The firm said its solid growth was helped by a series of M&A deals it has sealed in recent years.

Liechtenstein’s LGT saw its profits rise 23 per cent in 2017 to SFr283.4 million ($298.4 million) as a string of recent global acquisitions paid dividends, it said yesterday. 

Net asset inflows, excluding acquired assets, were up 12 per cent at SFr17.7 billion, while the group’s assets under management (AuM) swelled 33 per cent to SFr 201.8 billion.

“Significant contributors” to LGT’s robust growth were the integration of ABN AMRO’s private banking business in Asia last May, and the London-and Paris-based private debt manager European Capital Fund Management, integrated last June. LGT Vestra, the firm’s UK-based wealth management operation, also “made a healthy contribution to growth,” it said. 

Total operating income jumped 27 per cent to SFr1.53 billion last year and income from services rose 22 per cent to SFr1.01 billion due to “higher levels of client activity in a good stock market environment”.

Net interest and similar income increased 33 per cent to SFr228.4 million, and income from trading activities and other operating income leapt 41 per cent to SFr295.6 million.

LGT’s cost/income ration was stagnant at around 74 per cent, it said, adding that it is “very well capitalised” with a tier 1 capital ratio of 18.8 per cent.

The private banking group’s headcount rose 21 per cent, with LGT now employing 3,188 staff globally. 

Prince Max von und zu Liechtenstein, chief executive of LGT, said: “2017 was an exceptionally good year for LGT. These results reflect that LGT is strengthening its position as a leading private banking and asset management provider, and the fact that we have taken advantage of market opportunities and further improved the quality of our business. We will continue to pursue our long-term growth strategy judiciously in the future.”