Announces acquisition of Insinger de Beaufort
April 14, 2016 : KBL European Private Bankers (KBL epb) – a pan-European network of private banks, present in the UK via its affiliate Brown Shipley – announced that it has entered into a preliminary agreement to acquire Insinger de Beaufort, a leading private bank in the Netherlands that is also active in the UK, from BNP Paribas Wealth Management.
Currently, Insinger de Beaufort’s team of London-based relationship managers provides international wealth management services to a significant HNWI client base, representing some £1.5 billion in assets under management. Following closing of the transaction, those staff and clients will be integrated into the KBL epb network.
“Today’s announcement represents an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London,” said Ian Sackfield, CEO of Brown Shipley, whose more than 300 staff operate from six UK offices, managing over £4.4 billion in assets.
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, Theodoor Gilissen is an award-winning Dutch private bank that has been offering its clients personalised, independent advice for 135 years.
Combining the two businesses, Insinger de Beaufort and Theodoor Gilissen will manage over £15 billion in assets in the Netherlands – positioning the merged entity as one of the country’s strongest pure-play private banks.
“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 CEO, 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.