Liechtenstein's LGT on lookout for acquisitions

FILE PHOTO: Prince Max von und zu Liechtenstein, CEO of Liechtenstein's LGT group addresses the annual news conference in Zurich March 23, 2015. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - LGT, the private bank owned by Lichtenstein’s princely family, is on the lookout for acquisitions to boost its business, it said on Monday.

“Takeovers in all likelihood will take place primarily in markets where we already have platforms,” Chief Executive Prince Max von und zu Liechtenstein told the group’s results news conference.

In the business of managing assets for large clients like insurers or pension funds, LGT also had a long-term interest in takeovers in new areas such as property or U.S. assets.

LGT last year boosted profit 11 percent to 314 million Swiss francs ($313.8 million), in part thanks to acquisitions. Assets under management eased 2 percent to 198 billion francs amid market and currency turbulence late last year.

Since then assets rebounded to around 210 billion at the end of last month.

Reporting by Angelika Gruber, Writing by Michael Shields