LGT Group

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LGT Group
Private
IndustryFinancial Services
Founded1920; 99 years ago (1920)
HeadquartersVaduz, Liechtenstein
Number of locations
20+
Area served
  • Europe
  • Americas
  • Asia
  • Middle East[1]
Key people
Prince Maximilian, CEO and President Prince Philipp Erasmus, Chairman of the Board of Trustees
ProductsPrivate Banking, Asset management, Hedge fund and Private equity
Revenue283 SFr. million[1] (2017)
1,529 SFr.[1] (2017)
AUM201.8 SFr. billion[1][2]
OwnerPrince of Liechtenstein Foundation
Number of employees
3,188[1] (2017)
Websitewww.lgt.com
LGT Bank in Liechtenstein, Head Office, Vaduz, Liechtenstein.

LGT Group is the largest family-owned private banking and asset management group in Europe.

LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its family members H.S.H. Prince Max von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).[3]

LGT is headquartered in Vaduz, Liechtenstein, with 3188 employees in over 20 offices around the globe, Asia, Australia, Europe, the Middle East and North America.[4]

LGT, operates through several divisions:

  • Private Banking - LGT Private Banking provides wealth management services to private clients
  • Alternative Asset Management - LGT Capital Partners is an alternative investment manager, with around $60 billion of capital invested in investment funds, hedge funds and private equity investments
  • Philanthropy and Impact Investing - LGT invests in social enterprises such as M-kopa through the LGT Venture Philanthropy Foundation[5] and LGT Impact.[6]

History[edit]

  • 1920 Company founded
  • 1921 In May, business activities commence with ten employees; rented offices on the ground floor of the government building
  • 1930 Liechtenstein Princely Family acquires the majority of shares
  • 1970 Establishment of the Prince of Liechtenstein Foundation, which takes over the Bank’s share capital as LGT Foundation beneficiary
  • 1982 Setting up of a Representative Office in London as the first foreign business base
  • 1983 Founding of Bilfinanz und Verwaltung AG, Zurich
  • 1984 Founding of BIL Treuhand AG, Vaduz
  • 1986 Bank in Liechtenstein goes public
  • 1989 Takeover of GT Management PLC, London
  • 1990 Founding of BIL GT Group AG, Vaduz
  • 1996 Change of name: BIL GT Group becomes Liechtenstein Global Trust and BiL becomes LGT Bank in Liechtenstein AG
  • 1998 Sale of Asset Management Division, Realignment of the LGT Group, HSH Prince Philipp[7] becomes new Chairman of the Foundation Board, going private
  • 2003 LGT Group acquires Schweizerische Treuhandgesellschaft STG from Swiss Life
  • 2005 STG becomes LGT Schweizerische Treuhandgesellschaft
  • 2009 LGT sells its Trust and Fiduciary division (LGT Treuhand) to First Advisory Group.
  • 2009 LGT acquires Dresdner Bank (Switzerland)
  • 2015 Medici Firma & LGT acquires portfolio of Private Banking assets from HSBC in Switzerland

(Info can be found on the official website)

Controversy[edit]

The German tax authorities commenced numerous audits and prosecutions for tax fraud in the tax haven Liechtenstein based on information on a CD acquired by the German secret service Bundesnachrichtendienst. The CD, containing large amounts of information on accounts held by German citizens and other nationals with the bank, was allegedly obtained for a sum of €4 million from a former employee or contractor of the bank.[8] Information was also forwarded to many other European states and Australia, leading to successful investigations there.

Rating[edit]

Rating: Standard & Poor's[9] / Moody's[10] (2017)

  • A+ / Aa2

Locations[edit]

Europe[edit]

[1]

Other locations[edit]

[1]

References[edit]

  1. ^ a b c d e f g "Annual Report 2017" (PDF).
  2. ^ "LGT: Bumper Profits in 2017". finews.com. 12 March 2018. Retrieved 4 December 2018.
  3. ^ Bucak, Selin (13 September 2017). "A royal family office: LGT's UK connections". Citywire.
  4. ^ "Archived copy". Archived from the original on 2011-12-05. Retrieved 2011-12-21.CS1 maint: Archived copy as title (link)
  5. ^ "M-KOPA - Crunchbase". Crunchbase.
  6. ^ Cua, Genevieve (7 August 2018). "An integral piece of the puzzle". The Business Times.
  7. ^ "Das Fürstenhaus von Liechtenstein". fuerstenhaus.li.
  8. ^ Fury in Liechtenstein over German tax inquiry by Tony Patterson in The Independent, 20 February 2008. Retrieved 31 August 2013. Archived here.
  9. ^ "Standard & Poor's rating report" (PDF). Standard & Poor's. Retrieved 2 November 2018.
  10. ^ "Moody's rating report" (PDF). Moody's. 12 June 2018. Retrieved 2 November 2018.

External links[edit]