The two firms have a cooperation agreement that includes the provision of UBS wealth management research and selected UBS products and services to Van Lanschot Kempen.

Wealth manager Van Lanschot Kempen has completed the acquisition of UBS’ domestic wealth management activities in the Netherlands. WealthBriefing had reported the deal would cost Van Lanschot Kempen an initial fee of €28 million (33.1 million).

The deal will see all client relationships, employees, products and services of the wealth management activities of UBS Netherlands, a branch of UBS Europe SE, move to Van Lanschot Kempen, the firm said in a statement.

Also, the two firms have a cooperation agreement that includes the provision of UBS wealth management research and selected UBS products and services to Van Lanschot Kempen.

"This acquisition represents a step-change in our positioning and profile in the top-end of the wealth management market,” said Karl Guha, chairman of Van Lanschot Kempen's executive board. “Welcoming on board as new colleagues 35 UBS professionals greatly enhances our position as a distinctive wealth manager. Together, we will work hard in order to create the best offering and value for clients and prospect clients."

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.