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LGT Wealth India, in collaboration with the Liechtenstein royal family-backed LGT, plans to expand its headcount and increase the amount of money it manages for clients. The company aims to assist clients in reducing their reliance on domestic assets and hopes to have $3 billion in assets under management by the end of next year. Recent legal reforms allowing wealthy individuals to invest abroad through limited liability partnerships have opened up more options for LGT’s customers. As India’s wealth industry grows more competitive, LGT is vying for market share against competitors such as Barclays, Julius Baer Group, and HSBC Holdings. The company currently looks after the assets of approximately 1,200 Indian families. To support its growth, LGT Wealth India has hired Ajay Punjabi and Chirag Doshi from Credit Suisse Securities (India) and plans to establish a team in Uttar Pradesh. Additionally, the company intends to tap into the global client base of its main shareholder, LGT, which oversees over CHF305.8 billion ($348 billion). In the first half of 2023, LGT earned a combined profit of CHF223.6 million ($254 million), driven by higher client assets and a favorable interest rate environment.