Dutch wealth manager Van Lanschot Kempen has expanded its reach in its home market by entering into an agreement to acquire all shares in independent asset manager Hof Hoorneman Bankiers.

The deal, whose financial terms were not revealed, brings €1.9bn in client assets to Van Lanschot Kempen.

Established in 1989, Hof Hoorneman Bankiers focuses on private banking, online wealth management and settlement-only services.

Van Lanschot Kempen expects the deal to have a minor impact on its capital ratio.

Hof Hoorneman Bankiers managing director Jaco Aardoom said: “Hof Hoorneman Bankiers’s activities offer a logical and natural fit with Van Lanschot Kempen, leading me to expect a very smooth transition for our clients.

“In fact, Van Lanschot Kempen has a broader array of products and services to offer, including investment advice, financial planning and mortgages. We are convinced that this decision is in the interest of both our clients and our people.”

The deal awaits regulatory nod, with completion anticipated by the end of this year.

Van Lanschot Kempen chairman Karl Guha called the deal an “excellent fit” with the firm’s growth plan.

Guha noted: “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. This transaction will help us grow our client assets by €1.9 billion.

“There are also major synergies to be had and we see potential for future growth.”

Hof Hoorneman Bankiers is based in Gouda, with other branches located in Arnhem, ‘t Gooi,’ s-Hertogenbosch, Groningen as well as Maastricht.

Van Lanschot Kempen specialises in private banking, asset management and merchant banking.

In 2017, the firm purchased the Dutch wealth management operations of UBS.

The acquisition added around €2.6bn in assets, along with client relationships, employees, and services of UBS Netherlands to Van Lanschot Kempen.