Quintet announces 2019 financial results, highlights investments in the future

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Revenues stand at €443.1 million; expenses increase to €470.5 million

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18/05/2020 | Secteurs
  • Jakob Stott - CEO Wealth Management (002)

    Jakob Stott, Group CEO

Quintet Private Bank, headquartered in Luxembourg and operating in 50 European cities, announced today its financial results for the 12-month period ending December 31, 2019.

Quintet reported group revenues of €443.1 million in 2019, in line with the previous year, while group expenses rose to €470.5 million. That increase in expenses reflects the very significant investments the firm is making in people – across the organization, from front to back – products, a new brand and geographic expansion.

In the latter regard, Quintet announced two strategic acquisitions in 2019: UK-based NW Brown, which has now been integrated into the operations of Brown Shipley, Quintet’s UK affiliate; and Zurich-headquartered Bank am Bellevue, a transaction that closed in early May, marking Quintet’s return to Switzerland, a global wealth management hub.

In 2019, Quintet also announced its upcoming expansion into the Nordic region. That process will begin with the launch of a branch in Copenhagen, subject to final regulatory approval.

Total client assets rose to €81.5 billion as of December 31, 2019, up from €72.6 billion at the end of 2018.

“We’re investing in the future and our financial results reflect that,” said Group CEO Jakob Stott. “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 organization as a whole is fit for sustained growth. As we do that, our focus on doing the right thing for our clients will remain unwavering.”

Despite the more recent economic and financial market implications of the coronavirus outbreak, Quintet continues to pursue its strategic plans, which remain on track and endorsed by the Board of Directors and the firm’s shareholders, who have injected over €110 million of fresh capital over the last six months as part of a fully funded long-term growth strategy.

That fresh capital represents nearly three times the net loss of €43.7 million reported by the group in 2019, following a flat 2018, and is reflected in capital and liquidity positions that remain very strong.

As of December 31, 2019, the group’s Basel III common equity tier-1 capital ratio stood at 18%, up from 17.2% at the end of 2018, underscoring Quintet’s robust solvency position. The group’s liquidity coverage ratio stood at 139% at the end of 2019, well above regulatory thresholds. Current sources of funding and liquidity remain extremely stable.

Highlighting Quintet’s positive performance in the first quarter of this year, Stott said: “Despite extremely challenging conditions, net new money was above budget, lending activity was robust and transaction levels were very high. We will have to continue to navigate through volatility, however, and historically low interest rates will continue to put pressure on revenues.

“At times like today – when we are all being thoroughly tested – I believe that the character of organizations and people comes through,” he said. “I am very proud of the way our 2,000 staff have risen to the occasion: working together in partnership, communicating our unique perspective on the world and global markets, and relentlessly striving to improve the experience of the individuals and families we serve.”

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