Private bank LGT, which began life as the family office for Liechtenstein’s royal family, has announced it will acquire a controlling stake in London-based wealth manager Vestra Wealth.
LGT, which is 100% owned by the Princely House of Liechtenstein, did not specify the precise size of the stake, but said it would be a “significant majority” of the business, which has assets under management of £5.6bn.
Following the takeover, Vestra will be renamed LGT Vestra.
“With this transaction, LGT will gain a significant foothold in the important British market, while Vestra Wealth will further enhance its services to clients in its current partnership setup,” LGT said.
Vestra Wealth has offices in London, Bristol and Jersey, and specialises in wealth and investment management for the regular and ultra class of high net worth individual (HNWI). LGT said Vestra’s background with the ultra class of HNWIs (UHNWIs) fits with LGT’s own background as the family office for the Princely dynasty, Liechtenstein’s royal family.
Following the acquisition, Vestra senior partner David Scott will become chairman and Ben Snee will stay on as chief executive, while LGT Private Banking chief executive Thomas Piske, will chair the entity’s Governing Board.
LGT’s move into the UK market will add to its international footholds in in Singapore, Hong Kong, Dubai, Austria and Switzerland.
H.S.H. Prince Max von und zu Liechtenstein, chief executive of LGT and second son of the reigning monarch Prince Hans-Adam II, said: “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.”