{"id":12227,"date":"2024-11-11T23:00:57","date_gmt":"2024-11-11T16:00:57","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=12227"},"modified":"2024-11-11T23:00:57","modified_gmt":"2024-11-11T16:00:57","slug":"lgt-to-acquire-commonwealth-bank-of-australia-cbas-personal-advice-business-commonwealth-private-advice","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=12227","title":{"rendered":"LGT to acquire Commonwealth Bank of Australia (CBA)’s personal advice business, Commonwealth Private Advice"},"content":{"rendered":"

VADUZ<\/span>, Liechtenstein<\/span><\/span>, Nov. 11, 2024<\/span><\/span> \/PRNewswire\/ — LGT, the international private banking and asset management group owned by the Princely Family of Liechtenstein<\/span>, has signed an agreement to acquire the personal advice business of Australia’s<\/span> largest bank, CBA. This acquisition bolsters LGT’s foothold in the Australian wealth management landscape, reaffirming its dedication to high-quality advisory services, enduring client relationships, and sustainable growth.\u00a0<\/b><\/p>\n

The acquisition is expected to transfer more than CHF 2.8 billion<\/span> (AUD 5 billion) in assets from CBA’s ultra-high-net-worth and high-net-worth clients to LGT, accompanied by the integration of approximately 40 experienced advisers, associates, and support staff into LGT Crestone, LGT’s Australian business. Once completed, the transaction will solidify its position as a trusted partner for sophisticated private wealth clients. The acquisition is structured to ensure a smooth integration for Commonwealth Private Advice’s clients and employees, allowing them to benefit from LGT’s global strength, stability, and exceptional expertise, with over CHF 356 billion<\/span> (AUD 500 billion) in assets under management worldwide.<\/p>\n

This transaction aligns with LGT’s long-term growth strategy,\u00a0 which\u00a0 focuses\u00a0 on expanding its\u00a0 footprint\u00a0 in\u00a0 key markets\u00a0 and providing clients with \u00a0world-class advisory services,\u00a0 wealth\u00a0 planning,\u00a0 and access\u00a0 to\u00a0 private\u00a0 markets\u00a0 and sustainable investments. It is expected to close by mid-2025, and will enhance LGT’s Australian operations, which include Adelaide,\u00a0 Brisbane,\u00a0 Melbourne<\/span>, Perth<\/span> and Sydney<\/span>. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia<\/span>.<\/p>\n

Michael Chisholm<\/span>, Chief Executive Officer of LGT Crestone, said: “We are delighted CBA \u2013\u00a0one of Australia’s<\/span> leading financial institutions \u2013\u00a0has chosen LGT Crestone as the trusted home for their highly valued ultra-high net worth and high-net worth clients and employees. It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia<\/span>. This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.”\u00a0<\/p>\n

H.S.H. Prince Max von<\/span> und zu Liechtenstein<\/span>, Chairman LGT, commented: “LGT is delighted to strengthen our role in Australia<\/span> as\u00a0we welcome both the clients and colleagues of Commonwealth Private Advice. Clients need stable partners who provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients. With this acquisition, we are accelerating our growth trajectory in one of the world’s most promising wealth markets, deepening our commitment to the APAC region and our clients here. Today, APAC represents more than a third of LGT’s business, a reflection of both our strategic focus and our ambition to build a truly diversified global private banking group.”\u00a0<\/p>\n

LGT in brief <\/b><\/p>\n

LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein\u00a0Princely Family for over 90 years. As at 30 June 2024<\/span>, LGT managed assets of CHF 356.0 billion<\/span> (USD 396.2 billion<\/span>) for wealthy\u00a0private individuals and institutional clients. LGT employs over 5800 people who work out of more than 30 locations in Europe,\u00a0Asia, the Americas, Australia<\/span> and the Middle East<\/span>. www.lgt.com<\/a>\u00a0<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

VADUZ<\/span>, Liechtenstein<\/span><\/span>, Nov. 11, 2024<\/span><\/span> \/PRNewswire\/ — LGT, the international private banking and asset management group owned by the Princely Family of Liechtenstein<\/span>, has signed an agreement to acquire the personal advice business of Australia’s<\/span> largest bank, CBA. This acquisition bolsters LGT’s foothold in the Australian wealth management landscape, reaffirming its dedication to high-quality advisory services, enduring client relationships, and sustainable growth.\u00a0<\/b><\/p>\n

The acquisition is expected to transfer more than CHF 2.8 billion<\/span> (AUD 5 billion) in assets from CBA’s ultra-high-net-worth and high-net-worth clients to LGT, accompanied by the integration of approximately 40 experienced advisers, associates, and support staff into LGT Crestone, LGT’s Australian business. Once completed, the transaction will solidify its position as a trusted partner for sophisticated private wealth clients. The acquisition is structured to ensure a smooth integration for Commonwealth Private Advice’s clients and employees, allowing them to benefit from LGT’s global strength, stability, and exceptional expertise, with over CHF 356 billion<\/span> (AUD 500 billion) in assets under management worldwide.<\/p>\n

This transaction aligns with LGT’s long-term growth strategy,\u00a0 which\u00a0 focuses\u00a0 on expanding its\u00a0 footprint\u00a0 in\u00a0 key markets\u00a0 and providing clients with \u00a0world-class advisory services,\u00a0 wealth\u00a0 planning,\u00a0 and access\u00a0 to\u00a0 private\u00a0 markets\u00a0 and sustainable investments. It is expected to close by mid-2025, and will enhance LGT’s Australian operations, which include Adelaide,\u00a0 Brisbane,\u00a0 Melbourne<\/span>, Perth<\/span> and Sydney<\/span>. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia<\/span>.<\/p>\n

Michael Chisholm<\/span>, Chief Executive Officer of LGT Crestone, said: “We are delighted CBA \u2013\u00a0one of Australia’s<\/span> leading financial institutions \u2013\u00a0has chosen LGT Crestone as the trusted home for their highly valued ultra-high net worth and high-net worth clients and employees. It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia<\/span>. This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.”\u00a0<\/p>\n

H.S.H. Prince Max von<\/span> und zu Liechtenstein<\/span>, Chairman LGT, commented: “LGT is delighted to strengthen our role in Australia<\/span> as\u00a0we welcome both the clients and colleagues of Commonwealth Private Advice. Clients need stable partners who provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients. With this acquisition, we are accelerating our growth trajectory in one of the world’s most promising wealth markets, deepening our commitment to the APAC region and our clients here. Today, APAC represents more than a third of LGT’s business, a reflection of both our strategic focus and our ambition to build a truly diversified global private banking group.”\u00a0<\/p>\n

LGT in brief <\/b><\/p>\n

LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein\u00a0Princely Family for over 90 years. As at 30 June 2024<\/span>, LGT managed assets of CHF 356.0 billion<\/span> (USD 396.2 billion<\/span>) for wealthy\u00a0private individuals and institutional clients. LGT employs over 5800 people who work out of more than 30 locations in Europe,\u00a0Asia, the Americas, Australia<\/span> and the Middle East<\/span>. www.lgt.com<\/a>\u00a0<\/a><\/p>\n

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