Hauptsitz
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
Niederlassung
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
Schroder Trust SA
12, rue Ami-Lullin
1207 Genève
Tel +41 (0)22 818 41 22
Fax +41 (0)22 818 41 28
Tochtergesellschaften
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 2009
3
Content
Chairman’s Statement 4
Executive Board’s Statement 7
Balance Sheet 11
Off Balance Sheet Transactions 12
Profit and Loss Account 13
1. Comments on Business Activities 16
2. Principal Accounting Policies and Valuation Principles 20
3. Information on the Balance Sheet 25
4. Information on Off Balance Sheet Transactions 35
5. Information on the Profit and Loss Account 38
Report of the Statutory Auditor 41
Board and Senior Staff 42
Main Schroder Branches 44
Front page: Extract 50 pound sterling note (United Kingdom)Left page: Extract 500 Indian rupee note (India)
Schroder & Co Bank AG | Annual Repor t 2009
4
Chairman’s Statement
At the start of 2009, the world’s financial markets were still
feeling the effects of the global crisis, which had spread
from the financial sector to broad swathes of the global
economy in 2008. The markets remained volatile during
the year: the FTSE All-Share Index gained 30.66% and the
MSCI World Index increased by 30.81%.
As in 2008, market volatility formed a key variable influ-
encing earnings in the banking sector. Many investors re-
mained uncertain in 2009 and continued to favour liquidity.
Schroder & Co Bank AG’s net income fell by 40% from
CHF 31.1 million in 2008 to CHF 18.8 million in 2009. This
fall in earnings was due to two factors: commission in-
come decreased due to the adverse market situation and
interest income was also down as rates reached unpre-
cedented lows.
The Board of Directors is proposing to the General Meet-
ing the distribution of an ordinary dividend of CHF 16 mil-
lion (previous year: CHF 22 million). It is also proposing
that CHF 1.3 million (previous year: CHF 1.9 million) be
allocated to the general statutory reserve and CHF 1.4 mil-
lion (previous year: CHF 7.3 million) to other reserves. As a
result, the Bank’s reported equity capital after payment of
the dividend will stand at CHF 130.2 million (previous year:
CHF 127.5 million).
Schroders in Switzerland took an important step by separ-
ating the two business areas of Private Banking and Insti-
tutional Asset Management and Fund Distribution into two
operational and formally independent units, thus enabling
each area to focus on its core business.
There has also been a new appointment to the Board of
Directors. Markus Rütimann, Chief Operating Officer of
the Schroder Group, joined the Board of Directors on 14
September 2009.
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.
Philip Mallinckrodt, Chairman of the Board of Directors
Executive Board (from the top left):Luc Denis, Chairman, Head of Private Banking; Heinz Scheiwiller, Deputy Chairman, Head of Service Centre Private Banking; Jean-Jacques Hunziker, Head Legal and Compliance; Michael Kiepert, Head Banking, Treasury and Risk Management; Martin Liebi, Head of Private Banking Zurich
Schroder & Co Bank AG | Annual Repor t 2009
7
Executive Board’s Statement
The revenues of Schroder & Co Bank AG fell by 20% in
2009, which was due to lower commission and inter-
est income. The commission business suffered from the
volatile market situation and investors maintaining their
penchant for liquidity. Commission income thus amounted
to CHF 61 million, 25% lower than in the previous year. In-
terest rates also hit historic lows in 2009; the Bank’s inter-
est income fell by 35% to CHF 9.7 million. Increased client
liquidity explains the marked rise in Schroder & Co Bank
AG’s total assets to CHF 1.6 billion. The amount due to
clients rose from CHF 516 million in 2008 to CHF 1.2 billion
in the reporting year.
On a more positive note, the trading result improved, albeit
slightly, primarily due to the gratifying securities trading
profit. There were no losses on securities.
Developments on the cost side were also positive. Oper-
ating expenses fell from CHF 76.3 million in the previous
year to CHF 70.1 million in 2009. This was mainly due to
lower personnel expenses during the year. Other operating
expenses were also lower than in 2008, as the strategy of
merging in-house banking services created further syn-
ergies. Nevertheless, lower costs were unable to entirely
offset the fall in revenues. Net income for Schroder & Co
Bank AG amounted to CHF 18.8 million (versus CHF 31.1
million in the previous year).
Difficult market conditions had a substantial impact on
daily business. Nevertheless, the Bank was still able to
benefit from the fundamentals that it has nurtured over the
years. The Bank’s longstanding conservative investment
strategies played a big role in bolstering client confidence,
leading to an increase in the volume of assets under man-
agement. This is a clear indication that Schroder & Co
Bank AG enjoys many opportunities in the Swiss market.
The long-term strategy of extending the profile of
Schroders Private Banking in the Swiss market will be
maintained. The ongoing recruitment in Zurich and Geneva
will strengthen Schroders’ market position in Switzerland
and bring long-term benefits. We are convinced that ex-
tending and adding value to our services will raise our pro-
file with our target client segment, thus generating more
client assets.
Schroder & Co Bank AG | Annual Repor t 2009
8 In 2009 the necessary preparations were made to sep-
arate the institutional asset management from the private
client business. This step was completed on 1 January
2010. The institutional business and fund distribution were
incorporated into the former Swiss Re Asset Management
Funds (Switzerland) AG (acquired in 2008) now known
as Schroder Investment Management (Switzerland) AG,
which employs about 30 staff. We have every confidence
that this strategy of having two independently operating
companies focusing on their core businesses is in the best
interest of both areas.
The composition of the Executive Board also changed.
Jean-Jacques Hunziker, Head of Legal & Compliance
and Michael Kiepert, Head of Banking, Treasury and Risk
both joined the Executive Board on 17 September 2009.
Stephen Mills, CEO of the new Schroder Investment Man-
agement (Switzerland) AG, left the Executive Board of
Schroder & Co Bank AG on 31 December 2009. We would
like to thank Mr Mills for his contribution and wish him
every success in his new position.
Private Banking
In spite of the volatile state of the markets, we continued
to expand our teams in Zurich and Geneva in 2009.
Private clients’ assets under management increased by
7.5% to CHF 7.3 billion, despite a small net money outflow
of CHF 60.2 million. Earnings from commission business
fell due to clients’ strong preference for liquidity during the
year, which caused the volume of stock market transac-
tions to go down. Interest income suffered from historically
low interest rates, while trading business was slightly posi-
tive.
Institutional Asset Management
and Fund Distribution
This division covers all aspects of fund management, the
administration and management of institutional assets, as
well as the distribution of Schroder funds domiciled in Lux-
embourg. On 1 January 2010, the division was transferred
to the new Schroder Investment Management (Switzer-
land) AG, which arose from the acquisition of the former
Swiss Re Asset Management Funds (Switzerland) AG. As
an independent company it now has an extremely com-
petitive product and services portfolio, which will enable it
to bring more vigour to developing its Swiss operations.
Schroder & Co Bank AG | Annual Repor t 2009
9Service Centre Private Banking
The in-house Service Centre Private Banking enjoyed
a successful year. It provided CHF 14.6 million worth of
operational, IT and financial services for Schroder com-
panies in Guernsey, London and Switzerland. It is foreseen
that later this year, the Service Centre Private Banking will
also assume tasks for another Schroder Group entity. The
Service Centre Private Banking provides custody services
for Schroder Investment Management (Switzerland) AG
and thus has an important interface function between the
two operational units in Switzerland.
Schroder & Co Bank AG | Annual Repor t 2009
11
Ext
ract
10
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0 S
out
h K
ore
an w
on
note
(S
out
h K
ore
a)
Balance Sheetas of 31 December 2009
CHF Notes 31.12.09 31.12.08
Assets
Liquid assets 219 439 812 19 618 747
Due from banks 906 399 621 385 681 460
Due from clients 3.1 345 738 877 349 853 209
Mortgages 3.1 300 000 —
Securities and precious metal trading portfolios 3.2 — 3 799 825
Financial investments 3.3, 3.7 89 718 260 86 474 430
Participations 3.4 1 100 000 1 100 000
Fixed assets 3.5 439 812 484 669
Accrued income and prepaid expenses 13 596 592 13 338 013
Other assets 3.6 12 348 363 29 295 346
Total assets 1 589 081 337 889 645 699
Total due from group entities and
significant shareholders 17 014 069 844 484
Liabilities and shareholders’ equity
Due to banks 129 447 165 117 595 054
Due to clients 1 243 071 694 516 079 532
Accrued expenses and deferred income 27 733 054 43 432 294
Other liabilities 3.6 14 328 941 34 743 716
Valuation adjustments and provisions 3.9 28 259 217 28 335 386
Reserves for general banking risks 3.9 18 000 000 18 000 000
Share capital 3.10, 3.11 60 000 000 60 000 000
General legal reserve 3.11 25 600 000 23 700 000
Other reserves 3.11 23 800 000 16 500 000
Retained earnings brought forward 59 718 193 287
Net income 18 781 548 31 066 430
Total liabilities and shareholders’ equity 1 589 081 337 889 645 699
Total due to Group entities and
significant shareholders 23 959 509 16 091 989
Schroder & Co Bank AG | Annual Repor t 2009
12
CHF Notes 31.12.09 31.12.08
Contingent liabilities 3.1, 4.1 40 545 299 68 878 536
Confirmed credits 3.1, 4.2 — —
Irrevocable commitments 3.1 2 786 000 1 740 000
Derivative instruments 4.3
– positive replacement values 11 755 610 28 718 737
– negative replacement values 11 613 652 30 645 761
– notional amounts 1 348 083 489 1 056 733 152
Fiduciary transactions 4.4
Fiduciary placements with third parties 1 679 862 838 2 938 369 940
Fiduciary credits 17 493 938 18 345 489
Off Balance Sheet Transactionsas of 31 December 2009
Schroder & Co Bank AG | Annual Repor t 2009
13
Prof it and Loss Accountfor the period from 1 January to 31 December 2009
CHF Notes 2009 2008
a) Revenues and expenses from ordinary banking activities
Results from interest activities
Interest and discount income 9 671 402 24 627 523
Interest and discount income from financial investments 2 637 917 1 080 722
Interest expenses (2 560 582) (10 728 915)
Total 9 748 737 14 979 330
Results from commission and service fee activities
Commission income on lending activities 791 844 1 017 338
Commission income on securities and investment transactions 70 785 836 89 975 681
Commission income on other services 1 120 285 1 019 029
Commission expenses (11 618 183) (10 144 474)
Total 61 079 782 81 867 574
Results from trading operations 5.1 9 448 531 8 201 009
Other ordinary results
– Income from administrative services
provided by the Service Centre 14 608 735 13 735 899
– Other ordinary income 885 751 —
Other ordinary expenses (742 906) (14 400)
Total 14 751 580 13 721 499
Operating expenses
– Personnel expenses 5.2 (45 901 418) (49 117 202)
– Other operating expenses 5.3 (24 157 071) (27 171 027)
Total (70 058 489) (76 288 229)
Gross profit 24 970 141 42 481 183
Schroder & Co Bank AG | Annual Repor t 2009
14
CHF Notes 2009 2008
b) Net income
Gross profit 24 970 141 42 481 183
Depreciation and write-offs of non-current assets 3.5 (199 481) (467 931)
Valuation adjustments, provisions and losses (11 394 861) (2 103 690)
Results before extraordinary items and taxes 13 375 799 39 909 562
Extraordinary income 5.4 11 414 042 —
Taxes (6 008 293) (8 843 132)
Net income 18 781 548 31 066 430
c) Allocation of retained earnings
Net income 18 781 548 31 066 430
Retained earnings brought forward 59 718 193 287
Total 18 841 266 31 259 717
Retained earnings at the end of the period 18 841 266 31 259 717
Allocation of retained earnings
Ordinary dividend (16 000 000) (22 000 000)
Allocation to general legal reserve (1 300 000) (1 900 000)
Allocation to other reserves (1 400 000) (7 300 000)
Retained earnings carried forward 141 266 59 717
Ext
ract
20
0 P
olis
h zł
oty
note
(P
ole
n)
Schroder & Co Bank AG | Annual Repor t 2009
16
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 to a limited extent 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, Schroders (C.I.) Limited, Guernsey and Schroder
Investment Management (Switzerland) AG, Zurich). 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 that the authority for decisions in this area remains in
the Board of Directors’ responsibility.
Schroder & Co Bank AG | Annual Repor t 2009
17Details 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.
Capital adequacy
CHF 1000 2009 2008
Eligible adjusted capital 126 360 117 293
Total minimum capital requirement 63 956 53 930
– thereof for credit risk 46 988 37 710
– thereof for non-counterparty related risks 220 242
– thereof for market risks 750 1 249
– thereof for operational risks 16 868 16 280
– thereof for deductions from minimum capital requirements (870) (1 551)
Capital requirement coverage ratio 198% 217%
Schroder & Co Bank AG | Annual Repor t 2009
18 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-time
and 25 part-time employees, for a total of 187 (or 177.8
full-time equivalent positions; previous year: 176.3). E
xtra
ct 1
00
Bra
zilia
n re
al n
ote
(Bra
zil)
Schroder & Co Bank AG | Annual Repor t 2009
20
2. Pr incipal Accounting Policies and Valuation Pr inciples
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 at their nomi-
nal value or at cost less any individual valuation adjust-
ments required for impaired assets.
Loans
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-
Schroder & Co Bank AG | Annual Repor t 2009
21tive 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 or-
dinary income” or “Other ordinary expenses”. Debt securi-
ties to be held until maturity are valued at cost. Any pre-
mium or discount ist amortized over the life of the security.
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-
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:
2009 2008
EUR 1.4848 1.4869
GBP 1.6734 1.5621
USD 1.0368 1.0638
JPY 1.1149 1.1733
Schroder & Co Bank AG | Annual Repor t 2009
22 Valuation 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 at least the benefits mandatory by law. The
“Vorsorgestiftung” of Schroder & Co Bank AG grants ben-
efits 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”.
Ext
ract
10
00
Cze
ch c
row
n no
te (
Cze
ch R
epub
lic)
Schroder & Co Bank AG | Annual Repor t 2009
23
Ext
ract
10
00
Cze
ch c
row
n no
te (
Cze
ch R
epub
lic)
Schroder & Co Bank AG | Annual Repor t 2009
25
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 — 319 037 26 702 345 739
Mortgages
– Residential real estate 300 — — 300
Total 31.12.09 300 319 037 26 702 346 039
31.12.08 — 331 853 18 000 349 853
Off balance sheet transactions
Contingent liabilities 6 694 29 166 4 685 40 545
Irrevocable commitment to the Swiss
Bankers’ and Securities Dealers’
Deposit Guarantee Association, Basel — — 2 786 2 786
Total 31.12.09 6 694 29 166 7 471 43 331
31.12.08 6 248 60 549 3 821 70 618
Gross Estimated Net Specific amount collateral amount provision proceeds
Impaired loans 31.12.09 30 167 16 558 13 609 13 609
31.12.08 2 485 — 2 485 2 485
3.2 Securities and precious metals trading portfolios
CHF 1000 31.12.09 31.12.08
Debt securities and rights
– Exchange traded — —
Shares and similar securities and rights — 3 800
Total — 3 800
of which qualify as repos as defined in the liquidity rules — —
(Trading positions in derivatives are included under 4.3)
3. Information on the Balance Sheet
Ext
ract
10
0 S
ing
apo
re d
olla
r no
te (
Sin
gap
ore
)
Schroder & Co Bank AG | Annual Repor t 2009
26
3.3 Financial investments
CHF 1000 31.12.09 31.12.08 31.12.09 31.12.08
Book value Book value Fair value Fair value
Debt securities and rights
– with the intention to hold to maturity 81 506 79 844 82 038 81 213
Precious metals 8 212 6 630 8 212 6 630
Total 89 718 86 474 90 250 87 843
of which qualify as repos as defined in the liquidity rules 82 038 81 213
3.4 Participations
CHF 1000 31.12.09 31.12.08
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 31.12.08 31.12.09
Historical Accumulated Book value Additions Disposals Depreciation Book value cost depreciation
Total majority participations 1 100 — 1 100 — — — 1 100
Other fixed assets 4 490 (4 006) 485 154 — (199) 440
Total 5 590 (4 006) 1 585 154 — (199) 1 540
Fire insurance value of other fixed assets 15 382
Liabilities: future operational lease commitments 10 346
Schroder & Co Bank AG | Annual Repor t 2009
27
3.6 Other assets and other liabilities
CHF 1000 31.12.09 31.12.08
Other assets Other liabilities Other assets Other liabilities
Replacement costs of derivative instruments 11 756 11 614 28 719 30 646
Indirect taxes and stock exchange fees 478 2 409 388 3 529
Other assets and liabilities 114 306 188 569
Total 12 348 14 329 29 295 34 744
3.7 Assets pledged or ceded to secure own liabilities and assets subject to ownership reservation
CHF 1000 31.12.09 31.12.08
Assets pledged Effective liability Assets pledged Effective liability (Book value) (Book value)
Own securities 67 400 47 807 71 400 27 413
There are no loans nor pension transactions with securities.
Schroder & Co Bank AG | Annual Repor t 2009
28
3.8 Pension plans
CHF 1000 31.12.09 31.12.08
The liabilities due to own pension plans at the balance
sheet date amounted to: 3 895 6 753
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 31.12.08
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 31.12.2008, the employer contribution
reserves at period end were: 4 078
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. In the last revised balance deadline of the BVG-Stiftung an obligation of TCHF 4020 resulted from this declaration of guarantee.
Pension plan shortfalls/surpluses at the balance sheet date
CHF 1000 31.12.08 31.12.07
Schroder & Co Bank AG BVG Stiftung (mandatory pension plan) (3 991) 50
Schroder & Co Bank AG Vorsorgestiftung (non-mandatory pension plan) (29) 7
The surpluses disclosed correspond to the excess of the plan assets over the plan liabilities as of 31.12.2008 including the employer contribution reserves to which the employer has waived their right. In 2008 the accounts of the individual plan members were credited with TCH 10 616 out of the unencumbered plan assets.
Contributions to pension funds / pension and related benefits expense
CHF 1000 2009 2008
The Bank’s total contributions to both pension plans for the year amounted to: 4 453 5 766
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: 6 505 7 553
Schroder & Co Bank AG | Annual Repor t 2009
29
3.9 Valuation adjustments, provisions and reserves for general banking risks
CHF 1000
Balance Specific Change in Recoveries, New provisions Reversals Balance
31.12.08 usage and definition of overdue interest, charged to credited to 31.12.09
reversals purpose (re- exchange rate Profit & Loss Profit & Loss classifications) differences statement statement
Loan losses (credit and
country risk) 2 485 (25) — 250 10 963 (64) 13 609
Other provisions 25 850 — — — 150 (11 350) 14 650
Valuation adjustments and
provisions 28 335 (25) — 250 11 113 (11 414) 28 259
31.12.08 26 482 (12) — 15 1 850 — 28 335
Reserves for general
banking risks (fully taxed) 18 000 — — — — — 18 000
31.12.08 18 000 — — — — — 18 000
3.10 Capital structure and shareholders
The share capital amounts to CHF 60 million and is split into 60 000 shares of CHF 1000 nominal value each.
At 31 December 2009 all shares are held directly by Schroder Nederland Finance BV, Amsterdam. That company is ultimately
wholly-owned by Schroders plc, London.
On 9 March 2009, respectively on 10 March 2008 Schroders plc was notified pursuant to “FSA’s Disclosure and Transparency
Rule 5.1.2 R” of the following interests of 3% or more in the ordinary shares:
09.03.2009 10.03.2008
Shares Schroders plc Stake Shares Schroders plc Stake Vincitas Limited 60 951 886 26.97% 62 861 892 27.81%
Veritas Limited 39 218 470 17.35% 37 308 464 16.51%
Flavida Limited 60 951 886 26.97% 62 861 892 27.81%
Fervida Limited 40 188 706 17.78% 38 278 700 16.94%
Harris Associates L.P. 13 543 841 5.99% 12 919 102 5.72%
Legal & General Group Plc n/a n/a 6 873 379 3.04%
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 2009
30
3.11 Statement of changes in shareholders’ equity (before profit distribution)
CHF 1000
Shareholders’ equity at the beginning of 2009
Paid-in share capital 60 000
General legal reserve 23 700
Other reserves 16 500
Reserves for general banking risks 18 000
Retained earnings brought forward 31 260
Total shareholders’ equity at the beginning of 2009 149 460
Movements
Dividend 2008 (22 000)
Deduction from available earnings
for allocation to reserves (9 200)
Allocation to legal reserve 1 900
Allocation to other reserves 7 300
Net income 2009 18 782
Total shareholders’ equity at the end of 2009 146 242
Paid-in share capital 60 000
General legal reserve 25 600
Other reserves 23 800
Reserves for general banking risks 18 000
Retained earnings carried forward 18 841
Schroder & Co Bank AG | Annual Repor t 2009
31
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 219 440 — — — — — 219 440
Due from banks 148 367 — 758 033 — — — 906 400
Due from clients 9 109 081 160 691 64 062 11 896 — 345 739
Mortgages — 300 — — — — 300
Securities and precious
metal trading portfolios — — — — — — —
Financial investments 8 213 — — 30 588 50 917 — 89 718
Total 31.12.09 376 029 109 381 918 724 94 650 62 813 — 1 561 597
31.12.08 110 253 57 464 576 742 51 494 49 475 — 845 428
Liabilities
Due to banks 57 294 — 55 238 16 915 — — 129 447
Due to clients 1 224 534 13 494 5 044 — — — 1 243 072
Total 31.12.09 1 281 828 13 494 60 282 16 915 — — 1 372 519
31.12.08 513 860 11 114 80 787 27 914 — — 633 675
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 31.12.09 31.12.08
Due from affiliated companies 37 195 9 762
Due to affiliated companies 375 274
Loans and exposures to members of the Bank’s governing bodies 2 100 49
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 2009
32
3.14 Assets and liabilities by domestic and foreign origin
CHF 1000 31.12.09 31.12.08
Domestic Foreign Domestic Foreign
Assets
Cash 219 440 — 19 619 —
Due from banks 142 114 764 286 30 936 354 745
Due from clients 78 139 267 600 116 495 233 358
Mortgages 300 — — —
Securities and precious metal trading portfolios — — 3 800 —
Financial investments 89 718 — 86 474 —
Participations 100 1 000 100 1 000
Fixed assets 440 — 485 —
Accrued income and prepaid expenses 12 994 603 12 073 1 265
Other assets 3 626 8 722 12 445 16 851
Total 546 871 1 042 211 282 427 607 219
Liabilities and shareholders’ equity
Due to banks 45 330 84 117 24 162 93 433
Due to clients 236 946 1 006 126 131 732 384 350
Accrued expenses and deferred income 27 388 345 42 427 1 005
Other liabilities 7 948 6 381 12 585 22 158
Valuation adjustments and provisions 28 259 — 28 335 —
Reserves for general banking risks 18 000 — 18 000 —
Share capital 60 000 — 60 000 —
General legal reserve 25 600 — 23 700 —
Other reserves 23 800 — 16 500 —
Retained earnings brought forward 60 — 193 —
Net income 18 782 — 31 066 —
Total 492 113 1 096 969 388 700 500 946
Schroder & Co Bank AG | Annual Repor t 2009
33
3.15 Assets by countries / country groups
CHF 1000 31.12.09 31.12.08
Total in % Total in %
Assets
Europe
– Germany 62 400 3.9% 38 067 4.3%
– United Kingdom 219 474 13.8% 68 351 7.7%
– Switzerland 546 872 34.5% 282 427 31.8%
– Rest of Europe 526 451 33.1% 292 783 32.9%
Total Europe 1 355 197 85.3% 681 628 76.7%
North America 63 928 4.0% 42 960 4.8%
Asia 10 482 0.7% 10 211 1.1%
Other countries 159 475 10.0% 154 847 17.4%
Total 1 589 082 100.0% 889 646 100.0%
Schroder & Co Bank AG | Annual Repor t 2009
34
3.16 Assets by currencies
CHF 1000 31.12.2009
Currencies CHF EUR USD Precious Other Total metals
Assets
Cash 217 193 1 833 273 — 141 219 440
Due from banks 25 435 320 030 392 597 34 398 133 940 906 400
Due from clients 49 056 150 272 95 447 — 50 964 345 739
Mortgages 300 — — — — 300
Securities and precious
metal trading portfolios — — — — — —
Financial investments 81 506 — — 8 212 — 89 718
Participations 1 100 — — — — 1 100
Fixed assets 440 — — — — 440
Accrued income and prepaid expenses 10 860 259 260 — 2 218 13 597
Other assets 11 984 7 356 — 1 12 348
Total balance sheet assets 397 874 472 401 488 933 42 610 187 264 1 589 082
Assets deriving from FX spot,
FX forward and FX option transactions 369 684 344 405 457 412 — 176 583 1 348 084
Total assets 767 558 816 806 946 345 42 610 363 847 2 937 166
Liabilities and shareholders’ equity
Due to banks 1 327 35 775 67 143 — 25 202 129 447
Due to clients 181 943 412 093 460 846 42 610 145 580 1 243 072
Accrued expenses and deferred income 26 252 151 164 — 1 166 27 733
Other liabilities 13 813 18 498 — — 14 329
Valuation adjustments and provisions 28 259 — — — — 28 259
Reserves for general banking risks 18 000 — — — — 18 000
Share capital 60 000 — — — — 60 000
General legal reserve 25 600 — — — — 25 600
Other reserves 23 800 — — — — 23 800
Retained earnings brought forward 60 — — — — 60
Net income 18 782 — — — — 18 782
Total balance sheet liabilities 397 836 448 037 528 651 42 610 171 948 1 589 082
Liabilities deriving from FX spot,
FX forward and FX option transactions 372 421 368 563 417 469 — 189 653 1 348 106
Total liabilities 770 257 816 600 946 120 42 610 361 601 2 937 188
Net position by currency (2 699) 206 225 — 2 246 (22)
Schroder & Co Bank AG | Annual Repor t 2009
35
4. Information on Of f Balance Sheet Transactions
4.1 Contingent liabilities
CHF 1000 31.12.09 31.12.08
Credit guarantees 36 027 53 372
Irrevocable commitments 4 518 15 507
Total 40 545 68 879
4.2 Confirmed credits
CHF 1000 31.12.09 31.12.08
Obligations under deferred payments — —
4.3 Outstanding derivative instruments
CHF 1000
Positive Negative Contract replacement replacement volume values values
Foreign exchange instruments
Forward contracts 11 360 11 219 1 313 459
Options (OTC) 395 395 34 624
Options (traded) — — —
Indices
Forward contracts — — —
Options (OTC) — — —
Total 31.12.09 11 755 11 614 1 348 083
31.12.08 28 719 30 646 1 056 733
The above outstanding derivative instruments are held for trading purposes. There are no netting agreements in place.
Schroder & Co Bank AG | Annual Repor t 2009
36
Outstanding derivative instruments by counterparties
CHF 1000 31.12.09 31.12.08
Positive Negative Contract Positive Negative Contract replacement replacement volume replacement replacement volume
values values values values
Banks 3 048 7 635 645 750 17 299 3 731 382 203
Non banks 8 708 3 979 702 333 11 420 26 915 674 530
Total 11 756 11 614 1 348 083 28 719 30 646 1 056 733
4.4 Fiduciary transactions
CHF 1000 31.12.09 31.12.08
Fiduciary deposits
Fiduciary deposits in CHF 14 368 59 495
Fiduciary deposits in European currencies 1 341 397 2 096 265
Fiduciary deposits in USD 312 580 771 039
Fiduciary deposits in other currencies 11 517 11 571
Total 1 679 862 2 938 370
Fiduciary credits
Fiduciary credits in CHF 600 600
Fiduciary credits in European currencies 3 177 1 992
Fiduciary credits in USD 13 717 15 753
Total 17 494 18 345
All fiduciary deposits at year-end were concluded with banks outside of the Schroder Group.
Schroder & Co Bank AG | Annual Repor t 2009
37
4.5 Funds under management
CHF 1000 31.12.09 31.12.08
Private Banking
Assets in own managed investment funds 11 900 15 635
Assets under discretionary management 1 872 450 1 944 719
Assets subject to other management 5 385 014 4 808 984
Total funds under management Private Banking (incl. double counting) 7 269 364 6 769 338
of which double counting 11 900 15 635
Total funds under management Private Banking (excl. double counting) 7 257 464 6 753 703
Total net inflow/outflow of assets (60 211) (25 628)
Institutional Business
Assets in own managed investment funds 391 428 519 693
Assets under discretionary management 718 313 1 047 177
Assets subject to other management 4 438 290 1 669 154
Total funds under management Institutional Business (incl. double counting) 5 548 031 3 236 024
of which double counting 24 323 28 777
Total funds under management Institutional Business (excl. double counting) 5 523 708 3 207 247
Total net inflow/outflow of assets 2 556 776 (789 947)
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 wich are not under custody at Schroder & Co Bank AG.
4.6 Funds administered by the Service Centre Private Banking
CHF 1000 31.12.09 31.12.08
Assets administered Private Banking (cf 4.5.) 7 257 464 6 753 703
Assets administered Institutional Business (cf 4.5.) 5 523 708 3 207 247
Assets administered in connection with the insourcing for Schroder Group companies 12 762 254 9 034 901
Total assets administered by the Service Centre Private Banking 25 543 426 18 995 851
The Bank’s Service Centre Private Banking renders administrative services to other Schroder Group companies in the areas of custody, operations and finance. For this insourcing business the Service Centre charges fees which are reflected in the profit and loss account under the position “Other ordinary results” (see explanation about the Service Centre – insourcing business).
Schroder & Co Bank AG | Annual Repor t 2009
38
5. Information on the Prof it and Loss Account
5.1 Results from trading operations
CHF 1000 2009 2008
Securities 323 (951)
Foreign exchange 9 125 9 152
Total 9 448 8 201
5.2 Personnel expenses
CHF 1000 2009 2008
Authorities, meeting compensations and fixed compensations 216 210
Salaries and extras 38 171 39 232
Social security contributions 2 052 1 787
Pension plan contributions 4 453 5 766
Other personnel expenses 1 009 2 122
Total 45 901 49 117
5.3 Operating expenses
CHF 1000 2009 2008
Occupancy expenses 4 145 5 836
Expenses for EDP, machinery, fixtures and fittings,
vehicles and other equipment 4 890 4 073
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 15 122 17 262
Total 24 157 27 171
Schroder & Co Bank AG | Annual Repor t 2009
39
5.4 Extraordinary Income
The CHF 11.4 million of extraordinary income is due to the reversal of a provision which was no longer necessary.
5.5 Post Balance Sheet EventsAs of 1 January 2010 the Bank’s Institutional Asset Management and Fund Distribution division was transferred to Schroder
Investment Management (Switzerland) AG, which has been a part of the Schroder Group since 2008. The employees of that
division complement the existing team of fund managers and analysts.
That Group’s company now has its own independent integrated platform for the delivery of comprehensive services to institution-
al clients. Following this separation, the Bank will focus on the private banking business and the expansion of the Service Centre
Private Banking. Based on the 2009 results, the Bank expects a reduction in commissions of CHF 22 million and in expenses of
CHF 16 million. The effects on the balance sheet will be minimal.
Schroder & Co Bank AG | Annual Repor t 2009
41
As statutory auditor, we have audited the finan-
cial statements of Schroder & Co Bank AG, which
comprise the balance sheet, income statement and
notes, for the year ended 31 December 2009.
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 judgement, 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 of the entity’s
internal control system. An audit also includes evaluating
the appropriateness of the accounting policies used and
the reasonableness of accounting estimates made, as
well as evaluating the overall 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 2009 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, 4 March 2010
Repor t of the Statutor y Auditor
Ext
ract
10
0 S
wed
ish
kro
na n
ote
(Sw
eden
)
Schroder & Co Bank AG | Annual Repor t 2009
42
Board and Senior Staf f (as of 1 Januar y 2010 )
Board of Directors
Philip Mallinckrodt
Chairman
Dr. François Bochud
Deputy Chairman
Dr. Martin Eckert
Jean-Claude Marchand
Jean-Charles Roguet
Markus Rütimann (since 14.09.09)
Executive Board
Luc Denis
Chairman, Head of Private Banking
Heinz Scheiwiller
Deputy Chairman, Head of Service Centre Private Banking
Jean-Jacques Hunziker
Member, Head Legal and Compliance
Michael Kiepert
Member, Head Banking, Treasury and Risk Management
Martin Liebi
Member, Head of Private Banking Zurich
Senior Management
Otto Amberg
Alexis André
Beat Bochsler
Norbert Brestel
Pierre-Antoine Carron
Beat Cassani
Ann Daverio
Reto Dietrich
Markus Engeler
Slavica Barovic Esnault-Pelterie
Pierre-Louis Favre
Rolf Fischer
Karl Gallmann
Marco Ghilotti
Claudia Giger
Enrique Gil
Roland Heule
Jürg Klingler
Bernhard Leibkutsch
Samuel Moulin
Stephan Ochsner
Andreas Pletscher
Denis Purmann
Stefano Scanzoni
Christian Schmid
Michael Spörndli
Ulysse-Oliver Traub
Urs Winiger
Antonio Winspeare Guiccardi
Paolo Zaglia
External Auditors
PricewaterhouseCoopers AG Zürich
Ext
ract
10
00
0 Ja
pan
ese
yen
note
(Jap
an)
Schroder & Co Bank AG | Annual Repor t 2009
44
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 74 50 01
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 5
Schroder Property Investment Management GmbH (SPrIM)Taunustor 2 (Japan Center)60311 Frankfurt am MainTel +49 (0)69 97 57 17 800
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 Management (SIM) Benelux N.V.De entree 26018th floor1101 EE Amsterdam ZuidoostTel + 31 (0)20 301 65 60
Schroder Property Investment Management GmbHDe entree 26018th floor1101 EE Amsterdam ZuidoostTel + 31 (0)20 301 65 60
Main Schroder Branches
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
Schroder Trust SA12, rue Ami-Lullin1207 GenèveTel +41 (0)22 818 41 22
Spain
Schroder Investment Management LimitedCalle Pinar 7, 28006 MadridTel + 34 91 590 95 41
Schroders & CoCalle Pinar 7, 28006 MadridTel +34 91 590 05 05
Americas
Argentina
Schroder Investment Management S.A.Ing. Enrique Butty 220C1001AFB - Buenos AiresTel +54 11 43 17 13 00
Bermuda
Schroder (Bermuda) Limited131 Front Street, Hamilton HM 12Tel +1 441 292 49 95
Schroder & Co Bank AG | Annual Repor t 2009
45
Brazil
Schroder Investment ManagementBrasil S.A.Rua Joaquim Floriano, 100São 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
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 Penn Mutual Towers520 Walnut StreetSuite 1150Philadelphia, 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 Shanghai IFC Phase INo. 8 Century AvenuePudong, Shanghai 200120Tel +86 21 50 12 05 80
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, 400018MaharashtraTel +91 22 4347 3401
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) Limited21st Floor Marunouchi Trust Tower Main1-8-3 MarunouchiChiyoda-Ku, Tokyo 100-0005
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
South Korea
Schroders Korea LimitedSeoul Finance Centre, 84 Taepyungro 1ga Chung-gu, Seoul 100-768Tel +82 2 37 83 05 00
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 2009
46
© 2010Schroder & Co Bank AG Annual Report 2009
Project management:Schroder & Co Bank AG
Concept:Peter Bütikofer & Company, Zurich
Design, production:markenart, Zurich
Printed by:Lenggenhager Druck, Zurich
The Annual Report 2009 is also published in German. The German version takes precedence.
The web version of the Annual Report 2009 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
Schroder Trust SA
12, rue Ami-Lullin
1207 Genève
Tel +41 (0)22 818 41 22
Fax +41 (0)22 818 41 28
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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