A substantial majority stake in Validus Wealth, an Indian wealth management firm formerly known as WGC Wealth, has been acquired by LGT, the leading private banking and asset management group owned by the royal family of Liechtenstein.
The remaining shares will continue to be held by the company's current management team that opted for an Employee Buyout (EBO) recently. Through this transaction, Validus Wealth will significantly strengthen its platform for serving HNW and UHNW families in India, and LGT will expand its international presence and foray into the thriving Indian wealth management market.
Since its launch in Mumbai in September 2018, Validus Wealth has expanded and is now present in nine cities across the country, employing around 150 staff. Validus Wealth will - after completion of the transaction - become part of LGT Group and will be more closely aligned with the LGT brand. It will develop a full service, next generation private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services. In the coming years, the range of services is likely to include financing.
This transaction will complement our existing Asian activities well and will be a further important step in our long-term international growth strategy."
The transaction is expected to conclude within the next two-three months subject to approval of the Indian financial regulator. Validus Wealth will continue to be led by its current founder & CEO, Atul Singh, who has decades of experience in India's private banking and financial market and has spent many years in senior roles at different high-profile international institutions in the country.
Atul Singh, founder and CEO, Validus Wealth said, "Our accelerated growth is a clear reflection of the opportunities in India for home-grown wealth management firms such as ours to leverage. We're proud to become part of LGT Group through this transaction. LGT's comprehensive capabilities will further propel our ambitious agenda and contribute to our efforts in enhancing robust offerings. Their established legacy as a leading global asset manager with over $200bn in client assets and our proficiency of the Indian market will help create an enriched experience for our clients' financial life through our combined global & local expertise."
Prince Max von und zu Liechtenstein, CEO of LGT, commented: "Validus Wealth represents an excellent opportunity for us to gain a foothold in the highly promising Indian market and work together over the coming years to expand the business, which is still very much in its infancy. We're delighted to welcome the company's employees and clients into the LGT family. After opening a new office in Thailand in spring, this transaction will complement our existing Asian activities well and will be a further important step in our long-term international growth strategy."