Reports
LGT Reports Rise In Net Assets, AuM In First Half Of 2016
The private bank has reported results for the first half of 2016.
Liechtenstein-headquartered LGT, a private bank operating in regions including Asia, reported SFr4.4 billion ($4.4 billion) of net asset inflows in the first six months of 2016, equating to an annualised growth rate of 7 per cent.
Assets under management increased by 8 per cent from the end of December last year to SFr143.4 billion. This figure includes SFr8.0 billion in assets under management from the acquisition of the UK-based wealth management boutique LGT Vestra, which has since been completed.
Revenues rose by 5 per cent from end-2015 to SFr576.3 million,
and group profit totalled SFr124.4 million (-5 per cent), the
bank said in a statement yesterday.
Total operating expenses rose 9 per cent to SFr417.0 million
during the period under review.
New staff hires, predominantly in the Asian market and in asset management, resulted in an increase of 5 per cent in personnel expenses to SFr315.3 million. Business and office costs rose by 23 per cent to SFr101.7 million, reflecting business investment, LGT said.
The tier one ratio of capital, a key measure of a bank's financial strength, was 19.8 per cent at the end of June 2016, compared to 20.1 per cent at the end of 2015.
