Published: 7.30 CET

• Net profit increased to €125.2 million (2022: €84.3 million), mainly on higher commission income, interest income and a book profit on the sale of a stake in the portfolio of participating interests 
• Net AuM inflows: €5.3 billion, of which Private Clients €2.3 billion and Wholesale & Institutional Clients €3.1 billion
  Client assets: €145.0 billion (2022: €124.2 billion) and AuM: €127.6 billion (2022: €107.8 billion)
• Strong capital ratio of 19.6% (2022: 20.6%), well above 17.5% target
• 2023 dividend proposal: €2.00 per share (2022: €1.75 per share)
• Investor Day on 20 June 2024: update on wealth management strategy and financial targets

Maarten Edixhoven, Chair of the Management Board, said: “2023 was a good year for Van Lanschot Kempen, with strong net profit and more than 18% growth in assets under management (AuM). As well as a positive market performance, this reflected new assets entrusted to us by both existing and new clients, and the disciplined execution of our M&A strategy. 

“The year was marked by geopolitical tensions, climate change impacts and economic developments that had a major effect on consumers, investors, entrepreneurs and society at large. Equity markets were volatile due to monetary tightening by central banks, but saw a strong end to the year. Against this backdrop, our clients sought solutions and advice to help them stay on course for the long-term. Fixed income returned as an attractive asset class, while interest in alternative investment solutions remained strong – an area in which impact is increasingly becoming a third variable alongside risk and return. 

“Private Clients reported strong results in the Netherlands, Belgium and Switzerland, recording net AuM inflows of €2.3 billion. In Belgium, our second home market, we achieved solid growth, a major feat by all colleagues who were meanwhile also working hard towards the launch of Mercier Van Lanschot on 1 January 2024. This completed the integration of Mercier Vanderlinden and Van Lanschot Belgium. The integration of Robeco’s online investment platform and Evi van Lanschot is likewise proceeding smoothly.

“Our other two client segments reported negative results. Within Wholesale & Institutional Clients we took additional measures focused on profitable growth and cost discipline. Net inflows in this segment were €3.1 billion, mainly generated in the final quarter of the year. Coupled with rising stock markets, this created a good starting point for 2024. Investment Banking Clients experienced a challenging climate for transactions in 2023 due to rising interest rates, whereas the demand for debt advisory services remained strong. This client segment also recorded an upward trend as the year progressed, particularly in capital market transactions.

“We remain committed to our sustainability targets, both year-on-year and for the longer term. And we have raised our ambitions relating to our own organisation. To reduce the carbon emissions of our AuM – our main impact – and those of our mortgage portfolio, we continue to engage with our clients and the companies we invest in. 

”I’m looking forward to giving an update on our independent wealth management strategy during our Investor Day in June. Our results clearly demonstrate that we delivered on this consistently in 2023, with a focus on scalable growth while preserving the personal approach that makes us stand out. I’m incredibly proud of all our people who make this possible each and every day, and would also like to thank our clients and shareholders for the trust that, once again, they put in us in 2023.”