LGT, a private bank and asset manager owned by the Princely Family of Liechtenstein, has agreed to buy a majority stake in India’s Validus Wealth.

The deal is pending regulatory nod. The transaction value and the stake size were not revealed.

Validus currently has operations in nine Indian cities with a workforce of over 150.

The firm, formerly called WGC Wealth, opened doors in September 2018.

Its current management will continue to own the remaining stake in the business.

Validus founder and CEO Atul Singh will retain the firm’s leadership.

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By GlobalData

Singh noted: “LGT’s comprehensive capabilities will further propel our ambitious agenda and contribute to our efforts in enhancing robust offerings.”

As part of LGT, Validus will develop a next generation private client platform for the India market.

It will initially provide investment advisory, portfolio management, research, and wealth planning services, with plans to add financing services to its portfolio later.

The deal is anticipated to close in the coming two to three months.

LGT CEO Max von und zu Liechtenstein said: “Validus Wealth represents an excellent opportunity for us to gain a foothold in the highly promising Indian market and work together over the coming years to expand the business, which is still very much in its infancy.

“We’re delighted to welcome the company’s employees and clients into the LGT family.”

LGT has been focusing on the Asia market lately.

This February, the private bank set up a wealth management office in the Thai capital of Bangkok.

A month later, LGT struck a wealth management partnership with China Renaissance.