BNP Paribas Securities Services secures €16 billion custody mandate from Van Lanschot Kempen

Two mandates cover €16 billion of assets for one of the Netherlands’ oldest private financial institutions. 

By Jonathan Watkins

BNP Paribas Securities Services has been mandated by specialist independent wealth manager Van Lanschot Kempen (VLK) to provide custody and other services for €16 billion of its assets. 

Under the deal, the French headquartered custodian will provide VLK’s asset management arm, Kempen Capital Management, with global custody, depositary bank, fund accounting, regulatory reporting, collateral management and FX services. 

In addition, VLK has consolidated a range of services with BNP Paribas Securities Services across its wealth management and brokerage activities. This includes global custody, local custody and clearing services for cash equities and exchange traded derivatives. The mandate represents €10 billion in assets. 

VLK is one of the Netherlands’ oldest private financial institutions and is dedicated to preserving and creating wealth, in a sustainable manner. 

“The partnership with BNP Paribas Securities Services enables us to build a scalable target operating model to support our current and future growth,” said Ernst Jansen, managing director at Van Lanschot Kempen and COO Kempen Capital Management. 

“BNP Paribas has a strong track record in Luxembourg and the Netherlands with a pan-European network for our wealth management and brokerage activities and specialist offering dedicated to private capital investments, a key growth area for Kempen Capital Management.” 

Earlier this year BNP Paribas Securities Services reported that it had onboarded a €300 billion custody mandate based in the Eurozone in its first quarter earnings release, but did not disclose the identity of the client. Other mandates have come in sporadically throughout the year including a custody deal with Provinzial Asset Management and a fund administration agreement with Harvest Global Investment. 

“This partnership highlights our strong position in the Luxembourg and Dutch market and our ability to deliver operational innovation and cross asset-class services to the different business lines of the Van Lanschot Kempen group,” said Mark Schilstra, head of the Netherlands and Nordics at BNP Paribas Securities Services. “We look forward to building on our long-term partnership with Van Lanschot Kempen.”