Quintet Private Bank extended its profitability streak last year, navigating sector-wide headwinds through tighter cost control, selective growth in client assets, and disciplined execution of its multi-year strategy.
But behind the headline performance, the Luxembourg-headquartered wealth manager, which operates under regional brands such as InsingerGilissen in the Netherlands and Puilaetco in Belgium, continues to face structural pressure from shrinking interest margins, intense competition, and the complexity of scaling a cross-border franchise in a fragmented European market.
Quintet reported a 45 percent increase in net profit for 2024, rising to 68 million euros, supported by lower costs, reduced impairments, and positive investment performance. It posted its third consecutive year of profitability.
Income declines more than 5%
Total group income for 2024 amounted to 571.8 million euros, a “largely stable” decline of more than 5 percent from the previous year’s 602.4 million euros, it said. Operating expenses fell to 495.1 million euros, compared to 522.1 million euros in 2023. The bank described its income trend as reflecting broader cyclical movements across the sector, with net interest income decreasing industry-wide following the peak in 2023.
Total client assets rose to 100.6 billion euros, up from 92 billion euros a year earlier. A Quintet spokesperson said the increase reflects both the onboarding of new clients and deeper engagement with existing ones. The growth includes both private banking assets under management and institutional assets under custody.
‘Substantial’ new assets attracted
“We attracted substantial new assets to the firm last year, including by onboarding a significant number of new clients and increasing share of wallet among many existing clients,” the spokesman told Investment Officer, without disclosing a detailed breakdown.
The bank also pointed to performance in its proprietary investment offering. Its Rivertree balanced funds delivered an absolute return of +9.5 percent in 2024, outperforming their Morningstar EUR Balanced Global peer group by +1.1 percent. Over a five-year period, Quintet stated, the funds have outperformed peers in four out of five years, benefiting from a growth-oriented equity strategy.
In parallel, the bank continued to expand its partnership with BlackRock, launching a series of multi-manager Ucits funds as well as Future+, a sustainable investment mandate developed jointly with the global asset manager.
“Our strategy – defined in late 2022 – has not changed. We are focused on the execution of it, as our third consecutive year of profitability growth demonstrates.”
Quintet’s liquidity coverage ratio stood at 137.4 percent at year-end, down from 147.9 percent the year before. Its Common Equity Tier 1 capital ratio improved to 20.3 percent from 19.6 percent, remaining well above regulatory requirements. The bank said its capital and liquidity positions remain extremely stable.
The bank’s multi-year strategy, defined in late 2022, remains in place. “We are focused on the execution of it, as our third consecutive year of profitability growth demonstrates,” the spokesperson said. The group is currently in what it defines as the second phase of its five-year plan, centered on consolidation and efficiency gains across its pan-European operations.
New Chair to be announced soon
Quintet acknowledged that Marco Mazzucchelli continues to serve as interim Chair of the Board. A long-time board member and head of the Board Risk & Compliance Committee, Mazzucchelli has held senior executive roles at several international financial institutions. A permanent Chair has been identified, the bank confirmed, with a formal announcement expected soon.
Quintet is majority-owned by Precision Capital, a Luxembourg-based investment firm controlled by members of Qatar’s Al Thani family. According to the bank, the shareholder remains “deeply committed” and fully aligned with its long-term growth strategy.
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