The deal includes Abrdn’s DFM operations in the UK and Jersey. The business comprises a portfolio of high-net-worth clients and charity organisations.
Under the new deal, LGT will add around £6.1bn in assets under management and nearly 140 employees into its fold.
The deal also allows LGT to further boost its presence in the UK wealth management industry.
Following the completion of the acquisition, LGT Wealth Management, part of LGT, will take over the client relationships of the DFM unit and its staff.
Inclusion of the business will allow LGT Wealth Management to increase its assets under management from approximately £22bn at the end of January this year to more than £28bn.
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The firm plans to broaden the size of its current locations in London, Edinburgh, Bristol and Jersey to accommodate the additional workforce.
It will also integrate abrdn’s DFM unit’s offices in Birmingham and Leeds.
Subject to the receipt of customary regulatory clearances, the deal is anticipated to be closed by the second half of this year.
LGT Wealth Management CEO Ben Snee said: “We see a strong strategic fit between abrdn’s discretionary fund management business and LGT.
“There is clear similarity in ethos and approach between the two businesses, with a genuine desire to provide first-class client solutions and passion for conviction-based investing.”
The latest development comes after a media report that stated that LGT created a new entity to provide its Indian clients with wealth management services.