LGT, a private banking and asset management group, has reportedly formed a new entity to offer wealth management services to its clients across India.
The LGT Wealth India is expected to help the company cement its position in the Indian wealth management market.
The venture will also enable LGT to further bolster its footprint in Asia, where it also operates offices in Hong Kong, Singapore, Thailand and Australia.
The entity, with its majority stakes owned by LGT Group, has a headcount of over 200 in India.
Further, the venture has presence in as many as 14 cities in the country including Mumbai, Delhi, Chennai and Bengaluru.
LGT Wealth India director and chief executive Atul Singh said: “Our aim is to offer a fresh approach to wealth management.
“The plan is simple: put our clients first by providing a transparent service, designed around what is right for them. We have attracted some of the industry stalwarts and best talent, drawing together in-depth experience across multiple asset classes.
“By working closely together, we can draw on our varied skills and knowledge, allowing us to treat each portfolio individually and meet the unique needs of every client.”
In another development, LGT announced its return to Germany with a new private banking office in Hamburg.
Following receipt of necessary approvals, a 15-member team of private banking experts have been roped in to build the business in the region.
Once ready, the office will provide German clients access to LGT’s wide range of products and services including wealth planning, real estate financing, impact investments and alternative investments.
LGT chairman HSH Prince Max von und zu Liechtenstein said: “Germany is one of the largest private banking markets in Europe. It is therefore logical for us to be present there.”