«private label funds» (plfs) tailor-made investment fund ... · private label funds enjoy the...
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LGT – VALUES WORTH SHARING
«Private Label Funds» (PLFs)
Tailor-made investment fund solutions for family assets
Liechtenstein offers interesting solutions
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Agenda
Part I – Private Label Funds and family foundations
1) Needs of family wealth / FO / trusts / foundations
2) Basics of Private Label Funds
3) Private Label Funds in detail
Part II – Concrete example of a Private Label Fund for UHNWI
1) Sub-funds and delegation to different asset managers
2) Fund-prospectus: The central document
3) Reporting of a Private Label Fund
Part III – Liechtenstein and LGT
Part IV – Summary, contacts and legal information
Part I – Private Label Funds and family foundations
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Needs of family wealth / FO / trusts / foundations
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Family wealth / FO / trusts / foundations have a need for …
a general consolidation of assets in a single structure (also with illiquid assets);
protection against splitting of the company and against fragmentation of investments;
a solution for family branches which face different regulatory and particular tax requirements (different domiciles of family members);
a consolidation of existing asset management mandates at several banks (if regulatory requirements are met you can keep existing bank accounts);
allowing for different levels and forms (e.g. income or capital gains) of wealth consumption by different family members;
involving the appropriate third parties (persons or institutions of confidence to act as directors, asset managers etc.) in managing family assets while maintaining the necessary safeguards and participation;
transparency / benchmarking / comparison of different asset managers;
integrating the specific requirements of the family in the investment or monitoring process;
enhancing privacy and data protection and benefitting from the higher degree of acceptance as well as assurance of disclosure duties which may apply to regulated investment vehicle.
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Needs of family wealth / FO / trusts / foundations
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Family wealth / FO / trusts / foundations may benefit from…
control and supervision by independent third parties (auditors, FMA);
a possible limitation of their personal liability risks within the regulatory framework as members of the board of trustees;
the establishment of a well-structured long-term framework to carry out investments and entrepreneurial activities –also after the death of the original founder or controlling owner;
an efficient fiscal treatment offered under certain circumstances to regulated investment funds (value added tax, stamp duties, income taxation, use of double taxation agreement);
the possibility to enable charity subject to specific conditions (e.g. performance fee in favor of charitable purposes);
… many more advantages.
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Basics of Private Label Funds
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Basics of Private Label Funds
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What are Private Label Funds (PLFs)?
Investment funds: A collective investment vehicle which may belong to numerous investors and is managed by a professional fund management company (supervised by the FMA).
Private Label Funds are just tailor-made investment funds.
Name (label) of the fund and particulars are determined by the fund promoter.
Supervisory Authority
AIFM / Management Company Depositary (bank)
AuditorPrivate Label FundAsset manager
Promoter of the fund
Investor
Asset managementagreement
Cooperation agreement
AuditUndertrusteeship
Investment
Investment decision
Depositaryagreement
Only investments that comply with all regulatory, legal and tax conditions can
be invested in a PLF (or in funds in general)!
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Basics of Private Label Funds
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Enhanced Protection of Private Label Funds
Private Label Funds enjoy the same benefits as commercial funds but they are tailored to the needs of the promoter:
PLFs benefit from the same degree of protection as public investment funds but are specifically designed to meet the customer’s needs (type of fund, legal structure, asset classes, allocation, investment strategies, currencies, use of income etc.).
PLFs provide enhanced safeguards due to extensive regulations.
Privacy and data security: PLFs act as legal owner and counterpart in all transactions in the interest of its investors (who are not personally involved).
Asset protection: The assets and liabilities of a fund are segregated from those of its AIFM/ management company or depositary (off-balance sheet). Separation also applies among sub-funds.
PLFs can provide semiannual and audited annual reports, which are filed with the Financial Market Authority.
PLFs offer various legal forms under private law.
PLFs are generally subject to the same tax rules as public/commercial investment funds in Liechtenstein. PLFs, which qualify as collective investment schemes, do not pay taxes in Liechtenstein(no stamp duties, no withholding taxes in Liechtenstein or the value-added tax).
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Basics of Private Label Funds
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Flexibility characterizing Private Label Funds (PLFs)
PLFs allow flexibility in asset allocation, investment strategies, investment regions, currencies, multi-manager-solutions, transactions, asset pooling, subscriptions, redemptions etc.
The promoter is free to choose the asset classes held in a PLF (assuming proper NAV calculation is possible and an appropriate legal structure is in place).
More credibility due to the recognition of the PLF’s regulation by various countries. In fact, Liechtenstein is part of the European Economic Area (EEA) and its funds (as European onshore funds) enjoy an enhanced standing.
Convenient transactions: Transactions with a PLF do normally not entail additional amount of effort since the investment funds are regulated.
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Basics of Private Label Funds
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«Trusted Partner»
In case the depositary function and administration of the PLF is executed and the asset management is delegated to a third party:
The AIFM/management company can represent your interests as a «Trusted Partner».
Private Label Funds:
For invest solutions in accordance with investment fund laws. Provide flexibility, security and transparency for the fund promoter and investors of the fund.
Advantages for independent asset managers:
MiFID II:
Without a PLF solution:
There are regular tests on adequacy and suitability. Documentation is required for each transaction.
With a PLF solution:
One-time test on adequacy and suitability as well as documentation on subscribing the PLF.
MiFID transaction reporting is done via the PLF.
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Basics of Private Label Funds
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Advantages for clients with a PLF
Clients often change the bank if they are dissatisfied with the investment performance and face the need to establish new client relations, provide documentation and negotiate new contracts which is often time-consuming. Within a fund structure the asset manager can be changed easily at the request of the client/fund promoter.
Additional advantages for the client:
The client has to find a sound and stable bank and open a PLF just once. Hence, he only goes through the effort of opening an account once.
Then, the client is free to choose/change the asset manager (while adhering to regulatory requirements) without having to change the bank relationship.
Furthermore, the client can always keep the same relationship.
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Basics of Private Label Funds
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Legal basis: Acting in the best interest of the investor
Art. 20 para. 1 lit. a, b and e UCITS law:
The management company shall:– act honestly and fairly in conducting its business activities in the best interest of the UCITS it
manages and the integrity of the market;– act with due skill, care and diligence in the best interests of the UCITS it manages and the integrity
of the market;– act independently and only in the best interest of the investors in accordance with the laws and
constitutive documents.
‘UCITS’ is an Undertaking for Collective Investments in Transferable Securities (acc. to EU directives).
Art. 35 para. 1 lit. b and e AIFM law: The AIFM shall:
– act correctly and fairly in the best interests of the AIF, the investors and the integrity of the market;
– comply with all provisions applicable to the conduct of its activities in the best interest of the AIF, the investors and the integrity of the market.
‘AIF’ is an Alternative Investment Fund (acc. to EU directives).
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Basics of Private Label Funds
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Set-up: The foundation / trust for all «contracts», the fund forthe asset management
Combination of two structures
The foundation holds the fund (Private Label Fund) and regulates all agreements (succession plans, distribution of wealth among the beneficiaries).
The PLF holds all (liquid) assets and performs all asset management related tasks.
Foundation
Board of directors
Foundation statutesBy-laws Protector
Founder
Beneficiary
Fund
Assets / Portfolio
LGT Services
LGT does only provide the PLF (i.e. no trust or foundation business by LGT)
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Basics of Private Label Funds
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An ideal solution: Foundation / trust and PLF
A PLF provides additional options:
– The founder can hold the PLF by the foundation / or the founder can invest directly in the PLF via an outmost convenient subscription / redemption process.
Enhanced flexibility
LGT does only provide the PLF (i.e. no trust or foundation business by LGT)
Foundation / trust PLF
Constituting documents/by-laws
Board of Foundation Asset Manager
Co-investors
Prospectus
LGT Services
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Private Label Funds in detail
Overview fund structures
Fund structures
UCITS
Fun
d t
ype
AIF
1 2
EU/EEA-Passport EU/EEA-Passport
AIFM / Management Company
Contractual form / collective trusteeship
Externally managed
Self-managedVariable capital
SICAV
Fixed capitalSICAF
Investment companycorporate form
FUND Classes
Umbrella-fund / Stand-alone fund
Master-Feeder-Structures Fun
d s
tru
ctu
re
Professional / qualified investors
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Private Label Funds in detail
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Private Label Fund set-up process
Initial discussion / questionnaire
– Internal audit (due diligence, viability of project)
– Offer and order confirmation are signed by client.
– Cooperation agreement / asset management agreement are signed.
– Documentation obtained from asset manager.
– Prospectus drawn up and signed by the depositary and AIFM / management company.
Auditor takes mandate
Application for authorization submitted to FMA.
Technical set-up: Determine subscription period / launch (among others).
Promoter
PWC
FMA
1
2
3
4
1
2
3
4
Quelle: LGT
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Private Label Funds in detail
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Indicative timeline for fund set-up
Minimum requirements
The minimum volume for a Private Label Fund is CHF 20 million. In case of an umbrella-fund, the minimum volume is required for each sub-fund.
The asset manager must be licensed and prudentially supervised.
LGT does not give any seed money to catch up the minimum volume.
UCITS V Alternative Investment Fund (AIF)
Project work LGT(Onboarding asset manager, contracts, sign-off etc.)
approx. 1-5 weeks approx. 1-5 weeks
Review prospectus approx. 2 weeks approx. 2 weeks
FMA (max. time per law)
max. 4 weeks max. 4 weeks
Technical implementation approx. 1-2 weeks approx. 1-2 weeks
TOTAL TIME6-13 weeks
(normally 7 weeks)8-13 weeks
(normally 9 weeks)
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Private Label Funds in detail
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What does a Private Label Fund cost?
There cannot be a conclusive answer here as costs are affected by factors such as volume, asset classes, valuation cycle etc.
One-off costs
Set-up costs CHF 30’000
Authorization fees approx. CHF 750 -5’000
“Existing” costs
Depositary (custodian) approx. 7 - 15 bps
Transaction costs tbd
Incremental costs due to PLF
Fund administration approx. 8 - 15 bps
Auditing costs approx. CHF 10’000
FMA-fees CHF 2’000
A detailed offer can be made once the large questionnaire has been completed.
Likely costs: Approx. 15-30 bps per annum plus third-party costs (FMA fees, auditors etc.)
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Part II – Concrete example of a Private Label Fund for UHNWI
Sub-funds and delegation to different asset managers
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Different sub-funds of a fund
Advantages of a fund with several sub-funds:
No liability between sub-funds
Sub-funds are segregated and each sub-fund is basically protected in case of over-indebtedness of another sub-fund of the umbrella.
Sub-funds as a structural element (e.g. a family sub-fund)
Sub-funds can be customized regarding investment strategies, allocation, liquidity, risk, fees, etc.
Greater flexibility with investments due to the use of different asset managers in each sub-fund
Customizable transfer of assets
Sub-funds can include different classes and be subject to different risks profiles
Funds with several sub-funds offer high individualization, especially for foundations, trusts and family wealth.
Furthermore, they are suitable for family offices.
PLF(Umbrella-Fund)
Sub-fund 1 Sub-fund 2 Sub-fund 3
«traditionalinvestments»
risk averse investments
e.g. «hedge funds» or investments with
greater risks
family companies, private equity,
real estate
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Sub-funds and delegation to different asset managers
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Clear structure according to the liquidity of the asset classes
Private Label Fund
Bond Issues Shares Alternative
Sovereign
Corporate
High Yield
Emerging Markets
North America
Europe
Pacific
Emerging Markets
Hedge Funds
Private Equity
Investors
Cash
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Sub-funds and delegation to different asset managers
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Fund structure with delegations
Sub-Asset Manager
Sub-Asset Manager
Sub-Asset Manager
Sub-Asset Manager
LGT Fund Management Company Ltd.
PWCAuditor
LGT Bank AGDepositary
Lead Asset Manager
Asset Management Agreement
Sub-Asset Management Agreement Sub-Asset Management
Agreement
Sub-Asset Management Agreement
Sub-Asset Management Agreement
Administration
Management Segregated
Account
Management Segregated
AccountManagement Segregated
AccountManagement Segregated
Account
Dynamic Global Endowment Fund
FqA
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Fund-prospectus: The central document
Fund-prospectus: The central document
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Prospectus: The entire information, e.g. investment policy
1. Investment objective and investment policy
1.1 Investment objective The investment objective of the sub-fund is to achieve a long-term capital appreciation by investing the sub-fund’s assets worldwide in a broadly diversified manner, primarily in traditional asset classes (cash, bonds, stocks), using investment instruments that are typically listed or traded on exchanges or other public markets. There can be no guarantee that the Investor will recover the full amount he initially invested.
Unless otherwise agreed for the sub-fund in section 1, the general investment rules in accordance with section 2 shall apply.
There is not guarantee that the investment objective will be achieved.
1.2 Investment policy Investment decisions within the segment are made based upon the fundamental assessment of the unit class and issuing institution in each case. The primary investment instruments used are those that fulfil the investment criteria of transparency, profit predictability and dynamism, financial strength, and attractive price level.
Depending upon the market situation, there could be larger shifts in the various unit classes within the boundaries of the defined limits. Thus, the entire assets of the sub-fund may be invested in cash positions when market conditions are negative.
The sub-fund maintains the following maximum limits for each asset class:
Cash positions max. 100%Bonds max. 80%Stocks max. 50%
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Fund-prospectus: The central document
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Prospectus: The entire information, e.g. basic information
Global Endowment Fund – TraditionalShare classB
Basic information
Securities no. 123456789
ISIN no. LI0123456789
Suitable as UCITS V target fund No
Duration Indefinite
Listing No
Reference currency EUR
Currency of account EUR
Minimum investment Equivalent of CHF 250’000
Initial issuing price EUR 1’000
Valuation date Last calendar day of the month
Valuation interval Monthly
Cut-off time for unit transactions2:00 pm CET on the second-to-last Liechtenstein bank working day of a month
Close of accounting year 31 December, for the first time in 2012
Use of income4 ACC
Costs and commission charged to the investor
Max. issuing commission 5%
Redemption commission None
Max. conversion fees CHF 100 or equivalent
Reporting Possibilities of a Private Label Fund
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Reporting of a Private Label Fund
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Reporting
Model of institutional reporting
Mo
nth
ly
Performance, return- and Risk-indicator
Performance attribution
Qu
arte
rly
An
nu
ally
Qualitative reporting Performance review
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Reporting of a Private Label Fund
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ReportingPrice and Volume (As of: 31/12/2016)
Net asset value per share USD 1,195.12
12-month high (end of month data) USD 1,209.17
12-month low (end of month data) USD 1,172.08
Returns Fund Benchmark
Last month 1.97% -0.63%
Last 3 months 1.97% 0.72%
Last 12 months 1.86% -0.35%
Last 24 months p.a. 4.09% 1.49%
Last 36 months p.a. 6.12% 3.94%
Last 60 months p.a. – –
Since inception p.a. (31/03/2012) 4.87% 3.50%
Year-to-date 1.86% -0.35%
Maximum monthly return 3.74% 2.18%
Minimum monthly return -3.07% -1.91%
Risk and performance Fund Benchmark
Volatility p.a. 4.10% 3.50%
Sharpe ratio 1.48 1.11
Tracking error 4.88%
Information ratio 0.45
Correlation 0.18
Active return p.a. 2.18%
Beta 0.21
Maximum draw down -3.07% -4.68%
Maximum draw down period (months) 1 4
Calculation: Rolling window of 36 months.Average risk free rate p.a.: 0.05%
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Reporting of a Private Label Fund
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Reporting0
.00
%
0.0
0%
-3.0
7%
0.0
0%
0.0
0%
1.9
7%
0.2
1%
-1.8
7%
-1.9
1%
0.9
4%
0.4
2%
-0.6
3%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
07/15 08/15 09/15 10/15 11/15 12/15
Monthly Returns Annual Returns
0.0
0%
10
.30
%
6.3
6%
1.8
6%
1.3
3%
9.0
0%
3.3
7%
-0.3
5%
-5.0%
0.0%
5.0%
10.0%
15.0%
(03/12 - 12/12) 2013 2014 2015
Performance (rebased) 31/03/2012 – 31/12/2015
92.096.0
100.0104.0108.0112.0116.0120.0124.0
03
.12
05
.12
07
.12
09
.12
11
.12
01
.13
03
.13
05
.13
07
.13
09
.13
11
.13
01
.14
03
.14
05
.14
07
.14
09
.14
11
.14
01
.15
03
.15
05
.15
07
.15
09
.15
11
.15
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Reporting of a Private Label Fund
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Reporting
Client Fund Traditional (EUR)
37.85%
26.32%
17.09%
8.26%
4.00%
6.48%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
USD
EUR
CHF
JPY
GBP
Others
33.49%
20.52%
14.22%
6.51%
4.37%
4.09%
2.54%
2.27%
11.99%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%
Luxembourg*
Switzerland*
Switzerland
United States
Japan
Japan*
n.a.
United Kingdom
Others
Risk Currencies Risk Countries
* Emitee country because no risk country is available
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Part III – Liechtenstein and LGT
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Liechtenstein and LGT
33
Why Liechtenstein?
Time- and cost-efficient FMA (legally binding time frame)
Approval/authorization of complex fund projects within a short time period
• No Liechtenstein tax on the fund assets managed (LUX: up to 5 bps)
• Purchases and sales of securities for the account of a fund that qualifies as collective investment scheme for stamp duty purposes are not subject to stamp duty
Liechtenstein has an AAA rating
Liechtenstein is the only EEA member with CHF as currency
Clear commitment on the part of the Government to the fund domicile of Liechtenstein
EU-compliant legislation, UCITS law, AIFM law (SICAVs, SICAFs, etc.)
Simplified distribution authorization in the EU/EEA single market thanks to the EU/EEA-passport
EU-wide recognition of the FMA as an equivalent supervisory authority
Tax Rating
Legal certainty Rapid approval procedure
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Liechtenstein as a Fund Domicile
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Fund Domicile Matrix (selection of key differences)
Taxation Liechtenstein Luxembourg
Fund assets (Assets under Management AuM)
No net asset tax Taxe d’abonnement 1-5bps of AuM!
Tax environment – what taxes are applicable at fund level
Tax exempt on income and capital gains
No WHT on distributions made to investors
Tax exempt on income and capital gains
No WHT on distributions made to investors
Corporate tax rate for a Management Company
12.5% (self-governing) (selbstverwaltet)
Max. 1’200CHF (non-self-governing) (fremdverwaltet)
28.8% for Luxembourg town
Regulation
Regulatory body Finanzmarktaufsicht FMACommission de Surveillance du Sector Financier (CSSF)
Timeframe for approval by regulatory body
Yes, FMA has binding (shorter) timelines No
Promoter approval required NoYes, indirect as part of authorization procedure
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Part IV – Summary, contacts and legal information
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Summary, contacts and legal information
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Private Label Funds: tailor-made investment fund solutions
Segregation and supervision: PLFs are off-balance sheet, have FMA supervision and PWC audit.
Privacy and data security: The PLF acts as legal owner and counterparty in all transactions in the interest of its investors (who are not personally involved).
LGT as «Trusted Partner»
Control: Bound by the provisions of the prospectus, LGT is obligated to monitor and check all the specifications.
Only investments that comply with all regulatory, legal and tax requirements can be invested in a PLF!
Private Label Funds (PLF): tailor-made in accordance with investment fund laws
Privacy and data security
Segregation and supervision
Trusted Partner Control
Customer needs
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Summary, contacts & legal information
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Contacts for your private label solution
Dr. Stefan Lindemann, LL.M.CEO LGT Fund Management Company Ltd.
Tel. +423 235 [email protected]
Thomas Marte, LL.M.Investment Fund Solutions
Tel. +423 235 [email protected]
Dr. Susanne FabjanInvestment Fund Solutions
Tel. +423 235 [email protected]
This document is intended solely for the recipient and may not be duplicated, distributed or published either in electronic or any other form without the prior written consent of LGT Group Foundation. This publication is for your information only and is not intended as an offer, solicitation of an offer, public advertisement or recommendation to buy or sell any investment or other specific product. Its content has been prepared by our staff and is based on sources of information we consider to be reliable. However, we cannot provide any undertaking or guarantee as to it being correct, complete and up to date. The circumstances and principles to which the information contained in this publication relates may change at any time. Once published, therefore, information shall not be understood as implying that no change has taken place since its publication or that it is still up to date. The information in this publication does not constitute an aid for decision-making in relation to financial, legal, tax or other consulting matters, nor should any investment or other decisions be made on the basis of this information alone. It is recommended that advice be obtained from a qualified expert. Investors should be aware that the value of investments can fall as well as rise. Positive performance in the past is therefore no guarantee of positive performance in the future. Forecasts are not a reliable indicator of future value developments. The risk of price and foreign currency losses and of fluctuations in return as a result of unfavorable exchange rate movements cannot be ruled out. There is a possibility that investors will not recover the full amount they initially invested. We disclaim without qualification all liability for any loss or damage of any kind, whether direct, indirect or consequential, which may be incurred through the use of this publication. This publication is not intended for persons subject to legislation that prohibits its distribution or makes its distribution contingent upon an approval. Any person coming into possession of this publication shall therefore be obliged to find out about any restrictions that may apply and to comply with them.
It is up to potential investors to obtain comprehensive information and appropriate advice in their home country, country of residence or country of domicile about the applicable legal requirements and any tax consequences, foreign currency restrictions or foreign exchange controls and any other aspects that are of relevance prior to any decision to subscribe to, purchase, own, exchange or redeem such investments, or enter into any other transaction in relation to same.
The securities and rights mentioned in this document may not be purchased or held by investors or for investors domiciled in the USA and/or with US citizenship, nor may such securities and rights be transferred to them.
Legal information
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This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. In particular:
in Hong Kong, this document may be issued by either (a) LGT Bank AG, Hong Kong Branch which is an authorized financial institution regulated by the Hong Kong Monetary Authority and the Securities and Futures Commission (“SFC”) or (b) LGT Investment Management(Asia) Ltd. which is a licensed corporation regulated by the SFC, and is intended for distribution, (i) only to professional investors within the meaning of the Securities and Futures Ordinance (Cap 571) and any rules made under that ordinance; or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding up and Miscellaneous Provisions) Ordinance (Cap 32) (the “CO CAP 32”) or which do not constitute an offer to the public within the meaning of the CO CAP 32.
in Singapore, this document is issued by LGT Bank (Singapore) Ltd, (Company Registration No.200200473E) to accredited investors within the meaning of the Securities and Futures Act (Cap.289).
In Dubai International Financial Centre (DIFC), LGT (Middle East) Ltd is regulated by the Dubai Financial Services Authority (“DFSA”). This material is directed to Clients who qualify as Professional Clients under the Rules enacted by the DFSA, and no other Person shall act upon it.
The contents of this document have not been reviewed by any regulatory authority in the countries in which it is distributed. You are advised to exercise caution in relation to any information in this document. If you are in doubt about any of the contents of this document, you should seek independent professional advice.
The LGT Group, LGT’s analysts and/or their associates who were involved in preparing and/or publishing this document may from time to time, have financial interest in the financial instruments, underlying referenced assets or related investments referred to in this document and this may give rise to conflicts of interest that affect the objectivity of this document.
This document must not be forwarded, reproduced, redistributed, amended, modified, adapted, transmitted in any form or otherwisemade available to any other person without the express consent of LGT.
Legal information
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"Bedroom overlooking the winter garden at Liechtenstein Palace on Herrengasse in Vienna", 1837
RUDOLF VON ALT1812-1905
In 1837, Prince Alois II commissioned Rudolf von Alt to create a visual documentation of the premises of Liechtenstein Palace on Herrengasse. This palace, the family’s oldest residence in Vienna, which still contained some Gothic elements, served as the dwelling of the Princely Family after being renovated from the ground up according to a design by Joseph Hardtmuth. Surprisingly, the commission did not likely include an exterior view of the building, nor a glimpse of the semi-public spaces such as the riding stables or the library. To our knowledge, Alt captured only the salon, which was used as a living space, in watercolors. The scene shown here is a reflection of the style of home décor during the Viennese Biedermeier period. It shows the view from the bedroom overlooking the palace’s winter garden, with two delicate, carved and gold-plated consoles placed next to the windows and mirrors hanging above them. The furniture also appears very fine and elegant. Unfortunately, only a few pieces of the fittings from Herrengasse have been preserved, among those are the library furnishings, which are today housed in the Liechtenstein Garden Palace.
© LIECHTENSTEIN. The Princely Collections, Vaduz-Vienna
Picture description
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