generates
considerable synergies. The substan-
tial cost savings that resulted from the
discontinuation of local back offices,
for example, benefited all the compa-
nies concerned, as well as our clients,
in the financial year just ended.
“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)
Schroder & Co Bank AG | Annual Report 2007 11
The basis of this model is the mainte-
nance of an IT infrastructure specifi-
cally tailored to the requirements of
our banks in London, Guernsey and
Switzerland, as well as securities
transaction settlement, management
of all secur ities holdings, processing
of foreign currency transfers and pay-
ments, and the full range of account-
ing and reporting activities – all within
the Service Centre in Zurich. Our mod-
ern Temenos T24 IT platform provides
integrated management and process-
ing for a number of companies, even
with different reference currencies.
Since the start of operations at the
Service Centre in April last year, the
unit increased its headcount to 72,
thus creating a number of new jobs in
Zurich’s financial centre.
Luc Denis
Chairman of the Executive Board
Heinz Scheiwiller
Deputy Chairman of the Executive Board
“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
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
Schroder & Co Bank AG | Annual Report 2007 13
Balance Sheetas of 31 December 2007
CHF Notes 31.12.2007 31.12.2006
Assets
Liquid assets 16 724 492 16 869 062
Due from banks 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 3.4 482 812 1 010 861
Accrued income and prepaid expenses 20 664 895 16 756 430
Other assets 3.5 11 596 921 6 644 827
Total assets 927 769 725 692 421 189
Total due from Group entities and
significant shareholders 171 232 798 948
Liabilities and shareholders’ equity
Due to banks 453 319 896 257 476 687
Due to clients 241 195 076 245 207 207
Accrued expenses and deferred income 48 291 272 36 081 234
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
Retained earnings brought forward 143 936 83 491
Net income 39 949 351 22 060 445
Total liabilities and shareholders’ equity 927 769 725 692 421 189
Total due to Group entities and
significant shareholders 14 538 625 12 897 943
Schroder & Co Bank AG | Annual Report 200714
Off-Balance Sheet Transactionsas 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
– notional amounts 1 224 322 342 860 570 950
Fiduciary transactions 4.4
– Fiduciary placements with third parties 4 103 262 091 2 826 662 871
– Fiduciary credits 15 223 204 25 886 679
Schroder & Co Bank AG | Annual Report 2007 15
Profit and Loss Accountfor 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 27 056 793 22 472 475
– Interest expenses (12 505 453) (10 478 595)
– Total 14 551 340 11 993 880
Results from commission and service fee activities
– Commission income on lending activities 1 062 929 854 705
– Commission income on securities and investment transactions 114 064 672 91 979 161
– Commission income on other services 841 221 773 730
– Commission expenses (10 584 284) (9 307 021)
– Total 105 384 538 84 300 575
Results from trading operations 5.1 8 870 572 7 207 046
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)
– Total (80 857 091) (73 757 614)
Gross profit 52 163 879 29 743 887
Schroder & Co Bank AG | Annual Report 200716
CHF Notes 2007 2006
b) Net income
Gross profit 52 163 879 29 743 887
Depreciation and write-offs of non-current assets 3.4 (569 048) (625 987)
Valuation adjustments, provisions and losses (474 507) (419 608)
Results before extraordinary items and taxes 51 120 324 28 698 292
Extraordinary income 5.4 391 523 —
Taxes (11 562 496) (6 637 847)
Net income 39 949 351 22 060 445
c) Allocation of retained earnings
Net income 39 949 351 22 060 445
Retained earnings brought forward 143 936 83 491
Total 40 093 287 22 143 936
Retained earnings at the end of the period 40 093 287 22 143 936
Allocation of retained earnings
– Ordinary dividend (24 000 000) (16 000 000)
– Allocation to general legal reserve (2 300 000) (1 500 000)
– Allocation to other reserves (13 600 000) (4 500 000)
Retained earnings carried forward 193 287 143 936
Schroder & Co Bank AG | Annual Report 2007 17
1. Comments on Business Activities
General
Schroder & Co Bank AG is a wholly-
owned subsidiary of Schroders plc,
London. In addition to the head office
in Zurich the Bank has a branch office
in Geneva.
The business activities of the Bank
are described below. There are no
further business activities that would
significantly impact the Bank’s risk
and income situation.
Fee and commission business
The Bank’s principal line of business
is investment management for both
domestic and foreign clients.
Asset management, trustee, custodian
and credit operations are the main
contributors to commission and ser-
vice fee revenues.
Banking activities
The Bank’s main balance-sheet activ-
ities are the client-lending business
and interbank operations.
Loans to clients are mainly granted on
the basis of Lombard coverage.
Trading activities
Trading comprises mainly trading for
the accounts of clients in interest-
rate products, securities and foreign
exchange, and proprietary trading.
Risk management
Interest rate risk
On- and off-balance-sheet interest
rate risk is monitored and managed
centrally by the market risk committee.
It’s management based on the com-
putation of the impact of potential in-
terest rate changes on the discounted
net value of the shareholders’ equity
and on the projected net income ef-
fect.
Other risks
The Bank’s liquidity is monitored and
ensured in accordance with Swiss
banking legislation and group regula-
tions.
Credit risk is monitored separately
by the banking division. The secur-
ities underlying the loans are valued
at market prices. The lending values
are established based on predefined
directives.
Operational risks are limited through
internal guidelines for organisation and
controls. Internal audit periodically re-
views the internal controls and reports
to the Board of Directors.
Outsourcing
The Bank has an outsourcing agree-
ment with the company Biveroni
Batschelet Partners AG (BBP) for run-
ning the interbank applications SIC,
EuroSIC, Swift and Secom. BBP’s
role is limited to providing electronic
access to the above-mentioned inter-
bank services.
Staff
At the end of the business year the
Bank had 155 full- and 14 part-time
employees, for a total of 169 (or 164
full-time equivalent positions; previous
year: 148.2).
Schroder & Co Bank AG | Annual Report 200718
2. Principal Accounting Policies and Valuation Principles
Basis of preparation
The accounts are prepared in
accordance with the Swiss Code of
Obligations, the Swiss Federal Law
Governing Banks and Savings Banks,
including its directives, and the Swiss
Federal Banking Commission’s regula-
tions and directives.
All transactions are recorded in the
Bank’s books at the trade date and
valued from that date for the profit
and loss account. Money market and
foreign exchange transactions are
reported off-balance-sheet until the
settlement date. From the settlement
date, these transactions are included
in the balance sheet.
Business risks are covered by ad-
equate value adjustments and provi-
sions.
Detailed principles
The most important accounting
policies and valuation principles are
shown below.
Liquid assets, receivables from banks
and liabilities
These items are stated in the balance
sheet respectively at their nominal
value or at cost less any individual
valuation adjustments required for im-
paired assets.
Loans
Impaired loans, i.e. loans that are un-
likely to be repaid by the debtor, are
valued individually. A specific provision
is made for the estimated shortfall
against nominal value in capital and
interest. Off-balance sheet exposure,
such as commitments, guarantees or
derivative instruments, are also taken
into consideration for this valuation.
Loans are considered as impaired at
the latest when the contractual pay-
ments for capital and/or interest are
overdue for more than 90 days. Inter-
est accrual is suspended if recovering
interest is so unlikely that an accrual
no longer makes sense.
If an outstanding loan is classified as
entirely or partially irrecoverable or
if a renunciation of outstandings is
granted, the outstanding loan is writ-
ten off by debiting the respective loss
provision.
Troubled loans are reclassified as
being of full value when outstanding
amounts of capital and interest are
again paid on time according to the
conditions fixed by contract.
Securities and precious metals
trading portfolio
Actively-traded positions which are
either traded on a recognised stock
exchange or for which a representa-
tive market exists are valued at market
value. Refinancing costs are charged
against trading income. All other trad-
ing positions are valued at the lower of
cost or net realisable value.
Financial Investments
Securities held to generate income
in the medium term are valued at the
lower of cost or net realisable value.
Realised profits or losses from sales
of these securities are included within
“Results from the sale of financial
investments”. Unrealised profits or
losses are included within “Other
ordinary income” or “Other ordinary
expenses”. Debt securities held for
investment are stated at cost, adjusted
for possible premiums or discounts.
Precious metals are valued at market
value.
Participations
Participations are stated at cost, less
any impairment.
Tangible fixed assets
Tangible fixed assets are valued at
cost, less accumulated depreciation.
Depreciation is calculated using the
straight-line method based on useful
life.
The recoverability is reconsidered
each year. Should the useful life
change or the value decrease upon
reconsidering the recoverability, the
remaining book value will be depreci-
ated according to the revised plan, or
an extraordinary depreciation can be
made. In accordance with tax regula-
tions smaller items may be charged
directly to the profit and loss account.
Useful life of the various fixed assets:
Information technology (hardware and
software): 3 years
Cars: 4 years
Schroder & Co Bank AG | Annual Report 2007 19
Foreign currencies
Foreign currency transactions are
translated at the average exchange
rates ruling at the balance sheet date.
Foreign exchange positions in the
balance sheet are translated at the
average exchange rates at the balance
sheet date and taken to the profit and
loss account. Forward foreign ex-
change transactions are valued at the
forward market rates ruling at the bal-
ance sheet date. The valuation result
is taken to the profit and loss account.
The main conversion rates applied are
listed below:
2007 2006
EUR 1.6567 1.6090
GBP 2.2605 2.3925
USD 1.1310 1.2200
JPY 1.0114 1.0250
Valuation adjustments and provisions
Based on the principle of prudence,
the Bank establishes valuation adjust-
ments and provisions within liabilities
for contingent risks. The valuation ad-
justments and provisions may contain
undisclosed reserves.
Taxes
Current tax is generally tax on profit
and recurs on an annual basis. One-
off or transaction taxes are not con-
sidered as current tax.
Current tax on earnings is included
as expense of the period in which the
earnings are recognized. Tax liabilities
are shown under “Accrued expenses
and deferred income”.
Derivative financial instruments
Derivative financial instruments are
used by the Bank for asset and liability
management and for securities and
foreign exchange dealing. They are
used both for proprietary trading and
for trading for the accounts of clients.
Valuation is in accordance with the
purposes for which they were origin-
ally acquired.
1) Derivative trading positions
These derivatives are marked to mar-
ket. Positive and negative replacement
values are included within “Other
assets” or “Other liabilities”. Profits and
losses are included within “Result from
trading operations”.
2) Derivative financial investments
These derivatives are acquired by the
Bank instead of direct investments. In
accordance with the accounting policy
for financial investments, these posi-
tions are valued at the lower of cost
or net realisable value. Any interest in-
come components are included within
“Interest and dividend income from
financial investments”. Realised profits
or losses are included within “Result
from the sale of financial investments”.
3) Derivatives for hedging purposes
Derivative transactions concluded
for hedging purposes are valued and
booked on a basis consistent with the
underlying transactions.
Liabilities to own pension plans
The employees of Schroder & Co
Bank AG benefit from two defined
contribution pension plans. The
“BVG Stiftung” grants a minimum of
the benefits mandatory by law. The
“Vorsorgestiftung” 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 contribu-
tion pension plans are included within
“Personnel expenses”.
Schroder & Co Bank AG | Annual Report 200720
3. Information on the Balance Sheet
3.1 Schedule of collateral for loans and off-balance sheet transactions
CHF 1000 Type of Collateral
Mortgage Other Without Total collateral collateral collateral
Loans
Due from clients — 387 216 13 567 400 783
Total 31.12.2007 — 387 216 13 567 400 783
31.12.2006 14 834 394 155 10 886 419 875
Off-balance-sheet transactions
Contingent liabilities 8 891 100 232 951 110 074
Confirmed credits — 1 671 — 1 671
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel — — 1 090 1 090
Total 31.12.2007 8 891 101 903 2 041 112 835
31.12.2006 — 72 089 1 287 73 376
Gross Estimated Net Specific amount collateral amount provision proceeds
Impaired loans 31.12.2007 632 — 632 632
31.12.2006 547 — 547 547
3.2 Securities and precious metals trading portfolios
CHF 1000 31.12.2007 31.12.2006
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)
Schroder & Co Bank AG | Annual Report 2007 21
3.3 Participations
CHF 1000 31.12.2007 31.12.2006
Without market value 1 100 1 100
Total 1 100 1 100
Additional information on significant participations
Share Ownership OwnershipCompany Name Business activities Capital proportion proportion
Schroder Trust AG, Zurich Trust and offshore
company administration CHF 100 000 100% 100%
Schroder Cayman Bank Banking services and
and Trust Company Ltd., trust and offshore
Cayman Islands company administration USD 633 714 100% 100%
3.4 Assets and participations
CHF 1000 31.12.2006 31.12.2007
Historical Accumulated Book value Additions Disposals Depreciation Book value cost Depreciation
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 200722
3.5 Other assets and other liabilities
CHF 1000 31.12.2007 31.12.2006
Other assets Other liabilities Other assets Other liabilities
Replacement costs of derivative instruments 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
Total 11 597 16 088 6 645 8 454
3.6 Assets pledged or ceded to secure own liabilities and assets subject to ownership reservation
CHF 1000 31.12.2007 31.12.2006
Assets pledged Effective liability Assets pledged Effective liability (Book value) (Book value)
Own securities 58 806 3 866 50 519 4 862
There are no loans nor pension transactions with securities.
Schroder & Co Bank AG | Annual Report 2007 23
3.7 Pension plans
CHF 1000 31.12.2007 31.12.2006
The liablities due to own pension plans at the balance
sheet date amounted to: 6 640 3 141
According to the pension fund regulations, the employer pays total contributions and benefits equivalent to 15% of the relevantsalary whereas the employees contribute 5% of that salary.
CHF 1000 31.12.2007 31.12.2006
As per the most recent audited financial statements of the BVG-Stiftung
(mandatory pension plan) and the Vorsorgestiftung (non-mandatory pension plan)
of Schroder & Co Bank AG at 31.12.2007, the employer contribution
reserves at period end were: 2 955 2 904
Schroder & Co Bank AG guaranteed in writing to the bank’s Vorsorgestiftung (i.e., the non-mandatory pension plan) that any losses the planincurs which are not offset by plan gains within a three year period will be compensated by the bank through a corresponding reduction in thebank’s employer contribution reserves. The guarantee did not result in any liability as of the balance sheet date.
Pension plan surpluses at the balance sheet date
CHF 1000 31.12.2007 31.12.2006
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan) 129 128
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan) 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 2007 2006
The bank’s total contributions to both pension plans for the year amounted to: 4 123 3 864
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: 5 981 5 411
Schroder & Co Bank AG | Annual Report 200724
3.8 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance Specific Change in Recoveries, New provisions Reversals Balance 31.12.2006 usage and definition of overdue interest, charged to credited to 31.12.2007 reversals purpose (re- exchange rate Profit & Loss Profit & Loss classifications) differences statement statement
Loan losses (credit and
country risk) 547 — — — 119 (34) 632
Other provisions 26 211 — — (3) — (358) 25 850
Valuation adjustments
and provisions 26 758 — — (3) 119 (392) 26 482
Reserves for general
banking risks (fully taxed) 18 000 — — — — — 18 000
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.
Schroder & Co Bank AG | Annual Report 2007 25
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 (16 000)
Deduction from available earnings (6 000)
Allocation to legal reserve 1 500
Allocation to other reserves 4 500
Net income 2007 39 949
Total shareholders’ equity at the end of 2007 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 200726
3.11 Maturity structure of working capital and liabilities
CHF 1000 At sight Redeemable Maturities Total upon notice
Up to From From Beyond 3 months 3 to 12 12 months 5 years months to 5 years
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 58 806 — — — — — 58 806
Total 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
Liabilities
Due to banks 182 892 — 195 916 74 512 — — 453 320
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 31.12.2007 31.12.2006
Due from affiliated companies — 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.
Schroder & Co Bank AG | Annual Report 2007 27
3.13 Assets and liabilities by domestic and foreign origin
CHF 1000 31.12.2007 31.12.2006
Domestic Foreign 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
Mortgages — — — 14 834
Securities and precious metal trading portfolios 58 806 — 50 519 —
Participations 100 1 000 100 1 000
Fixed assets 483 — 1 011 —
Accrued income and prepaid expenses 18 680 1 984 15 184 1 572
Other assets 2 837 8 760 4 215 2 430
Total 300 105 627 665 225 073 467 348
Liabilities and shareholders’ equity
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
Other liabilities 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 —
Retained earnings brought forward 144 — 83 —
Net income 39 949 — 22 060 —
Total 333 421 594 349 296 838 395 583
Schroder & Co Bank AG | Annual Report 200728
3.14 Assets by countries / country groups
CHF 1000 31.12.2007 31.12.2006
Total in % Total in %
Assets
Europe
– Germany 22 329 2.4 39 032 5.6
– 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 29
3.15 Assets by currencies
CHF 1000 31.12.2007
Currencies CHF EUR USD Precious Other Total metals
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
Mortgages — — — — — —
Securities and precious
metal trading portfolios 58 806 — — — — 58 806
Participations 1 100 — — — — 1 100
Fixed assets 483 — — — — 483
Accrued income and prepaid expenses 17 670 1057 1060 — 878 20 665
Other assets 11 463 58 73 — 3 11 597
Total balance sheet assets 294 916 390 124 172 031 20 267 50 432 927 770
Assets deriving from FX spot,
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
Liabilities and shareholders’ equity
Due to banks 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
General legal reserve 21 400 — — — — 21 400
Other reserves 42 900 — — — — 42 900
Retained earnings brought forward 144 — — — — 144
Net income 39 949 — — — — 39 949
Total balance sheet liabilities 327 601 347 333 194 948 20 267 37 621 927 770
Liabilities deriving from FX spot,
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
Net position by currency (2 802) 282 120 — 1 758 (642)
Schroder & Co Bank AG | Annual Report 200730
4. Information on Off-Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000 31.12.2007 31.12.2006
Credit guarantees 78 985 63 841
Irrevocable commitments 31 089 8 503
Total 110 074 72 344
4.2 Confirmed credits
CHF 1000 31.12.2007 31.12.2006
Obligations under deferred payments 1 671 —
4.3 Outstanding derivative instruments
CHF 1000
Positive Negative Contract replacement replacement volume values values
Foreign exchange
Forward contracts 10 835 11 620 1 224 322
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 31.12.2007 31.12.2006
Positive Negative Contract Positive Negative Contract replacement replacement volume replacement replacement volume values values values values
Banks 3 623 2 841 320 030 3 072 1 236 322 925
Non banks 7 212 8 779 904 292 2 943 3 283 537 646
Total 10 835 11 620 1 224 322 6 015 4 519 860 571
Schroder & Co Bank AG | Annual Report 2007 31
4.4 Fiduciary transactions
CHF 1000 31.12.2007 31.12.2006
Fiduciary deposits
Fiduciary deposits in CHF 93 539 68 230
Fiduciary deposits in European currencies 3 163 616 1 961 002
Fiduciary deposits in USD 827 133 786 177
Fiduciary deposits in other currencies 18 974 11 254
Total 4 103 262 2 826 663
Fiduciary credits
Fiduciary credits in CHF 600 600
Fiduciary credits in European currencies 2 635 6 255
Fiduciary credits in USD 11 988 19 032
Total 15 223 25 887
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
4.5 Funds under management
CHF 1000 31.12.2007 31.12.2006
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 8 439 403 7 988 907
Total funds under management (including double counting) 14 176 510 13 756 529
of which double counting 93 326 103 736
Total funds under management (excluding double counting) 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
Net inflow/outflow of assets:
– Private Banking 420 052 586 516
– Institutional Business (604 395) (739 709)
Total net inflow/outflow of assets (184 343) (153 193)
– of which group-internal transfers (Institutional Business) — (790 313)
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 200732
5. Information on the Profit and Loss account
5.1 Results from trading operations
CHF 1000 2007 2006
Securities (9) (320)
Foreign exchange 8 880 7 527
Total 8 871 7 207
5.2 Personnel expenses
CHF 1000 2007 2006
Authorities, meeting compensations and fixed compensations 210 150
Salaries and extras 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
Total 49 875 43 962
5.3 Operating expenses
CHF 1000 2007 2006
Occupancy expenses 6 381 5 263
Expenses for EDP, machinery, fixtures and fittings,
vehicles and other equipment 5 658 9 765
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 18 943 14 767
Total 30 982 29 795
5.4 Extraordinary income
The extraordinary income in 2007 arose from the reversal of legal proceeding provisions no longer required.
Schroder & Co Bank AG | Annual Report 2007 33
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 require ments 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 disclo-
sures in the financial statements. We have also assessed the accounting princi-
ples used, significant estimates made and the overall financial statement pres-
entation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accounting records and financial statements and the pro-
posed appropriation of available earnings comply with Swiss law and the com-
pany’s articles of incorporation.
We recommend that the financial statements sub mitted to you be approved.
PricewaterhouseCoopers AG
Rolf Birrer, Auditor in charge
Roman Berlinger
Zurich, 26. February 2008
Schroder & Co Bank AG | Annual Report 200734
Corporate and Social Responsibility
The Board of Directors, manage-
ment and staff of Schroder & Co
Bank AG recognise the importance
of corporate and social responsibil-
ity to investors, the community at
large and those in whom it invests.
Charitable Donations
Social responsibility plays a very im-
portant role in the Bank’s business
activities. The Executive Board itself,
together with an internal Charity Com-
mittee, undertakes the task of decid-
ing on charitable donations by the
Bank. In addition, voluntary donations
by staff members to local charities are
matched one-to-one by the Bank.
As in previous years, we made con-
tributions to several local charities.
Employees and the Bank together
donated most of the funds required for
a “Seehalde” charity holiday camp for
people with multiple disabilities. Along
with many others, we donated to
“Castagna”, a support centre for sexu-
ally abused children and adolescents,
the Children’s Fund, “Sternschnuppe”
and “Tixi Taxi”, a local organisation
which provides transport for handi-
capped people.
Schroder & Co Bank AG has been
a main sponsor of Special Olympics
Switzerland, a charitable foundation
which organises and supports sports
activities for handicapped people for
several years. The Bank is represented
on the foundation’s board by Stephen
Mills, a Member of the Executive
Board of the Bank.
More about the above-mentioned
organisations can be found at:
† www.seehalde.ch
† www.castagna-zh.ch
† www.sternschnuppe.ch
† www.tixi.ch
† www.specialolympics.ch
Schroder & Co Bank AG | Annual Report 2007 35
We nurture talent
Since 2005 Schroder & Co Bank AG
has been sponsoring “Team Schrod-
ers”, a programme to support Swiss
youngsters who are talented in sports.
Through this programme, talented
youngsters are selected by a jury of
sports personalities (former or cur-
rent Olympic gold medallists or world
champions). Each jury member also
acts as a mentor to the youngster se-
lected in his or her respective sport.
Schroder & Co Bank AG supports
each youngster with CHF 10 000, and
the most successful amongst them
during the year wins a bonus of the
same amount. The jury members and
nominees for 2008 are:
More about “Team Schroders”
† www.team-schroders.ch
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)
Photos: Laurent Bleuze, Special Olympics Switzerland
Schroder & Co Bank AG | Annual Report 200736
Board and Senior Staff
Board of Directors
Philip S. Mallinckrodt,
Chairman
Jonathan Asquith,
Deputy Chairman
Dr. François R. Bochud
Dr. Martin K. Eckert
Jean-Claude Marchand
Jean-Charles Roguet
George W. Mallinckrodt,
KBE, Honorary Chairman
Executive Board
Luc Denis,
Chairman of the Executive Board,
Head of Private Banking
Heinz Scheiwiller,
Deputy Chairman of the Executive Board,
Head of Service Centre Private Banking
Stephen J. Mills,
Member, Head of Schroder Investment
Management (SIM) Switzerland
Rudolf Stäger,
Member, Head of Private Banking Zurich
Senior Management
Otto J. Amberg,
Alexis André,
Beat Bochsler,
Norbert Brestel,
Pierre-Antoine Carron,
Beat Cassani,
Ann Daverio,
Jean-Fabrice della Volpe,
Reto Dietrich,
Stephan Eckstein,
Markus Engeler,
Slavica J. Barovic Esnault-Pelterie,
Pierre-Louis Favre,
Rolf Fischer,
Stefan Frischknecht,
Karl Gallmann,
Enrique Gil,
Roland Heule,
Gregor Hirt,
Béatrice Hirzel Corte,
Jean-Jacques Hunziker,
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
External Auditors
PricewaterhouseCoopers AG,
Zurich
Schroder & Co Bank AG | Annual Report 2007 37
Main Schroder Branches
GROUP’S HEAD OFFICE
United KingdomSchroders plc31 Gresham Street, London EC2V 7QATel + 44 207 658 60 00www.schroders.com
Schroder Investment Management Limited31 Gresham Street, London EC2V 7QATel + 44 207 658 60 00
Schroder & Co. Limited100 Wood Street, London EC2V 7ERTel + 44 207 658 60 00
Schroder Investments Limited 33 Gutter Lane, London EC2V 8ASTel + 44 207 658 60 00
EUROPE
AustriaSchroders Investment Management GmbHRepräsentanzAm Stadtpark 1, 1030 WienTel + 43 (0)1 990 63 84
Channel IslandsSchroder Investment Management (Guernsey) LimitedTrafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 3QLTel + 44 (0)1481 71 06 51
Schroders (C.I.) LimitedRegency Court Glategny EsplanadeSt. Peter Port, Guernsey, GY1 3UFTel + 44 (0)1481 70 37 00
Schroders (C.I.) Limited2–6 Church Street, St. HelierJersey, JE4 9WBTel + 44 (0)1534 75 66 00
DenmarkSchroder Investment Management Fondsmæglerselskabet A/SStore Strandstræde 211255 KøbenhavnTel + 45 33 15 18 22
GermanySchroder Investment Management GmbHMainzer Landstrasse 1660325 Frankfurt am MainTel + 49 (0)69 97 57 17 0
Schroder & Co LimitedMainzer Landstrasse 1660325 Frankfurt am MainTel + 49 (0)69 97 57 17 120
Schroder Property Investment Management GmbH (SPrIM)Wilhelmstrasse 765185 WiesbadenTel +49 (0)611 20 50 61 21
FranceSchroder Investment Management Limited8 –10 rue Lamennais, 75008 ParisTel + 33 (0)1 53 85 85 85
ItalySchroders Italy SIM S.p.A.Via della Spiga 30, 20121 MilanoTel + 39 02 76 37 71
Schroders Italy SIM S.p.A. Piazzetta Bettiol 15, 35137 PadovaTel + 39 049 876 57 76
Schroders Italy SIM S.p.A.Via del Babuino 169, 00187 RomaTel + 39 06 321 83 68
LuxembourgSchroder Investment Management (Luxembourg) S.A.5 rue Höhenhof, 1736 SenningerbergTel + 352 341 342 202
NetherlandsSchroder Investment ManagementBenelux N.V.Waldeck Pyrmontlaan 131075 BT AmsterdamTel + 31 (0)20 305 28 40
PortugalSchroder Investment Management LimitedAvenida da Liberdade 180-EEdifi cio Tivoli Forum, 1250-146 LisboaTel + 351 21 330 89 00
SwedenSchroder Investment Management Fondsmæglersgelskab A/SSveavägen 9, 11157 StockholmTel + 46 (0)8 678 40 10
SwitzerlandSchroder & Co Bank AG Central 2, 8001 ZürichTel + 41 (0)44 250 11 11
Schroder & Co Bank AGService Centre Private BankingPfi ngstweidstrasse 608005 ZürichTel +41 (0)44 250 11 11
Schroder & Co Banque SA8, rue d’ltalie, 1204 GenèveTel + 41 (0)22 818 41 11
SpainSchroder Investment Management LimitedCalle Pinar 7, 28006 MadridTel + 34 91 590 95 41
Schroders & CoCalle Pinar 7, 28006 MadridTel +34 91 590 95 31
Schroder & Co Bank AG | Annual Report 200738
AMERICAS
ArgentinaSchroder Investment Management S.A.Ing. Enrique Butty 220C1001AFB - Buenos AiresTel +54 11 43 17 13 00
BermudaSchroders (Bermuda) Limited131 Front Street, Hamilton HM 12Tel +1 441 292 49 95
BrazilSchroder Investment ManagementBrasil S.A.Rua Joaquim Floriano, 72São Paulo, SP, Brazil 04534-000Tel +55 11 30 54 51 55
Cayman IslandsSchroder Cayman Bank and Trust Company LimitedPO Box 1040 GT, Harbour CentreGrand Cayman, British West IndiesTel +1 345 949 28 49
MexicoSchroder Investment Management, S.A. de C.V.Avenida Paseo de Las Palmas 425Col. Lomas de ChapultepecMéxico, D.F., 11000Tel +52 55 11 00 10 30
USASchroder Investment Management North America Inc.875 Third AvenueNew York, NY 10022-6225Tel +1 212 641 38 30
Schroder Investment Management The Curtis CentreIndependence Square WestPhiladelphia, PA 19106Tel +1 215 861 09 97
ASIA / PACIFIC
AustraliaSchroder Investment ManagementAustralia Limited123 Pitt Street, Sydney, NSW 2000Tel +61 (0)2 92 10 92 00
ChinaSchroders plc 7 Finance StreetXicheng District, Beijing 100034Tel +86 10 66 55 53 88
Schroders plc 1000 Lujiazui, Ring RoadPudong, Shanghai 200120Tel +86 21 68 41 19 88
Schroder Investment Management (Hong Kong) LtdTwo Pacifi c Place, 88 QueenswayHong Kong SARTel +852 25 21 16 33
IndonesiaPT Schroder Investment Management IndonesiaJakarta Stock Exchange BuildingJl. Jend. Sudirman Kav. 52–53,Jakarta 12190Tel +62 21 515 01 01
JapanSchroder Investment Management (Japan) LimitedPacifi c Century Place Marunouchi1-11-1 Marunouchi, Chiyoda-ku, Tokyo 100-6224Tel +81 (0)3 52 93 15 00
KoreaSchroders Korea LimitedSeoul Finance Centre, 84 Taepyungro 1ga Chung-gu, Seoul 100-768Tel +82 2 37 83 05 00
SingaporeSchroder Investment Management (Singapore) Limited65 Chulia Street, #47-01, OCBC CentreSingapore 049513Tel +65 65 35 34 11
Schroder & Co. (Asia) Limited11 Beach Road #06-01Singapore 189675Tel +65 65 07 01 23
TaiwanSchroder Investment Consulting Company Limited 2F, Suite B1, 108, Sec.5, Hsin-Yi Road,Hsin-Yi District, Taipei 11047, Taiwan, R.O.CTel +886 2 27 22 18 68
MIDDLE EAST
DubaiSchroder Investment Management LimitedDubai International Financial CentreP.O. Box 506612DubaiTel +971 50 653 82 75
Head Office
Schroder & Co Bank AG
Central 2, 8001 Zürich
Postfach 1820, 8021 Zürich
Service Centre Private Banking
Pfingstweidstrasse 60, 8005 Zürich
Postfach 2222, 8031 Zürich
Tel +41 (0)44 250 11 11
Fax +41 (0)44 250 13 12
www.schroders.ch
contact@schroders.ch
Branch Office
Schroder & Co Banque SA
8, rue d’Italie, 1204 Genève
Case postale 3655, 1211 Genève 3
Tel +41 (0)22 818 41 11
Fax +41 (0)22 818 41 12
Subsidiary Companies
Schroder Cayman Bank and
Trust Company Limited
P.O. Box 1040, Harbour Centre
Grand Cayman, B.W.I.
Tel +1 345 949 28 49
Fax +1 345 949 54 09
Schroder Trust AG
Central 2, 8001 Zürich
Tel +41 (0)44 250 14 00
Fax +41 (0)44 250 12 66
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