Vestra to be majority owned by Switzerland’s LGT

Added 14th March 2016

Vestra Wealth is to become majority owned by Swiss wealth manager LGT after it struck a deal to acquire shares in the business from Vestra’s external investors.

Vestra to be majority owned by Switzerland’s LGT

Subject to FCA approval, the deal will provide LGT with what it sees as “a significant foothold in the important British market.”

Vestra’s executive partners will continue to hold their minority stakes in the company. The financial terms have not been revealed.

The company will be renamed LGT Vestra and will remain a partnership between LGT and the original partners. David Scott will be chairman of the management board and Ben Snee the CEO. Thomas Piske, CEO of LGT Private Banking, will chair the entity’s governing board.

London-based Vestra Wealth has GBP 5.6bn in managed assets. It has 234 staff and offices in London, Bristol and Jersey, providing investment management and wealth planning services to UK high-net-worth and ultra-high-net-worth clients.

LGT is the largest private banking and asset management group in the world wholly owned by a single family.  At 31 December 2015, LGT had CHF 132.2bn in assets under management.

The firm has been expanding its private banking franchise over the last 15 years, moving into the Singapore, Hong Kong, Dubai and Austria markets, while also expanding in Switzerland.

"We are proud to have LGT as our main investor partner," said Scott. “The group and its owner, one of the most long-standing families in Europe, share our philosophy and can support us in enhancing and strengthening our offering to clients.  The family’s long-term approach was a key aspect in our decision to partner with the group, as it means we can focus on building sustainable success, as well as enhancing the opportunities for our loyal staff. LGT’s purchase of a majority stake also allows some of our initial investors to be rewarded for the risk they took and their belief in our success when we started the business."

LGT CEO H.S.H. Prince Max von und zu Liechtenstein said: “With Vestra Wealth, we have found an excellent organisation and private banking platform that we can continue to grow in the years to come. We warmly welcome the Vestra Wealth partners and team to the LGT family. While our focus is on continuity for Vestra Wealth’s clients, we will cooperate in areas where Vestra can benefit from LGT’s long-standing investment expertise. For LGT, Vestra Wealth is an excellent strategic and cultural fit, and this move marks a further step in the expansion of our long-term oriented international growth strategy."

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Alex Sebastian

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Alex joined Portfolio Adviser in April 2014 and has been a financial journalist since 2008. He has previously held editorial positions at the Financial Times Group and Euromoney Institutional Investor. Alex is NCTJ qualified and has a degree in economics from the University of Sussex.

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