LGT private bank will soon have more assets to manage with a new acquisition in the UK.
Liechtenstein-based LGT private bank announced on Tuesday it is acquiring the discretionary fund management business of Abrdn in the UK and Jersey, with LGT Wealth Management, the UK-based wealth manager and part of LGT will take over the client relationships of the acquired entity and its nearly 140 employees, according to a statement.
The share-deal transaction is expected to be completed in the second half of this year upon receiving the necessary regulatory approvals. The offer made by LGT values the deal at 140 million pounds ($168 million).
Expanding Managed Asset Base
The transaction involves around 6.1 billion pounds ($7.3 billion) in assets under management and boosts LGT Wealth Management's AuM to over 28 billion pounds from about 22 billion at the end of January.
More Offices Planned
The acquisition builds on LGT's business in the UK, and with the integration of new staff plans to expand its locations in London, Edinburgh, Bristol, and Jersey, and will absorb Abrdn's Birmingham and Leeds locations. LGT Wealth Management was formerly Vestra Wealth, which was founded in 2008 and was acquired by LGT in 2016 and currently employs more than 475 staff.
LGT Chairman Prince Max von und zu Liechtenstein said «we very much look forward to welcoming abrdn’s discretionary
fund management clients to LGT. The business’ strong investment performance and ESG strategy make it a perfect fit for LGT.
We are convinced that, in turn, our stability, entrepreneurial spirit, focus on excellent client service, and investment expertise,
make us a reliable and attractive partner for our future clients.»
