The private bank owned by the Liechtenstein royal family, LGT Bank, is set to triple the workforce of its Singapore operation under the bank’s focused approach strategy to overseas markets.
“The focused approach could mean that we might not be covering all the traditional markets every bank is currently after, but only selected ones, but there we would be prepared to commit substantially,” explained Rolf Gerber, chief executive of LGT Bank in Liechtenstein (Singapore), according to Business Times Asia.
“Such a commitment could mean that we might triple the current staff size of 20,” he added.
Prince Phillip of Liechtenstein, chairman of the group executive committee of the LGT group, added: “For clients in the region, Singapore is a logical place to book (assets).”
Prince Phillip noted that there is strong interest from both Europe and the Middle East for booking assets in Singapore as investors attempt to tap in on future Asian growth.
He also observed how LGT was one of the earliest players in the hedge fund arena, and was now the fourth largest investor in hedge funds in Europe, with US$6.5 billion under management.
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