Private banking group LGT has agreed to acquire 100% of Australia-based Crestone Wealth Management.
The transaction, which is subject to Crestone shareholder approval, will give LGT a foothold in the Australian wealth management market.
Crestone provides investment advice and portfolio management services to high-net-worth clients and family offices, not-for-profit organisations, and financial institutions in the Australian market.
Created in 2016 following a management buy-out of UBS Wealth Management Australia, the company has A$25bn (£13.4bn, $17.8bn, €15.8bn) in client assets under management.
It has 250 employees, including more than 90 investment advisers, in its offices in Adelaide, Brisbane, Melbourne and Sydney.
Details
Under the agreement, LGT will acquire 100% of Crestone for A$475m. Crestone will become part of LGT’s private banking operation.
LGT will help grow Crestone through its current business model under the existing management. Through the partnership with LGT, Crestone advisers, staff and clients will benefit from access to a range of global services and investment opportunities.
Prince Max von und zu Liechtenstein, chairman of LGT, said: “Crestone is a preeminent wealth advisory firm with excellent further growth opportunities in the attractive Australian market.
“We look forward to working closely with them in the future. I’m convinced we can help Crestone further enhance its market position through access to our long-standing investment expertise, especially in alternative asset classes, ESG and impact investing.”
The transaction is expected to complete in the first quarter of 2022.
