Liechtenstein-headquartered wealth and asset
manager LGT Group said it remains cautious on the development of
business over the rest of the year after witnessing an 18%
year-on-year profit decline.
For the first six months ending 30 June 2011,
LGT’s profits stood at CHF82.1m ($100m), compared with CHF99.6m for
the corresponding period a year before.
Go deeper with GlobalData
The wealth manager said the decline was
influenced by volatility in financial markets, dropping client
activity and the strong Swiss franc.
Operating income – down; new assets –
up
LGT’s operating income reached CHF408.1m for
the first half of this year, a 5% drop compared with CHF427.5m for
the same period in 2010.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn the first six months of 2011, LGT group’s
net new assets (NNA) stood at CHF5.7bn, a striking increase
compared with CHF3.1bn as at 31 December 2010 and CHF1.1bn for
first half of 2010.
Global changes
Part of LGT’s NNA growth could be the result
of its increasing efforts to diversify internationally and expand
in emerging markets.
In April it was granted a full banking license
in Hong Kong, giving it a second booking platform in Asia alongside
Singapore.
Its decision to
sell its 7-office German private banking business in May
underlined its commitment to an emerging markets strategy.
Slight assets gains
Assets under administration (AuA) also saw a
slight growth reaching CHF88.1bn in June this year, compared with
CHF86.1bn in December 2010.
