BinckBank to launch discretionary management service in Belgium
BinckBank has announced the further introduction of a discretionary asset management service, Investing for You, for Belgian customers.
The group has reported a year-on-year increase of 13% in Q3 2016 of its assets under administration to €21.7bn while its assets under management have dropped by 15% yoy to €1.43bn.
Commenting on the launch of the new service, Vincent Germyns, chairman of the executive board of BinckBank, said : “The size of the market, the unique proposition and the strong BinckBank position in Belgium offer good opportunities for this new form of discretionary asset management.”
BinckBank also reported it has received 44 claims relating to its Alex Asset Management branch.
“As at 30 September 2016, BinckBank had received a total of 193 claims from customers stating that they had suffered losses on their investments as a result of the Alex Asset Management product amounting in total to €4.7m (…) BinckBank in relation to Alex Asset Management on behalf of customers, has also announced that it will cooperate with the Dutch Investors’ Association (the VEB) in a collective action against Alex Asset Management,” the group stated.