LGT is taking an important expansion step into Great Britain

Liechtenstein Fürstenbank LGT has taken an important growth step in Great Britain. The wealth management business is making a big leap there.

LGT has completed the acquisition of the wealth management businesses of Anglo-Scottish fund house Abrdn in the UK and Channel Island in Jersey. With this deal, the assets under management of LGT Wealth Management’s subsidiary in England will increase to more than 28 billion pounds (about 31 billion francs) from about 22 billion pounds at the end of June 2023, according to a statement. Announcement from Monday he is called.

140 employees were seized

LGT had already announced its purchase of the company at the end of February for £14 million. Now, after receiving regulatory approvals, the deal has now officially closed.

The acquired company’s client relationships and approximately 140 employees will transfer to LGT Wealth Management, which is based in the UK and part of the LGT Group.

Organic growth

“The completion of this transaction is another milestone in LGT Wealth Management’s journey to become one of the UK’s leading wealth management firms,” he says. Ben Snow, CEO of LGT Wealth Management, a British subsidiary of LGT. “Britain is one of the main European markets for LGT,” the president confirms. SD Prince Max to and from Liechtenstein. “LGT Wealth Management is well positioned to capitalize on opportunities for further organic growth.”

The total assets under management of the LGT Group amounted to 305.8 billion francs at the end of June. According to its own information, the bank employs a total of more than 5,000 people in more than 25 locations in Europe, Asia, America, Australia and the Middle East.