Liechtensteinische Landesbank, the oldest bank in the Principality of Liechtenstein, has upped its stake in Swisspartners Investment Network...

Liechtensteinische Landesbank, the oldest bank in the Principality of Liechtenstein, has upped its stake in Swisspartners Investment Network to 51 per cent from the 20 per cent it bought in 1999. The move is part of the bank’s efforts to increase its business in Switzerland as it tries to diversify its revenue stream away from the tiny principality. Swisspartners Investment Network was founded in 1992 and specializes in wealth management for offshore private clients. It is based in Zurich and has offices in Basle, Geneva, Vaduz and in the Cayman Islands. The firm has 60 staff and manages around SFr4.3 billion ($3.5 billion) in assets. LLB said in a statement that it would continue to use Swisspartners as an independent company under its own name. It added: “The active partners will continue to hold a significant participation in the company.” LLB is listed on the Swiss stock exchange and managed around SFr32.8 billion in assets at the end of 2004, 5.6 per cent up on the previous year. In early March the bank reported a 10 per cent rise in net profits to SFr144.9 million.