Luxembourg-based Quintet Private Bank has registered a net loss of €44m in 2019 compared to a flat 2018, following acquisitions, investment in people, and costs related to a rebranding exercise.
The 2019 performance was hit by costs associated with the takeovers of UK-based NW Brown and Zurich-based Bank am Bellevue.
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Quintet’s revenues for the 12-month period ended 31 December 2019 were €443.1m, in line with the previous year.
Group expenses increased to €470.5m in 2019.
Client assets at the end of December 2019 totalled €81.5bn, versus €72.6bn a year earlier.
The group’s liquidity coverage ratio was 139% at end-2019. The figure was said to be “well above regulatory thresholds”.
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By GlobalDataThe group’s Basel III common equity tier-1 capital ratio was 18% at the end of 2019 compared to 17.2% in the prior year.
Quintet group CEO Jakob Stott said: “We’re investing in the future and our financial results reflect that.
“While profitability continues to be impacted by significant long-term investments across the firm, our strategy of growing the franchise remains unchanged. We will continue to move forward, at a measured pace, ensuring that the organisation as a whole is fit for sustained growth.”
Stott further said that the firm’s Q1 performance was positive.
“Despite extremely challenging conditions, net new money was above budget, lending activity was robust and transaction levels were very high,” he stated.
Luxembourg-based Quintet has a presence across 50 European cities.
The business, with a workforce of 2,000 professionals, caters to wealthy individuals, as well as family offices, foundations and external asset managers.
Last year, the firm revealed that it will embark on an expansion drive into the Nordic region.
The expansion will start with the opening of a Copenhagen branch. The move awaits the final regulatory nod.
The firm also intends to pursue its strategic plans despite the Covid-19 crisis.
The strategy is endorsed by the firm’s board and shareholders, who have infused more than €110m of funds to support a long-term growth plan.
