Liechtenstein-based private bank LGT has opened a new wealth management office in the Japanese capital of Tokyo further bolstering its presence in the Asia-Pacific region.

The company opened its new office at the Okura Prestige Tower after securing necessary regulatory nods.

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The Japanese business, named LGT Wealth Management Trust, will provide investment and wealth management services to affluent and family-owned businesses.

Industry veteran Yoshitaka Nagakura will serve as the chairman and CEO of the business. He will directly report to LGT Private Banking Asia Pacific CEO Dr Henri Leimer.

Leimer said: “Since our establishment in Asia in 1986, LGT has shown that it has been able to expand into new markets, finding the perfect blend between global strengths and capabilities and the ability to localise our offering.

“The fact that our clients can invest in the same investment solutions and with the same long-term vision as the Princely Family makes us unique, and results in a natural alignment of interests.”

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Nagakura said: “The traditional Japanese wealth management landscape is changing. We believe that LGT’s expertise in impact and environmental, social, governance (ESG) investing will be of value to Japanese investors.

“Our team of experienced professionals is looking forward to providing the wealth management service which LGT is known for globally, supported by local knowledge and understanding of our Japanese clients’ needs.”

Separately, Nagakura told Bloomberg that the LGT Wealth Management Trust will seek to increase its workforce in the country to 70 to 80 people over the following three years.

It is also planning to enter into collaborations with regional lenders, funds and investment banks to meet the requirements of its clients.

Earlier this year, LGT agreed to acquire a strategic minority stake in the German digital wealth manager LIQID.