LGT acquires fund management business in Great Britain
2 March 2023
The private banking and asset management group LGT is acquiring the wealth management business of the British asset manager abrdn. With the transaction, which involves approximately 6.1 billion British pounds in assets under management, LGT is further strengthening its position in the British market.
The private bank LGT, which is owned by the Princely House of Liechtenstein, has acquired the wealth management business of the UK-based asset manager abrdn, announced a statement. The acquisition will transfer a long-term and profitable portfolio of UK-based private individuals and charitable organizations and foundations to LGT Wealth Management's portfolio, writes the statement.
This increases its assets under management from 22 billion pounds (25 billion Swiss francs) to 28 billion pounds. Prince Max von und zu Liechtenstein, Chairman of the Bank, said he is convinced that abrdn's "strong investment performance and ESG-strategy" are a "perfect fit" for LGT. LGT Wealth Management is not only acquiring the British asset manager's client base, but also its locations and 140 employees. With this acquisition, LGT is strengthening its market position in the British Isles.
LGT Wealth Management (formerly Vestra Wealth) was founded in 2008 and was acquired by LGT in 2016. LGT Wealth Management currently employs around 475 people.