Total operating expenses grew from €52 million in 2011 to €56 million in 2012, which was in line with expectations. The growth of our investment portfolio and further increased focus on sustainability went hand in hand with staff expansions. Hence, the staff cost increased from €39 million in 2011 to €43 million in 2012. The number of employees grew from 314 at the end of 2011 to 330 at the end of 2012.
In 2012 we defined our new strategy for the 2013-2016 period and started up the SHIFT and FMO Investment Management strategic initiatives. Although operating expenses increased, our cost to income ratio improved from 22% in 2011 to 21% in 2012.