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1993-02-13
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The Dutch connection
One way to invest in a broad portfolio with a
Swiss bank without too much money is through the Dutch
mutual fund group Robeco (Rotterdamse Belegings Co.).
The Dutch group was founded in 1929. The SEC doesn t
approve of it because it is publicly listed and
open-ended. (In the United States, publicly listed
mutual funds are closed-ended.)
In practice, this means that Robeco intervenes on
the Dutch stock market to repurchase its shares or sell
them to keep the price close to net-asset value.
Legally, the funds in the group are incorporated
investment institutions with variable capital.
The Robeco group is the largest mutual fund
management group in the world outside the United States
and Britain, with funds under management topping $15
billion. It offers four funds: Robeco, an equity fund
aiming at worldwide blue chips; Rolinco, an equity fund
aiming at growth but still prudent; Rodamco, a
diversified international real estate investment
company (whose largest investments are in the United
States) aiming at appreciation and income; and Rorento,
a bond fund, a fixed-interest accumulator trust aiming
at earning interest and capital gains. Investors can
switch among the funds without fees. The Dutch fund
management group has opened a bank in Geneva, Banque
Robeco (Suisse), and which acts as a distribution
center for Robeco products outside the Netherlands.
A few years ago, the Dutch government began to
fuss about nondistributed earnings being reinvested in
the funds and threatened to make trouble about getting
identification from new clients (as part of a crackdown
on tax evasion within the Netherlands). To help
circumvent these developments the group opened its bank
in Geneva. The whole operation still is essentially run
out of Rotterdam, with the added advantage of Swiss
secrecy and multi-currency efficiency.
Deposits or withdrawals can be made in any major
currency. The highly efficient computerized system
automatically reinvests all dividends (without
withholding taxes, as would be required were Robeco
Swiss rather than Dutch). The minimum investment is
$5,000, and you can divide it among up to four funds to
best match your investment needs.
These folks speak English well: Robeco, N.V., Heer
Kobelweg 133, Postbus 973, NL-3000 Rotterdam, The
Netherlands; tel. (31-10)465-0711; fax (31-10)465-1544.