The bank of the Prince of Liechtenstein is adding yet another Asian market to its portfolio. LGT has agreed to buy a wealth manager based in India.
The bank led by Prince Max von Liechtenstein announced an acquisition in India, opening a giant new market for the bank. LGT acquired a majority stake in Mumbai-based Validus Wealth, a quickly growing wealth manager, according to a statement released on Thursday. Validus Wealth launched its business in September 2018 and already employs a workforce of 150 in nine Indian cities.
«Validus Wealth represents an excellent opportunity for us to gain a foothold in the highly promising Indian market,» said Prince Max, according to the statement.
Keeping a Minority Stake
Validus Wealth will develop a full-service private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services. Vaduz-based LGT has expanded rapidly in recent years, with acquisitions used to push growth. The strategy so far has paid off.
The CEO of Validus Wealth, Atul Singh, will remain the man in charge in India and he is also keeping a minority stake with partners.
Another Important Market
Earlier this year, LGT opened a wealth management office in Bangkok, Thailand. «We see Thailand as an important growth market, and the establishment of an onshore presence reflects our ambition to continue our growth path in Asia,» Prince Max said about the new office. The firm's Thai subsidiary is known as LGT Securities (Thailand).
LGT said that a team of investment consultants and investment planners will provide investment and wealth management services to Thai clients from the Bangkok office.
