Assets under management rose by 5.6 per cent to SFr240.7 billion at the end of 2020. Overall results held up in the face of a testing year, it said.

Liechtenstein-based LGT, yesterday reported SFr291.5 million ($313.6 million) in group profit in 2020, falling by 5.4 per cent from a year earlier. Figures were affected by a rise in depreciation, amortisation and provisions, a modest rise in operating costs and a drop in net interest income and credit losses. The banking group operates in a number of countries around the world.

Assets under management rose by 5.6 per cent to SFr240.7 billion at the end of 2020; net asset inflows reached SFr11.6 billion last year, against 13.9 billion in 2019.

Total operating costs rose by 3.2 per cent year-on-year to $1.389 billion; business and office costs fell by 4.7 per cent; and personnel costs rose by 5.3 per cent. 

Total operating income rose by 2 per cent reaching SFr1.853 billion, the bank, which marks its centenary this year, said in a statement yesterday. 

In October last year, LGT completed the final stage of its acquisition of LGT Vestra and bought the remaining equity held by the executive partners. LGT Vestra, the UK wealth manager, has SFr21.0 billion as at the end of 2020, rising from SFr8.0 billion as at the end of June 2016, shortly after the acquisition was announced.

“Last year, we took important steps to strengthen our market position through our new organisational structure, and we will continue to systematically implement this structure in 2021,” HSH Prince Max von und zu Liechtenstein, chairman of LGT, said.

LGT employs more than 3,800 people who work from more than 20 locations in Europe, Asia, the Americas and the Middle East.