Abstract. We consider locally conformal Kähler geometry as an equivariant (homothetic) Kähler geometry: a locally conformal Kähler manifold is, up to equivalence, a pair (K, Γ) where K is a Kähler manifold and Γ a discrete Lie group of biholomorphic homotheties acting freely and properly discontinuously. We define a new invariant of a locally conformal Kähler manifold (K, Γ) as the rank of a natural quotient of Γ, and prove its invariance under reduction. This equivariant point of view leads to a proof that locally conformal Kähler reduction of compact Vaisman manifolds produces Vaisman manifolds and is equivalent to a Sasakian reduction. Moreover we define locally conformal hyperkähler reduction as an equivariant version of hyperkähler reduction and in the compact case we show its equivalence with 3-Sasakian reduction. Finally we show that locally conformal hyperkähler reduction induces hyperkähler with torsion (HKT) reduction of the associated HKT structure and the two reductions are compatible, even though not every HKT reduction comes from a locally conformal hyperkähler reduction.