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March 18, 2010

WBrief: LGT profits fall 35%

By Spear's

LGT Group, the Liechtenstein private bank which acquired a Swiss private banking business from Commerzbank last year, said its group profit was SFr106 million (around $100 million) in 2009, a 35 per cent fall from a year before. Assets under management rose by 14 per cent to SFr89 billion.

LGT Group, the Liechtenstein private bank which acquired a Swiss private banking business from Commerzbank last year, said its group profit was SFr106 million (around $100 million) in 2009, a 35 per cent fall from a year before. Assets under management rose by 14 per cent to SFr89 billion.

Last year, LGT – which had been the victim of a theft of client data in 2002 – said that while its overall assets under management had increased, funds based in Liechtenstein declined, with a net outflow of SFr3.7 billion for the group as a whole. The bank noted that there have been outflows from international financial centres around the world.

To read the full story, visit wealthbriefing.com

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