LGT, a private bank owned by the Princely House of Liechtenstein, is set to double its staff in Japan over the next three years, aiming for a workforce of 70 to 80 professionals. This expansion is part of a broader strategy to tap into Japan's substantial $17 trillion household wealth market. Yoshitaka Nagakura, head of LGT's private banking business in Japan, stated these plans in an interview, highlighting the firm's ambition to significantly grow its presence in the country.
LGT Wealth Management Trust Inc., which recently commenced operations in Japan, is also considering collaborations with various financial entities, including funds, regional lenders, and non-Japanese investment banks. These potential partnerships are intended to help LGT cater more effectively to the diverse needs of its clientele in Japan. This strategic move aligns with global rivals also targeting the lucrative Japanese wealth services sector.
LGT sees artificial intelligence and inflation as tailwinds for its business in Japan, leveraging these factors to enhance its offerings for high-net-worth individuals and families. The bank is expanding its global investment expertise and investing in digitalization and AI, with successful expansions noted in markets like Germany, Australia, India, Japan, and Thailand. LGT reported continuous growth, with assets under management reaching CHF 386.1 billion and a group profit of CHF 445.6 million.
