Sunday, 22nd November 2009

 

11 March 2009 - Tara Loader Wilkinson

Liechtenstein's LGT sells trust and fiduciary business

LGT Group, the Liechtenstein-based wealth manager, is set to sell its Liechtenstein and Swiss-based trust and fiduciary business for an undisclosed amount.

LGT Treuhand in Liechtenstein will be acquired by the First Advisory Group, a provider of fiduciary services in Liechtenstein. LGT also said that with retroactive effect from January 1 2009, LGT Swiss Trust Company will be taken over by LSP Trust.

Last November, LGT said that it will only offer trust and fiduciary solutions that are compliant with the tax legislation in its clients’ countries of origin.

LGT will no longer offer trusts or foundations either.

LGT said in a statement: "With this sale, LGT Group is underscoring its intention to concentrate on its core business within its successful international growth strategy. It will be focusing even more closely on building up its local banks in the European core markets, on expanding its international network, and on asset management. "

LGT has CHF95.3bn (€65bn) of assets under management as of last June, and 1,800 employees.

Tags: LGT , LGT Group

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