LGT sees record asset inflows in 2021
LGT, headquartered in Liechtenstein, reported an increase in profits for 2021 alongside a record influx of customer assets.
LGT posted a group profit of 352.8 million Swiss francs ($377.1 million) in 2021, according to its annual results, marking a 21% year-on-year increase.
This was partly supported by record net asset inflows of CHF 24.8 billion (more than 10% increase), which contributed to LGT’s total assets under management increasing by 19% to 285.8 billion francs.
Revenue based on services
While net interest income (down 11% to 204.5 million francs), trading activities and other operating income (down 21% to 345 million francs) fell in 2021 , revenue from services increased by 33% to 1.58 billion francs.
This development is explained by revenues from a higher asset base in portfolio management, brokerage activities and higher performance-based revenues.
According to LGT, it started 2022 with strong momentum, supported by its recent expansion into Asia where it opened a new wealth management office in Tokyo and acquired Australia’s Crestone Wealth Management late last year.
“LGT’s centenary was a good year for us in every way,” said LGT’s chairman HSH Prince Max von und zu Liechtenstein.
“Despite the ongoing pandemic, we continued to serve our clients as a reliable partner and further expanded our investment offering, which had a very positive impact on our results. Additionally, we have grown our international presence in various regions, from Europe and Japan to Australia.”