LGT Group

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LGT Group
Type Private
Industry Financial Services
Founded 1920
Headquarters Vaduz, Liechtenstein
Number of locations 31
Key people

Prince Maximilian, CEO and President

Prince Philipp Erasmus, Chairman of the Board of Trustees
Products Wealth Management, Asset management, Hedge fund and Private equity
Owner(s) Prince of Liechtenstein Foundation
Employees 1,950
Website www.lgt.com
LGT Bank in Liechtenstein, Head Office, Vaduz, Liechtenstein.

LGT Group is the wealth and asset management group of the princely House of Liechtenstein. LGT, originally known as The Liechtenstein Global Trust, is the largest family-owned private wealth and asset manager in Europe, wholly owned by the Prince of Liechtenstein Foundation.

LGT is headquartered in Vaduz, Liechtenstein, with approximately 1,950 employees in 31 offices around the globe, Asia, Europe, the Middle East, North America, and South America. [1]

LGT, operates through several divisions:

  • Wealth Management - LGT Wealth Management International and LGT Private Bank provide wealth management services to private clients
  • Traditional Asset Management - LGT Capital Management provides investment opportunities for institutional investors and private clients
  • Alternative Asset Management - LGT Capital Partners is an alternative investment manager, with around $18.5 billion of capital invested in hedge fund and private equity investments

History

  • 1920 Company founded
  • 1921 In May, business activities commence with ten employees; rented offices on the ground floor of the government building
  • 1930 Liechtenstein Princely Family acquires the majority of shares
  • 1970 Establishment of the Prince of Liechtenstein Foundation, which takes over the Bank’s share capital as LGT Foundation beneficiary
  • 1982 Setting up of a Representative Office in London as the first foreign business base
  • 1983 Founding of Bilfinanz und Verwaltung AG, Zurich
  • 1984 Founding of BIL Treuhand AG, Vaduz
  • 1986 Bank in Liechtenstein goes public
  • 1989 Takeover of GT Management PLC, London
  • 1990 Founding of BIL GT Group AG, Vaduz
  • 1996 Change of name: BIL GT Group becomes Liechtenstein Global Trust and BiL becomes LGT Bank in Liechtenstein AG
  • 1998 Sale of Asset Management Division, Realignment of the LGT Group, HSH Prince Philipp becomes new Chairman of the Board of Trustees, going private
  • 2003 LGT Group acquires Schweizerische Treuhandgesellschaft STG from Swiss Life
  • 2005 STG becomes LGT Schweizerische Treuhandgesellschaft
  • 2009 LGT sells its Trust and Fiduciary division (LGT Treuhand) to First Advisory Group.

(Info can be found on the official website)

Controversy

Main article: 2008 Liechtenstein tax affair

The German tax authorities commenced numerous audits and prosecutions for tax fraud in the tax haven Liechtenstein based on information on a CD acquired by the German secret service Bundesnachrichtendienst. The CD, containing large amounts of information on accounts held by German citizens and other nationals with the bank, was allegedly obtained for a sum of €4 million from a former employee or contractor of the bank.[2] Information was also forwarded to many other European states and Australia, leading to successful investigations there.

Rating

Rating: Standard & Poor's / Moody's (2011/2012)

  • A+ / Aa3

Locations

Europe

Other Locations

References

  1. ↑ http://www.lgt.com/en/wir_ueber_uns/lgt_weltweit/index.html?DCSext.nav_type=5
  2. ↑ Fury in Liechtenstein over German tax inquiry by Tony Patterson in The Independent, 20 February 2008. Retrieved 31 August 2013. Archived here.

External links

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