Private Banks

The Dutch private bank Van Lanschot Kempen has engaged BNP Paribas Securities Services as custodian for, among other things, custody, investment administration of the funds branch and custody and clearing activities for the bank. It concerns a mandate of EUR 16 billion in total.

ING has aligned its asset allocation for the Netherlands, Belgium and Luxembourg as of October, as the next step in the centralisation of its investment policy. In the meantime, the private bank has reorganised its customer service in order to create order in a “jungle of service concepts”.

Deutsche Bank Belgium aims to position itself as a global player and to expand further in the private & wealth management segment. Local presence is important. The distinguishing factor compared to other private banks and wealth managers is that Deutsche Bank Belgium focuses primarily on investment advice and support, including for small portfolios. The standard discretionary management of the competition is definitely not the strategy pursued.

Investment Officer Luxembourg recently had an opportunity to speak with Stephan Matti (pictured above), Group Head of Asset Servicing & Financial Intermediaries at Quintet Private Bank, about his role and the advantages of offering asset servicing and financial intermediary services from within an organisation that also has a large private banking operation.

ABN Amro is broadening the options for clients who want to invest in private equity. For the first time, the bank is offering a basket of private equity managers, in addition to the already existing single manager funds. Meanwhile, the bank is getting ready for the next step: private markets as a structural part of the strategic asset allocation. 

Pressure on banks to manage costs and be more agile is felt particularly keenly by the chief financial officer (CFO). Efficiently provided financial data are key to enabling executives to operate effectively, seek operational efficiencies and increase compliance. A panel of five CFOs assembled by the ABBL discussed how they work towards this, particularly regarding their use of IT and outsourcing. 

Taking an ‘old-school’ approach to asset management, but in the positive sense of the term, is what CPB Quilvest wants to achieve. The niche asset manager based in Luxembourg and with a branch office in Belgium wants to continue to build on its strengths via a horizontal and open structure. Organic growth is paramount and open architecture is one of the pillars of the business model.

Quintet Private Bank is shifting its strategic asset allocation to a global asset allocation framework. “Focusing your bond portfolio on Europe has a lot of jeopardy in it,” says CIO Bill Street in an interview with Investment Officer.

ING has merged the bank’s investment offices in the Netherlands, Belgium and Luxembourg. ‘The aim of the operation is to become stronger together,’ says Bob Homan, who heads up the Investment Office which now employs 50 people.

The rationale behind the merger is that the investment offices of the country organisations actually do the same work. ‘They focus on research, asset allocation, selection of instruments and communication,’ says Homan in an interview with Investment Officer. The merger did not cost any jobs.

The Grand Duchy hosts few portfolio management operations, despite being a world leader for cross-border asset and fund servicing. Banque de Luxembourg Investments (BLI) is an exception. According to managing director Guy Wagner: “We are a small boutique asset manager with private banking DNA.”