DOCSLIB.ORG

2012 Financial Services Industry Outlook

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2012 Financial Services Industry Outlook 2012 | Investment Management Industry Review About Berkshire Capital Berkshire Capital is a leading investment bank focused on M&A in the asset management and securities industries. With more completed transactions in this space than any other investment bank, we help clients find successful, long lasting partnerships. Founded in 1983, Berkshire Capital is an employee-controlled investment bank headquartered in New York with offices in Denver and London. Our partners have been with the firm an average of 12 years. We are recognized as a leading expert in the wealth management, money management, alternatives, real estate and broker/dealer industries. We believe our success as a firm is determined by the success of our clients and the durability of the partnership we help them to structure. 535 Madison Avenue, 19th Floor New York, NY 10022 (212) 207 1000 999 Eighteenth Street, Suite 3000 Denver, CO 80202 (303) 893 2899 Cayzer House 30 Buckingham Gate London, UK SW1E 6NN Berkshire Capital Securities Ltd. is+44 authorized (0)20 and 7828-2828 regulated by the Financial Services Authority. www.berkcap.com Member, FINRA / SIPC in a December 2 speech before the German Bundestag, underlining her determination to save the euro. Meanwhile, led by the Federal Reserve, a number of the GreekA fascination Tragedy with Greece has traditionally been world’s key central banks took action to chop the rates for the purview of specialists in Antiquity. This elite short-term dollar loans to the ECB at a time when many private banks and investors have cut their exposure to group, generally operating in academia, focuses Europe. on the period of Greek influence and power from Across the Atlantic, Washington was conjuring up its own around the 7th century B.C. through the conquest take on Antiquity, in the continuing Sybaritic approach it by Rome and into the several centuries after the took to spending: In fiscal 2011, the federal deficit topped death of Christ. As 2011 rolled around, and Greece the trillion-dollar mark for the third year running, with the became the center of another local financial crisis 2012 deficit projected to remain around the trillion-dollar threshold. Yet, in a global theater where virtually every with global implications, those academics had plenty patron was either screaming or thinking “fire,” the U.S. of company. Suddenly, hundreds of millions of remained a safe haven, with investors eagerly scooping people were focused on the historic nation, including up 10-year Treasury notes paying a paltry 2%. Buyers two groups of particular importance: investors and continued to include one of the world’s great creditors, policy makers. China, which holds more than $1.1 trillion worth of the instruments.Nomura “It seems the U.S. is the last man standing in this global crisis of confidence, for the time being,” commented . Forgotten, it seemed, was Standard & Poor’s controversial decision in August to downgrade by That a country with a population of 11 million people a notch the nation’s pristine long-term debt rating. and a gross domestic product (GDP) of $300 billion could command so much attention — and cause such As policy makers and regulators sought to diffuse this consternation regarding the world’s financial latest crisis, the silver lining remained hazy. Indeed, many health — adds another strange chapter to the now- observers are suggesting a protracted period of slow growth lengthy and white-knuckled saga increasingly dubbed for the U.S. and Europe. In this view, the financial tsunami the “Great Recession.” Unfortunately, the Greeks aren’t and its attendant costs has merged with two other gradually alone. Following the October bailout agreement between building waves to form a perfect economic and financial Athens and the eurozone that delivered a 50% haircut to storm that will depress economic activity for years. The first private investors holding Greek sovereign debt, two more significant tottering dominoes — Italy and Spain — saw their bond yields jump by percentage points rather than the usual and more staid basis point. Budgetary 2009 Blues 2010 2011* 2012* 2013* In Italy’s case, rates in November topped 7% on the 10- Central Government Deficits as % of GDP year bond and approached 8% on two- and five-year paper. U.S. Elsewhere in the eurozone, Portugal joined Ireland in the Euro Area Financial 11.6 10.7 10.0 9.3 8.3 Timesjunk bond heap. “Investors are increasingly loath to trust Japan the debt of many eurozone sovereigns,” wrote Economist 6.4 6.3 4.0 2.9 1.9 OECD ** economics columnist Martin Wolf. “That is the most 8.7 7.8 8.9 8.9 9.5 * Projected important lesson of recent events.” Warned the : 8.3 7.7 6.6 5.9 5.1 “The chances of the eurozone being smashed apart have ** Excludes Chile & Mexico Source: OECD risen alarmingly, thanks to financial panic, a rapidly weakening economic outlook and pigheaded brinkmanship. The odds of a safe landing are dwindling fast.” Faced with the prospect of financial disaster — and a fracturing of the eurozone — the area’s dominant powers wave is the challenge to a more robust employment market huddled in an attempt to add a key missing component posed by technology and globalization — a 21st-century to the compact: central fiscal control. By the first week of reality masked for many years by a housing and credit December, the outlines of what European Central Bank bubble that goosed consumption. The second: the looming President Mario Draghi called a “new fiscal compact” budgetary pressures posed by a graying population that has emerged that would incorporate oversight in return been promised an expensive menu of retirement benefits. for more aggressive rescue efforts by the ECB. German The response that financial probity and investors demand Chancellor Angela Merkol then laid out a similar plan from governments — significant budget cuts from recent 1 elevated levels — appears to suggest a future in which 3%), in October set 2012 growth at just 1%, down from governments have fewer resources to prime employment the 1.8% the Bundesbank figured four months earlier. In and consumptive demand. November, the European Commission placed growth in In the U.S., the two American political parties have to date the European Union as a whole at 0.6% in 2012 and 0.5% been unable or unwilling to build a consensus for action, for the euro zone, both down more than a point from June in particular as both sides prepare their sound bites ahead projections. The EU unemployment rate is expected to of this year’s presidential and congressional elections. Last remain stuck around 10%. “All main indicators point to a November, a special congressional joint committee failed stalled recovery with considerable downside risks,” the to hammer out an agreement to reduce the budget deficit Commission said. and in the process set in motion a series of automatic cuts beginning in 2012, including elimination of the 2% employee payroll tax cut. Before year-end, however, Congress approved a two-month extension of the tax cut as Stocks Down,Dec. 2011 Bonds Dec. 2010Up 2011 Inflows well as extended unemployment benefits, leaving the testy U.S. Mutual Funds ($ billions) (outflows) negotiations for a longer-term agreement to the new year. Pimco Stock Funds Speaking on Bloomberg Television in November after Hybrid Congress’ inaction, CEO and co-CIO Mohamed 5,207 5,588 (130) Taxable Bond El-Erian placed the chances of another recession at one- 835 796 30 third to half, calling such a prospect “terrifying” in light Municipal Bond 2,390 2,160 137 of the existing high levels of unemployment, moribund Money Market housing market, large fiscal deficit and negligible interest 497 474 (12) Source: Investment Company Institute rates. “These are all conditions coming out of a recession, 2,692 2,804 (124) not going into a recession, so this is a worrisome time,” he said. The Organization for Economic Co-Operation and Development (OECD) had warned in November that if no acton was taken to “counter pre-programmed fiscal tightening,” the U.S. could “tip” into a recession that As in its missive on the U.S., the OECD opined that “monetary policy can do little to prevent.” “Decisive policies must be urgently put in place to stop the euro area sovereign debt crisis from spreading and to Europe is looking even worse, with 2012 projections also put weakening global activity back on track.” The OECD heading south as the 2011 year wound down. Germany, a projects GDP growth this year of 1.6% among its 34 pillar of relative strength last year (projected GDP growth: member nations and a “mild recession” for the eurozone, assuming among other baseline scenarios that policy- makers avoid sovereign defaults and “excessive fiscal tightening.” But the OECD warned that “further contagion in sovereign debt markets” could “plunge the euro area Slow Gains 2010 2011* 2012* GDP Growth (Decline) into a deep recession with large negative effects for the U.S. global economy.” Euro Area 3.0% 1.7% 2.2% Equity markets naturally mirrored the stresses in the U.K. 1.7 1.6 (0.3) global economy, especially during the back half of 2011 as Japan headlines grew increasingly shrill. By November, virtually 1.8 0.9 0.6 every market in the world was down sharply for the year. China 4.5 (0.9) 1.9 Although the U.S. markets were relatively resilient by India 10.4 9.1 8.4 comparison, showing only single-digit drops, investors Brazil endured a roller coaster ride. For much of the first half 8.7 6.5 6.5 Global of 2011, the Dow Jones Industrial Average was up as 7.5 2.9 3.4 investors pinned their hopes on an improving economy 4.1 2.7 2.5 and strong corporate profits.
Load more

Recommended publications
  • 31 December 2017 Reporting Date
    M Reporting date: 31 December 2017 Reporting date: 31 December 2017 1 Content Group structure and ownership 3 Board of Directors 3 Executive Board 6 Basis and components of compensation for the members of the Board of Directors and the Executive Board 7 Components of the remuneration 7 Risk management framework and process 8 Auditing body 10 Cover image: Detail of the inlaid parquet floor in the South passage adjacent to the Ballroom on the second floor piano nobile of the Liechtenstein City Palace, executed by Michael Thonet © LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna 2 Corporate Governance The binding principles of corporate governance are set out in the company’s articles of incorporation, the organizational and governance regulations, as well as in the regulations of the Board of Directors Committees and are defined in detail in corresponding directives. As a bank domiciled in Switzerland, we are subject to supervision by FINMA and are therefore required to implement all applicable regulations. The following information on corporate governance is in accordance with FINMA Circular 2016/1 (Annex 4). Group structure and ownership LGT Bank (Switzerland) Ltd. is ultimately owned by LGT Group Holding Ltd. LGT Group Holding Ltd. is 100 percent controlled by LGT Group Foundation. LGT Group Foundation is 100 percent controlled by the Prince of Liechtenstein Foundation (POLF), the beneficiary of which is H.S.H. Reigning Prince Hans-Adam II von und zu Liechtenstein. The participations of LGT Bank (Switzerland) Ltd. are not relevant to the overall assessment of the company, and no consolidated financial statements are therefore prepared.
    [Show full text]
  • Investing Sustainably Bauer Brothers, Hortus Botanicus, Detail from “Cucurbita Pepo L.,” Ca
    VALUES WORTH SHARING Investing sustainably A look inside the Princely Collections: The illustrations in this publication are part of the Codex Liechtenstein – in the Codex’s more than 2700 separate plant illustrations, it was primarily the three Bauer brothers who created a synthesis of art and science: faithful in detail, yet obeying the high aesthetic requirements of art. For more than 400 years, the Princes of Liechtenstein have to accompany what we do. For us, they embody those been passionate art collectors. The Princely Collections values that form the basis for a successful partnership include key works of European art stretching over five with our clients: a long-term focus, skill and reliability. centuries and are now among the world’s major private art collections. The notion of promoting fine arts for the Cover image: Bauer brothers, Hortus Botanicus, general good enjoyed its greatest popularity during the detail from “Tropaeolum majus,” 1779 Baroque period. The House of Liechtenstein has pursued © LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna this ideal consistently down the generations. We make deliberate use of the works of art in the Princely Collections www.liechtensteincollections.at Bauer brothers, Hortus Botanicus, detail from “Cucurbita ca. pepo 1778 L.,” Contents 5 Investors can change the world 6 Why we must take action 8 What can investors do? 10 Who benefits from sustainable investments? 14 Investing sustainably with LGT 18 Impact investing for better healthcare 19 Venture philanthropy in the fight against HIV transmission “Asset management in particular gives us the opportunity to make an important contribution to resolving environmental and social issues through the sustainable allocation of capital.” H.S.H.
    [Show full text]
  • LGT Capital Management Ltd
    LGT Capital Management Ltd. European SRI Transparency Code European SRI Transparency Code Disclaimer This document aims at fulfilling reporting requirements under the European SRI Transparency Guidelines. It does not constitute a public offering or public advertisement of any financial instruments mentioned herein. This document is not directed at recipients in any jurisdictions where the receipt of the information contained herein would be unlawful. The receipt of this information is not to be taken as constituting the giving of investment advice. Each person should make its own independent assessment and should take its own professional advise in relation to any investment product mentioned herein. Please be advised that investors should always consult the legal documentation of the investment products mentioned herein. The information contained in this document was obtained from a number of different sources. LGT exercises the greatest care when choosing the sources of information and compiling obtained information. Nevertheless errors or omissions in information obtained from different sources cannot be excluded. LGT does not assume any liability for any direct or indirect damage or loss resulting from the use of this document. This document and the information contained herein may be reproduced only with the prior written consent of LGT. To the extent that past performance of investment products is mentioned in this document please note that past performance is not an appropriate indicator for future performance. 2 / 25 European SRI Transparency Code European SRI Transparency Code Version 3.0 The European SRI Transparency Code (the Code) focuses on SRI funds distributed publicly in Europe and has been designed to cover a range of assets classes, such as equity and fixed income.
    [Show full text]
  • Factsheet Ratings and Awards
    Ratings and Awards December 2020 Private Banking and LGT is one of the few international privately owned banks to allow its creditworthiness to be evaluated by Asset Management independent rating agencies. For years now LGT has consistently been awarded very high ratings. LGT’s commended leading position has also been confirmed by awards from reputable external bodies. Ratings Moody’s: Aa2 (stable) Standard & Poor’s: A+ (positive) Owing to its outstanding ratings, LGT has been included in the Global Finance magazine’s list of the 50 safest banks in the world for many years. Private Banking Fuchsbriefe-Report (Tops 2021 – The best asset managers) . The renowned Fuchsbriefe designated LGT as best bank for sustainable investments. LGT is therefore also ranked best wealth manager in the German-speaking countries. It also receives the highest number of points, the rating "very good" and is "top supplier". LGT ranks second on the perpetual list of top asset managers in German-speaking countries. Handelsblatt Elite Report (Special Report: The Elite Amongst the Asset Managers 2021) . For the fifth consecutive year, LGT received the highest score of all participating asset managers in the Elite Report. LGT was also awarded the “summa cum laude” rating for the 18th consecutive time and was se- lected as the leading private bank in Liechtenstein. LGT was able to convince the editorial team in particular with its committed, personal advice and profes- sional competence. "Both fields together form the respectable foundation of a high-performance con- sulting and support culture," said the Elite Report editorial team. Global Private Banking Awards 2020 .
    [Show full text]
  • LGT Sustainability Report 2019 (PDF)
    VALUES WORTH SHARING Sustainability at LGT 2019 A look inside the Princely Collections: the illustrations in this publication depict studies of natural objects by Franz Anton von Scheidel. For more than 400 years, the Princes of Liechtenstein successful partnership with our clients: a long-term have been passionate art collectors. The Princely Collec- focus, skill and reliability. tions include key works of European art stretching over five centuries and are now among the world’s major Illustrations: Franz Anton von Scheidel, details from private art collections. The notion of promoting fine “Depictions of conchiliae in watercolor after Johann Carl arts for the general good enjoyed its greatest popu- Megerle von Mühlfeld (1765–1840),” late 18th century. larity during the Baroque period. The House of Liechten- © LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna stein has pursued this ideal consistently down the gener- ations. We make deliberate use of the works of art in the Princely Collections to accompany what we do. For us, they embody those values that form the basis for a www.liechtensteincollections.at Contents 5 We all have to do our part 6 Still much room for improvement 10 Sustainable investment opportunities 13 Transparency is key 14 Quantifying sustainability quality 15 Impact investing and philanthropy 16 “Seeing your portfolio through a new lens” 18 Sustainable operations 22 Long-term employee development 24 Committed employees 26 A win-win-win situation 28 Dialog for greater sustainability 30 Responsible corporate governance 31 Report profile 32 Key figures at a glance 34 Risk note/Disclaimer “In light of the major environmental and social problems, all organizations, but also all private individuals, should scrutinize their goals and behavior to date and adjust these in such a way that they contribute to a more envi- ronmentally sustainable and socially inclusive development of our world.” H.S.H.
    [Show full text]
  • Annual Report 2019
    VALUES WORTH SHARING Annual Report 2019 LGT Bank Ltd., Vaduz “In the future, we will continue to focus on offering our clients a comprehensive range of asset classes and solutions.” Roland Schubert, Chairman of the Executive Board A look inside the Princely Collections: Veduta painting is the realistic depiction of a land or cityscape that gained popularity during the 18th century as a result of tourism in Italy. The examples thereof held in the Princely Collections demonstrate that beyond serving as mere records, many of these paintings are in fact works of art. For more than 400 years, the Princes of Baroque period. The House of Liechtenstein Cover image: Rudolf von Alt, detail from Liechtenstein have been passionate art has pursued this ideal consistently down “View of the mole in Venice with the Doge’s collectors. The Princely Collections include the generations. We make deliberate use of Palace and Santa Maria della Salute,” 1835 key works of European art stretching over the works of art in the Princely Collections five centuries and are now among the world’s to accompany what we do. For us, they © LIECHTENSTEIN. The Princely Collections, major private art collections. The notion of embody those values that form the basis Vaduz–Vienna promoting fine arts for the general good for a successful partnership with our clients: enjoyed its greatest popularity during the a long-term focus, skill and reliability. www.liechtensteincollections.at Contents 4 Organizational structure 5 The business year in comparison 6 Annual report 8 Balance sheet 9 Off-balance sheet transactions 10 Profit and loss account 11 Appropriation of net profit 12 Flow of funds statement 14 Appendix to the financial statement 18 Remuneration report 24 Notes on the balance sheet 38 Notes on off-balance sheet transactions 40 Notes to the profit and loss account 42 Additional information 46 Report of the statutory auditor 52 International presence 4 Organizational structure as of March 2020 Board of Directors Thomas Piske, Chairman H.S.H.
    [Show full text]
  • Brief Portrait
    VALUES WORTH SHARING Brief portrait LGT in the Middle East A look inside the Princely Collections For more than 400 years, the Princes of Liechtenstein have been passionate art collectors. The Princely Collections include key works of European art stretching over five centuries and are now among the world’s major private art collections. The notion of promoting fine arts for the general good enjoyed its greatest popularity during the Baroque period. The House of Liechtenstein has pursued this ideal consistently down the generations. We make deliberate use of the works of art in the Princely Collections to accompany what we do. For us, they embody those values that form the basis for a successful part- nership with our clients: expertise, reliability and a long-term perspective. Cover image: Jakob Walter, Hortus Botanicus, detail from “Cover from volume 12,“ 1798 © LIECHTENSTEIN. The Princely Collections, Vaduz–Vienna www.liechtensteincollections.at Content 4 We look forward to meeting you 6 Our company at a glance 8 Our understanding of private banking 11 How we practice sustainability 12 LGT in the Middle East 13 International presence 14 General risk information 4 We look forward to meeting you H.S.H. Prince Max von und zu Liechtenstein (right) and Olivier de Perregaux Dear Reader Welcome to LGT Private Banking. Our company is celebrating its centennial this year, and has been owned by the Princely House of Liechtenstein since 1930. As a family-managed business, we think and act long term, thus creating a stable environment for our clients and our employees. We believe strong personal relationships and mutual trust are the basis for successful collaboration that often spans generations.
    [Show full text]
  • Media Release: New Management Structures At
    LGT Group Foundation Herrengasse 12, FL-9490 Vaduz Tel. +423 235 11 22 · Fax +423 235 16 77 [email protected] · www.lgt.com UID: CHE-208.624.214 Media release New management structures at LGT to come into force at the beginning of 2021 Vaduz, 17 December 2020. As announced in spring 2020, the three business units in private banking, asset manage- ment and impact investing of the current LGT Group will in future operate as independent pure-play companies in their fields. The new management structures will come into force according to plan starting from the beginning of 2021, the year in which LGT will be celebrating its 100th anniversary. From 2021, H.S.H. Prince Max von und zu Liechtenstein will assume the chairmanship of the Foundation Board, and Olivier de Perregaux will lead the private banking business as CEO. Implementation of the new structures at LGT has progressed according to plan over the last several months. In the future, LGT’s three business units in private banking, asset management and impact investing will operate as independent companies, thus enabling them to address their respective markets in a more targeted manner. As previously announced, the current Group structure will be dissolved at the end of 2021 and the three new companies will then be directly held by the Prince of Liechten- stein Foundation. The new management structures will come into force at the beginning of 2021. Olivier de Perregaux, who has been CFO of LGT Group since 2001, will become CEO of LGT Private Banking, with assets under management of around CHF 170 billion and 3200 employees.
    [Show full text]
  • Annual Report 2018
    VALUES WORTH SHARING Annual Report 2018 LGT Bank Ltd., Vaduz “We don’t just want our clients to be satisfied with LGT, we want them to be delighted.” Roland Schubert, Chairman of the Executive Board A look inside the Princely Collections: The images in this publication show the great attention to detail that went into designing the Princely palaces. This can be seen in the elaborate stucco ceilings and the terrazzo and parquet floors. Michael Thonet, who invented the world-renowned bentwood furniture, also applied his patented bentwood technique to the intarsia parquet in the City Palace. Thanks to painstaking restoration, it has now returned to its former splendor. For more than 400 years, the Princes of has pursued this ideal consistently down Cover image: Detail of the inlaid parquet floor Liechtenstein have been passionate art the generations. We make deliberate use of in the Great Kurbari Room of the second floor collectors. The Princely Collections include the works of art in the Princely Collections piano nobile of the Liechtenstein City Palace, key works of European art stretching over to accompany what we do. For us, they executed by Michael Thonet five centuries and are now among the world’s embody those values that form the basis major private art collections. The notion of for a successful partnership with our clients: © LIECHTENSTEIN. The Princely Collections, promoting fine arts for the general good a long-term focus, skill and reliability. Vaduz–Vienna enjoyed its greatest popularity during the Baroque period. The House
    [Show full text]
  • International Service Introduction
    International service An international reach with an individual focus LGT Vestra is a UK-based wealth management firm and is part of the private banking group LGT, owned by the Princely Family of Liechtenstein. Services for international clients We offer a fully tailored wealth management service delivering specialist advice to international clients and the unique requirements that they have. Our service to you provides access to our best investment thinking, based on your aspirations and attitude to risk. Our expertise in advising international clients has come from many years' experience working with a diverse group of individuals and families. Whatever your requirements, whether investment management, loans (Lombard or real estate), banking or financial advice, we will work with you to tailor a bespoke solution across multiple currencies. Why LGT Vestra? A personalised approach n Key to our approach is an unwavering focus on building lasting and personal relationships with our clients, who are at the heart of what we do. n Our private ownership, coupled with the financial stability of the LGT Group, enables us to take a long-term approach to business decisions, whilst our partnership structure ensures that we are able to maintain our entrepreneurial spirit. Expertly managed portfolios n Our in-house Investment Committee sits at the heart of our investment process, comprising our most experienced Investment Managers and asset class specialists. The views of our Investment Committee reflect our best investment ideas, which are integral to the construction of our clients' portfolios. n We pride ourselves on our impartial advice and a whole of market approach to portfolio management and fund selection.
    [Show full text]
  • India-Liechtenstein Bilateral Relations India and the Principality Of
    India-Liechtenstein Bilateral Relations India and the Principality of Liechtenstein established diplomatic relations in 1993. The Ambassador of India to Switzerland, resident in Berne, is concurrently accredited as Ambassador of India to the Principality of Liechtenstein. Despite its small size, Liechtenstein assumes importance on account of its membership of UN and other International Organisations as well as of European Economic Area (EEA) and EFTA (Switzerland, Norway and Iceland). The EEA forms a single market for the free movement of persons, goods, services and capital through three of the four member states of the EFTA, excepting Switzerland, and all EU member states, altogether encompassing 30 countries and over 500 million people. High level visits In the first ever high level official visit from either side, H.S.H. Hereditary Prince Alois of Liechtenstein, accompanied by his spouse HRH Princess Sophie and 11-member official delegation, including the Minister for Foreign Affairs, Education, and Culture and 10-member business delegation visited India from 14-20 November, 2010 at the invitation of Hon’ble Vice-President of India. During the visit, Prince Alois met President Smt. Pratibha Patil, Vice- President Shri Mohammad Hamid Ansari, Finance Minister Shri Pranab Mukherjee, UPA Chairperson Smt. Sonia Gandhi, Leader of Opposition Smt. Sushma Swaraj and Minister of State, MEA Smt. Preneet Kaur. The delegation visited the India International Trade Fair in Delhi. Prince Hans Adam II had toured India a few years ago on a private visit. Along with Prince Alois Prince Hans Adam II again paid a private visit to India from October 13-19, 2013 in connection with various business meetings of M/s Savannah Seeds Pvt.
    [Show full text]
  • Portrait LGT Group
    Portrait LGT Group “Focus, continuity, global perspective and the fact that clients, the owner family and employees invest using the same strategy have helped us to refine our investment expertise.” H.S.H. Prince Max von und zu Liechtenstein, CEO LGT Group 2 Contents Partner for generations 5 LGT at a glance 6 Personal private banking 10 Outstanding asset management 14 How we practice sustainability every day 18 Data and facts as at 31 December 2012 23 Risk note/Disclaimer 32 “Good diversification of our assets has helped us time and again to weather major political and economic turmoil. ” H.S.H. Prince Philipp von und zu Liechtenstein, Chairman LGT Group 4 Partner for generations Dear Client The financial services industry – driven by the financial and debt crisis – is undergoing fundamental change. Traditional values such as security, competence and integrity are regaining their importance and acquiring a new immediacy. They have always distinguished our bank and characterized LGT’s long-term perspective and clear identity. In the following pages you can find out how we live up to these values and how we implement them for you and your assets. As your partner for generations. We look forward to working with you. H.S.H. Prince Philipp von und zu Liechtenstein Chairman LGT Group H.S.H. Prince Max von und zu Liechtenstein H.S.H. Prince Philipp von und zu Liechtenstein (left) and CEO LGT Group H.S.H. Prince Max von und zu Liechtenstein (right) 5 LGT at a glance LGT Group is the largest Private Banking and Asset Princely Family as the owner Management group in the world that is wholly-owned As an entrepreneurial family, the Princely Family of by an entrepreneurial family.
    [Show full text]