After 37 years under the patronage of Credit Suisse, the world-renowned Tonhalle Orchestra Zurich is replacing its long-time sponsor.

Liechtenstein-based LGT Private Banking, owned by the Princely House of Liechtenstein, is becoming the main sponsor of the Tonhalle Orchestra Zurich, it said in an emailed statement Monday.

While the private bank did not disclose any financial details of the patronage, it said the partnership had been agreed to for an initial two-year period. The world-renowned orchestra was under the patronage of Credit Suisse since 1986.

Since the bank collapsed last month, other cultural institutions depending on its support will also be on the lookout for new sponsors.

Musical Tradition

Tonhalle Orchestra Zurich has been under the musical direction of chief conductor Paavo Jaervi from Estonia since May 2017.

The princely family has a long tradition as patrons of classical music. Wolfgang Amadeus Mozart dedicated a cantata to Prince Alois of Liechtenstein in gratitude for his support while Joseph Haydn’s mass compositions are dedicated to the Liechtenstein princess Maria Josepha Hermengilde Esterházy de Galantha.

Franz Schubert is also said to have enjoyed the generous gestures of the Princely House, an LGT spokesman told finews.com on request.

Musical Journey

«We have been committed to art and music for many years – whether as a partner of the Princely Collections or LGT Young Soloists, the ambitious string ensemble. Now we are proud to also support the renowned Tonhalle-Orchester Zurich on its musical journey,» Heinrich Henckel, CEO of LGT Bank Switzerland, said.

Henckel is moving on to the board of directors in November, making way for former Credit Suisse manager Anke Bridge-Haux who will become the private bank's new CEO as finews.com previously reported.   

«We are extremely grateful that LGT Private Banking is stepping into the partnership on such short notice and in such an uncomplicated manner,» Martin Vollenwyder, President of the Tonhalle-Gesellschaft Zurich added. Vollenwyder also held management positions at Credit Suisse from 1982 to 2002.