KBL European Private Bankers announced their 2015 results at a press conference at their Luxembourg city centre on Thursday 28 April.

Yves Stein, Group CEO, revealed that the group recorded a 22% increase in net profit to €81 million, based on a turnover of €548 million, compared to €539 million for 2014.

At 31 December, the total assets under management had risen by €3.7 billion, representing an 8% increase to €48.6 billion.

He stressed the continued volatility of markets and low interest rates when confirming his satisfaction of adhering to the group's strategy across its European network.

He underlined the role of the group's Institutional & Professional Services in contributing to the group's revenues, concerning family offices, foundations and investment funds. He also singled out the performance of Richelieu Investment Funds, their in-house brand launched in January 2015, which reported an income of €525 million last year following the launch of 50 funds under the brand which have €3.8 billion of assets under management.

On the acquisition front, the KBL ebp Group members Puilaecto Dewaay acquired UBS Belgium in November 2014 and Brown Shipley acquired Hampton Dean in July 2015. Most recently, KBL epb acquired Insinger de Beaufort (IdB) with the intention to merge IdB with Theodoor Gilissen.

He also confirmed that in March 2015 they signed a long-term agreement with Lombard Odier for their IT and operational activities going forward.

“KBL European Private Bankers continues to rise to the challenge of change,” he said. “At a time when our sector is consolidating, we are strengthening our footprint, enhancing our range of products and services, and, most importantly, demonstrating our enduring commitment to meeting the individual needs of each client we serve.”

KBL epb employs 2,200 staff in 50 cities throughout Europe. Yves Stein emphasised that the group would focus on developing and training staff thoughout 2016 and going forward, with the KBL epb Group University project. He also emphasised the group's culture, encompassing its vision, drivers and values.

Photo by Geoff Thompson: Yves Stein, Group CEO at KBL epb