LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has dissolved its group structure to form three standalone units for private banking, asset management and impact investing in early 2021.
The units to be spun off are LGT Private Banking, LGT Capital Partners, and Lightstone.
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These businesses will be directly held by the Princely Family of Liechtenstein Foundation.
The restructure will not result in changes for private banking and asset management clients or layoffs, the group assured.
The three businesses are said to operate in diverse markets, face varied challenges and opportunities as well as pursue individual strategic objectives.
LGT Private Banking, which manages nearly CHF170bn ($174.4bn) in assets and has a workforce of approximately 3100, intends to pursue organic growth and acquisitions in both existing and new geographies to strengthen its market position.
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By GlobalDataBesides, the business aims to increase its focus on tailored advice.
LGT Capital Partners, which focuses on private equity and alternative asset management, intends to embark on global expansion and develop its product line-up for institutional investors.
Other future plans of the business include the development of its investment expertise and its thought leadership for sustainable and alternative investments.
The business, which oversees nearly CHF60bn ($61.5bn) in assets and employs around 500, will continue to have Roberto Paganoni at the helm as CEO.
Lightstone will continue to be run by the existing partners.
In the final quarter of this year, the business intends to make around $500m of its investment portfolio accessible to external investors through a fund structure.
LGT CEO Prince Max von und zu Liechtenstein will chair the three standalone companies.
The firm’s CFO Olivier de Perregaux will serve as the CEO of LGT Private Banking.
Meanwhile, LGT also announced the retirement of its chairman Prince Philipp von und zu Liechtenstein, a 40-year veteran at the firm.
He has served as the chairman since 2001.
LGT Group CEO Prince Max von und zu Liechtenstein said: “Positioning LGT Private Banking, LGT Capital Partners and Lightstone as independent companies will allow the three businesses to develop their strategy in line with their specific needs and in response to the changing market conditions.
“A clear strategic focus with corresponding corporate governance for the three companies will result in greater agility, transparency and efficiency, as well as more flexibility.”
