LGT takes over Crestone Wealth Management in Australia – Liechtenstein
VADUZ – LGT has signed an agreement to take over Crestone Wealth Management in full. Crestone is an Australian wealth manager serving high net worth individuals with approximately A $ 25 billion in client assets under management. The transaction, which still requires the approval of Crestone’s shareholders, provides LGT with an important pillar in the Australian wealth management market and enables Crestone to expand its range of services and investments.
Crestone provides comprehensive investment advice and portfolio management services to high net worth individuals, family offices, non-profit organizations and financial institutions in the Australian market. The company, which emerged from UBS Wealth Management Australia through a management buyout in 2016, now manages client assets of around 25 billion Australian dollars and employs 250 people, including more than 90, in offices in Adelaide, Brisbane, Melbourne and Sydney Investment advisors. Crestone’s shareholder base is comprised of founders, managers and employees.
As part of the agreement, LGT Crestone will be taken over in full and integrated into LGT Private Banking as an independent unit. The agreement provides for a purchase price of 475 million Australian dollars (338 million US dollars).
Continuity for customers and employees
LGT intends to continue and expand Crestone’s business under the management. Thanks to the partnership with LGT, Crestone will benefit from an expanded range of services and investments for customers, new international perspectives for their experiences and the cultural and operational similarity between the two companies.
According to its own information, LGT has experience in taking over and integrating private banking units in various regions of the world. With the acquisition of Crestone, LGT will now also die in Australia after successfully expanding its private banking business in Europe, Asia and the Middle East.