Van Lanschot Kempen N.V.

Van Lanschot Kempen N.V. is a Dutch wealth manager and merchant bank focused on private clients, institutional investors, and selected corporate sectors, operating primarily in the Netherlands and Belgium and listed on Euronext Amsterdam. The group’s activities are organized around Private Banking (discretionary portfolio management, advisory, savings, mortgages, and securities-backed lending for high-net-worth and entrepreneurial clients), Investment Management under the Kempen brand (active asset management strategies for institutions and wholesale distributors), and Merchant Banking (sector-focused corporate finance, equity capital markets, and research, with notable franchises in life sciences and real estate). It also operates Evi van Lanschot as a digital investing and savings platform. Revenue is largely fee-driven from asset management and advisory, complemented by net interest income from a relatively conservative loan book and more cyclical transaction income in merchant banking. Client assets exceed €100 billion, making earnings sensitive to market movements and net flows, while the balance sheet profile is characterized by solid capital buffers, liquidity coverage above regulatory thresholds, and a funding mix of client deposits and wholesale instruments such as covered bonds and senior unsecured debt. The bank reports a low level of credit losses relative to its securities-backed and mortgage exposures, but remains exposed to market, conduct, operational, and compliance risks inherent to wealth and investment services; merchant banking revenues can be volatile with deal activity. Van Lanschot Kempen has been pruning and consolidating its franchise over recent years, including wealth management bolt-ons (such as the integration of Hof Hoorneman Bankiers), and emphasizes a capital-light strategy with regular distributions of surplus capital through ordinary dividends and, subject to conditions, share buybacks or special returns. Governance and conduct are overseen by Dutch regulators (DNB and AFM) within the European prudential framework (CRR/CRD), eligible deposits fall under the Dutch Deposit Guarantee Scheme, and investment services are subject to investor protection rules. The group communicates sustainability policies via its asset management stewardship program, exclusions, and engagement approach, and offers client mandates with ESG integration. For prospective clients, key considerations include service model and fee structure, minimum investable assets, portfolio transparency, and the availability of digital tools; for investors, the main drivers are net inflows, market performance, capital allocation discipline, and the cyclicality of merchant banking activity.