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Annual Report 2021

In this report, we provide our shareholders and other stakeholders with an integrated overview of our performance in 2021 and our added value as an independent, specialised wealth manager.

The report was also prepared in accordance with the European Single Electronic Format (go to the XBRL version of the Annual Report).

Download our Annual Report 2021 (pdf)

Find out more:

Click: A year in review - Message of the Chair - Our strategy - Value creation - Colleagues about 2021 - All reports on FY2021

2021: a year in review

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2021 A year in review

Would you like to know more about these and other important moments for our clients, shareholders and organisation? Then read 2021: A year in review in our Annual Report.

Message of the Chair

Maarten Edixhoven, Van Lanschot Kempen's new CEO

“We have had a fantastic year. This is only possible thanks to the trust that shareholders and clients have in us.”

Read the full message in our Annual Report

Our strategy

Our business is impacted by the world around us, and our strategy needs to reflect and respond to that.

In light of our purpose – to preserve and create wealth in a sustainable way – we have defined our wealth management strategy.

In order to monitor whether we're on track to deliver on our ambitions and create long-term value, we define financial and non-financial KPIs and targets.

Our value creation

Wealth generation is essential to create and maintain stability in our society. This requires a long-term focus in which economic, social, environmental and governance factors all need to be taken into account. We believe that, via the generation of wealth and its redistribution through taxation, we can contribute to creating and maintaining a stable and successful society. 

Our value creation model below provides an overview of our impact and the value we create in the long term. For more details on each type of capital and concrete examples, please see Our value creation in the Annual Report.

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Value creation model Van Lanschot Kempen

Our colleagues about 2021

Creative culture

I started at Van Lanschot Kempen in the UK in 2019, and now manage a five-person team responsible for all our UK fiduciary management clients. In the past year, we’ve doubled our client base – it’s been a busy year, as you can imagine!

Every fiduciary management client has a dedicated team made up of a Client Director, a Portfolio Manager and a Strategist. Our team is involved in everything from the request for proposal (RFP) and pitch, to onboarding the client and then looking after their ongoing needs. From the client’s perspective, the Client Director is the face of the company. And from an internal perspective, we’re the face of the client.

There are around 30 of us working at the UK office, so it has a very creative, start-up feel about it – but with the support of the parent company. For me, this is an ideal environment: entrepreneurial but without losing the security of working for a larger firm. Our London office is also close to my home, so I get to feel at one with my Dutch colleagues and can cycle to work too!

Being part of the Dutch business has been especially helpful this past year: we’ve been so busy that it’s been great to have the ability to call on our colleagues in the Netherlands for further support when we need it. People are very willing to help, no matter which country or team they’re in.

Catherine Lewis – Head of Fiduciary Management Clients, UK

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Team effort

I’m originally from Albania, but I came to the Netherlands in 2006 and decided to put down roots. My background being in law, I joined Van Lanschot Kempen’s Legal department in 2018. I specialised in corporate mergers and acquisitions (M&A), which meant that in my day-to-day work I had a lot of contact with many different departments, especially the Strategy & Corporate Development (S&CD) team.

When looking at acquisitions, we would work together closely to translate strategic objectives and concerns into contractual terms. All that working together and acting as one eventually led to my moving to join the S&CD team in November 2021.

I still work on M&A, but now from a commercial and economic angle rather than from a legal perspective. When Van Lanschot Kempen comes across an opportunity to expand the group or sell off non-core parts of it, the S&CD team gets involved. But so do lots of colleagues in other departments.

Take the recent partnership with Mercier Vanderlinden, for example: we had a dedicated team working on this. The process started with due diligence: the management team of our Belgian branch looked into Mercier Vanderlinden’s positioning and client proposition; Legal looked at the company’s legal documents and contracts; Compliance checked whether the client due diligence files were up to scratch; and the list goes on. It was definitely a team effort!

Andi Bimo – Corporate Development Director

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One-of-a-kind atmosphere

I started an internship at Van Lanschot Kempen in January 2020, giving myself six months to explore the digital arena. Before that, I’d worked in digital communications, but during my internship I discovered that I enjoyed the Product Owner role more. Fast-forward to the beginning of 2021 and I moved to the Advanced Analytics department to manage the output of the Business Intelligence team – products such as data models, reporting suites and deep-dive analyses.

I’m very grateful to Van Lanschot Kempen, because my managers really gave me the opportunity to develop that skillset. So much so that in November 2021, I won the Digital Talent Award from RightBrains and Computable. It’s a national prize and I was shortlisted along with four other women, but ultimately I got the most votes from the jury and the public. I was overwhelmed by the support of my colleagues. But that’s characteristic of the company: the atmosphere is one of a kind. All teams are very supportive of each other (across departments, too) and lots of opportunities are given to individuals, which is rare in a listed company. I feel like the award was a joint effort!

Because of the pandemic, I’ve been working from home a lot – but I really like to come into the office to meet with my colleagues when I can. I have the Mobility Mixx card, which means I can take the metro, rent a share car, or walk or bike to work if the weather’s nice – it’s a very flexible way to get face-to-face time with the team.

Lisanne Smink – Product Owner Business Intelligence and Analytics

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Close communication

I’m currently studying for my degree in Business Information and Technology at the University of Applied Sciences OST. In Switzerland, it’s common to do an apprenticeship at the same time as studying, which is what I’ve been doing. I actually started in mechanical engineering, but realised it wasn’t the right direction for me and that I was more interested in finance and investing.

I then got the opportunity to do a six-month internship at ABN AMRO in the Netherlands, after which I got in touch via LinkedIn with someone at Van Lanschot Kempen in Switzerland. Being half-Swiss and half-Dutch, I’m proud to work for one of the only Dutch private banks in Switzerland.

I’ve been working here alongside my studies for two years, first as a relationship manager and now as a junior portfolio manager. Together with my colleague who’s the main portfolio manager, I help invest the portfolios of our clients in Switzerland. They’re mostly Dutch and Belgian clients, but we can give them opportunities in Switzerland that they’re not able to get elsewhere with our professional fund house, which offers an interesting product range.

Because we’re a team of only around 40 people, we’re all based in one building in Zurich – so it’s very easy to communicate and solve issues in an agile and dynamic way. For example, the Investment team and international wealth managers have a very close relationship with each other – they visit their clients together and collaborate on strategies, so they can better serve their clients.

Pascal Cadonau – Junior Portfolio Manager, Switzerland

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Digital tools at your fingertips

I joined Van Lanschot Kempen in March 2021 from Hof Hoorneman Bankiers, so it was quite a change to move from an organisation of around 70 people to one of over 1,600! So far, I’ve really appreciated the benefits of working at a larger company: it’s organised and well-structured, with all the digital tools you need at your fingertips. And I’ve also been pleasantly surprised by everyone’s willingness to help.

The teamwork at the company is very strong. In Digital, Advanced Analytics & Technology especially, the teams are very diverse – which really helps broaden your perspective and ensures you’re developing solutions for all kinds of people. My team is responsible for all the websites of our company brands as well as the careers site. Our job is to maintain these sites but also to implement and test new functionalities to develop our business.

In 2021, we created an online request for proposal (RFP) environment that allows the Pre-sales team to make personalised web pages for their prospects. A pension fund might be interested in our investment management capabilities, for instance, and now we can give them a web page with all the information they need during the RFP phase – specific documents, contact details and so on. And all that information is carefully secured behind a personalised login. It was a great exercise in teamwork between the Pre-sales team, our colleagues in Marketing and Communications, the UX designers, the Security team and my team’s developers, as we needed to figure out all the requirements, functionality, design and security together.

Leonie Janssen Daalen – Product Owner, Omni-channel Acquisition team

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Entrepreneurial spirit

I’ve been working at Van Lanschot Kempen since 1998, and the company has evolved a lot in the last couple of decades – but so too has the job. As Chief Economist, my team and I follow economic trends and markets, and reflect on these in order to establish an investment strategy for our clients from a top-down perspective.

So we’re not selecting specific funds or bonds, but we’re looking at overall asset allocation. We do that for several client segments – including Private Clients and Wholesale & Institutional Clients – across the whole group. That means I’m frequently taking the Thalys train back and forth between the Netherlands and Belgium, where I’m from.

There’s a lot of communication involved – both internally, holding calls twice a week to brief our bankers and advisers, and externally, holding one-on-one meetings with clients and making presentations to larger groups. They’re all important because they give us an opportunity to get direct feedback and ask questions in both directions. As economists, we try not to stay in our ivory tower: my view has always been that we can learn from each other and work together to improve our service to clients, regardless of which business line or client segment people are in. For instance, I try to include our solutions for Wholesale & Institutional Clients in my story to Private Clients.

What’s unique about the company is that we’re big enough to provide clients with high-quality solutions, but small enough to allow entrepreneurship. You don’t have to stick to your formal position in the organisation: if you’re willing to show entrepreneurial spirit and grasp opportunities, you can do anything.

Luc Aben – Chief Economist

 

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Offering financial insights

I started at Van Lanschot Kempen as a trainee in 2004, and then became a private banker – serving private clients with mortgages, financial planning and investments. I realised I was most interested in financial planning, so I specialised in that, working at the Knowledge Centre. In the end, I combined my specialism with my enjoyment of client contact and started my current role in 2015.

I cover the western region of the Netherlands, which means I need to drive around a lot to visit my clients in their company offices, at home, or at one of our own offices. I give them insights into their personal financial situations as well as those of their companies. How much of a client’s capital needs to be put to work to ensure their financial independence, versus how much can they leave to the next generation? Who will succeed them in the business – a family member, private-equity investor or strategic partner?

I’ve been at the company for a long time – partly because it’s always allowed me to grow and develop professionally, and partly because I like my colleagues so much. People are very open to helping out and seeking collaboration. For example, a client in The Hague sold his company and needed advice on investments and wealth structuring, but he was also very interested in sustainable investments. So I was on the team, but so were two colleagues from the solutions side who were able to present our in-house expertise on sustainable investing to him. And as a result, the client chose Van Lanschot Kempen to manage his money.

Yanka Ditewig – Wealth Structurer

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Making change happen

I started at Van Lanschot Kempen in 2012 after completing an internship. My career here has moved from operations to sales to IT – and now to optimisation of the client journey – but it’s all revolved around change and improvement.

My team’s role is two-fold: my colleagues in Client Experience take stock of client feedback, employee feedback and market sentiment/sector trends, and use these to map out processes and identify where they could be improved. My colleagues in Sales Management are essentially tasked with initiating and cultivating a shared sales culture across the company. In both cases, it’s all focused on improving the way we do business. And that means we do a lot of talking to other departments, by definition!

My team’s mission simply couldn’t happen if we were working alone. We need our colleagues from other teams to implement and execute based on our advice. As an example, in 2021 we collected a lot of data about our mortgage process – that meant interviews with clients, of course, but also collaboration with the Product Management team, the Complaints department, IT and so on. We visualised all this input in a tool, recognised the opportunities for improvement, and are now activating the entire value chain to improve the mortgage process from end to end. We talk about acting as one a lot – and in this case we really acted as one to find the best solution.

Rob van Valkenburg – Head of Client & Prospect Journey Optimisation

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New day, new challenge

In the Equity Capital Markets (ECM) team, we essentially advise companies that are publicly listed (or want to be) in order to raise capital. In the last couple of years, the number of capital raises in the healthcare and life sciences sector have gone up significantly – which can presumably be attributed to Covid-19. My job involves a lot of project management because every capital raise is different and brings new challenges, and we typically have several projects going on at once.

Before I joined Van Lanschot Kempen in 2019, I was actually studying law – first in Vienna (I’m from Austria originally) and then in Amsterdam. But I was looking for an internship that allowed law students to join, and have since discovered my passion for ECM.

I really enjoy working at Van Lanschot Kempen: it’s a very flat organisation, which makes the learning curve a lot easier, and I work with a lot of smart (but also fun!) people. It’s probably because of my colleagues that in October 2021 I joined the Works Council, as its first international member. Our role is to represent employees and their interests when it comes to things like employment conditions, pensions and – since the pandemic – working from home policies. We’ve recently been involved in the new transport policy, which means that my colleagues and I are compensated for whichever mode of transport we use to commute. For me, that means sometimes walking to work and sometimes taking public transport.

Roxy Kashanipour – Associate, Equity Capital Markets

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Personal and professional pride

Back in 2016, Van Lanschot Kempen had just acquired MN UK. They were looking for investment strategists to work on an entirely new investment philosophy that would resonate with the UK fiduciary management landscape, with the backing of a well-capitalised bank. It was an offer I couldn’t refuse.

As Head of Investment Strategy in the UK, my responsibilities are four-fold: I’m responsible for asset allocation decisions on behalf of our UK clients; defining our research agenda; supporting colleagues in the Wholesale & Institutional Clients segment on winning new business; and working with the UK management team to set the growth direction of the UK business.

In 2021, I was proud to be named Investment Manager of the Year by Professional Pensions, the biggest pensions-focused publication in the UK. They looked at what our portfolio achieved during the previous year, and how we identified and took opportunities for our clients in the immediate aftermath of the start of the pandemic. Our portfolio was also deemed to have performed among the best, and with the lowest level of risk, compared with our competitors.

From a personal perspective, 2021 was also an exciting year. I moved house to get more green space, so it takes me a little longer on the train to work. But more importantly, my son was born in July and I was able to take shared parental leave to spend time with him. The company’s attitude towards these personal milestones has been wonderful – they genuinely care about their employees as individuals.

Nikesh Patel – Head of Investment Strategy, UK

 

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Wisdom and entrepreneurship

I joined Van Lanschot Kempen in February 2021, having been running my own business in coaching and people development full time for three years. I was ready to step back into the corporate world, but I was looking for a company whose values fitted with my own. Van Lanschot Kempen’s vision and core values were what spoke to me: it’s not just about money; it’s also about wisdom and entrepreneurship. If you’re a self-starter with a good idea, people are willing to let you run with it.

My role involves supporting five SCRUM teams in digital innovation: making sure they have what they need to do their job, but that they also feel empowered to fulfil their potential and incorporate their individual talents into the workplace. The job also involves innovation and making sure we’re moving forward. A great example is a two-day hackathon we’re organising in 2022. More than 80 colleagues will be involved, from all different teams and with different ideas and problems to solve.

Speaking of innovation, as you can see from the photo I’ve chosen an electric car for my commute to work. Having a car gives me the freedom to travel wherever and whenever I like, which is important to me.

Conchita Lopez Vega – People Manager, Digital, Advanced Analytics & Technology

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Everyone’s voice is heard

I joined Van Lanschot Kempen in 2015 and have headed up the Treasury department since 2017. Within Treasury, the various teams are responsible for the funding programmes, the interest rate risk we run and our liquidity portfolio, manufacturing structured notes and managing the equity risk that arises, and all foreign exchange transactions for our clients.

What’s unique about the company is that your responsibilities are so broad, and the impact you can make is so pronounced. For instance, I’m the sponsor of the traineeship programme, currently consisting of five trainees. One of them has spent five months working on the KPIs and targets for the company’s liquidity buffer. Based on her advice, we’ve even sold some assets because of their longer-term sustainability risk. That just goes to show how everyone can speak up and be heard.

At Treasury, we’re also working in the trading room – an interesting space to occupy because it brings together lots of different competencies in one room. For example, Treasury, Securities and the Investment Advisory team for professional clients work closely with the Asset, Research & Communication team – responsible for Van Lanschot Kempen's house views on economic developments, asset allocation and individual securities, as well as communication of these views to our clients and the wider audience.

Gerben Zeilstra – Head of Treasury

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Linking pin

I’ve been working at Van Lanschot Kempen since 2005, when I started by answering calls from clients. In the intervening years, I’ve worked in planning and on technical projects such as online banking and omni-channel, before returning to my roots in Client Services. I’m now responsible for a team of 45 people who are there to answer our clients’ questions – whether by phone, email, WhatsApp or social media. But I still work on the technical side of client contact as well – it’s a two-part job.

As an example, in 2021 we completed a biometric voice recognition project. It essentially makes the identification process much quicker and safer for clients as they can use their voice to identify themselves when speaking to us. So it’s about customer service, but also about technological innovation.

At Client Services, we get lots of data about the kinds of questions that clients are asking, which makes us the linking pin between the client and the rest of the organisation. For instance, one of my team members straddles two departments: the Complaints team and the Online Banking team. That means he takes the information we gather at Client Services and brings that client feedback both to the IT department to improve online banking, and to the Complaints department to rectify common issues. By placing one colleague in two different places, we can actually use all the input we receive to the benefit of the client. And the outcome is that clients see the value from the feedback they’re giving.

Martijn Boevink – Manager of Client Services

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Download our Annual Reports

Would you like to know more about specific subjects that featured in 2021? Download our reports regarding our financial year 2021. If you are looking for more information on our performance in previous years, you can find historic reports in our archive.

More about our financial results