Financial services group Van Lanschot Kempen reported the first quarter of 2018 results were in line with the last two quarters of 2017.
Net inflows for the 3 months into Private Banking, Evi and Asset Management was €0.4 billion but negative price movements in financial markets resulted in net reduction in client assets to €82.7 billion with €68.3 billion in assets under management. The company said Merchant Banking had a good first quarter due to a number of European corporate finance and capital market transactions.
Constant Korthout, Chief Financial & Risk Officer, said "2018 has got off to a good start. That is particularly evident at Private Banking, where we are seeing strong inflows of assets under management. Despite the volatility on the stock markets, our clients are maintaining their focus on the long term. Our net result is in line with the final quarters of last year, but lower than the first quarter in 2017, primarily due to the continuing pressure on interest margins and the absence of a significant contribution from capital gains which we saw last year."