Lichtenstein’s LGT in $338 mln deal to buy Crestone


ZURICH, Dec 15 (Reuters) – LGT, the private bank and asset manager owned by Liechtenstein’s princely family, said it agreed to buy Crestone Wealth Management in a deal that values the Australian high-net-worth wealth management firm at around A$475 million ($338 million).

Crestone, which has around A$25 billion in client assets under management, needs shareholder approval for the deal.

The transaction “will give LGT an important foothold in the attractive Australian wealth management market, while allowing Crestone to expand its services and investment offering to clients”, it said in a statement on Wednesday.

Crestone provides investment advice and portfolio management services to high-net-worth clients and family offices, not-for-profit organisations, and financial institutions in the Australian market.

Created in 2016 following a management buyout of UBS Wealth Management Australia, the business has 250 employees, including more than 90 investment advisers, in its offices in Adelaide, Brisbane, Melbourne and Sydney.

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Reporting by Michael Shields; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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