LGT Group, the Princely House of
Liechtenstein’s private bank, plans to double assets in Asia to
$24bn in the next five years after adding staff and investing in
LGT, fully owned since 1930 by the European
principality’s royal family, has $12bn in assets in Asia and wants
to grow by 10% to 15% a year, Dominique Joye, chief executive of
the Singapore unit, said in an interview. The bank’s global assets
total $90bn, he said.
LGT aims to tap a rising level of
personal wealth in Asia, where economic growth is projected to
outpace the rest of the world this year. Joye said the bank, which
employs 250 people in Hong Kong and Singapore, will add headcount
in marketing, without specifying a number.
LGT has been in Asia since 1986 with $8bn in
assets currently booked in Singapore, according to Joye.