Van Lanschot Kempen: first quarter 2024 trading update

30 Apr 2024 07:00 CEST

• Net profit for Q1 2024 increased to €32.7 million (Q1 2023: €19.9 million); commission income rose by 23% 
• Commercial momentum, with net AuM inflow across all segments totalling €2.3 billion, of which Private Clients Netherlands: €0.9 billion, Private Clients Belgium: €0.4 billion and Investment Management Clients: €1.0 billion 
• Client assets grew to €151.8 billion (2023: €144.8 billion) and AuM rose to €134.6 billion (2023: €127.3 billion) 
• Strong capital ratio of 19.3% (2023: 19.6%) 
• New reporting in four client segments: Private Clients Netherlands, Private Clients Belgium, Investment Management Clients and Investment Banking Clients

Jeroen Kroes, Chief Financial Officer, said: “Van Lanschot Kempen has had an excellent start to 2024, reporting a solid profit on the back of growth in commission revenues and better results at Investment Management Clients. Assets under management (AuM) rose by 6%, thanks to strong net inflows and a positive market performance. 

“As of 2024, we are reporting our results in four client segments that are representative of the client groups we serve with our wealth management services. 

“Private Clients Netherlands achieved a net inflow of €0.9 billion, as existing clients invested more and new clients entrusted their wealth to us. Commission income increased by 26% compared to the first quarter of 2023, to €55.4 million. Next to that, the integration of Evi van Lanschot and Robeco’s online investment platform, acquired in 2023, is progressing well. 

“Private Clients Belgium showed strong growth with net AuM inflow of €0.4 billion, reflecting the strength of the Mercier Van Lanschot brand and the relevance of its proposition for clients. We are expanding our offering further with the acquisition of Belgian investment adviser Accuro, with more than € 0.7 billion in AuM. This transaction was completed on 29 April 2024. 

“Investment Management Clients also saw positive net inflows, of €1.0 billion. This was partly due to a new fiduciary mandate obtained in the United Kingdom for the Cheviot Trust, resulting in an inflow of €0.4 billion. Other inflows were mainly into our credit and small-cap strategies. 

“Investment Banking Clients facilitated larger transactions, such as the Autolus share issue and the sale of GW Crossmedia. Although the quarter ended on a small negative result, the upward trend, visible from the second half of last year, continues. 

“Our capital position remains strong with a CET 1 ratio of 19.3% (2023: 19.6%), well above our target of 17.5% including a 2.5% add-on for M&A. 

“We continue to focus on profitable growth and further improvement of our services to our clients. We look forward to further explaining our strategy and financial objectives at our Investor Day on 20 June 2024.” 

Please find the full press release under the ‘Download’ section for more information.