The deal is expected to be completed by the third quarter of this year.

Dutch firm Van Lanschot Kempen has acquired UBS’ domestic wealth operation in the Netherlands. Van Lanschot Kempen will pay an initial fee of €28 million ($31.4 million).

The two companies expect to complete the transaction in the third quarter of 2017. The final price of the transaction may be higher or lower depending on the assets under management amount that will actually transfer to Van Lanschot Kempen, UBS said yesterday in a statement.

Upon completion of the transaction, UBS will enter into an agreement with Van Lanschot Kempen to transfer the provision of its wealth management research and selected UBS products and services to the Dutch firm’s clients. 

“We are pleased to have found a leading wealth manager in the Netherlands to advise and partner with our domestic clients going forward,” said René Mottas, head wealth management Benelux at UBS. “UBS remains committed to the Dutch offshore wealth management market and we will continue to serve our cross-border clients out of the key hubs Luxembourg and Switzerland going forward. Our investment banking and asset management businesses in the Netherlands are not affected by this transaction." 

UBS Netherlands, a branch of UBS Europe, currently has around $2.6 billion in AuM. Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Kempen and Evi van Lanschot brand names, plays an active role in Holland's private banking, asset management and merchant banking needs.