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LGT Group Completes Purchase of ILS-Boutique from Clariden Leu Ltd.

June 1, 2012

LGT Group, which is internationally active in Private Banking and Asset Management, announced today that it has completed its takeover of the Insurance-Linked Investments (ILS) business from Clariden Leu Ltd. on May 31, 2012.

This acquisition transfers all the insurance-linked investment funds of Clariden Leu Ltd., with invested assets totaling approximately USD 2 billion, to LGT Capital Management. This strengthens LGT Capital Management’s investment expertise and further diversifies its fields of business.
LGT Group’s takeover of the ILS business from Clariden Leu Ltd., which is now complete, was first announced on March 13, 2012. The parties have agreed not to disclose the purchase price.

With all legal and regulatory approvals now obtained, the entire ILS team can move into LGT Capital Management’s offices in Pfäffikon today. LGT Capital Management also assumes the functions of Investment Manager and Distributor today for the four insurance-linked fund structures previously operated by Clariden Leu Ltd., resulting in a change of name for each of the individual funds. (see media release attached)

Seamless transition to Pfäffikon
“We are delighted to have completed this transaction, which further bolsters our position as a provider of focused asset management solutions, very quickly and without any problems,” explained LGT Capital Management CEO Torsten de Santos. “Now the team is on site, we can work together to achieve further growth in this asset class,” he added. Michael Stahel, Head of Insurance-Linked Strategies pointed out, “The effective collaboration of the past few months has vindicated our view that LGT Capital Management will allow us to maintain our successful investment strategies in their existing form. Our investors are also convinced that this is the case, and we are very grateful for the trust they have placed in us in recent weeks.”