LGT Group

LGT is headquartered in Vaduz, Liechtenstein, with a key presence in Zürich, Switzerland. The company maintains 3,405 employees in over 20 offices around the globe, Asia, Australia, Europe, the Middle East and North America.

LGT operates through several divisions:

• Private Banking – LGT Private Banking provides wealth management services to private clients
• 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{{Cite news|last=Thompson|first=Jennifer|date=2021-05-20|title=Liechtenstein royal family backs impact investing|work=Financial Times|url=https://www.ft.com/content/f977a2d0-03dc-480e-a559-8b384e8d4779|archive-url=https://ghostarchive.org/archive/20221212001228/https://www.ft.com/content/f977a2d0-03dc-480e-a559-8b384e8d4779|archive-date=2022-12-12|url-access=subscription|url-status=live|access-date=2021-09-28}} and LGT Impact.{{cite news |last=Cua |first=Genevieve |date=7 August 2018 |title=An integral piece of the puzzle |url=https://www.businesstimes.com.sg/magazines/wealth-august-2018/an-integral-piece-of-the-puzzle |work=The Business Times}}

The company has made several acquisitions of high value transactions. In 2009, it acquired the Swiss operation of Dresdner Bank from Commerzbank,{{cite web |url=https://dealbook.nytimes.com/2009/07/27/lgt-buys-swiss-unit-of-dresdner-from-commerzbank/|title=LGT Buys Swiss Unit of Dresdner From Commerzbank|date=27 July 2009 |access-date=18 April 2019}} following this in 2015 it acquired more than $12 billion of HSBC Private assets and in 2017 it acquired Dutch giant ABN AMRO Asia Private with $20 billion in assets. The ABN AMRO transaction meant that LGT now had more assets under management in Asia than it did in Europe.

The founding of the bank happened during an economical shift in Europe. The Austrian currency was legal tender in Liechtenstein, but after the collapse of the Austro-Hungarian Empire, its currency plummeted. The Swiss franc was introduced in 1919, and became legal tender in Liechtenstein in 1924 (plans for a national currency were dropped). The Bank of Liechtenstein Aktiengesellschaft (renamed LGT Group in 1996) was founded in 1920 during this reorientation phase, and its first objective was to gather capital in Swiss francs. The Anglo-Austrian Bank was granted the licence to operate the structure, and was the majority stakeholder. Count Karl Trauttmanssdorf was its first chairman. The BIL enabled companies and banks of Liechtenstein to consolidate their holding companies abroad after the Austro-Hungarian debacle, thus orienting the country's banking specialty towards offshore holding assets management, and pulling significant economic traction from this activity. In May 1921, BIL launched its operations with 10 employees based in ground-floor offices inside the main government building. During the global economic crisis in the 1930s, the Princely House of Liechtenstein acquired a controlling interest in the bank. The bank survived World War II thanks to "prudent business practices."{{cite book |last=Pohl |first=Manfred |url=https://books.google.com/books?id=eXvfNDHpfWwC&q=bank+in+liechtenstein+bil+foundation |title=Handbook on the History of European Banks |date=1994 |publisher=Edward Elgar Publishing Ltd |isbn=9781781954218}}

Until the 1960s, the bank’s main focus was to support and provide financing for the expansion of Liechtenstein’s economy and business sector. BIL did so primarily through the provision of financial services and loans. Over time, however, the commercial opportunities available to it in the local economy became too narrow, leading it to grow its operations to become an international commercial bank. Following this transformation, BIL began to expand into various segments of the banking industry, with a particular focus on activities pertaining to mortgages, stock markets and foreign exchange.

File:Fürst Hans-Adam II. von und zu Liechtenstein (cropped).jpg (born 1945), led the bank on an expansion course until his accession to the throne in 1989, which it has maintained ever since.]]

In 1970, the bank's share capital was taken over by the recently established Prince of Liechtenstein Foundation. During the 1980s, BIL opened representative offices in Europe, the US and Asia, including in London, which was its first foreign business base, and in Hong Kong in 1986.{{cite web |url=https://sg.asiatatler.com/life/lgt-bank-a-beacon-of-stability |title=LGT Bank: A Beacon Of Stability |access-date= 18 April 2019}}

In 1986, BIL went public{{cite book | author1=P. Christiaan Klieger | title=The Microstates of Europe: Designer Nations in a Post-Modern World |url=https://books.google.com/books?id=CrfwGa4aCwYC | publisher=Lexington Books | date=2012| isbn=9780739174272 }} and in 1989, acquired GT Management PLC in London.{{cite book | author1=United States. Securities and Exchange Commission | title=SEC Docket |url=https://books.google.com/books?id=zGNdqqufumEC&q=1989%2C+took+over+GT+Management+PLC+in+London&pg=PA1516 | volume= 59 |edition= 9-14 | publisher=Securities and Exchange Commission | date=1995}} In 1990, BIL GT Group AG was founded and H.S.H. Prince Philipp became Chairman of the Board of Directors.{{cite web |url=https://www.finews.asia/services/advertorials/26872-lgt-prince-may-philipp-values-banking-liechtenstein |title=Long-Term Thinking and Actions Are Part of the LGT Identity |date=11 May 2018 |access-date= 18 April 2019}}{{cite web|url=http://www.fuerstenhaus.li/en/|title=Das Fürstenhaus von Liechtenstein|publisher=fuerstenhaus.li}} Six years later, BIL GT Group was renamed Liechtenstein Global Trust and BIL became LGT Bank in Liechtenstein AG.{{cite news |url=https://www.nytimes.com/1996/07/11/business/investment-firms-talk-of-merging.html |title=Investment Firms Talk Of Merging |website=The New York Times |date=11 July 1996 |access-date= 18 April 2019|last1=Freudenheim |first1=Milt }} In 1998, the GT Asset Management division was sold and the bank went private.{{cite web |url=https://www.moneymarketing.co.uk/lgt-asset-management-division-is-up-for-sale|title= LGT asset management division is up for sale |date= 7 July 1998 |access-date= 12 November 2019 }} It was then that LGT decided to focus on private banking and asset management and to further expand its international operations.{{cite web |url=https://www.institutionalinvestor.com/article/b18bk5xw6jr7k1/lgt-capital-partners|title= LGT Capital Partners |date= 18 May 2015 |access-date= 12 November 2019 }}

In 2003, LGT acquired Schweizerische Treuhandgesellschaft STG from Swiss Life,{{cite web |url=https://www.ipe.com/news/liechtensteins-lgt-buys-swiss-lifes-stg/www.ipe.com/news/liechtensteins-lgt-buys-swiss-lifes-stg/7189.fullarticle |title=Liechtenstein's LGT buys Swiss Life's STG |access-date= 18 April 2019}} opened LGT Bank Deutschland & Co. OHG{{cite web |url= https://www.expatica.com/de/liechtensteins-lgt-bank-sells-german-unit-to-abn-amro |title= Liechtenstein's LGT Bank sells German unit to ABN Amro |access-date= 12 November 2019 |archive-date= 6 December 2019 |archive-url= https://web.archive.org/web/20191206132926/https://www.expatica.com/de/liechtensteins-lgt-bank-sells-german-unit-to-abn-amro/ |url-status= dead }} and was granted a banking license in Singapore.{{cite web |url=https://asianbankingandfinance.net/retail-banking/more-news/abn-amro-sells-its-private-banking-business-hong-kong-singapore-and-dubai-l |title=ABN Amro sells its private banking business Hong Kong, Singapore, and Dubai to LGT |date=6 December 2016 |access-date= 18 April 2019}} Over the next four years, it launched LGT Bank Switzerland and opened LGT Bank Österreich.{{cite web |url= https://www.citywealthmag.com/news/interview-meinhard-platzer-co-ceo-lgt-bank |title= Interview with Meinhard Platzer, co-CEO of LGT Bank |access-date= 12 November 2019 |archive-date= 6 December 2019 |archive-url= https://web.archive.org/web/20191206132936/https://www.citywealthmag.com/news/interview-meinhard-platzer-co-ceo-lgt-bank |url-status= dead }} In 2006, H.S.H. Prince Maximilian of Liechtenstein became CEO.{{Cite web|title=Max Und Zu Liechtenstein, LGT Group Foundation: Profile and Biography|url=https://www.bloomberg.com/profile/person/18302219|access-date=2021-09-28|website=Bloomberg.com|language=en}}

LGT Venture Philanthropy, an independent charitable foundation, was founded in 2007,{{cite web |url=https://www.investmenteurope.net/investmenteurope/news/3704611/fund-targets-uk-social-impact|title= New fund targets UK social impact |date= 23 July 2013 |access-date= 12 November 2019 }} on the initiative of LGT CEO H.S.H. Prince Max von und zu Liechtenstein. In 2009, LGT sold its trust and fiduciary division (LGT Treuhand) to First Advisory Group{{cite web |url=https://www.tax-news.com/news/Liechtensteins_LGT_Group_Sells_Trust_Business_____35560.html |title=Liechtenstein's LGT Group Sells Trust Business |access-date=18 April 2019 |archive-date=6 May 2019 |archive-url=https://web.archive.org/web/20190506091906/https://www.tax-news.com/news/Liechtensteins_LGT_Group_Sells_Trust_Business_____35560.html |url-status=dead }} and acquired the Swiss operation of Dresdner Bank.{{cite web |url=https://dealbook.nytimes.com/2009/07/27/lgt-buys-swiss-unit-of-dresdner-from-commerzbank/ |title=LGT Buys Swiss Unit of Dresdner From Commerzbank |date=27 July 2009 |access-date= 18 April 2019}}{{cite web |url=https://www.ft.com/content/320b6328-7ac8-11de-8c34-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221212001244/https://www.ft.com/content/320b6328-7ac8-11de-8c34-00144feabdc0 |archive-date=2022-12-12 |url-access=subscription |url-status=live |title=Commerzbank sells Dresdner Swiss unit to LGT |access-date=18 April 2019 }} In 2011, it sold LGT Bank Deutschland & Co. OHG.{{cite web |url=https://citywire.ch/news/lgt-bank-appoints-new-ceo/a991987|title= LGT Bank appoints new CEO |access-date= 12 November 2019 }} In the years that followed, LGT opened a branch in Salzburg, Austria (2012),{{cite web |url= https://www.verdict.co.uk/private-banker-international/news/lgt-expands-european-base-with-salzburg-opening |archive-url= https://web.archive.org/web/20191206132924/https://www.verdict.co.uk/private-banker-international/news/lgt-expands-european-base-with-salzburg-opening |url-status= dead |archive-date= December 6, 2019 |title= LGT expands European base with Salzburg opening |access-date= 12 November 2019 }} as well as LGT Middle East in Dubai (2013).{{cite web |url=https://gulfnews.com/business/banking/lgt-opens-first-private-banking-office-in-dubai-1.1147096|title= LGT opens first private banking office in Dubai |date= 16 February 2013 |access-date= 12 November 2019 }}

Between 2012 and 2017, LGT acquired several new portfolios and operations, including Clariden Leu’s ILS boutique (2012),{{cite web |url=https://www.artemis.bm/news/clariden-leu-insurance-linked-investment-business-and-ils-funds-sold-to-lgt-group|title= Clariden Leu insurance-linked investment business and ILS funds sold to LGT Group |date= 13 March 2012 |access-date= 12 November 2019 }} a private banking portfolio from HSBC in Switzerland (2014),{{cite news |url=https://www.bloomberg.com/news/articles/2014-06-24/lgt-agrees-to-buy-swiss-private-banking-assets-from-hsbc|title= LGT Agrees to Buy Swiss Private Banking Assets From HSBC |website= Bloomberg News |date= 24 June 2014 |access-date= 12 November 2019 }} a majority stake in London-based wealth management partnership Vestra Wealth (2016),{{cite news |url=https://www.ft.com/content/03860bcc-e9e6-11e5-888e-2eadd5fbc4a4 |archive-url=https://ghostarchive.org/archive/20221212001201/https://www.ft.com/content/03860bcc-e9e6-11e5-888e-2eadd5fbc4a4 |archive-date=12 December 2022 |url-access=subscription |url-status=live |title=LGT Group snaps up UK's Vestra Wealth |newspaper=Financial Times |date=14 March 2016 |access-date=12 November 2019 }} the private banking operations of ABN AMRO Asia in Asia and the Middle East (2016){{cite web |url=https://www.scmp.com/business/banking-finance/article/2052232/lichtensteins-lgt-buys-abn-amros-asian-private-banking|title= Liechtenstein's LGT buys ABN Amro's Asian private banking operations |date= 6 December 2016 |access-date= 12 November 2019 }} and European Capital Fund Management (2017).{{cite web |url=https://www.privateequitywire.co.uk/2017/06/01/252377/lgt-capital-partners-acquires-european-capital|title= LGT Capital Partners acquires European Capital |date= June 2017 |access-date= 12 November 2019 }}

In 2019, LGT opened a branch in Thailand (LGT Securities Thailand){{cite news |url=https://www.bangkokpost.com/business/1637202/lgt-opens-bangkok-office|title= LGT opens Bangkok office |newspaper= Bangkok Post |date= March 2019 |access-date= 12 November 2019 }} and also entered the Indian market through the acquisition of a majority stake in Validus Wealth (FDI approval pending).{{cite web |url=https://www.livemint.com/companies/news/wealth-manager-validus-sells-majority-stake-to-lgt-1561624604444.html|title= LGT buys majority stake in Validus |date= 27 June 2019 }} Later that year, the group acquired Aspada, a leading India-focused investment fund which was previously owned by the Soros Economic Development Fund (SEDF) as a sole shareholder, to expand its impact investing platform LGT Lightstone.{{cite news |url=https://www.ft.com/content/1d814f2a-c933-11e9-a1f4-3669401ba76f |archive-url=https://ghostarchive.org/archive/20221212001217/https://www.ft.com/content/1d814f2a-c933-11e9-a1f4-3669401ba76f |archive-date=12 December 2022 |url-access=subscription |url-status=live |title=Beef under fire; proxy power blunted; Soros' royal impact deal |newspaper=Financial Times |date=28 August 2019 |access-date=12 November 2019 }} In December 2021, LGT acquired the Australia-based firm Crestone Wealth Management (former UBS Wealth Management Australia until 2016, approximately AUD$25 billion in assets under management) for $338 millions. The acquisition was completed in 2022.{{Cite news |last1=Shields |first1=Michael |last2=Sahu |first2=Subhranshu |date=15 December 2021 |title=Lichtenstein's LGT in $338 mln deal to buy Crestone |url=https://www.reuters.com/markets/deals/lichtensteins-lgt-338-mln-deal-buy-crestone-2021-12-15/ |access-date=24 February 2024 |work=Reuters}}

{{main|2008 Liechtenstein tax affair}}

The German tax authorities commenced numerous audits and prosecutions for tax fraud in the tax haven of Liechtenstein, based on information on a compact disc 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.[https://www.independent.co.uk/news/world/europe/fury-in-liechtenstein-over-german-tax-inquiry-784417.html Fury in Liechtenstein over German tax inquiry] by Tony Patterson in The Independent, 20 February 2008. Retrieved 31 August 2013. [https://web.archive.org/web/20131220044956/http://www.independent.co.uk/news/world/europe/fury-in-liechtenstein-over-german-tax-inquiry-784417.html Archived here.] Information was also forwarded to many other European states and Australia, leading to successful investigations there. For its involvement in the affair, LGT agreed to a settlement with a fine of €50 million.

Rating: Standard & Poor's{{cite web |url=https://www.lgt.com/shared/.content/publikationen/$verwaltung_publikationen/unternehmensportraets/Rating_S_P_LGT_Bank_en.pdf |title=Standard & Poor's rating report |author= |publisher=Standard & Poor's |access-date=2 November 2018 |archive-date=19 September 2016 |archive-url=https://web.archive.org/web/20160919185448/https://www.lgt.com/shared/.content/publikationen/$verwaltung_publikationen/unternehmensportraets/Rating_S_P_LGT_Bank_en.pdf |url-status=dead }} / Moody's{{cite web |url=https://www.lgt.com/shared/.content/publikationen/$verwaltung_publikationen/unternehmensportraets/Rating_Moodys_LGT_Bank_en.pdf |title=Moody's rating report |author= |date=12 June 2018 |publisher=Moody's |access-date=2 November 2018 |archive-date=19 September 2016 |archive-url=https://web.archive.org/web/20160919191855/https://www.lgt.com/shared/.content/publikationen/$verwaltung_publikationen/unternehmensportraets/Rating_Moodys_LGT_Bank_en.pdf |url-status=dead }} (2017)

• A+ / Aa2

• Austria: Vienna, Salzburg
• France: Paris
• Germany: Frankfurt am Main
• Ireland: Dublin
• Liechtenstein: Vaduz
• Switzerland: Basel, Bern, Davos, Geneva, Lugano, Pfäffikon, Zurich
• United Kingdom: Bristol, London
• Jersey: St. Helier

• Australia: Sydney
• Bahrain: Manama
• China: Beijing, Hong Kong
• Japan: Tokyo
• Singapore
• Thailand: Bangkok
• UAE: Dubai
• United States: New York City

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{{Reflist}}

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• [https://www.lgt.com/ Official Website]

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Category:Financial services companies established in 1920

Category:Banks of Liechtenstein

Category:Banks established in 1920

Category:Private banks

Category:Private equity firms of Europe

Category:Investment management companies of Liechtenstein

Category:Organizations based in Vaduz

Category:Brands of Liechtenstein

Category:Asset management companies