As a result, LGT now serves HNW individuals, families, and entrepreneurs in four different regions of Germany.
After opening its first office in Hamburg in 2022, followed by Dusseldorf and Cologne, LGT now has a local presence in Frankfurt.
In addition, a team of highly experienced local private banking experts to build the business in this location.
LGT offers not only traditional investment advice and wealth management, but planning, international real estate financing and philanthropy advisory. It also aids with impact and alternative investments.
Florian Dürselen, member of the executive board of LGT Bank, said: “Frankfurt is one of Europe’s leading financial centres. This makes it attractive for both financial institutions, and high-net-worth and discerning private banking clients. We see strong potential for LGT in this location, and are therefore delighted to be opening an office here together with the new team.”
Andreas Loretz, market head Germany and Austria at LGT Bank, added: “We are very pleased with the progress we are making in establishing and expanding our German locations. Over the past one and a half years, we have been able to recruit experienced relationship managers and expand our client base in Hamburg. I have no doubt that private banking clients in the Rhine-Main region will also appreciate our services and our expertise.”
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The next step for LGT, according to the bank, is to expand its headquarters in Munich and southern Germany.
In September 202, at a cost of £140m (approximately CHF158m), LGT successfully acquired Abrdn‘s discretionary fund management operations in the UK and Jersey.
LGT Wealth Management will be managing the acquired company’s client relations and about 140 employees.
With the completion of this agreement, the assets under control of LGT Wealth Management rose from £22bn at the end of June 2023 to more than £28bn, an increase of over £6bn.
By acquiring offices in Leeds and Birmingham, the purchase further increased LGT Wealth Management’s presence in the UK.
This will be supported by future expansion at current facilities in London, Edinburgh, Bristol, and Jersey.