*"Singapore is no longer just a gateway to Asia; it is a global wealth management epicenter," said Dr. Johannes Rüegg-Stürm, Chairman of LGT Private Bank, during the announcement of their latest strategic initiative.*
LGT Private Bank, one of the world’s leading private banks owned by the princely House of Liechtenstein, has officially unveiled its new Family Office Hub in Singapore. The move underscores the bank's commitment to growing its footprint in Asia, a region that now accounts for a significant portion of the world’s high-net-worth individuals and ultra-high-net-worth families. Singapore’s robust regulatory framework, political stability, and its rise as a wealth management powerhouse were key factors in LGT’s decision to deepen its presence in the city-state.
The Family Office Hub, strategically located in Singapore’s Marina Bay financial district, is tailored to cater to the increasingly complex needs of Asia’s affluent families. The initiative aims to provide bespoke services such as multi-generational wealth planning, succession advisory, and philanthropic strategy development. This aligns with broader trends as wealthy families across Asia seek professionalized family office services to navigate tax optimization, cross-border estate planning, and governance challenges.
LGT’s expansion comes at a transformative time for Singapore, which has seen a surge in family office registrations in recent years. According to data from Singapore’s Economic Development Board, over 700 family offices were established in the city-state by the end of 2022, marking an unprecedented growth trajectory. The government’s proactive measures, including new tax incentives and exemption schemes, have created an environment where global private banks, institutional advisors, and wealth managers are vying for market share.
The Family Office Hub is set to complement LGT’s existing regional operations in Hong Kong and other Asian financial centers. With an emphasis on personalized service and long-term client relationships, LGT aims to position itself as a trusted partner to families navigating complex wealth transitions. This latest initiative also reflects the bank’s strategic pivot toward Asia, which is projected to host over half of the world’s billionaires by 2043, according to Knight Frank’s Wealth Report.
*"We believe that Asia’s wealthy families are not just looking for financial solutions; they are seeking a deeper partnership that understands their values, legacy ambitions, and global aspirations," remarked H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT Group. "Singapore offers a unique platform to deliver on these expectations."*
As LGT leverages its heritage, expertise, and understanding of family dynamics, the bank’s Singapore Family Office Hub will likely set a benchmark in the next level of ultra-high-net-worth services. Its launch signals the growing sophistication and demand for institutional-grade wealth management solutions in Asia.
In a world of shifting economic power centers, Singapore has cemented itself as a focal point for global wealth management, and LGT’s latest investment is a testament to the city-state’s enduring appeal.
(Editors: admin)