Van Lanschot Kempen trading update: first quarter 2018

Wednesday, 25. April 2018 07:30
  • First-quarter results in line with last two quarters of previous year
  • Net inflows of €0.4 billion to Private Banking, Evi and Asset Management: clients remain focused on the long term despite stock-market volatility
  • Negative price movements in financial markets lead to a net reduction in client assets to €82.7 billion
  • Fully loaded Common Equity Tier I ratio of 20.2%


's-Hertogenbosch, 25 April 2018

Van Lanschot Kempen has today published its trading update for the first quarter of 2018.

Constant Korthout, Chief Financial & Risk Officer of Van Lanschot Kempen, said: '2018 has got off to a good start. That is particularly evident at Private Banking, where we are seeing strong inflows of assets under management (AuM). Despite the volatility on the stock markets, our clients are maintaining their focus on the long term. Our net result is in line with the final quarters of last year, but lower than the first quarter in 2017, primarily due to the continuing pressure on interest margins and the absence of a significant contribution from capital gains which we saw last year.

We are pleased with the net inflow of €0.4 billion in AuM, with Private Banking, Evi and Asset Management all contributing. The acceleration which began last year in the number of clients using our online investment coach Evi is continuing. Negative price movements in financial markets led to a net reduction in client assets of €1.0 billion to €82.7 billion. The combined effect of these developments was to reduce AuM to €68.3 billion. The previously announced fiduciary mandate which Asset Management has received from Arcadis will begin this summer.

The range of products available to Private Banking and Asset Management clients has been expanded further in recent months, for example with the launch of the Global Impact Pool in January, enabling clients to invest in funds which make a positive contribution to the United Nations Sustainable Development Goals. In March, this fund was also opened up to Private Banking clients. The newly developed Private Markets Fund was also launched in April; this is a unique proposition for investing in less liquid markets, such as private equity, infrastructure and land. The Global Impact Pool and Private Markets Fund reinforce our distinctive offer to clients looking for specialist wealth management.

Merchant Banking had a good first quarter, chiefly thanks to a number of European corporate finance and capital market transactions. The Real Estate team was for example involved in the acquisition of the Austrian BUWOG by the German Vonovia, the acquisition of Axiare by Colonial (Spain) and the capital market transaction by the German Alstria. Our Life Sciences team was involved among other things in the capital market transactions by Mainstay Medical (Ireland), Medivir (Sweden) and MDxHealth (Belgium).

The fully loaded CET I ratioi turned out at 20.2%. The new IFRS 9 accounting standard came into force on 1 January. As anticipated, the impact of this on our CET I ratio will be around 20 basis points.'


2018 FINANCIAL CALENDAR

31 May              Annual General Meeting of Shareholders
22 August          Publication of 2018 half-year results        
2 November      Publication of 2018 Q3 trading update                   

Media Relations: +31 (0)20 354 4585; mediarelations@vanlanschotkempen.com
Investor Relations: +31 (0)20 354 4590; investorrelations@vanlanschotkempen.com


About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Evi and Kempen brand names, is active in Private Banking, Asset Management and Merchant Banking, with the aim of preserving and creating wealth for its clients. Van Lanschot Kempen, listed at Euronext Amsterdam, is the Netherlands' oldest independent financial services company with a history dating back to 1737.

vanlanschotkempen.com

Disclaimer and cautionary note on forward-looking statements
This document 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 that by their very nature fall outside the control of Van Lanschot Kempen and its management.

Actual results and circumstances may differ considerably as a result of risks, developments and uncertainties relating to Van Lanschot Kempen's expectations regarding, but not limited to, estimates of income growth, costs, the macroeconomic and business climate, political and market trends, interest rates and currency exchange rates, behaviour of clients, competitors, investors and counterparties, actions taken by supervisory and regulatory authorities and private entities, and changes in law and taxation.

Van Lanschot Kempen cautions that forward-looking statements are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information following new information or changes in policy, developments, expectations or other such factors.

The financial data in this document have not been audited.

This document 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 an opinion or a recommendation to perform or refrain from performing any action.

Elements of this press release contain or may contain information about Van Lanschot Kempen N.V. and/or F. van Lanschot Bankiers N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014.

This document is a translation of the Dutch original and is provided as a courtesy only. In the event of any disparities, the Dutch version will prevail. No rights can be derived from the translated document.



i Fully loaded, excluding retained earnings in the current financial year.




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Source: Van Lanschot Kempen via Globenewswire

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