LGT Bank, a unit of the Liechtenstein-based private bank LGT Group, has collaborated with China Renaissance to jointly offer wealth management services to HNWIs worldwide.

LGT has 20 branches and a staff headcount of more than 3,000. The business managed CHF206bn in assets at the end of June 2018.

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China Renaissance has a presence in China, Hong Kong and the US.

The business offers a range of services including private placement advisory, M&A advisory, research, and investment management.

Under the latest agreement, the pair will share their resources and collaborate in multiple business functions.

The plan is to eventually offer global asset allocation services for Chinese clients.

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The alliance will utilise China Renaissance’s asset side strength and entrepreneurial social circles in China along with LGT’s wealth management expertise and global customer and product resources.

China Renaissance chairman Bao Fan said: “Wealth owners emerging from China’s new economy have different attributes compared to traditional high net worth individuals.

“Being young, they understand and embrace technology and the new economy, and are willing to invest in the ecosystem of the new economy.

“Meanwhile, demand in China’s high-end wealth management market is experiencing a transition from wealth generation to wealth preservation. LGT Bank adheres to its century-old values and principles towards wealth of the Liechtenstein Family and possesses rich experience and global perspective in the business of wealth management.”

LGT Group CEO Max von und zu Liechtenstein also welcomed the partnership, saying that it will enhance each other’s core businesses.