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Van Lanschot Kempen: trading update third quarter 2021

·5-min read

Amsterdam/’s-Hertogenbosch, the Netherlands, 29 October 2021

  • Very strong quarterly result on the back of robust operating results and book profits on sales from the portfolio of participating interests

  • Client assets up to €125.2 billion (end of June 2021: 121.0 billion) and AuM to €107.2 billion (end of June 2021: 104.2 billion)

  • Net inflows at Private Clients of 0.6 billion and net outflows at Wholesale & Institutional Clients of 2.1 billion in Q3

  • Strong capital ratio at 20.0% (end of June 2021: 21.9%)

Constant Korthout, Van Lanschot Kempen’s Chief Financial & Risk Officer, said: “We’re proud of our results for the third quarter. Once again, we’ve seen strong net inflows at Private Clients. It was a mixed picture at Wholesale & Institutional Clients, where outflows exceeded inflows in the wake of the departure of a few institutional clients.

“Our clients are increasingly looking to invest in less liquid solutions, as evidenced by major client appetite for the launch of our Kempen European Private Equity Fund II. Hof Hoorneman Bankiers’ clients fully migrated in the quarter, are now on our platform and have access to our products and services offering.”

Client assets rose to €125.2 billion (end of June 2021: €121.0 billion) and assets under management (AuM) climbed to €107.2 billion from €104.2 billion at the end of June 2021, a large proportion of the rise reflecting Mercier Vanderlinden’s AuM. The transaction acquiring a 70% stake in Mercier Vanderlinden was completed in July and collaboration is running smoothly, with Mercier Vanderlinden having continued to grow since the transaction was first announced.

Private Clients enjoyed another quarter of high net inflows, with its €0.6 billion taking year-to-date net inflows for the segment to €3.0 billion.

Wholesale & Institutional Clients recorded net outflows of €2.1 billion for the third quarter. The primary cause was an outflow from – as noted previously – credit strategies and the departure of a fiduciary client. Less liquid strategies, by contrast, are seeing solid inflows, reflecting our position as a niche player in this market.

In addition to a robust operating result, sales from the portfolio of participating interests also chipped in to net profits. The sales of our holdings in Fire Safety Holding and Quint Holding generated book profits of over €10 million and around €5 million respectively, while the sale of our non-strategic interest in Holonite (Holowell BV) contributed around €2 million to net profits.

Our capital position is strong and our capital ratio stood at 20.0% (end of June 2021: 21.9%). This includes the impact of the Mercier Vanderlinden acquisition.

FINANCIAL CALENDAR
24 February 2022 Publication of 2021 annual results

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, a wealth manager active in Private Banking, Asset Management and Merchant Banking, aims to preserve and create wealth, in a sustainable way, for both its clients and the society of which it is part. 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 considerably from these forward-looking statements as a result of risks, developments and uncertainties relating to, but not limited to, (a) income growth, (b) costs, (c) the macroeconomic and business climate, (d) political and market trends, (e) interest rates and currency exchange rates, (f) behaviour of clients, competitors, investors and counterparties, (g) the implementation of Van Lanschot Kempen’s strategy, (h) actions taken by supervisory and regulatory authorities and private entities, (i) changes in law and taxation, (j) changes in ownership that could affect the future availability of capital, (k) changes in credit ratings and (l) evolution and economic and societal impact of the Covid-19 pandemic.

Van Lanschot Kempen cautions that forward-looking statements 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 financial data in this press release have not been audited, unless specifically stated otherwise.

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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