LGT, the international private banking and asset management group owned by the Princely House of Liechtenstein, has opened its wealth management business in Thailand, aiming to offer investment and wealth management services to high net worth individuals and companies in the country.
"We are delighted to start operations in Thailand and look forward to offering full-fledged wealth management services to high net worth individuals, their families and corporations here in Bangkok," said LGT chief executive HSH Prince Max von und zu Liechtenstein.
"We see Thailand as an important growth market, and the establishment of an onshore presence reflects our ambition to continue our growth path in Asia."
LGT's subsidiary in Thailand will be known as LGT Securities Thailand Ltd.
A team of investment consultants and planners will provide investment and wealth management services to Thai clients from the Bangkok office, complementing LGT's existing private banking efforts in Hong Kong and Singapore.
"The opening of our office in Bangkok is another strategic milestone for our steady development in Asia," said Henri Leimer, chief executive at LGT Private Banking Asia.
"We have recorded very pleasing growth in recent years in the region and significantly increased our assets under management [AUM]. Thailand is a rapidly growing market with extremely interesting opportunities."
As of mid-2018, LGT managed AUM worth US$207.5 billion (6.49 trillion baht).