BHF Kleinwort Benson recovers from losses

Liquidation increasesBrussels-based private bank and asset manager BHF Kleinwort Benson, which has been the subject of a hostile takeover bid, saw assets under management (AUM) grow by 8% to €58.5 billion in the first half of this year.

The firm received inflows from international investors and saw growth in the private banking business.

Operating profit was €8 million, versus a loss of €15.8 million for the same period in 2014.

The firm’s consolidated net asset value increased to €820 million, or €6.20 per share (in December 2014 it was €6.03).

Its operating income was up by 11% year-on-year to €191.3 million due in part to a gain of €7.9 million on the partial repurchase of BHF bank’s subordinate debt.

“The first half year results of 2015 underpin that we are on track to deliver on our targets for 2017,” says Leonhard Fischer, chief executive officer of BHF Kleinwort Benson.

The firm’s results, which also include a 2% reduction in operating expenses, come in light of what it views as a hostile takeover offer by its major shareholder, China's Fosun International, valuing the group at €675 million. BHF Kleinwort Benson said in July that it would review the Hong Kong-listed conglomerate’s offer although no decision has yet been made.

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