The Swiss subsidiary of Liechtenstein-based LGT Group has hired a team of client advisors starting in early July to expand its business with external asset managers (EAMs) in the UK and the Middle East, according to a statement from the wealth manager on Monday.

The three former UBS executives, Dominic Walther, Christian Meili, and Gabriele Di Cristo, are based in Zurich. The new hires build on EAM's existing business in the UK, while the expansion into the Middle East is new and marks the next step in EAM's expansion, and brings its team for international business to a total of eight client advisors, LGT said.

Major Challenges

The EAM business, which includes multi-family offices, faces big challenges due to increasing regulation and changing client needs. Even so, LGT plans to continue hiring in this area, according to Rainer Buechel, who heads the new EAM team for the UK and the Middle East.

With rising costs putting pressure on EAMs' margins, many are looking for a partner, and LGT's international team has added significant assets since expanding its offering to Liechtenstein-based international intermediaries in 2019.