LGT recorded positive inflows in the first half, fuelled in part by the transferal of assets from its acquisition of Australian wealth manager Crestone.
LGT recorded net asset inflows of 6.2 billion Swiss francs ($6.4 billion) in the first half of 2022, according to a statement, down from 14.1 billion francs in the same period last year.
Despite the positive inflows, the bank’s assets under management stayed stable at 284.7 billion francs, down 0.4 percent compared to end-2021, which it attributed to negative market performance.
Asian Asset Growth
Asia was a key driver of growth, headlined by the acquisition of Australia's Crestone Wealth Management which resulted in 15.6 billion francs assets transferred.
And the region is set to continue to be a source of growth moving forward. Following a recent agreement inked with Vontobel, the Swiss bank’s private clients in Hong Kong will receive an offer to transfer assets to LGT.
Overall, LGT posted a group profit of 217.2 million francs in the first half, up 20 percent year-on-year. Operating income rose 10 percent to nearly 1.1 billion francs while operating expenses grew 7 percent to 741.6 million francs.
