Dutch wealth manager Van Lanschot Kempen has received the regulatory approval for the takeover and integration of Hof Hoorneman Bankiers into the firm.

The deal, which was announced in August this year, is expected to be wrapped up next month.

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Gouda-based Hof Hoorneman Bankiers is an independent asset manager with €2bn in client assets.

The firm specialises in private banking, online wealth management, and settlement-only services.

Van Lanschot Kempen expects the addition of the asset manager to increase its client assets within Van Lanschot Private Banking and Evi.

Previously, Van Lanschot Kempen chairman Karl Guha called the deal an ‘excellent fit’ with the firm’s growth plan.

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Guha said while announcing the deal: “Hof Hoorneman Bankiers boasts a distinctive position in the market and offers a good fit in terms of client mix, investment policy, corporate culture and personal approach.”

“There are also major synergies to be had and we see the potential for future growth,” Guha added.

The acquisition is anticipated to provide scope for significant economies of scale and further growth, with Hof Hoorneman Bankiers clients getting access to a wider range of services.

Van Lanschot Kempen expects to conclude the integration of Hof Hoorneman Bankiers clients, employees and investment funds by the end of next year.

In April this year, the company agreed to postpone its 2019 dividend for its shareholders to support the economy amid the crisis caused by the Covid-19 pandemic.

Last year, Van Lanschot Kempen completed its share repurchase programme, which involved the buyback of 370,000 shares for an average price of €21.49 a share.