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Van Lanschot Kempen: first-quarter 2023 trading update
Amsterdam/’s-Hertogenbosch, the Netherlands, 4 May 2023
Solid quarterly result; slight decrease compared with Q1 2022, reflecting strong results at Private Clients, reduced profits at Investment Banking Clients and a lower result from financial transactions
Strong net AuM inflows of €2.2 billion, with €1.3 billion at Private Clients and €1.0 billion at Wholesale & Institutional Clients, both within fiduciary management and investment strategies
Client assets up to €128.3 billion (2022: €124.2 billion) and AuM to €112.8 billion (2022: €107.8 billion)
Robust capital ratio at 20.4% (2022: 20.6%)
Jeroen Kroes, Van Lanschot Kempen’s Chief Financial Officer, said: “Encouraged by favourable market conditions, our clients increased their investments. This resulted in net inflows of €1.3 billion at Private Clients, and an increase in assets under management (AuM). In addition to this organic growth, we completed the acquisition of the remaining stake in Belgian wealth manager Mercier Vanderlinden in the quarter. We also took a major step with Evi van Lanschot with our intended acquisition of Robeco’s online investment platform (AuM: €4.7 billion). This acquisition is expected to complete this summer.
Van Lanschot Kempen shares have been included in both the Euronext AMX Index and the AEX ESG Index since March 2023, underlining our growth both as an organisation and in terms of sustainability in the past few years. For us this is a great motivation to continue on our track and help our clients navigate through the key transitions of our time.”
In the first quarter client assets increased to €128.3 billion (2022: €124.2 billion) and AuM to €112.8 billion (2022: €107.8 billion). Savings came down in the quarter to €11.6 billion (2022: €12.7 billion), mostly as clients converted savings into investments. The loan portfolio remained stable at €9.4 billion and the addition to loan loss provisions was minor.
Thanks in part to increased interest income, first-quarter results at Private Clients were strong, whereas less favourable conditions for mergers and acquisitions caused a decrease at Investment Banking Clients. The result from financial transactions also was lower than in the first quarter of 2022. Wholesale & Institutional Clients continues to focus on achieving profitable growth for investment strategies in Western Europe and for fiduciary management in the Netherlands and the United Kingdom.
Our CET 1 ratio remains strong at 20.4% (2022: 20.6%) and Van Lanschot Kempen plans to return €2.00 per share to its shareholders in the second half of 2023 (about €85 million in total), subject to regulatory approval.
In April 2023 Van Lanschot Kempen completed its accelerated acquisition of the remaining 30% stake in Mercier Vanderlinden, for which it paid 53% in cash and 47% in shares, with a lock-up period until 2030. As a result, Mercier Vanderlinden’s managing partners obtained a 3.9% stake in Van Lanschot Kempen. Together with the Van Lanschot Belgium team they are currently preparing for the start of Mercier Van Lanschot to realise our growth ambitions within private banking in Belgium.
At the end of March, four of the 10-strong small-cap team at Van Lanschot Kempen Investment Management announced their intention to leave. The quality of the team’s investment process is safeguarded by the Head of the Small-Cap Strategy and the team consisting of five small-cap managers, complemented by experienced sector specialists from Van Lanschot Kempen Investment Management’s other investment teams. Two new people have since been hired to help return the team back to full strength.
Private Banking boosted its presence in the Groningen region with the addition of four new Private Banking colleagues, enabling Van Lanschot Kempen to respond even better to growth opportunities in this area.
FINANCIAL CALENDAR
25 May 2023 Annual General Meeting
29 May 2023 Ex-dividend date
6 June 2023 2022 dividend payment date
24 August 2023 Publication of 2023 half-year results
2 November 2023 Publication of 2023 third-quarter trading update
Media Relations: + 31 20 354 45 85; mediarelations@vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen
Van Lanschot Kempen is an independent, specialist wealth manager active in private banking, investment management and investment banking, with the aim of preserving and creating wealth, in a sustainable way, for both its clients and the society of which it is part. Through our long-term focus, we create positive financial and non-financial value. Listed at Euronext Amsterdam, Van Lanschot Kempen is the Netherlands’ oldest independent financial services company, with a history dating back to 1737.
For more information, please visit vanlanschotkempen.com
Disclaimer and cautionary note on forward-looking statements
This press release may contain forward-looking statements on future events and developments. These forward-looking statements are based on the current insights, information and assumptions of Van Lanschot Kempen’s management about known and unknown risks, developments and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to such risks, developments and uncertainties which by their very nature fall outside the control of Van Lanschot Kempen and its management. Actual results, performances and circumstances may differ significantly from these forward-looking statements.
Van Lanschot Kempen cautions that forward-looking statements and targets in this press release are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information, whether as a result of new information or for any other reason.
The figures in this press release have not been audited. Percentages are calculated based on unrounded figures.
This press release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action.
Elements of this press release contain information about Van Lanschot Kempen NV within the meaning of Article 7(1) to (4) of EU Regulation No. 596/2014.
This press release is a translation of the Dutch language original and is provided as a courtesy only. In the event of any disparities, the Dutch language version will prevail. No rights can be derived from any translation thereof.
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