Dutch wealth manager Van Lanschot Kempen has concluded its proposed takeover of Gouda-based independent asset manager Hof Hoorneman Bankiers, which oversees €2bn in client assets.
Financial terms of the transaction were not disclosed.
The deal, which was first announced in August last year, expands Van Lanschot Kempen’s reach in its home market.
Established in 1989, Hof Hoorneman Bankiers specialises in private banking, online wealth management and settlement-only services.
The firm operates branches in Arnhem, ‘t Gooi,’ s-Hertogenbosch, Groningen and Maastricht and manages individual assets and 12 own investment funds.
Last month, Van Lanschot Kempen’s secured the regulatory approval for the takeover and integration of Hof Hoorneman Bankiers into the firm.
Van Lanschot Kempen said the deal is the next step in the implementation of its growth strategy.
Previously, Van Lanschot Kempen chairman Karl Guha called the deal an ‘excellent fit’ with the firm’s growth plan.
Guha said while announcing the deal: “Hof Hoorneman Bankiers boasts a distinctive position in the market and offers a good fit in terms of client mix, investment policy, corporate culture and personal approach.”
“There are also major synergies to be had and we see the potential for future growth,” he added.
Van Lanschot Kempen intends to wrap up the integration of Hof Hoorneman Bankiers clients, employees and investment funds by the end of this year.
In 2019, Van Lanschot Kempen completed its share repurchase programme, which involved the buyback of 370,000 shares for an average price of €21.49 a share.
In August 2017, Van Lanschot Kempen completed the acquisition of UBS’ wealth management activities in the Netherlands, snapping up nearly €2.6bn in assets, client relationships, employees, services as well as the products of UBS Netherlands.