LGT, the leading international private banking and asset management group owned by the Princely House of Liechtenstein and sponsor of German Formula E team, ABT Schaeffler Audi Sport announced today (14th March 2016) that it is to acquire a majority stake in London-based wealth management partnership, Vestra Wealth.
This partnership means LGT will gain a significant foothold in the British market having expanded into Singapore, Hong Kong, Dubai, Austria and Switzerland over the past 15 years; and Vestra increases its offerings to its clients.
According to the press release, Vestra Wealth will be renamed LGT Vestra and will remain a partnership between LGT and the original partners (after completion of the transaction and subject to FCA approval).
David Scott, Senior Partner, Vestra Wealth: “We are proud to have LGT as our main investor partner. The group and its owner, one of the most long-standing families in Europe, share our philosophy and can support us in enhancing and strengthening our offering to clients. The family’s long-term approach was a key aspect in our decision to partner with the group, as it means we can focus on building sustainable success, as well as enhancing the opportunities for our loyal staff. 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.”
H.S.H. Prince Max von und zu Liechtenstein, CEO LGT: “With Vestra Wealth, we have found an excellent organisation and private banking platform that we can continue to grow in the years to come. We warmly welcome the Vestra Wealth partners and team to the LGT family. 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.”