LGT Group

Updated on Dec 31, 2023

Edit

Comment

Type Private Website www.lgt.com Founded 22 November 1920 Number of locations 20		Industry Financial Services Headquarters Vaduz, Liechtenstein Number of employees 1,950

Key people Prince Maximilian, CEO and President Prince Philipp Erasmus, Chairman of the Board of Trustees Products Private Banking, Asset management, Hedge fund and Private equity CEO Prince Maximilian of Liechtenstein (2006–) Owner Prince of Liechtenstein Foundation Subsidiaries First Liechtenstein Investment Fonds Verwaltung Ltd. Profiles LinkedIn Facebook Twitter

LGT Group is the private banking and asset management group of the princely House of Liechtenstein. LGT, originally known as The Liechtenstein Global Trust, is the largest family-owned private wealth and asset manager in Europe, wholly owned by the Prince of Liechtenstein Foundation.

LGT is headquartered in Vaduz, Liechtenstein, with approximately 1,950 employees in over 20 offices around the globe, Asia, Europe, the Middle East, North America, and South America.

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

History

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 becomes new Chairman of the Board of Trustees, 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

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. Information was also forwarded to many other European states and Australia, leading to successful investigations there.

Rating

Rating: Standard & Poor's / Moody's (2014)

A+ / A1

Europe

Austria: Vienna

Ireland: Dublin

Liechtenstein: Vaduz and Bendern

Switzerland: Basel, Bern, Chur, Davos, Zurich, Lausanne, Lugano, Geneva, Pfäffikon, Schwyz

United Kingdom: London

Other Locations

Australia: Sydney

Bahrain: Manama Town

China: Beijing

Hong Kong: Central

Japan: Tokyo

Singapore

UAE: Dubai

Uruguay: Montevideo

United States: New York

References

LGT Group Wikipedia

(Text) CC BY-SA