LGT Group set to acquire Crestone
Crestone Wealth Management is in the process of being acquired by LGT Group, one of the world’s largest privately-owned wealth managers.
The deal would see Crestone enter into a conditional scheme implementation deed with LGT Group where the group would pay $475 million for 100% of Crestone shares on issue.
Crestone told investors the proposed transaction would enable it to accelerate its growth strategy in Australia and expand the investment opportunities available to Australian high net worth clients. It would also provide them with access to the expertise of the largest privately-owned global private banking and asset management group.
Crestone chief executive, Michael Chisholm, said: “Crestone employees and clients would benefit from access to a broadened range of global services and investment opportunities, new international perspectives, a seamless cultural and operational fit, and the extension of the firm’s existing high client service standards.
“This is an exciting opportunity that would provide Australian high net worth investors with seamless access to global opportunities and would cement Crestone’s position as Australia’s leading high net worth investment advisor.
“Crestone has come a long way in five years in its pursuit of always bringing the very best approach to portfolio construction and investment solutions to our clients.
“The proposed transaction would enable us to deliver greater scale benefits to our clients whilst drawing on the experience, skills, and global insights of a leading wealth management firm like LGT.”
AUTHOR
Liam Cormican
Recommended for you
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
