LGT wants a piece of Germany's market for independent wealth boutiques. The Liechtenstein lender is hiring a Credit Suisse banker for the push.
Vaduz-based LGT is hiring Stefan Peter as its head of external asset managers in Germany, finews.com has learned. Peter is a 14-year veteran of Credit Suisse, where he was most recently a senior private banker catering to the same segment.
The push is part of LGT's return to the German market after an eight-year absence. The bank left the country after its attempt to buy then BHF Bank was rejected by Germany's financial regulator in 2011. LGT, owned by the royal family of Liechtenstein, in March reveals plans to open an office in Munich.
The hire of Peter, which was first reported by German trade publication «Private Banking Magazin» (in German), adds to LGT's initial plan to target wealthy clients. The bank plans to offer custodian banking services to smaller, independent boutiques.
