Thirty-five staff members to join Van Lanschot Kempen as part of deal, while UBS will continue to serve cross-border clients out of 'key hubs' of Luxembourg, Switzerland.
25.08.2017
UBS
has sold its domestic wealth-management activities in the Netherlands
to Dutch fund manager Van Lanschot Kempen.
The
sale forms part of UBS' strategy to step back from some domestic
markets and focus on providing cross-border services out of 'key hubs' like Luxembourg.
Thirty-five
UBS professionals will join Van Lanshot Kempen as part of the deal,
which also includes the client relationships of the wealth management
activities of UBS Netherlands and the products and services of the
Netherlands brands of UBS Europe.
"UBS
remains committed to the Dutch offshore wealth-management market, and
we will continue to serve our cross-border clients out of the key
hubs of Luxembourg and Switzerland," said René Mottas, head of wealth management Luxembourg at UBS.
UBS's wealth management business in Luxembourg employs around 400 staff, according to its website.
A
spokesman for UBS said the sale of the Netherlands business would not
affect the Luxembourg office.
Van
Lanschot Kempen and UBS have also entered into a cooperation
agreement that includes the provision of UBS wealth management
research and selected UBS products and services to Van Lanschot
Kempen.