LGT today announced it has completed the final stage of the acquisition of LGT Vestra LLP by buying the remaining equity held by the executive partners in the firm.
LGT Vestra is one of the leading wealth managers in the UK and has enjoyed considerable success since inception in 2007, particularly since LGT's acquisition of a majority stake in March 2016. The firm has an entrepreneurial approach and provides its clients with high quality impartial advice, free from conflicts of interest. The partnership with LGT has allowed it to access the specialist capabilities and the product and service offering of the entire group, including lending for its clients, which has further enhanced the overall client service. As at 31 August 2020, LGT Vestra managed assets amounting to GBP 15.7 billion on behalf of its c.14 000 clients compared to GBP 5.6 billion at the time of the acquisition in 2016. The firm has 362 staff (March 2016: 234) and offices in London, Bristol and Jersey. With the purchase of the remaining equity held by the executive partners in the firm, LGT Vestra is now fully owned by LGT.
H.S.H. Prince Max von und zu Liechtenstein, CEO LGT: "Our partnership with LGT Vestra has been extremely successful for the past five years and has also generated considerable added value for clients. We look forward to working with the existing management team to further expand this great company."
David Scott, Founder and Chairman LGT Vestra: "We are fortunate to have found a reliable partner in LGT in 2016. There was an immediate recognition that we had a similar approach to dealing with clients. We have been able to continue to focus on a long-term approach, putting our clients first and doing what is right for them. The private owner managed approach was and remains crucial for the success of our business."
Media release: LGT completes LGT Vestra acquisition