Van Lanschot Kempen, a wealth management firm based in the Netherlands, has completed its share repurchase programme.
The initiative, announced on 21 February 2019, involved the buyback of 370,000 shares for an average price of €21.49 a share.
The last phase of the programme was conducted from 4 to 7 of this month.
During this period, the firm bought back 24,650 of its shares for €502,756. The average price set for each share was €20.40.
Through the move, the firm aims to “cover the depositary receipts to be allocated to employees under existing remuneration policies and share plans”.
Van Lanschot Kempen offers private banking, asset management as well as merchant banking services.
In 2017, the business snapped up the Dutch wealth management operations of UBS that had about €2.6bn in assets.
In the first quarter of 2019, the firm unveiled that its client assets totalled €86bn.
In its trading update, Van Lanschot Kempen said: “Our client assets rose to €86.0 billion, while our assets under management (AuM) added €4.8 billion to €71.8 billion on the back of positive price movements.
“We saw a total net outflow of €0.3 billion, most of which was at Asset Management. Private Banking and Evi also reported a net outflow.”
The firm’s CET 1 ratio at the end of the first quarter stood at 22.6%.