Van Lanschot Kempen: trading update for the first quarter of 2021
Amsterdam/’s-Hertogenbosch, the Netherlands, 30 April 2021
- Strong quarterly result
- Client assets to
€115.2
billion and AuM
to
€98.9
billion
- Record inflows from
Private
Clients segment
continue, €1.2
billion net in
Q1
- Total net outflows of €1.9
billion primarily caused by two
institutional clients
- Robust loan portfolio, limited release of loan loss
provisions in Q1
- Successful next step in growth
strategy in Belgium:
joining forces with Mercier
Vanderlinden (AuM
€3.4 billion)
- Capital ratio at
23.6%, excluding
the capital impact of the
Mercier Vanderlinden
acquisition
Constant Korthout, Van Lanschot Kempen’s Chief Financial &
Risk Officer, said: “Although Covid-19 continues to make for
exceptional times, we started off 2021 well and are pleased with
our first-quarter results. We are proud of the ongoing growth our
Private Clients segment recorded, of the key step we’ve taken in
our growth strategy in Belgium, and of the new investment
propositions we’re able to offer our clients, such as the
Diversified Distressed Debt Pool.”
The Private Clients segment showed record net inflows of €1.2
billion in assets under management (AuM). These net inflows took
place in the Netherlands, Belgium and Switzerland. Within the
Wholesale & Institutional Clients segment, the global small
caps strategy saw an increase in inflows – allowing the strategy to
announce a soft close. These inflows could not offset the outflow
and the total net outflow at Wholesale & Institutional Clients
amounted to €3.1 billion – caused primarily by the exit of a
pension fund (which has joined forces with another pension fund),
the outflow of a government bond strategy mandate and outflows from
credit strategies. We see a robust pipeline for the remainder of
the year, evidenced by a €1.1 billion mandate, which got under way
in April.
Total client assets added €0.1 billion in the quarter and now
stand at €115.2 billion. AuM slightly declined to
€98.9 billion, reflecting net outflows of €1.9 billion and a
positive market performance of €1.8 billion.
The Corporate Finance and Equity Capital Markets team continued
its strong performance in 2020 and enjoyed another strong quarter,
with 21 completed deals in all the sectors in which we operate.
Mortgage margins were under pressure. To an extent, this was
offset by the lowered threshold on savings and deposits on which we
charge negative interest. In structured products activities,
significant progress was made in winding down existing exposures,
and the result was neutral in the first quarter of the year. The
quarter brought a limited release of loan loss provisions.
This month, we have announced the acquisition of a 70% stake in
Mercier Vanderlinden, to be increased gradually to 100% by the end
of 2025. The transaction is subject to the usual regulatory
approvals and is expected to close in the third quarter of 2021.
With respect to the acquisition of Hof Hoorneman Bankiers, we
expect to complete the integration of clients, employees and
investment funds by the end of 2021.
The capital ratio stood at 23.6%, excluding the expected capital
impact of the Mercier Vanderlinden acquisition of approximately 4
percentage points. The 2019 and 2020 dividends, totalling €2.15 per
share, are reserved for our shareholders on the balance sheet and
are not included in the capital ratio. The proposed 2020 dividend
of €0.70 per share awaits the approval of the annual general
meeting of shareholders on 27 May 2021.
FINANCIAL CALENDAR27 May
2021 Annual
general meeting1 June 2021
Ex-dividend
date9 June 2021
2020
dividend payment date – first part26 August 2021
Publication of 2021 half-year
resultsMedia Relations:
+31 20 354 45 85;
mediarelations@vanlanschotkempen.comInvestor
Relations: +31
20 354 45 90;
investorrelations@vanlanschotkempen.com
About Van Lanschot KempenVan
Lanschot Kempen, a wealth manager operating under the Van Lanschot,
Kempen and Evi brand names, is active in Private Banking, Asset
Management and Merchant 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. 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
Important legal information 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/or 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. Small differences are
possible in the tables due to rounding.
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 and/or Van Lanschot Kempen Wealth Management 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.
- Press release trading update Q1 2021
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