Liechtenstein’s LGT Group saw group profit
decline 52% to CHF70m ($77m) in 2011 despite net new money rising
by 10% to CHF8.6bn.
The profit slump was attributed to one-time
write-offs of CHF50m, including hits to income from trading
activities and other operating income, in connection with the sale
of LGT Bank Deutschland.
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LGT sold its seven–office
private bank to ABN AMRO’s German private banking subsidiary
Delbrück Bethmann Maffei in September last year.
Cost/income rises
At the end of 2011, assets under management
(AUM) were flat at CHF86.9bn, a marginal rise from 2010’s
CHF86.1bn. When LGT Deutschland’s AUM is excluded,
2010 assets stood at CHF83.1bn.
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By GlobalDataHeadcount also dropped 10% to
1,779, following the German sale, with LGT’s
cost/income ratio rising 5 points to 75%.
