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Van Lanschot Kempen: third-quarter trading update

Van Lanschot Kempen Wealth Management N.V.
Van Lanschot Kempen Wealth Management N.V.

Amsterdam/’s-Hertogenbosch, the Netherlands, 4 November 2022

  • Strong quarterly result in line with first two quarters of 2022

  • Net AuM inflows at Private Clients: 0.4 billion (YTD: €1.8 billion) and at Wholesale & Institutional Clients: 0.2 billion (YTD: €3.7 billion)

  • Client assets: €115.3 billion (end of June 2022: 118.5 billion) and AuM: 96.2 billion (end of June 2022: 99.6 billion), in the wake of a negative market performance

  • Very strong capital ratio of 19.2%, after planned capital return of €1.50 per share (end of June 2022: 20.2%)

Jeroen Kroes, Van Lanschot Kempen’s Chief Financial Officer, said: “The third quarter saw financial market turbulence continue. In our outreach to private banking clients as their trusted advisers, we find that they wish to stay invested.

“We notched up solid commercial developments in the third quarter of 2022. Total net inflows in assets under management worked out at €0.6 billion in the quarter. Drawing on our combined expertise in private banking, investment management and investment banking, we are further enhancing our product offering, a case in point being the launch of our Private Real Estate Pool in the quarter. This fund makes investment in non-listed real estate more accessible for private clients in a way that suits their needs.

“New clients also found their way to our door, including BPF Schilders, a Dutch pension fund with invested assets of over €8 billion and more than 100,000 members, which appointed us as their fiduciary manager. The mandate will get underway in the fourth quarter of 2022.”

Total client assets and assets under management (AuM) were pushed down by a negative market performance in the quarter and ended up at €115.3 billion (end of June: €118.5 billion) and €96.2 billion (end of June: €99.6 billion) respectively. Client savings rose to €12.3 billion (end of June 2022: €11.9 billion). The total loan portfolio remained stable at €9.1 billion, with mortgage loans accounting for €6.7 billion. The mortgage portfolio showed a decline in the number of remortgaged and new loans, in line with the market. Van Lanschot Kempen’s mortgage portfolio comprises Dutch residential mortgage loans with a low risk profile, as evidenced by its low loan-to-value.

For Investment Banking Clients, the third quarter was a good one, and commission income continued to shift from capital market transactions to M&A and debt advice, in line with the first six months of the year.

Collaboration between Van Lanschot Belgium and Mercier Vanderlinden is proceeding smoothly. Mercier Vanderlinden’s clients have been using Van Lanschot Kempen’s custodial services since October.

Van Lanschot Kempen’s capital position remains very strong at a CET 1 ratio of 19.2% (end of June 2022: 20.2%). The lower ratio includes the planned capital return of €1.50 per share. Even stripped of the capital return, the capital ratio remains well above Van Lanschot Kempen’s objective as issued in May, of 15% plus an add-on of 2.5% for acquisitions.

22 December 2022                Capital return payment date        
23 February 2023                  Publication of 2022 annual results

Media Relations: +31 20 354 45 85;
Investor Relations: +31 20 354 45 90;

About Van Lanschot Kempen
Van Lanschot Kempen is a 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. As a sustainable wealth manager with a long-term focus, Van Lanschot Kempen proactively seeks to prevent negative impact for all stakeholders and to create positive long-term 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. To fully leverage the potential of the Van Lanschot Kempen organisation for its clients, it provides solutions that build on the knowledge and expertise across its entire group and on its open architecture platform. Van Lanschot Kempen is convinced that it is able to meet the needs of its clients by offering them access to the full range of its products and services across all its businesses.

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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. Small differences are possible in the tables due to rounding. 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.