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
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
Schroder & Co Bank AG | Annual Repor t 2008
3Chairman’s Statement 5
Executive Board’s Statement 7
Balance Sheet 13
Off-Balance Sheet Transactions 14
Profit and Loss Account 15
1. Comments on Business Activities 18
2. Principal Accounting Policies and Valuation Principles 21
3. Information on the Balance Sheet 24
4. Information on Off-Balance Sheet Transactions 34
5. Information on the Profit and Loss Account 37
Report of the Statutory Auditor 41
Board and Senior Staff 43
Main Schroder Branches 44
Content
Front page: Extract 100 Swiss franc note (Switzerland)Left page: Extract 100 Chinese yuan note (China)
Schroder & Co Bank AG | Annual Repor t 2008
5change rate fluctuations. Market trends had a more severe
impact on the institutional business, where the decline in
assets due to market movements led to significantly lower
earnings.
The Board of Directors proposes to the General Meeting
the distribution of an ordinary dividend of CHF 22 million
(previous year: CHF 24 million). It also proposes that
CHF 1.9 million (previous year: CHF 2.3 million) be allo-
cated to the general statutory reserve and CHF 7.3 million
(previous year: CHF 13.6 million) to other reserves. As a
result, the Bank’s reported equity capital after payment of
the dividend will stand at CHF 127.5 million (previous year:
CHF 118.4 million).
On behalf of the Board of Directors, I would like to thank all
our clients for the trust they have placed in us.
I would also like to express my gratitude towards all our
employees. Without their commitment and expertise,
Schroders would not be able to serve our clients through
these turbulent times.
Philip Mallinckrodt
Chairman of the Board of Directors
2008 was a difficult year for the global financial markets,
one in which the FTSE All Share Index lost 32.8% of its
value and the MSCI World Index tumbled by 42.1%.
In Switzerland, too, the first signs of a deep-seated crisis
in the financial sector emerged during the year. Stock
markets were already falling at the beginning of the year
following a mixed showing in 2007, and forecasts began to
grow gloomier as early as the second quarter. Many finan-
cial services providers suffered as extremely challenging
conditions unfolded. Other sectors of the economy were
also hit hard as the crisis spread. Investors were deeply
unsettled by these developments and there was a general
flight to liquidity.
It was difficult to predict the severity of the crisis that
started as a credit crunch and culminated in massive tur-
bulence in the financial markets last year. Inevitably, opera-
tional business in 2008 proved to be highly challenging.
Net profit for 2008 was CHF 31.1 million, down 22% on the
previous year (CHF 39.9 million). In private banking, the
base established in previous years was maintained – albeit
with a small drop in net new money – despite the nega-
tive performance of global financial markets and large ex-
Chairman’s Statement
Ext
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Schroder & Co Bank AG | Annual Repor t 2008
7
Executive Board’s Statement
In spite of the negative developments in the markets in
the first half of 2008, Schroder & Co Bank AG produced
a good financial performance thanks to the structures put
in place the previous year. This positive first-half perform-
ance can be attributed to the strong reputation that we
have built in the market over the years.
This overall picture took a different turn in the second half
of the year. In particular, the currency situation changed for
the worse, institutional business suffered as market vol-
umes tumbled, and private banking experienced a decline
in funds under management. General market performance
was the main driver of all these trends. Here are some
examples in local currencies, from January to December
2008:
Market indices
Switzerland (SPI) – 34.05%
USA (S&P 500) – 37.00%
UK (FTSE 100) – 28.00%
Brazil (Bovespa) – 41.22%
Russia (RTS$) –72.26%
India (BSE Sensex 30) – 51.80%
China (Shanghai Comp.) – 64.89%
There were two key factors that enabled Schroder &
Co Bank AG to withstand the crisis. Firstly, our invest-
ment strategies were basically conservative, and this has
contributed to preserving and strengthening the trust of
clients. Secondly, the Schroder Group’s presence around
the world also helped us to identify and better monitor the
impact of the financial crisis at an early stage. The Bank
took precautionary measures during the second half of
2008. The extremely difficult market environment necessi-
tated great vigilance, which took the form of daily monitor-
ing of the markets and constant reassessment of risks.
The turbulent market environment will continue to make
day-to-day operations challenging in the coming year. On
the other hand changed conditions will also open up con-
siderable opportunities, and Schroder & Co Bank AG is
determined to seize them. The scene is now set for further
expansion of our activities.
To drive our growth, we have strengthened our private cli-
ent operations in Geneva and Zurich, taking on additional
staff, and have reinforced our support resources. Our
objective is to generate additional client assets and further
enhance the quality of our services.
Ext
ract
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Schroder & Co Bank AG | Annual Repor t 2008
8 The acquisition of Swiss Re Asset Management Funds
AG – now Schroder Investment Funds (Switzerland) AG –
completed in the spring marked another major strategic
step for the Schroder Group’s Swiss activities. It will ena-
ble us to strengthen our institutional business and capital-
ise on the opportunities made possible by the changes to
the Swiss Collective Investment Schemes Act. Schroders
is well placed to be one of the leaders in exploiting the
new possibilities resulting from these changes.
On the cost side, we have started the new year in a good
position, with synergies from the Service Centre playing a
significant role. This unit now comprises the back-office
services for three Schroders companies: Schroder & Co.
Limited, London; Schroders (C.I.) Limited, Guernsey; and
Schroder & Co Bank AG.
One of the main reasons we can face the future with great
confidence is the quality of our employees. Schroders has
always applied a prudent Human Resources policy. We
have highly qualified staff on whom we can rely. We are
therefore convinced of our ability to exploit the opportuni-
ties opened up by the crisis.
We aim to make full use of the year of changes that lies
ahead, by progressively building on our solid base to se-
cure sustainable, long-term growth.
Private Banking
In the year under review, we succeeded in maintaining our
private client business in Geneva and Zurich without any
major setbacks, despite the turbulent market environment.
We believe that clients’ trust in Schroders remains intact,
and has even been strengthened under these difficult con-
ditions.
Private client funds under management decreased by
24.4% in Swiss franc terms to CHF 6.8 billion. This decline
was chiefly attributable to the negative market perform-
ance, as well as the strength of the Swiss franc against
the major client currencies towards the end of 2008. The
balance of net new funds was slightly negative in Swiss
francs, at CHF – 25.6 million.
Commission income declined from CHF 105.4 million to
CHF 81.9 million. This was where our clients’ uncertainty
was most evident, as they shunned stock market trans-
actions in favour of holding more liquidity. The declines
Schroder & Co Bank AG | Annual Repor t 2008
9
in funds under management in both private banking and
institutional business also negatively affected commission
income.
Net interest income increased year-on-year, whereas the
trading result decreased slightly.
Service Centre
The Bank’s internal Service Centre performed well in
its first full year of operation. IT, operational and finan-
cial services with a total value of CHF 13.7 million were
charged to other Schroder Group companies.
The Service Centre also contributes to containing costs
within Schroders Private Banking since it encompasses all
the operational areas of the affiliated companies, enabling
considerable synergies to be achieved. This process is still
ongoing, and it is planned to extend the services provided
to a unit of Schroders Private Banking in Singapore, as
well as insourcing certain tasks in fund administration and
institutional business. The Service Centre staffing level has
therefore been gradually increased.
Chairman of the Board of Directors and Executive Board (from the left): Philip Mallinckrodt, Chairman of the Board of Directors; Luc Denis, Chairman of the Executive Board; Heinz Scheiwiller, Deputy Chairman of the Executive Board; Stephen J. Mills, Member, Head of Schroder Investment Management (SIM) Switzerland; Martin R. Liebi, Member, Head of Private Banking Zurich
Schroder & Co Bank AG | Annual Repor t 2008
10 Institutional Asset Management and Fund Distribution
The activities of the division (SIM Switzerland) can be
divided into fund management, institutional sales and mar-
keting, as well as the distribution of Schroders’ range of
Luxembourg-domiciled funds.
On 31 May 2008 Schroder International Holdings Limited,
London acquired Swiss Re Asset Management Funds AG,
which was re-named Schroder Investment Funds (Switzer-
land) AG. With this acquisition Schroders has significantly
extended its services and product range. We now have a
highly competitive platform to further develop our business
in Switzerland.
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 re-
search, including an extensive company visit programme,
is augmented by the global research efforts of the Schro-
der Group. 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 pension
fund and other institutional assets in Switzerland. We
manage country-specific, regional, global and balanced
mandates.
Distribution of Mutual Funds (Intermediary)
Our mutual funds business started the year strongly but
then was negatively affected by the sharp decline in fi-
nancial markets in the latter part of the year. Whilst the
outlook for this business is currently clouded, we are well
placed to benefit from any improvement in sentiment given
our strong relative performance, our innovative and broad
product range as well as the high level of service we offer.
Subsidiaries
Our clients have an international perspective and wide-
ranging needs, which are not confined to financial serv-
ices. Schroder & Co Bank AG therefore offers proven
expertise in related areas through its subsidiaries. Our
subsidiary Schroder Cayman Bank & Trust Company
Limited supports our clients in establishing and managing
trusts and foreign-domiciled corporations, while Schroder
Trust AG in Zurich mainly acts as a trustee for trusts cre-
ated in common-law jurisdictions.
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Schroder & Co Bank AG | Annual Repor t 2008
13
Balance Sheetas of 31 December 2008
CHF Notes 31.12.08 31.12.07
Assets
Liquid assets 19 618 747 16 724 492
Due from banks 385 681 460 417 611 545
Due from clients 3.1 349 853 209 400 783 060
Securities and precious metal trading portfolios 3.2 3 799 825 58 806 000
Financial investments 3.3, 3.7 86 474 430 —
Participations 3.4 1 100 000 1 100 000
Fixed assets 3.5 484 669 482 812
Accrued income and prepaid expenses 13 338 013 20 664 895
Other assets 3.6 29 295 346 11 596 921
Total assets 889 645 699 927 769 725
Total due from group entities and
significant shareholders 844 484 171 232 798
Liabilities and shareholders’ equity
Due to banks 117 595 054 453 319 896
Due to clients 516 079 532 241 195 076
Accrued expenses and deferred income 43 432 294 48 291 272
Other liabilities 3.6 34 743 716 16 088 249
Valuation adjustments and provisions 3.9 28 335 386 26 481 945
Reserves for general banking risks 3.9 18 000 000 18 000 000
Share capital 3.10, 3.11 60 000 000 20 000 000
General legal reserve 3.11 23 700 000 21 400 000
Other reserves 3.11 16 500 000 42 900 000
Retained earnings brought forward 193 287 143 936
Net income 31 066 430 39 949 351
Total liabilities and shareholders’ equity 889 645 699 927 769 725
Total due to Group entities and
significant shareholders 16 091 989 14 583 625
Ext
ract
10
Au
stra
lian
do
llar
note
(A
ust
ralia
)
Schroder & Co Bank AG | Annual Repor t 2008
14
CHF Notes 31.12.08 31.12.07
Contingent liabilities 3.1, 4.1 68 878 536 110 074 315
Confirmed credits 3.1, 4.2 — 1 670 952
Irrevocable commitments 3.1 1 740 000 1 090 000
Derivative instruments 4.3
– positive replacement values 28 718 737 10 835 222
– negative replacement values 30 645 761 11 619 929
– notional amounts 1 056 733 152 1 224 322 342
Fiduciary transactions 4.4
Fiduciary placements with third parties 2 938 369 940 4 103 262 091
Fiduciary credits 18 345 489 15 223 204
Off-Balance Sheet Transactionsas of 31 December 2008
Schroder & Co Bank AG | Annual Repor t 2008
15
Prof it and Loss Accountfor the period from 1 January to 31 December 2008
CHF Notes 2008 2007
a) Revenues and expenses from ordinary banking activities
Results from interest activities
Interest and discount income 24 627 523 27 056 793
Interest and discount income from financial investments 1 080 722 —
Interest expenses (10 728 915) (12 505 453)
Total 14 979 330 14 551 340
Results from commission and service fee activities
Commission income on lending activities 1 017 338 1 062 929
Commission income on securities and investment transactions 89 975 681 114 064 672
Commission income on other services 1 019 029 841 221
Commission expenses (10 144 474) (10 584 284)
Total 81 867 574 105 384 538
Results from trading operations 5.1 8 201 009 8 870 572
Other ordinary results
– Other ordinary income 13 735 899 4 214 520
– Other ordinary expenses (14 400) —
Total 13 721 499 4 214 520
Operating expenses
– Personnel expenses 5.2 (49 117 202) (49 874 593)
– Other operating expenses 5.3 (27 171 027) (30 982 498)
Total (76 288 229) (80 857 091)
Gross profit 42 481 183 52 163 879
Schroder & Co Bank AG | Annual Repor t 2008
16
CHF Notes 2008 2007
b) Net income
Gross profit 42 481 183 52 163 879
Depreciation and write-offs of non-current assets 3.5 (467 931) (569 048)
Valuation adjustments, provisions and losses (2 103 690) (474 507)
Results before extraordinary items and taxes 39 909 562 51 120 324
Extraordinary income 5.4 — 391 523
Taxes (8 843 132) (11 562 496)
Net income 31 066 430 39 949 351
c) Allocation of retained earnings
Net income 31 066 430 39 949 351
Retained earnings brought forward 193 287 143 936
Total 31 259 717 40 093 287
Retained earnings at the end of the period 31 259 717 40 093 287
Allocation of retained earnings
Ordinary dividend (22 000 000) (24 000 000)
Allocation to general legal reserve (1 900 000) (2 300 000)
Allocation to other reserves (7 300 000) (13 600 000)
Retained earnings carried forward 59 717 193 287
Ext
ract
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Chi
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ote
(C
hina
)
Schroder & Co Bank AG | Annual Repor t 2008
18
1. Comments on Business Activ it ies
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 signifi-
cantly impact the Bank’s risk and income situation.
Fee and commission business
The Bank’s principal line of business is investment man-
agement for both domestic and foreign clients.
Asset management, trustee, custodian and credit opera-
tions are the main contributors to commission and service
fee revenues.
Banking activities
The Bank’s main balance-sheet activities are the client-
lending business and interbank operations.
Loans to clients are mainly granted on the basis of Lom-
bard coverage.
Trading activities
Trading comprises mainly trading for the accounts of
clients in interest-rate products, securities and foreign ex-
change, and proprietary trading.
Service Centre – Insourcing business
The Service Centre Private Banking renders securities
administration, funds transfer, accounting and IT services
centrally. These services are being offered to other Schro-
der Group companies (currently Schroder & Co. Limited,
London, and Schroders (C.I.) Limited, Guernsey). These
services are charged at market rates.
Risk management
Risk assessment
The Board of Directors re-assesses the Bank’s risks each
year (in particular with respect to credit, market, liquidity
and operational risks). The effectiveness of the limit sys-
tem and the controls are also evaluated. The Organisation
and Management Regulations ensure that the Board of Di-
rectors is always adequately informed of the risk situation
and the authority for decisions in this area remains in the
Board of Directors’ responsibility.
Schroder & Co Bank AG | Annual Repor t 2008
19Details on risk management
The risk management procedures and the ongoing moni-
toring are delegated to committees. The Asset & Liability
Management Committee is responsible for monitoring
market risk, interest rate risk and liquidity. This includes
the selection and monitoring of banks, brokers and custo-
dians. In addition it monitors the adherence to the capital
and large exposure regulations.
The interest rate risks arising from the balance-sheet and
off-balance sheet positions are monitored and managed
centrally. They are managed using calculations of the net
present value effect on shareholders’ equity and the net
income effect under various interest rate assumptions. The
ability to meet obligations is monitored and ensured within
the framework defined in the bank law and by the Group.
Operational risks are managed through internal organisa-
tion and control procedures. Internal audit regularly audits
the internal controls and issues reports to the Board of
Directors.
The credit risks are subject to specific monitoring by the
Credit Committee and the Credit Department. Loan collat-
eral is valued at market value. The collateral rates are set
forth in predefined procedures.
Outsourcing
The Bank has an outsourcing agreement with the com-
pany Biveroni Batschelet Partners AG (BBP) for running
the interbank applications SIC, EuroSIC, Swift and Secom.
BBP’s role is limited to providing electronic access to the
above-mentioned interbank services.
Staff
At the end of the business year the Bank had 162 full- and
17 part-time employees, for a total of 179 (or 176.3 full-
time equivalent positions; previous year: 164).
Schroder & Co Bank AG | Annual Repor t 2008
21Loans
Impaired loans, i.e. loans that are unlikely 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, is
also taken into consideration for this valuation. Loans are
considered as impaired at the latest when the contractual
payments for capital and/or interest are overdue for more
than 90 days. Interest accrual is suspended if recover-
ing interest is so unlikely that an accrual no longer makes
sense.
If an outstanding loan is classified as entirely or partially ir-
recoverable or if a renunciation of outstandings is granted,
the outstanding loan is written off by debiting the respec-
tive 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-
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 the implementing
ordinances, directives, and the Swiss Financial Market Su-
pervisory Authority’s (FINMA) regulations 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 adequate value adjustments
and provisions.
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 impaired assets.
2. Pr incipal Accounting Policies and Valuation Pr inciples
Ext
ract
10
0 S
wis
s fr
anc
note
(S
wit
zerl
and
)
Schroder & Co Bank AG | Annual Repor t 2008
22 ing the recoverability, the remaining book value will be
depreciated according to the revised plan, or an extraor-
dinary depreciation can be made. In accordance with tax
regulations 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.
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
exchange transactions are valued at the forward market
rates ruling at the balance sheet date. The valuation result
is taken to the profit and loss account.
The main conversion rates applied are listed below:
2008 2007
EUR 1.4869 1.6567
GBP 1.5621 2.2605
USD 1.0638 1.1310
JPY 1.1733 1.0114
tive market exists are valued at market value. Refinancing
costs are charged against trading income. All other trading
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 se-
curities 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 reconsider-
Schroder & Co Bank AG | Annual Repor t 2008
23Valuation adjustments and provisions
Based on the principle of prudence, the Bank establishes
valuation adjustments and provisions within liabilities for
contingent risks. The valuation adjustments 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 consid-
ered as current tax.
Current tax on earnings is included as expense of the pe-
riod in which the earnings are recognised. 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 for-
eign exchange dealing. They are used both for proprietary
trading and for trading for the accounts of clients. Valu-
ation is in accordance with the purposes for which they
were originally acquired.
1. Derivative trading positions
These derivatives are marked to market. Positive and
negative replacement values are included within “Other
assets” or “Other liabilities”. Profits and losses are in-
cluded within “Result from trading operations”.
2. Derivative financial investments
These derivatives are acquired by the Bank instead of
direct investments. In accordance with the account-
ing policy for financial investments, these positions are
valued at the lower of cost or net realisable value. Any
interest income components are included within “Inter-
est 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 Stif-
tung” 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 contribution pension plans are included within
“Personnel expenses”.
Schroder & Co Bank AG | Annual Repor t 2008
24
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 — 331 853 18 000 349 853
Total 31.12.08 — 331 853 18 000 349 853
31.12.07 — 387 216 13 567 400 783
Off-balance sheet transactions
Contingent liabilities 6 248 60 549 2 081 68 878
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel — — 1 740 1 740
Total 31.12.08 6 248 60 549 3 821 70 618
31.12.07 8 891 101 903 2 041 112 835
Gross Estimated Net Specific amount collateral amount provision proceeds
Impaired loans 31.12.08 2 485 — 2 485 2 485
31.12.07 632 — 632 632
3.2 Securities and precious metals trading portfolios
CHF 1000 31.12.08 31.12.07
Debt securities and rights
– Exchange traded — 58 806
Shares and similar securities and rights 3 800 —
Total 3 800 58 806
of which qualify as repos as defined in the liquidity rules — 58 806
(Trading positions in derivatives are included under 4.3)
3. Information on the Balance Sheet
Schroder & Co Bank AG | Annual Repor t 2008
25
3.3 Financial investments
CHF 1000 31.12.08 31.12.07 31.12.08 31.12.07
Book value Book value Fair value Fair value
Debt securities and rights
– with the intention to hold to maturity 79 844 — 81 213 —
Precious metals 6 630 — 6 630 —
Total 86 474 — 87 843 —
of which qualify as repos as defined in the liquidity rules 81 213
3.4 Participations
CHF 1000 31.12.08 31.12.07
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%
3.5 Assets and participations
CHF 1000 31.12.07 31.12.08
Historical Accumulated Book value Additions Disposals Depreciation Book value cost depreciation
Total majority participations 1 100 — 1 100 — — — 1 100
Other fixed assets 4 253 (3 770) 483 521 (51) (468) 485
Total 5 353 (3 770) 1 583 521 (51) (468) 1 585
Fire insurance value of other fixed assets 15 382
Liabilities: future operational lease commitments 13 341
Schroder & Co Bank AG | Annual Repor t 2008
26
3.6 Other assets and other liabilities
CHF 1000 31.12.08 31.12.07
Other assets Other liabilities Other assets Other liabilities
Replacement costs of derivative instruments 28 719 30 646 10 835 11 620
Indirect taxes and stock exchange fees 388 3 529 501 3 987
Other assets and liabilities 188 569 261 481
Total 29 295 34 744 11 597 16 088
3.7 Assets pledged or ceded to secure own liabilities and assets subject to ownership reservation
CHF 1000 31.12.08 31.12.07
Assets pledged Effective liability Assets pledged Effective liability (Book value) (Book value)
Own securities 71 400 27 413 58 806 3 866
There are no loans nor pension transactions with securities.
Schroder & Co Bank AG | Annual Repor t 2008
27
3.8 Pension plans
CHF 1000 31.12.08 31.12.07
The liabilities due to own pension plans at the balance
sheet date amounted to: 6 753 6 640
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 31.12.07
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
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 guaran-tee did not result in any liability as of the audited balance sheet date of the BVG-Stiftung.
Pension plan surpluses at the balance sheet date
CHF 1000 31.12.07 31.12.06
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan) 50 51
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan) 7 7
The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2007 including the employer contribution reserves to which the employer has waived their right. In 2007 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 2008 2007
The bank’s total contributions to both pension plans for the year amounted to: 5 766 4 123
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: 7 553 5 981
Schroder & Co Bank AG | Annual Repor t 2008
28
3.9 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance Specific Change in Recoveries, New provisions Reversals Balance
31.12.07 usage and definition of overdue interest, charged to credited to 31.12.08
reversals purpose (re- exchange rate Profit & Loss Profit & Loss classifications) differences statement statement
Loan losses (credit and
country risk) 632 (12) — 15 1 850 — 2 485
Other provisions 25 850 — — — — — 25 850
Valuation adjustments
and provisions 26 482 (12) — 15 1 850 — 28 335
Reserves for general
banking risks (fully taxed) 18 000 — — — — — 18 000
3.10 Capital structure and shareholders
Other reserves were used to increase the share capital by CHF 40 Mio. from CHF 20 Mio. to CHF 60 Mio (as per the capital
increase report dated 13 June 2008 and the auditor’s report dated 24 June 2008). At the balance sheet date the share capital
amounted to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.
At 31 December 2008 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately
wholly-owned by Schroders plc, London.
On 10th March 2008 respectively on 8th March 2007 Schroders plc has been notified pursuant to “FSA’s Disclosure and Trans-
parency Rule 5.1.2 R” of the following interests of 3% or more in the ordinary shares:
10.03.2008 08.03.2007
Shares Schroders plc Stake Shares Schroders plc Stake Vincitas Limited 62 861 892 27.81% 62 861 892 27.81%
Veritas Limited 37 308 464 16.51% 37 308 464 16.51%
Flavida Limited 62 861 892 27.81% 62 861 892 27.81%
Fervida Limited 38 278 700 16.94% 38 278 700 16.94%
Harris Associates L.P. 12 919 102 5.72% 16 204 595 7.17%
Legal & General Group Plc 6 873 379 3.04% n/a n/a
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 Repor t 2008
29
3.11 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Shareholders’ equity at the beginning of 2008
Paid-in share capital 20 000
General legal reserve 21 400
Other reserves 42 900
Reserves for general banking risks 18 000
Retained earnings brought forward 40 093
Total shareholders’ equity at the beginning of 2008 142 393
Movements
Dividend 2007 (24 000)
Deduction from available earnings (15 900)
Allocation to legal reserve 2 300
Allocation to other reserves 13 600
Withdrawal from other reserves to increase share capital (40 000)
Increase share capital 40 000
Net income 2008 31 066
Total shareholders’ equity at the end of 2008 149 459
Paid-in share capital 60 000
General legal reserve 23 700
Other reserves 16 500
Reserves for general banking risks 18 000
Retained earnings carried forward 31 259
Schroder & Co Bank AG | Annual Repor t 2008
30
3.12 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 19 619 — — — — — 19 619
Due from banks 79 932 — 305 749 — — — 385 681
Due from clients 18 57 464 246 976 45 096 300 — 349 854
Securities and precious
metal trading portfolios 3 800 — — — — — 3 800
Financial investments 6 884 — 24 017 6 398 49 175 — 86 474
Total 31.12.08 110 253 57 464 576 742 51 494 49 475 — 845 428
31.12.07 327 933 67 080 424 668 73 924 320 — 893 925
Liabilities
Due to banks 25 827 — 64 054 27 714 — — 117 595
Due to clients 488 033 11 114 16 733 200 — — 516 080
Total 31.12.08 513 860 11 114 80 787 27 914 — — 633 675
31.12.07 401 371 13 486 205 146 74 512 — — 694 515
3.13 Amounts due from and due to affiliated companies as well as loans and exposures to members of the Bank’s governing bodies
CHF 1000 31.12.08 31.12.07
Due from affiliated companies 9 762 —
Due to affiliated companies 274 3 613
Loans and exposures to members of the Bank’s governing bodies 637 2 523
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 Repor t 2008
31
3.14 Assets and liabilities by domestic and foreign origin
CHF 1000 31.12.08 31.12.07
Domestic Foreign Domestic Foreign
Assets
Cash 19 619 — 16 724 —
Due from banks 30 936 354 745 74 947 342 664
Due from clients 116 495 233 358 127 528 273 257
Securities and precious metal trading portfolios 3 800 — 58 806 —
Financial investments 86 474 — — —
Participations 100 1 000 100 1 000
Fixed assets 485 — 483 —
Accrued income and prepaid expenses 12 073 1 265 18 680 1 984
Other assets 12 445 16 851 2 837 8 760
Total 282 427 607 219 300 105 627 665
Liabilities and shareholders’ equity
Due to banks 24 162 93 433 19 925 433 395
Due to clients 131 732 384 350 91 244 149 951
Accrued expenses and deferred income 42 427 1 005 46 135 2 156
Other liabilities 12 585 22 158 7 242 8 847
Valuation adjustments and provisions 28 335 — 26 482 —
Reserves for general banking risks 18 000 — 18 000 —
Share capital 60 000 — 20 000 —
General legal reserve 23 700 — 21 400 —
Other reserves 16 500 — 42 900 —
Retained earnings brought forward 193 — 144 —
Net income 31 066 — 39 949 —
Total 388 700 500 946 333 421 594 349
Schroder & Co Bank AG | Annual Repor t 2008
32
3.15 Assets by countries / country groups
CHF 1000 31.12.08 31.12.07
Total in % Total in %
Assets
Europe
– Germany 38 067 4.3% 22 329 2.4%
– United Kingdom 68 351 7.7% 229 155 24.7%
– Switzerland 282 427 31.8% 300 104 32.4%
– Rest of Europe 292 783 32.9% 137 098 14.8%
Total Europe 681 628 76.7% 688 686 74.3%
North America 42 960 4.8% 50 529 5.4%
Asia 10 211 1.1% 10 211 1.1%
Other countries 154 847 17.4% 178 344 19.2%
Total 889 646 100.0% 927 770 100.0%
Schroder & Co Bank AG | Annual Repor t 2008
33
3.16 Assets by currencies
CHF 1000 31.12.2008
Currencies CHF EUR USD Precious Other Total metals
Assets
Cash 17 915 1 453 137 — 113 19 618
Due from banks 103 630 38 821 188 614 9 195 45 421 385 681
Due from clients 66 005 137 746 102 786 — 43 316 349 853
Securities and precious
metal trading portfolios 3 800 — — — — 3 800
Financial investments 79 844 — — 6 631 — 86 475
Participations 1 100 — — — — 1 100
Fixed assets 485 — — — — 485
Accrued income and prepaid expenses 10 806 784 610 — 1 138 13 338
Other assets 29 284 7 4 — 1 29 296
Total balance sheet assets 312 869 178 811 292 151 15 826 89 989 889 646
Assets deriving from FX spot,
FX forward and FX option transactions 281 956 337 202 313 585 — 123 363 1 056 106
Total assets 594 825 516 013 605 736 15 826 213 352 1 945 752
Liabilities and shareholders’ equity
Due to banks 1 811 38 334 52 572 — 24 878 117 595
Due to clients 104 461 128 075 227 390 15 826 40 329 516 081
Accrued expenses and deferred income 42 428 433 467 — 104 43 432
Other liabilities 34 262 21 460 — 1 34 744
Valuation adjustments and provisions 28 335 — — — — 28 335
Reserves for general banking risks 18 000 — — — — 18 000
Share capital 60 000 — — — — 60 000
General legal reserve 23 700 — — — — 23 700
Other reserves 16 500 — — — — 16 500
Retained earnings brought forward 193 — — — — 193
Net income 31 066 — — — — 31 066
Total balance sheet liabilities 360 756 166 863 280 889 15 826 65 312 889 646
Liabilities deriving from FX spot,
FX forward and FX option transactions 238 315 348 713 324 533 — 146 543 1 058 104
Total liabilities 599 071 515 576 605 422 15 826 211 855 1 947 750
Net position by currency (4 246) 437 314 — 1 497 (1 998)
Schroder & Co Bank AG | Annual Repor t 2008
34
4.1 Contingent liabilities
CHF 1000 31.12.08 31.12.07
Credit guarantees 53 372 78 985
Irrevocable commitments 15 507 31 089
Total 68 879 110 074
4.2 Confirmed credits
CHF 1000 31.12.08 31.12.07
Obligations under deferred payments — 1 671
4.3 Outstanding derivative instruments
CHF 1000
Positive Negative Contract replacement replacement volume values values
Foreign exchange instruments
Forward contracts 28 715 30 642 1 056 104
Options (OTC) — — —
Indices
Forward contracts — — —
Options (OTC) 4 4 629
Total 31.12.08 28 719 30 646 1 056 733
31.12.07 10 835 11 620 1 224 322
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
4. Information on Of f-Balance Sheet Transactions
Schroder & Co Bank AG | Annual Repor t 2008
35
Outstanding derivative instruments by counterparties
CHF 1000 31.12.08 31.12.07
Positive Negative Contract Positive Negative Contract replacement replacement volume replacement replacement volume
values values values values
Banks 17 299 3 731 382 203 3 623 2 841 320 030
Non banks 11 420 26 915 674 530 7 212 8 779 904 292
Total 28 719 30 646 1 056 733 10 835 11 620 1 224 322
4.4 Fiduciary transactions
CHF 1000 31.12.08 31.12.07
Fiduciary deposits
Fiduciary deposits in CHF 59 495 93 539
Fiduciary deposits in European currencies 2 096 265 3 163 616
Fiduciary deposits in USD 771 039 827 133
Fiduciary deposits in other currencies 11 571 18 974
Total 2 938 370 4 103 262
Fiduciary credits
Fiduciary credits in CHF 600 600
Fiduciary credits in European currencies 1 992 2 635
Fiduciary credits in USD 15 753 11 988
Total 18 345 15 223
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
Schroder & Co Bank AG | Annual Repor t 2008
36
4.5 Funds under management
CHF 1000 31.12.08 31.12.07
Assets in own managed investment funds 535 328 1 536 023
Assets under discretionary management 3 065 416 4 201 084
Assets subject to other management 6 404 618 8 439 403
Total funds under management (including double counting) 10 005 362 14 176 510
of which double counting 44 412 93 326
Total funds under management (excluding double counting) 9 960 950 14 083 184
of which Private Banking 6 753 702 9 087 155
of which Institutional Business 3 207 248 4 996 029
Net inflow/outflow of assets:
– Private Banking (25 628) 420 052
– Institutional Business (789 947) (604 395)
Total net inflow/outflow of assets (815 575) (184 343)
– 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 Repor t 2008
37
5.1 Results from trading operations
CHF 1000 2008 2007
Securities (951) (9)
Foreign exchange 9 152 8 880
Total 8 201 8 871
5.2 Personnel expenses
CHF 1000 2008 2007
Authorities, meeting compensations and fixed compensations 210 210
Salaries and extras 39 232 41 070
Social security contributions 1 787 1 613
Pension plan contributions 5 766 4 368
Other personnel expenses 2 122 2 614
Total 49 117 49 875
5.3 Operating expenses
CHF 1000 2008 2007
Occupancy expenses 5 836 6 381
Expenses for EDP, machinery, fixtures and fittings,
vehicles and other equipment 4 073 5 658
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 17 262 18 943
Total 27 171 30 982
5. Information on the Prof it and Loss Account
Schroder & Co Bank AG | Annual Repor t 2008
38
5.4 Extraordinary Income
The extraordinary income in 2007 arose from the reversal of legal proceeding provisions no longer required.
5.5 Post Balance Sheet EventsThe negative developments on the security markets between the balance sheet date and the presentation of the annual report
by the Board of Directors on 10th March 2009 resulted in a collateral shortfall on lombard loans in the amount of about
CHF 10.9 million. These credit positions are being monitored on an ongoing basis and, if needed, a provision would be created.
Ext
ract
10
Au
stra
lian
do
llar
note
(A
ust
ralia
)
Schroder & Co Bank AG | Annual Repor t 2008
41
Repor t of the Statutor y Auditor
As statutory auditor, we have audited the financial
statements of Schroder & Co Bank AG, which com-
prise the balance sheet, income statement and notes,
for the year ended 31 December 2008.
Board of Directors’ responsibility
The Board of Directors is responsible for the prepara-
tion of the financial statements in accordance with the
requirements of Swiss law and the company’s articles
of incorporation. This responsibility includes designing,
implementing and maintaining an internal control system
relevant to the preparation of financial statements that are
free from material misstatement, whether due to fraud or
error. The Board of Directors is further responsible for se-
lecting and applying appropriate accounting policies and
making accounting estimates that are reasonable in the
circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these finan-
cial statements based on our audit. We conducted our
audit in accordance with Swiss law and Swiss Auditing
Standards. Those standards require that we plan and per-
form the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the fi-
nancial statements. The procedures selected depend on
the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assess-
ments, the auditor considers the internal control system
relevant to the entity’s preparation of the financial state-
ments in order to design audit procedures that are ap-
propriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness on the entity’s
internal control system. An audit also includes evaluating
the appropriateness of the accounting policies used and
the reasonableness of accounting estimates made, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the financial statements for the year ended
31 December 2008 comply with Swiss law and the com-
pany’s articles of incorporation.
Report on other legal requirements
We confirm that we meet the legal requirements on licens-
ing according to the Auditor Oversight Act (AOA) and
independence (article 728 CO and article 11 AOA) and
that there are no circumstances incompatible with our in-
dependence.
In accordance with article 728a paragraph 1 item 3 CO
and Swiss Auditing Standard 890, we confirm that an in-
ternal control system exists which has been designed for
the preparation of financial statements according to the
instructions of the Board of Directors.
We further confirm that the proposed appropriation of
available earnings complies with Swiss law and the com-
pany’s articles of incorporation. We recommend that the
financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Roman Berlinger, Audit expert, Auditor In Charge
Beatrice Kiefer, Audit expert
Zurich, 10 March 2009
Ext
ract
10
0 U
S d
olla
r no
te (
US
A)
Schroder & Co Bank AG | Annual Repor t 2008
43
Board and Senior Staf f
Senior Management
Otto J. Amberg, Alexis André, Beat Bochsler, Norbert
Brestel, Philipp Bruderer *, 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,
Karl Gallmann, Marco Ghilotti, Enrique Gil, Roland Heule,
Béatrice Hirzel Corte, Jean-Jacques Hunziker, Michael
Kiepert, Jürg Klingler, Bernhard H. Leibkutsch, Daniel
Lenz, Samuel Moulin, Stephan Ochsner, Andreas
Pletscher, Christoph Portmann, Denis Purmann, Stefano
Scanzoni *, Christian Schmid, Ulysse-Oliver Traub, Urs
Winiger, Antonio Winspeare Guiccardi, Stephan Zumsteg
* Member of Senior Management since 01.03.09
External Auditors
PricewaterhouseCoopers AG, Zürich
Board of Directors
Philip Mallinckrodt
Chairman
Dr. François R. Bochud
Deputy Chairman (since 11.09.08)
Dr. Martin K. Eckert
Jean-Claude Marchand
Jean-Charles Roguet
Executive Board
Luc Denis
Chairman, Head of Private Banking
Heinz Scheiwiller
Deputy Chairman, Head of Service Centre Private Banking
Stephen J. Mills
Member, Head of Schroder Investment Management (SIM) Switzerland
Martin R. Liebi
Member, Head of Private Banking Zurich
Boards’ Changes
On 18 May 2008, Jonathan Asquith stepped down as
Deputy Chairman of the Board of Directors. The Board
wishes to convey its sincere thanks for his valuable contri-
bution and dedicated service to the Bank’s success.
At the Board of Directors Meeting held on 11 September
2008, Dr. François R. Bochud, already a Member, was
newly elected as Deputy Chairman. The Board would like
to thank him for taking over this responsibility and wishes
him every success in his endeavours.
As of 1 June 2008, Martin R. Liebi became Head of
Private Banking at our head office in Zurich and Member
of the Bank’s Executive Board. He took over from Rudolf
Stäger who left the Bank in summer 2008 and whom the
Board wishes to thank for his contribution over the years.
Martin R. Liebi’s experience and profile in private banking
will be invaluable and the Board wishes him much success
in his future tasks.
Ext
ract
10
Chi
nese
yu
an n
ote
(C
hina
)
Schroder & Co Bank AG | Annual Repor t 2008
44
Main Schroder Branches
Group’s Head Office
United Kingdom
Schroders 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
Channel Islands
Schroder 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
Denmark
Schroder Investment Management Fondsmæglerselskabet A/SStore Strandstræde 211255 KøbenhavnTel + 45 33 15 18 22
France
Schroder Investment Management Limited8–10 rue Lamennais, 75008 ParisTel + 33 (0)1 53 85 85 85
Germany
Schroder Investment Management GmbHTaunustor 260311 Frankfurt am MainTel + 49 (0)69 97 57 17 0
Schroder & Co LimitedTaunustor 260311 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
Italy
Schroders 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
Luxembourg
Schroder Investment Management (Luxembourg) S.A.5 rue Höhenhof, 1736 SenningerbergTel + 352 341 34 22 02
Netherlands
Schroder Investment ManagementBenelux N.V.Waldeck Pyrmontlaan 131075 BT AmsterdamTel + 31 (0)20 305 28 40
Sweden
Schroder Investment Management Fondsmæglersgelskab A/SSveavägen 9, 11157 StockholmTel + 46 (0)8 678 40 10
Switzerland
Schroder & Co Bank AG Central 2, 8001 ZürichTel + 41 (0)44 250 11 11
Schroder & Co Bank AGService Centre Private BankingPfingstweidstrasse 608005 ZürichTel +41 (0)44 250 11 11
Schroder & Co Banque SA8, rue d’ltalie, 1204 GenèveTel + 41 (0)22 818 41 11
Spain
Schroder Investment Management LimitedCalle Pinar 7, 28006 MadridTel + 34 91 590 95 41
Schroders & CoCalle Pinar 7, 28006 MadridTel +34 91 590 95 31
Americas
Argentina
Schroder Investment Management S.A.Ing. Enrique Butty 220C1001AFB - Buenos AiresTel +54 11 43 17 13 00
Bermuda
Schroders (Bermuda) Limited131 Front Street, Hamilton HM 12Tel +1 441 292 49 95
Brazil
Schroder Investment ManagementBrasil S.A.Rua Joaquim Floriano, 72São Paulo, SP, Brasil 04534-000Tel +55 11 30 54 51 55
Cayman Islands
Schroder Cayman Bank and Trust Company LimitedPO Box 1040 GT, Harbour CentreGrand Cayman, British West IndiesTel +1 345 949 28 49
Schroder & Co Bank AG | Annual Repor t 2008
45
Mexico
Schroder 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
USA
Schroder 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
Australia
Schroder Investment ManagementAustralia Limited123 Pitt Street, Sydney, NSW 2000Tel +61 (0)2 92 10 92 00
China
Schroders plc 7 Finance StreetXicheng District, Beijing 100140Tel +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 Pacific Place, 88 QueenswayHong Kong SARTel +852 25 21 16 33
India
Schroders India Private LimitedRamnord House77, Dr. Annie Besant RoadWorliMumbai, 400018, MaharashtraTel +91 22 2410 1010
Indonesia
PT Schroder Investment Management IndonesiaJakarta Stock Exchange BuildingJl. Jend. Sudirman Kav. 52–53,Jakarta 12190Tel +62 21 515 01 01
Japan
Schroder Investment Management (Japan) LimitedPacific Century Place Marunouchi1-11-1 Marunouchi, Chiyoda-ku, Tokyo 100-6224Tel +81 (0)3 52 93 15 00
Korea
Schroders Korea LimitedSeoul Finance Centre, 84 Taepyungro 1ga Chung-gu, Seoul 100-768Tel +82 2 37 83 05 00
Singapore
Schroder Investment Management (Singapore) Limited65 Chulia Street, #46-00, OCBC CentreSingapore 049513Tel +65 65 35 34 11
Schroder & Co. (Asia) Limited11 Beach Road #06-01Singapore 189675Tel +65 65 07 01 23
Taiwan
Schroder 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
Dubai
Schroder Investment Management LimitedDubai International Financial CentreP.O. Box 506612DubaiTel +971 4 704 9100
Schroder & Co Bank AG | Annual Repor t 2008
46
© 2009Schroder & Co Bank AG Annual Report 2008
Project management:Schroder & Co Bank AG
Concept:Peter Bütikofer & Company, Zurich
Design, production:markenart, Zurich
Printed by:Lenggenhager Druck, Zurich
The Annual Report 2008 is also published in German. The German version takes precedence.
The web version of the Annual Report 2008 is available at www.schroders.ch
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
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
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
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