Prince Max von Liechtenstein: «LGT Is an Attractive Employer in Asia»

Prince Max von Liechtenstein, the CEO of LGT, plans to hire a string of new client advisers in Asia as the bank bids to further bolster its already healthy position in growth markets of the Far East.

The financial markets of Asia have lost part of their allure to Western banks, not least because of the feeble performance of China's equity markets at the beginning of the year. Global banking behemoths such as Barclays and Standard Chartered are said to ponder a reduction of private-banking activities in the APAC region as a consequence.

Not so LGT, the bank owned by the first family of Liechtenstein. The institute managed by Prince Max von Liechtenstein has once again increased assets under management in Asia. The two branches in Singapore and Hong Kong with 350 employees are managing some 25 billion Swiss francs in assets (up from an estimated 22 billion a year earlier) managed to increase their profitability, the Prince said at a press conference in Zurich.

Preferred Destination

Globally, the bank boosted profit by 28 percent to 211 million Swiss francs. The net asset inflow amounted to 8.8 billion francs, up 7 percent. LGT now manages some 132.2 billion.

The performance of LGT in Asia helps it attracting experienced client advisers, the CEO said. «Some institutes are losing their advisers because of the difficult situation.» For them, LGT is a preferred destination.

The bank will continue to hire new staff. Last year, the headcount increased to 2,212 from 2,081.

The Family-Run Bank

LGT has had a good start in 2016, Prince Max said. It is using its label as a family-run bank in the business with Asian clients. «80 percent of our clients in Asia own their businesses,» according to the CEO of the Vaduz-based company. Having something in common gives the bank a head start compared with rivals.

LGT in general is open for acquisitions, but not really in Asia. According to sources at LGT, the bank prefers to grow organically in the region. The strategy has been successful so far, rankings of private banks in the region show.