Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 28 Funds Services: High quality standard. Renewed quality certification despite difficult market environment (SAS 70). Constant issue of innovative fund products In an eventful financial year 2008, Dresdner Bank Luxembourg S.A. also faced up to the challenges of the international financial markets in its role as fund administrator and custodian bank. Whilst maintaining its high quality standards, Dresdner Bank Luxembourg S.A. managed to meet the increased demands on its employees and work processes. The effectiveness of the control processes have once again been confirmed through the renewed quality standard certification SAS 70 Type II by an independent auditor. The year was characterised by the consistent expansion of a diversified and comprehensive range of products resulted from the co-operation with Allianz Global Investors Luxembourg S.A. The issue of innovative new fund products that meet the high demands of institutional decision-makers and strategyplanners has been expedited on. On the product side, the turbulent market environment and price fluctuations in the financial markets had a particular effect on equity funds. In this respect the accrual of newly issued and managed funds could not compensate for the decline in market volume. On the other hand, our managed funds of funds demonstrated positive development. Overall, these developments led to an asset volume of € 15.7 billion (31.12.2007: € 21 billion) distributed over 127 funds (as of 31.12.2007: 110 funds). Changes to the fiscal framework conditions in Germany as of 1 January 2009 required targeted investments in technical implementation and adjustments to processes in order to be optimally prepared for the new regulations on the flate rate tax. The further development of the funds business was comprehensively provided for through corresponding employee training measures. Aim is to offer our clients contemporary high quality services both now and in the future.
Management Report for Financial Year 2008 Personnel: Emphasis on training and further education – Internet presence ‘Careers’ at Dresdner Bank Luxembourg S.A. – Mobility concept successful Against the background of the growing complexity of the demands in business with our international clients, one of the emphases in the 2008 financial year was the qualification and further education of our employees. So, around 80% of our employees participate in further training. Therewith the bank invested more than one million euros in training courses covering more than 200 different subjects with more than 1,000 participants. Besides the various banking themes, which made up approximately half of the training courses attended, also events on management and behavioural aspects were important elements. In addition there were a further 100 participants in the continuously-running language training courses, mainly English, French and German. We should also mention our annual training course in MS Office. To meet our constant demand for junior management employees, we also carry out training programmes: in 2008 six trainees completed their training programmes. At the end of the year we were training five apprentices and preparing four newly appointed employees with basic commercial qualifications for employment in the bank with targeted training programmes. Dresdner Bank Luxembourg S.A. is now also presenting itself on the web as an attractive employer. Under the new heading ‘Careers’ we publish current vacancies, entry-level and career opportunities as well as information on the possible employment of school pupils and students within internship. The high number of hits on the website, achieved in only a very short time, shows the high degree of interest in the content of the online career pages. The mobility concept introduced in the previous year is showing signs of success. An increasing number of employees use public transport for their journey to work in the meantime. The bank supports its employees in this move to public transport by giving a generous subsidy for the cost of using trains and buses. Quality and Innovation Success is not simply the result of quality and competence but rather the courage to innovate. This is the philosophy of your strong partner in an international terrain. 29 Management Report for Financial Year 2008
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Dresdner Bank - Commerzbank International SA

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