EXECUTIVE SUMMARY
INTRODUCTION
What is this report about?
Who is the target reader?
How to use this report
Note to readers
CHAPTER 1 BELGO-DUTCH MASS AFFLUENTS AND HIGH NET WORTHS
Neither the Belgian nor the Dutch mass affluent markets have recovered to their market highs of 2000
Mass affluent liquid wealth fell sharply in both countries in 2002
Mass affluent individuals in Belgium and the Netherlands reached almost 2.9 million in 2004
The high net worth market has recovered more strongly than the mass affluent market
High net worth liquid wealth showed slow, but positive compound annual growth from 2000
Belgo-Dutch high net worth individuals reached 360,500 in 2004
Data Tables
CHAPTER 2 COMPETITION FOR BELGO-DUTCH WEALTHY CLIENTS
This region has not traditionally been one that excited foreign wealth management interest
There are relatively few foreign wealth managers in the region
As a result, a few large regional players dominate Belgo-Dutch wealth management
Bank Degroof is a major player in Belgium
And Dexia Private Banking’s business exceeded EUR11bn in customer assets in Belgium in March 2005
ABN Amro is the largest private bank in the Netherlands
Fortis’s MeesPierson is a major competitor in both markets
As is ING Private Banking
KBL European Private Bankers
And a few players are considered by their peers to be above the rest
In Belgium, UBS and BNP Paribas are the only non-regional wealth managers to be voted among the top 10 best
Bank Degroof stands out in several categories in Belgium
MeesPierson figures prominently in the Dutch wealth management rankings
Business growth has been dependent on strong investment performance combined with close client contact
Bank Degroof grew AUM in 2004 by 22% organically
Petercam grew AUM by 12%
Rabobank saw 20% growth in both its wealth businesses in 2004
But is also being boosted by acquisitions of smaller players
KBL boosted its AUM through the acquisition of Effectenbank Stroeve and Puilaetco
While F Van Lanschot’s AUM would have been flat had it not bought CenE Bankiers from ING
And Hollandsche Bank-Unie bought an entire private banking operation from KBC in 2003
BNP Paribas entered the Dutch wealth management market through the acquisition of Nachenius, Tjeenk & Co from ABN Amro
And somewhat by the Belgian Tax Amnesty
Belgium’s Ministry of Finance instituted a tax amnesty that netted EUR500m in tax revenues
In future, acquisitions will need to be made from other wealth managers, since there are few independents left
Kempan regained its independence from Dexia in 2004
Degroof is big enough to fend off potential suitors if it chooses to
F Van Lanschot, Van der Hoop and Bank ten Cate & Cie are among the few other independents left
CHAPTER 3 BELGO-DUTCH AFFLUENT INDIVIDUALS IN FIVE YEARS
The Belgo-Dutch mass affluent market will grow strongly to 2009
Liquid assets will grow by nearly 6% compounded annually
Mass affluent individuals will grow at roughly the same rate
The Belgo-Dutch high net worth market is also set to grow
Belgian and Dutch HNW liquid assets will see nearly 7% compounded annual growth
High net worth individuals will grow at roughly the same rate
Data Tables
APPENDIX
Definitions
Research methodology
Euromoney Private Banking Survey
Global Wealth Model Methodology
Further Reading
Datamonitor Global Wealth Service SPP: Reports
Datamonitor Global Wealth Service SPP: Insight Reports
Datamonitor Wealth Management Competitor Tracker
Datamonitor Asia Pacific Wealth Management SPP: Reports
Datamonitor Savings & Investments SPP: Reports & Briefs
Datamonitor Savings, Investments and Protection SPP: Interactive Models
SPP writing team
LIST OF TABLES
Table 1: Belgium mass affluent aggregate liquid assets by liquid asset band, EURbn, 2000-4
Table 2: Belgium number of mass affluent individuals by liquid asset band, 000s, 2000-4
Table 3: Netherlands mass affluent aggregate liquid assets by liquid asset band, EURbn, 2000-4
Table 4: Netherlands number of mass affluent individuals by liquid asset band, 000s, 2000-4
Table 5: Belgium high net worth aggregate liquid assets by liquid asset band, EURbn, 2000-4
Table 6: Belgium number of high net worth individuals by liquid asset band, 000s, 2000-4
Table 7: Netherlands high net worth aggregate liquid assets by liquid asset band, EURbn, 2000-4
Table 8: Netherlands number of high net worth individuals by liquid asset band, 000s, 2000-4
Table 9: Top 10 best private banks in Belgium, 2005, Euromoney Private Banking Survey
Table 10: Forecasted Belgium mass affluent aggregate liquid assets by liquid asset band, EURbn, 2005-9
Table 11: Forecasted Belgium number of mass affluent individuals by liquid asset band, 000s, 2005-9
Table 12: Forecasted Netherlands mass affluent aggregate liquid assets by liquid asset band, EURbn, 2005-9
Table 13: Forecasted Netherlands number of mass affluent individuals by liquid asset band, 000s, 2005-9
Table 14: Forecasted Belgium high net worth aggregate liquid assets by liquid asset band, EURbn, 2005-9
Table 15: Forecasted Belgium number of high net worth individuals by liquid asset band, 000s, 2005-9
Table 16: Forecasted Netherlands high net worth aggregate liquid assets by liquid asset band, EURbn, 2005-9
Table 17: Forecasted Netherlands number of high net worth individuals by liquid asset band, 000s, 2005-9
LIST OF FIGURES
Figure 1: Belgo-Dutch mass affluent liquid wealth is recovering, but still has not reached its 2000 high
Figure 2: There are more than 1.4m mass affluent individuals in both the Netherlands and Belgium
Figure 3: Belgian and Dutch high net worth assets have recovered to their high in 2000
Figure 4: Dutch high net worths topped 200,000 individuals by 2004
Figure 5: ABN Amro is by far the largest Benelux wealth manager by global assets under management, 2004
Figure 6: Bank Degroof’s private client assets showed strong growth in 2003-4
Figure 7: Dexia’s private banking business is largely concentrated in Belgium and Luxembourg, March 2005
Figure 8: ABN Amro’s Private Banking business is looking up after a difficult few years
Figure 9: MeesPierson’s global assets under management took a knock in 2003 but increased again in 2004
Figure 10: ING in the Netherlands positions itself against Westland Utrecht, ABN Amro and Nationale Nederlanden in the high net worth space
Figure 11: Bank Degroof wins six private banking titles in Belgium, Euromoney private banking survey, 2005
Figure 12: MeesPierson wins four private banking titles in the Netherlands, Euromoney private banking survey, 2005
Figure 13: After two years of declines, Bank Degroof’s assets under management are growing again
Figure 14: Bank Degroof’s investments have outperformed the market for the past three years
Figure 15: Van der Hoop is struggling
Figure 16: The Belgian and Dutch mass affluent markets will grow strongly to 2009
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