2011 saw a continuation of the investment priorities we had initiated in 2010. Since in future great flexibility and a consistent emphasis on client orientation will determine our position in the target markets, we again made investments in the training of our staff, in the expansion of our teams and in the quality and efficiency of our IT processes and operations. We added 16 employees to our advisory teams in Vaduz, Zurich, Geneva, Vienna and Dubai and improved the skills and competence of our client advisors. They not only have to identify and fulfil changing client requirements, they must also keep up to date with the latest regulatory provisions. Accordingly, we took steps to enhance our Group-wide expertise in the complex field of cross-border banking.
In July 2011, we supplemented our cross-border private banking operations by opening a branch office in Geneva. In pursuing our goal of expanding business in the emerging markets of Russia, Eastern Europe as well as the Near and Middle East, we invested in developing country-specific products and processes.
The Fuchsbriefe financial journal highlighted the continuity of our advisory quality in its rankings for 2012: the LLB was awarded the very good 16th overall ranking from the 100 asset managers tested in the German-speaking region, and moved up to 19th on the «Perpetual Best» list.