Liechtenstein’s LGT Group logged a 3% decline
in assets under management at year-end 2010 to CHF86.1bn ($95.7bn),
a result of negative currency impacts.
The wealth and asset management group noted
that earnings were held back by low interest rates and the strength
of the Swiss franc against the euro and US dollar which also led a
42% decline in net interest income.
Go deeper with GlobalData
Negative currency effects have impacted the
results of other big European and Swiss private banks with large US
businesses, such as Credit Suisse and UBS.
Second half 2010 pick-up
LGT said that a general pick-up in client
stock market activity in the second half of 2010 improved the
bank’s financial developments.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLGT’s net new money inflows were positive,
reaching CHF3.1bn in 2010 as a result of “substantial” inflows in
Asian markets and the performance of onshore private banking
operations, the bank said.
The bank’s total operating income increased
13% overall to CHF883m in the 12 months to December 31 2010.
BHF Bank sale going
smoothly
At the start of 2011, Deutsche Bank and LGT
Group announced they were a step closer to closing the sale of BHF
Bank.
LGT Group chief executive Prince Max von und
zu Liechtenstein revealed that negotiations with Deutsche Bank on
the planned takeover of BHF Bank are progressing according to
plan.
BHF, which reported assets under management
(AuM) of €43bn ($60bn) at the end of 2010, was acquired by Deutsche
in March 2010 with the €1bn purchase of its parent Sal
Oppenheim.
