Robeco

Infobox_Company
company_name = Robeco Groep N.V.
company_
company_type = Subsidiary
slogan = The Investment Engineers.
foundation = 1929
location = Rotterdam, The Netherlands
key_people = George Möller (Chairman)
num_employees = 1650 (2007)
industry = Financial services
products = Asset Management
gross revenue = profit €1.353 billion (2007)
net_income = profit € 200.2 million (2007)
operating_income = profit € 819.6 million (2007)
homepage = [http://www.robeco.com/ www.robeco.com]
parent = Rabobank Groep

Robeco is a Dutch asset management firm founded in 1929 as the Rotterdamsch Beleggings Consortium (Rotterdam Investment Consortium). In 2006 the company had more than € 141 billion of assets under management. It was acquired in 2001 by the Rabobank Groep

Robeco offers assets management services to both institutional and private investors. The funds for private investors are available through Robeco itself and other financial institutions, a number of these funds are also listed on major European stock exchanges. Since 1981 the company also offers savings accounts through its own savings bank Roparco.

History

1929 Foundation of the Rotterdamsch Beleggings Consortium (Rotterdam Investment Consortium) and the Robeco fund by a group of prominent businessmen from Rotterdam. The portfolio is diversified globally over the Netherlands, other European countries, North and South America, and the Dutch East Indies. [Slot, B.M.J., Iedereen kapitalist, Amsterdam, 2004, p 130] The company had a startup capital of almost 2 million guilders, but by mid-1932 less than half was left. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 9-20] But the company managed to survive the 1930s and managed to grow during the second world war by heavily investing in United States.
1940-1945 One the eve of WWII, almost half of the portfolio is invested in the US. [Slot, B.M.J., Iedereen kapitalist, Amsterdam, 2004, p 129-130] As a result, Robeco’s assets increase by almost 90% between 1939 and 1946. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 59]
1953 Robeco introduces a share-saving system, allowing people of more modest means to save up for Robeco shares. [Slot, B.M.J., Iedereen kapitalist, Amsterdam, 2004, p 198; Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 66-68]
1959 New listings abroad: Paris (1959), Brussels (1960), London (1962) and numerous other European financial centers. Listings are also obtained in Hong Kong (1971) and Tokyo (1976). [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 71]
1963 Robeco is one of the first foreign investors to enter the Japanese stock market. [Slot, B.M.J., Iedereen kapitalist, Amsterdam, 2004, p 257]
1965 Foundation of Rolinco, a second mutual fund, for investors more interested in capital growth than taxable dividend. [Slot, B.M.J., Iedereen kapitalist, Amsterdam, 2004, p 248]
1969 Robeco has become the largest mutual fund in Europe. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 102]
1974 Foundation of Rorento, Robeco’s first bond fund, as an answer to the oil crisis in 1973. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 109-110]
1980s Robeco opens offices in various European countries, including France, Luxembourg and Switzerland. [ [http://www.robeco.com/eng/press/static/ci/ex_history.jsp] ]
1981 The company opens its own savings bank Roparco. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 110]
1990s The company continued its international strategy in the 1990s by acquiring a number of US based firms.
1990 The company starts a close cooperation with the Rabobank, which would eventually lead to the takeover of Robeco by the Rabobank in 2001. [Duijn, J.J. van, Met gemak betrouwbaar beleggen, Zutphen, 2004, p 151-152]
1999 Introduction of Robeco DuurzaamAandelen [Sustainable Equities] , the first sustainable equity fund launched by a Dutch mainstream asset manager. [IPE, August 2007, p 23]
2000 Robeco North America acquires Urban Shopping Centers
2002 Robeco North America sells all of its Urban Shopping Center investments
2002 Robeco acquires a 60% interest in Boston Partners Asset Management, a value-equity manager based in Boston. [Boston Business Journal, 19 July 2002] The remaining shares are acquired in 2003. [ [http://www.robeco.com/eng/press/static/ci/ex_history.jsp] ]
2002 Robeco acquires a 49% interest in Transtrend, a Rotterdam-based managed-futures trader with a track record going back to 1990. [FEM Business, 1 December 2007, p 38] The remaining shares are acquired in 2007. [Het Financieele Dagblad, 2 March 2007]
2004 Introduction of Robeco Sustainable Private Equity, the first sustainable private-equity fund of funds in the world, developed in cooperation with Rabobank. [IPE, August 2007, p 23]
2006 Introduction of Robeco Clean Tech Private Equity II, an investment program aimed at clean-tech private-equity funds and co-investments, developed in cooperation with Rabobank. [IPE, August 2007, p 23]
2006 Robeco signs the United Nations’ Principles for Responsible Investment. [ [http://www.unpri.org/signatories/#im] ]
2006 Robeco joins the Enhanced Analytics Initiative, a group of international asset owners and asset managers who work together to encourage investment research that considers the impact of extra-financial issues on long-term company performance. [ [http://www.enhancedanalytics.com/portal/Library/Documents/EAI/NEWS/en_LIB04051.pdf] ]
2006 Acquisition of a 64% stake in Swiss based Sustainable Asset Management. SAM Group and Robeco join forces to launch the global number-1 platform for sustainability investments. [ [http://www.efinancialnews.com/assetmanagement/fundmanagement/content/1046743963] ]
2007 For the Belgian market, Robeco decides to focus on third-party distribution; Robeco Bank Belgium is sold to Kaupthing Bank Luxembourg. [ [http://www.euroinvestor.co.uk/News/ShowNewsStory.aspx?StoryID=9636902] ]

Performance

The stocks managed by Robeco performed better than the benchmark over the period 2004-2006, beating the benchmark on average with 0.89%. However performance was weaker over 2006 than it was over 2004 and 2005. The bonds managed by Robeco performed below the benchmark, however.

Headquarters

Robeco is currently headquarters in the 95 meter tall Robeco toren in Rotterdam on the corner of the Coolsingel and Blaak. The building was designed by the architect Wim Quist and was completed in 1992. The building is clad in a polish black granite, which, according to some, gives it a strict and formal appearance [ [http://www.skyscrapercity.com/showthread.php?t=11808&page=2 #26 Robeco, Rotterdam - Page 2 - SkyscraperCity ] ] , while others call it a "doodsquist" [ [http://www.depers.nl/economie/83944/Robeco-groeit-aan-Coolsingel-in-doodsquist-uit-zijn-jasje.html Robeco groeit aan Coolsingel in ‘doodsquist’ uit zijn jasje - dinsdag 12 februari 2008 - DePers.nl ] ] (a pun combining the Dutch word for coffin and the name of the architect).

The building however, was designed to house approximately 700 employees, but the company has since grown to approximately 1600 employees, meaning the current building is too small and the employees are scattered around the city over different locations. The floor space of each floor is also to small which hampers internal communication and cooperation. [ [http://www.skyscrapercity.com/showpost.php?p=14176812&postcount=200 SkyscraperCity - View Single Post - Rotterdam: Coolsingeltoren (5) ] ] The company is thus looking for a new officebuilding. The most likely candidate are the Coolsingel Torens by design of Christian de Portzamparc which would be completed by 2012.

Links

nl [http://financieel.infonu.nl/diversen/11551-geschiedenis-van-vermogensbeheerder-robeco.html Robeco, a short history]

References

(Most references are Dutch)