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.