“[This] announcement represents an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London,” said Ian Sackfield, chief executive of KBL epb’s UK affiliate Brown Shipley, which manages over £4.4bn ($6.2bn, €5.5bn) in assets from six UK offices.
Insinger de Beaufort’s London-based team of around 30 staff members provide international wealth management services to a HNWI client base, representing some £1.5bn in assets under management.
Following the acquisition Insinger’s staff and clients will be integrated into the London office of Brown Shipley.
Sustained expansion
“We are delighted to announce the signing of this agreement, and look forward to welcoming the clients and staff of Insinger de Beaufort to our pan-European family,” said Yves Stein, group chief executive, KBL epb.
“Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion.”
Last year, Brown Shipley acquired Hampton Dean, a chartered independent firm of financial planners based in Nottingham. Puilaetco Dewaay, the KBL epb group’s Brussels-headquartered affiliate, acquired the Belgian operations of UBS in November 2014.
The terms of the acquisition of Insinger de Beaufort – which is targeted to close in the second half of this year, subject to regulatory approval – were not disclosed. Dutch investment news website fondsnieuws.nl, however, has estimated that KBL epb will pay around €165m.
Merger
In parallel, subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands, KBL epb intends to merge Insinger de Beaufort with Theodoor Gilissen, also headquartered in Amsterdam.
A member of KBL epb, Dutch private bank Theodoor Gilissen has been providing clients personalised, independent advice for 135 years.
Combining the two businesses, Insinger de Beaufort and Theodoor Gilissen will manage over £15bn in assets in the Netherlands – positioning the merged entity as one of the country’s strongest pure-play private banks.
