LGT eyes further acquisitions after strong profits

Liechtenstein’s LGT has said that it is will continue to look out for opportunities that can expand its business, after its net profit rose 9% last year to CF230m (US$228.4m).

LGT, owned by the principality’s royal family, recently acquired ABN Amro’s private banking activities in Asia and the Middle East, as reported, at the end of last year. And following yesterday’s results the private bank and asset manager said that it is optimistic about its business development for 2017, despite market uncertainties.

“We want to continue on the path we have set out by strengthening our client offering further,” LGT’s CEO, Prince Max von und zu Liechtenstein, said in a statement.

Based in Liechtenstein’s capital Vaduz, LGT also reported record net new money of CF11.7bn. Assets under management totalled CF152.1bn. This 18% rise to was boosted by the CF8bn from the recently-acquired LGT Vestra, a London-based wealth manager.

The bank added that it expects the recent ABN Amro deal as well as the acquisition of European Capital Fund Management, disclosed earlier this month, to close in the second quarter.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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