Boutique investment bank China Renaissance has inked a deal with LGT Bank, the largest family-owned private banking and asset management group in Europe, to target the growing wealth management needs of Asian UHNWIs.
Under the agreement, China Renaissance will share strategic resources and industry experience with the LGT Bank in the wealth management business, and carry out in-depth cooperation. Through connecting business teams and referring resources mutually, China Renaissance and the LGT Bank will dig deep into their respective industrial and business chain of resources to achieve a strong alliance for mutual benefits.
China Renaissance and LGT Bank will jointly provide global wealth management services to high net worth individuals globally.
Demand in China's high-end wealth management market is experiencing a transition from wealth generation to wealth preservation"
"Wealth owners emerging from China's new economy have different attributes compared to traditional high net worth individuals. Being young, they understand and embrace technology and the new economy, and are willing to invest in the ecosystem of the new economy. Meanwhile, demand in China's high-end wealth management market is experiencing a transition from wealth generation to wealth preservation," Bao Fan, chairman of China Renaissance, said in a statement.
H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT Group said: "The signing of the framework agreement recognizes the opportunities two leaders in their own specialized area could better explore together. We at LGT are very excited to partner with China Renaissance to jointly address the growing Wealth Management needs of Asian ultra high net worth individuals, and we are confident this cooperation will strengthen each other's core businesses."
China Renaissance was founded in 2005 as a two-man team that matched China's cash-hungry startups with private equity investors. It now provides private placement advisory, M&A advisory, securities underwriting, research, sales and trading, investment management and other financial services, employing over 600 across offices in Beijing, Shanghai, Hong Kong and New York.
The Liechtenstein Princely Family has controlled LGT Group for over 80 years. As of 30 June 2018, it had CHF 206 billion Swiss francs ($ 207.5bn) in assets under management. The firm employs over 3,000 people across 20 locations globally.