Liechtenstein-headquartered LGT will expand its presence in Australia’s high net worth client market with the acquisition of a renowned wealth manager.
LGT has entered into a conditional agreement to acquire Crestone Wealth Management, according to a statement, subject to the latter firm’s shareholder approval – made up of its founders, managers and employees – and regulatory approval.
Under the agreed deal, LGT will acquire 100 percent of Crestone Wealth Management for A$475 ($338 million) and become part of LGT’s private banking entity. The transaction is expected to complete in the first quarter of 2022.
Management Buyout at UBS
Crestone was established in 2016 following a management buyout at UBS Wealth Management’s Australia unit and it provides investment advice and portfolio management services to high net worth clients, family offices, non-profit organizations and financial institutions.
It initially had over A$14 billion in assets under management which has increased to A$25 billion today with 250 employees that include more than 90 investment advisers from offices in Adelaide, Brisbane, Melbourne and Sydney.
Attractive Australian Market
«Crestone is a preeminent wealth advisory firm with excellent further growth opportunities in the attractive Australian market,» said LGT chairman H.S.H. Prince Max von Liechtenstein.
«We look forward to working closely with them in the future. I’m convinced we can help Crestone further enhance its market position through access to our long-standing investment expertise, especially in alternative asset classes, ESG and impact investing.»
