The sale is part of what the bank calls its "Focus2015" strategy and is consistent with its push to focus on core business, the firm said in a statement last week.

Assets under management at LLB Group will drop by around SFr3 billion as a result of the sale and the balance sheet total will decrease by SFr1.3 billion, essentially due to financial assets and financial liabilities, the statement said.

Both parties declined to disclose the purchase price.

The Principality of Liechtenstein holds most of LLB’s share capital. It has 893 staff and managed SFr60.9 billion of assets at the end of last year.