Belgian investor Frank Vlayen has taken a 47.5 percent stake in Antwerp-based Leo Stevens Private Banking. CEO Ive Mertens believes this deal will solidify the stockbroking firm’s independent trajectory.
Leo Stevens Private Banking, celebrating its 75th anniversary this year, has been family-owned until now. Ingrid and Marc Stevens, the third generation, held 95 percent of the group. Marc Stevens sold his 47.5 percent stake to Vlayen due to a “difference in vision about future strategy,” launching his new initiative, S(n)-Trackers. Ingrid Stevens retains her 47.5 percent stake, with director Koen D’Haluin keeping his five percent.
Leo Stevens in 2022 terminated its presence in Luxembourg when the Stevens and the De Munter families parted ways. The firm, with an estimated 1.3 billion euro in assets under management, subsequently adopted a purely Belgian focus. It is one of about 20 medium-sized private banks and wealth managers in Belgium.
Client based halved
The firm has quadrupled its assets under management over the past decade, halving its client base. Margot Bertels, Ingrid’s daughter, has joined the board, representing the fourth generation. CEO Ive Mertens and Chairman Jean Sonneville have no family connections.
“We’ve grown substantially recently, autonomously,” said Mertens. “A new investor should ensure our independence in the coming years. Our strength lies in avoiding market standardization and maintaining our unique approach.”
The firm serves approximately 1,500 families, monastic orders, and healthcare institutions. Most portfolios are comprised of individual stocks, bonds, funds, and trackers. Mertens emphasizes a bespoke approach within regulatory limits, focusing on personalized guidance, sustainable returns, and client-tailored value.
Small scale poses challenges
Leo Stevens faces challenges in controlling costs due to its smaller scale. “Our 1,500 clients differ from traditional banks. We don’t have an obligation to accept every client,” Mertens explained, highlighting the generational continuity among their clientele and the depth of their customer relationships.
Mertens underlined Leo Stevens’ distinctive fee strategy, benefiting from their independence and global market connections. “Our approach in seeking the best prices, especially in secondary bond markets, directly benefits our clients,” he said.
“Private banking is more than selling products,” Mertens said. The firm offers comprehensive asset-related advice, employing notarial lawyers and engaging in educational initiatives. Ingrid Stevens, although no longer on the management board, continues to contribute significantly to the firm.
Leo Stevens plans to leverage its strengths without expanding its physical presence. “Visiting clients at home, sometimes for generations, underlines our highly personal approach,” concludes Mertens.