At a cost of £140m (approximate CHF158m), LGT has successfully acquired Abrdn‘s discretionary fund management operations in the UK and Jersey.
LGT Wealth Management, a wealth manager with offices in the UK and a division of LGT, will be managing the acquired company’s client relations and about 140 employees.
With the completion of this agreement, the assets under control of LGT Wealth Management rose from £22bn at the end of June 2023 to more than £28bn, an increase of over £6bn.
By acquiring offices in Leeds and Birmingham, the purchase further increased LGT Wealth Management’s presence in the UK.
This will be supported by future expansion at current facilities in London, Edinburgh, Bristol, and Jersey.
Ben Snee, CEO of LGT Wealth Management said: “The completion of this transaction marks another milestone in LGT Wealth Management’s journey from inception in 2008 to a leading wealth manager in the UK today. We are confident that our commitment to excellent client service and conviction-based investing will drive further growth and support our clients’ ambitions.”
H.S.H. Prince Max von und zu Liechtenstein, chairman LGT added: “The UK is one of LGT’s key European markets and LGT Wealth Management is well-positioned to capture the opportunities available for further organic growth. Clients want stable partners who can combine long-term vision with an entrepreneurial approach. LGT’s focus on high performance and sustainability appeals to high-net-worth private individuals, financial advisers, and institutional clients in the UK and around the world.”
Most recently, LGT Wealth India intends to grow its headcount as it aims to substantially increase the amount of money it manages for clients by assisting them in reducing their reliance on domestic assets.