Liechtenstein-based LGT posted higher net new money and assets under management in 2023, citing positive results from various Asia Pacific markets.
In 2023, LGT saw «favorable results» across the Asia Pacific region due to expansion in its private banking business, according to its annual report. Contributing markets cited include Australia, India, Thailand and Japan, though no specific figures were disclosed.
In the past few years, the Liechtenstein-based lender has been making moves to grow in the aforementioned markets. In 2019, it opened its first wealth management office in Bangkok and obtained a majority stake in Mumbai-based Validus Wealth. In 2021, it reportedly lured around two dozen ex-Credit Suisse private bankers in Japan and acquired Australia’s Crestone Wealth Management, which was previously spun off from UBS.
Record AUM
According to LGT, assets under management in 2023 grew 10 percent to 316 billion Swiss francs ($360 billion) – an all-time high for the bank. This was driven by an 8 percent increase in net new assets to 21.9 billion francs which included contributions from «all market regions». Group profit fell 11 percent to 375.3 million francs.
