Van Lanschot Kempen 2022 results
Maarten Edixhoven, Chair of the Management Board, said: “We are looking back on an eventful year in which the war in Ukraine, energy insecurity and inflation left marks on society at large and our clients. Negative market performances in virtually all asset classes left no investor untouched. We nevertheless achieved high net inflows in assets under management (AuM) and increased savings. I’m grateful to our clients for their confidence in us and would also like to thank my colleagues for their personal and entrepreneurial approach in the past year, helping our clients in these turbulent times.
“In 2022, we enhanced our financial and sustainability objectives as well as our capital strategy. Profitable growth, both organically and via acquisitions, remains our focus, while maintaining a capital-light balance sheet. We’re proud to have added two major Dutch clients to our fiduciary management activities and shortly before year-end we announced the acquisition of the remaining 30% stake in Mercier Vanderlinden, a further strengthening of our position in Belgium. As part of this transaction, Mercier Vanderlinden’s managing partners will obtain a significant stake in Van Lanschot Kempen, anchoring our shareholder base in our second home market.
“What really pleases me is that over 70% of our colleagues now hold shares in Van Lanschot Kempen, a clear sign of their engagement. I’m also proud that we’ve managed to retain and attract talent in a tight labour market. And on that note, I consider the addition of the Robeco Retail Nederland team to Evi van Lanschot a real boon. On 2 February 2023, we announced that we would enter into a strategic partnership with Robeco and acquire their online investment platform with €4.7 billion in AuM. We look forward to a great partnership and expect to complete the transaction in June 2023.”
In short:
- Net profit €84.3 million (2021: €143.8 million), decline partly related to one-off charge related to the accelerated acquisition of the remaining 30%-stake in Mercier Vanderlinden
- Commission income and interest income both increased by 6%
- Net AuM inflows at Private Clients: €2.0 billion; Wholesale & Institutional Clients: €11.6 billion
- Client assets: €124.2 billion (2021: €131.2 billion) and AuM: €107.8 billion (2021: €115.6 billion)
- Strong capital ratio of 20.6% (2021: 23.7%), decrease attributable to higher capital requirements for residential mortgage loans and a €1.50 per share capital return in December 2022
- 2022 dividend proposed at €1.75 per share (2021: €2.00 per share)
- Intention to return excess capital of €2.00 per share in the second half of 2023, subject to regulatory approval
Kempen Capital Management is a specialist asset manager with a focused approach and a clear investment philosophy. We believe in long-term stewardship for our clients and other stakeholders. Kempen provides sustainable returns, fiduciary management services, manager selection, portfolio construction and monitoring, alongside a number of actively-managed investment strategies. As of 30 June 2021, Kempen Capital Management had a total of €88.3 billion in client assets under management.
Kempen Capital Management, part of Van Lanschot Kempen NV, is a specialist and independent wealth manager. Kempen Capital Management NV is licensed as a manager of various UCITS and AIFs and authorised to provide investment services and as such is subject to supervision by the Netherlands Authority for the Financial Markets. Kempen Capital Management (UK) Ltd is licensed as a manager and subject to supervision by the Financial Conduct Authority.
There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.
Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.