LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, is planning to acquire a majority stake in London-based Vestra Wealth, which has £5.6bn in managed assets.
The acquisition is expected to give LGT a significant foothold in the important British market, while helping Vestra Wealth to further enhance its services to clients in its current partnership setup.
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Financial terms for the deal have not been disclosed. The completion of the deal is subject to regulatory approval.
Following the acquisition, Vestra Wealth will be renamed LGT Vestra and will remain a partnership between LGT and the original partners.
Additionally, Vestra senior partner David Scott will become chairman of the board and Ben Snee the chief executive. Thomas Piske, chief executive of LGT Private Banking, will chair the entity’s governing board.
Founded in 2008, Vestra has 234 staff and offices in London, Bristol and Jersey and provides a range of investment management and wealth planning services to UK HNWIs.
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By GlobalDataLGT had managed assets of CHF132.2bn at the end of 2015 for wealthy individuals and institutional clients.
David Scott said: "We are proud to have LGT as our main investor partner. LGT’s purchase of a majority stake also allows some of our initial investors to be rewarded for the risk they took and their belief in our success when we started the business."
LGT CEO H.S.H. Prince Max von und zu Liechtenstein said: "With Vestra Wealth, we have found an excellent organisation and private banking platform that we can continue to grow in the years to come.
"While our focus is on continuity for Vestra Wealth’s clients, we will cooperate in areas where Vestra can benefit from LGT’s long-standing investment expertise. For LGT, Vestra Wealth is an excellent strategic and cultural fit, and this move marks a further step in the expansion of our long-term oriented international growth strategy."
