LGT Group’s net asset inflows totalled around £7.2bn in in the first half of 2024, corresponding to an annualised growth rate of 5 per cent, its half-year results have revealed.

While this was a year-on-year decrease in the group’s net new assets from £14.1bn in H1 2023, the report stated that this was due to a “substantial” one-off inflow from a major pension fund client of LGT Capital Partners in the first half of 2023.

The private bank noted that financial markets had performed well in H1 2024, despite the ongoing geopolitical and economic uncertainties, which enabled it to further expand its client base.

Its assets under management increased by 13 per cent to £319bn during the first half of 2024.

Meanwhile, the group’s operating income increased by 4 per cent year-on-year to £1.15bn during the same period.

Income from services in its core business rose by 15 per cent to £764m due to higher brokerage income and increased investment and administration fees.

After the “strong positive effect” of the rise in interest rates seen in 2023, LGT Group’s net interest income fell by 30 per cent to £172m in the 'normalised' interest rate environment.

Income from trading activities and other operating income rose by 10 per cent to £214m, which the group said reflected interest rate and valuation effects on the bond portfolio, increased client activity and the higher asset base.

The report stated that LGT was “well positioned” to achieve further growth and profitability by leveraging its increased asset base while making targeted investments, especially in digitisation.

Commenting on the results, LGT chair, Prince Max von und zu Liechtenstein, said: "LGT achieved a good result in the first half of the year and continued to invest in areas we believe will be very relevant in the future.

“Our growth is testimony to the high level of trust placed in us. Today’s markets are fraught with uncertainty, and investors and private individuals face a whole range of unknowns, from possible global political upheavals to the fundamental effects of climate change.

“These realities make it all the more important for us to use our long-standing wealth management expertise and the stability of our family business for the benefit of our clients. We aim to further develop LGT in a forward-looking manner to provide our clients with the best possible resources and solutions for their wealth."

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