May 5, 2020 / 8:13 AM / a month ago

Liechtenstein's LGT Group to be split up in 2021

FILE PHOTO: The logo of LGT Group is seen in front of Vaduz Castle in Liechtenstein's capital Vaduz May 21, 2012. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Liechtenstein-based financial group LGT will be split into three separate firms in 2021, all directly held by the Prince of Liechtenstein Foundation, LGT said on Tuesday.

The group, with 228 billion Swiss francs ($235.90 billion) in assets under management as of end-2019 and 3,600 employees internationally, will be split into LGT Private Banking, LGT Capital Partners and Lightstone as Chairman Prince Philipp von und zu Liechtenstein retires, LGT said in a statement.

Chief Executive Prince Max von und zu Liechtenstein will become chairman of the three new companies, while Olivier de Perregaux, who has been chief financial officer since 2001, will become CEO of LGT Private Banking.

Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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