LGT Group, the Princely House of Liechtenstein’s private bank, plans to double assets in Asia to $24 billion in the next five years after adding staff and investing in information technology.
LGT, fully owned since 1930 by the European principality’s royal family, has $12 billion in assets in Asia and wants to grow by 10 percent to 15 percent a year, Dominique Joye, chief executive of the Singapore unit, said in an interview. The bank’s global assets total $90 billion, he said.
The family 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 $8 billion in assets currently booked in Singapore, according to Joye.
Economic growth in Asia-Pacific will reach 6 percent this year as the global expansion slows to 3.5 percent from 3.9 percent in 2011, the International Monetary Fund said April 17.