Vaduz-based LGT's profit fell to 291.5 million Swiss francs ($313.4 million) from 308.1 million francs in the prior year, when it had benefited from a release of a provision. The results were also hit by a 59 million franc payment to buy out the partners of Vestra, which LGT fully took over in October.

Income rose just two percent to 1.9 billion francs, as a boom in trading more than made up for crumbling interest income. The banking group, which in December struck a deal to buy UBS' Austrian private banking business, added 176 employees last year.

Poaching Rival CEO

LGT, which tends to benefit during turmoil because clients view it as a haven, said it took in 11.6 billion francs in net inflows last year. This represents a growth rate of five percent, a touch lower than the seven percent growth in 2019.

Its total assets rose to 240.7 billion francs – a record-high for LGT. The inflows of money as well as favorable market and investment performance outdid hits from foreign currency translation back into Swiss francs.

In January, LGT plucked the CEO of smaller rival Liechtensteinische Landesbank, or LLB, as the new CEO for its bank in Liechtenstein, from next year. Also in January, Olivier de Perregaux took over as CEO of the private banking group.