LGT Vestra has been bought out by its Liechtenstein-based private bank parent company four years after it initially took a majority stake in the wealth manager.
In an update yesterday (October 1) LGT Group, which is run by the Liechtenstein royal family, confirmed it had fully acquired LGT Vestra after buying the remaining equity held by the executive partners in the firm.
It follows LGT's first deal with the wealth manager in March 2016, when it bought a majority stake in the business.
With offices in London, Bristol and Jersey LGT Vestra manages more than £15bn of assets for its 14,000 clients.
David Scott, founder and chairman of LGT Vestra, said: "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 and 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."
In its 2019 accounts published earlier this month LGT Vestra reported a £16.4m profit, up from £10.8m the previous year.
Prince Max von und zu Liechtenstein, chief executive at LGT, said the company’s partnership with LGT Vestra had been “extremely successful” for the past five years.
He added: “It has also generated considerable added value for clients and we look forward to working with the existing management team to further expand this great company."
rachel.mortimer@ft.com
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