Ben Snee, Chief Executive Officer
2020 has been a year like no other and it's difficult to summarise the events without leaning rather heavily on over-used superlatives. Like all businesses in our sector and most businesses generally, in the face of the disruption caused by the pandemic, it has been extremely challenging to seamlessly deliver the services our clients expect. I am pleased to say, however, that in spite of these headwinds, not only have we managed to operate effectively and survive intact, but we have actually been able to grow and prosper. This has not been easy and is testament to the hard work and dedication of all the fantastic people we are lucky enough to have in our business. Many people across different areas have pulled together and worked tirelessly to ensure we can continue to look after our existing clients to the high standard towards which we strive. We are very grateful to everyone in the business who has been a part of this huge effort in 2020 and of course to all of our clients for their ongoing support - something we never take for granted.
As well as the business-as-usual activity in these difficult circumstances, this has also been the year in which LGT Group completed the acquisition of LGT Vestra, with the final tranche of the business having been acquired in October. This is a fantastic result for all of us and we are very excited to be part of LGT Group. We met LGT back in 2015 and from the outset it was clear that there was very much a shared approach towards wealth management. The Group espoused the values on which LGT Vestra was founded, namely transparency, integrity and always putting our clients first - in short, not pursuing profit at all costs. This is the reason the coming together of the two businesses has been so successful and we look forward to a bright future as a fully-owned part of LGT Group.
New management structure at LGT
The new management structures for LGT Private Banking and LGT Capital Partners will come into force at the beginning of 2021. Much has happened since Project Eagle, the reorganisation of LGT Group, was announced last spring.
Starting on 1 January 2021, Olivier de Perregaux will become CEO of LGT Private Banking, which will have around CHF 170 billion in assets under management and 3200 employees. Olivier joined LGT in 1999 and has been CFO of LGT Group since 2006. The other members of the Executive Board will be Heinrich Henckel (Switzerland), Henri W. Leimer (Asia), Roland Schubert (Liechtenstein) as well as Michael Bürge (CFO), André Lagger (Financial Services) and Stephan Tanner (Front Solutions & Corporate Development).
LGT Capital Partners, which has around CHF 60 billion of assets under management and around 500 employees, will continue to be led by Roberto Paganoni, who has been CEO of LGT Capital Partners since 2001, and his experienced management team.
The introduction of the new management structures coincides with the retirement of H.S.H. Prince Philipp von und zu Liechtenstein, Chairman of the Foundation Board of LGT Group since 2001. He will remain closely linked to LGT in his new capacity as Honorary Chairman, and will be succeeded as Chairman of the Group Foundation Board by H.S.H. Prince Max von und zu Liechtenstein from the beginning of 2021.
Minimal changes to result from the new structure
The majority of employees will not experience any changes in their day-to-day work due to the new management structures. Employees affected by the organisational changes were promptly informed thereof.
Return to Insights
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