Liechtenstein-headquartered LGT posted an increase in profits for 2021 alongside a record-high inflow of client assets.
LGT posted a group profit of 352.8 million Swiss francs ($377.1 million) in 2021, according to its annual results, marking a 21 percent year-on-year increase.
This was backed in part by record-high net asset inflows of 24.8 billion francs (over 10 percent increase), which contributed to LGT's rise in total assets under management by 19 percent to 285.8 billion francs.
Service-Based Income
While net interest income (down 11 percent to 204.5 million francs), trading activities and other operating income (down 21 percent to 345 million francs) fell in 2021, service-based income was up 33 percent to 1.58 billion francs.
This was driven by income from a higher asset base in portfolio management, the brokerage business and higher performance-based revenue.
Asia Momentum
According to LGT, it started 2022 with strong momentum, bolstered by its recent expansion in Asia where it opened a new Tokyo wealth management office and acquired Australia's Crestone Wealth Management late last year.
«LGT’s centennial was a good year for us in every respect,» said LGT chairman H.S.H. Prince Max von und zu Liechtenstein.
«Despite the ongoing pandemic, we continued to serve our clients as a reliable partner and further expanded our investment offering, which had a very positive impact on our results. In addition, we grew our international presence in various regions, from Europe and Japan to Australia.»
