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August 26, 2022

LGT group profit surges 20% in H1; AUM remains stable at nearly CHF285bn

Liechtenstein-based private banking and asset management group LGT has recorded a group profit of CHF217.2m ($224.9m) for the first half of 2022, a jump of 20% compared with the last year.

For the period ended 30 June, the group’s assets under management (AUM) stood at CHF284.7bn, a marginal decline of 0.4% from CHF285.8bn in December 2021.

It reflects net asset inflows of CHF6.2bn in H1 2022 and asset growth of CHF15.6bn from the purchase of Crestone Wealth Management in Australia.

LGT noted that the purchase of Crestone has allowed its private banking unit to bolster its presence in the Asia-Pacific region. A recent deal with Vontobel is also set see the firm’s private clients in Hong Kong receiving a proposal to transfer to LGT.

Of the total client assets, LGT Private Banking handled CHF203.7bn and LGT Capital Partners handled CHF81.0bn.

In the first half of this year, cost-income ratio dropped to 70.6%, compared with 75.2% at the end of last December and 72.4% on June end last year.

Despite a reduced Tier 1 ratio of 18.4% in H1 2022, compared to the end of last year’s 22.1%, LGT considers it a ‘well capitalised’ performance.

LGT chairman Prince Max von und zu Liechtenstein said: “LGT’s results for the first half of 2022 are testament to the strength and breadth of our international client business, and thanks to our highly committed employees, we are also well equipped to deal with today’s changing environment.

“In an uncertain world and with unpredictable markets, our priority is to put LGT’s comprehensive investment and – in particular – our sustainability expertise to work for our clients as recent geopolitical and economic developments underscore the importance of sustainable solutions.”

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