Luxembourg-based KBL European Private Bankers is to expand its Netherlands and UK operations with the acquisition of Insinger de Beaufort from BNP Paribas Wealth Management.
KBL plans to merge Insinger de Beaufort with its Amsterdam-based Theodoor Gilissen business, adding £1.5 billion (€1.9 billion) in assets under management to KBL and bringing Theodoor Gilissen’s AUM to about €20 billion.
Insinger de Beaufort also has a presence in the UK, where its team of London-based relationship managers provides international wealth management services to high-net-worth clients.
KBL already owns UK-based private bank Brown Shipley, which has six UK offices and AuM of £4.4 billion.
“Following the group’s third acquisition in 18 months, we are delivering on our promise of sustained expansion, reflecting a long-term development strategy that targets organic, semi-organic and external growth,” said Yves Stein, group chief executive officer at KBL.
The merger is subject to regulatory approval.
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