LGT, the asset management group owned by Liechtenstein’s royal family, said on Thursday it had opened a new wealth management office in Tokyo, signalling a greater presence in Asia and a renewed focus on sustainability.
The company, LGT Wealth Management Trust, named Yoshitaka Nagakura, an industry veteran, as its country head.
“We have a deep commitment to responsible investing and we see tremendous opportunities to share LGT’s experience in long-term, sustainable investments and wealth management with Japanese clients,” said Prince Max of Liechtenstein, LGT chairman and second son of the reigning Prince Hans-Adam II.
LGT said Japan households own $18 trillion in assets, but more than half of it is invested in low yielding cash and deposits. In 2020, one out of 40 Japanese was classified as wealthy, which makes it the second-largest market for high-net worth individuals after the US.
Nagakura said traditional Japanese wealth management is changing. “We believe that LGT’s expertise in impact and environmental, social, governance (ESG) investing will be of value to Japanese investors,” he said.
As of June 30, LGT had about 275 billion Swiss francs ($297 billion) under management. The Tokyo office complements its other Asian offices in Hong Kong, Singapore and Bangkok, the firm said.
- George Russell