*"Asia is no longer just an emerging market; it is a center of gravity for global wealth creation," remarked Heinrich Henckel, CEO of LGT Private Banking, as he unveiled the firm’s ambitious expansion plans in Singapore this week. "Our client base here is evolving rapidly, and we are committed to providing the expertise and infrastructure required to meet their increasingly complex needs."*
LGT Private Banking, the Liechtenstein-based wealth management powerhouse owned by the Princely House of Liechtenstein, has announced a significant expansion of its Singapore operations. The move underscores the firm’s strategic commitment to Asia, where the emergence of second- and third-generation wealth has created unprecedented demand for sophisticated family office services, tax-efficient structures, and bespoke investment solutions.
The expansion will see the addition of 150 new employees over the next three years, with a focus on strengthening advisory teams that specialize in multigenerational wealth planning, cross-border tax compliance, and sustainable investment strategies. This growth will also include the establishment of a dedicated family office services hub, aimed at supporting the increasing number of ultra-high-net-worth individuals (UHNWIs) relocating to Singapore to take advantage of the city-state’s favorable tax regime and robust regulatory framework.
LGT’s decision comes at a time when Singapore is cementing its reputation as a preeminent global wealth management hub. According to government data, the number of family offices in Singapore has surged from roughly 400 in 2020 to over 1,100 in 2023. This trend aligns with broader shifts in global wealth patterns, as affluent families seek stable jurisdictions to safeguard their assets amid geopolitical uncertainty and tightening regulatory scrutiny in traditional financial centers.
In particular, LGT’s expansion appears designed to cater to the unique needs of Asian UHNWIs, whose wealth often spans multiple jurisdictions and asset classes. The firm’s expertise in integrating private banking, asset management, and family office services under one roof positions it as a natural partner for clients seeking holistic solutions.
*"Our clients are not just looking for financial products; they’re looking for a partner who understands the nuances of their circumstances," said Olivier de Perregaux, CEO of LGT Private Banking Asia. "Singapore offers the ideal ecosystem for us to innovate and tailor our services to a discerning clientele that demands discretion, precision, and foresight."*
The broader implications of LGT’s expansion are significant. By intensifying its focus on Singapore, the firm is effectively signaling confidence in Asia’s long-term economic resilience, even as the region grapples with challenges ranging from inflationary pressures to geopolitical tensions. For Singapore, the move reinforces its appeal as a magnet for global capital and talent, particularly in the high-stakes arena of wealth management.
As the competition among private banks heats up, LGT’s latest venture highlights the importance of differentiation through expertise and client-centricity. Whether this strategy will translate into sustained growth remains to be seen, but for now, it is clear that the firm is betting big on Asia’s wealth management future.
(Editors: admin)