LGT Wealth Management has completed its £140m acquisition of abrdn's discretionary fund management business in the UK and Jersey.
The deal, which was first announced in February 2023, has now received all required regulatory approvals. LGT said it had also assumed all the client relationships of the DFM business, as well as its 140 employees.
Following the acquisition, LGT Wealth Management's assets under management increased by £6bn to more than £28bn.
abrdn's £6bn discretionary fund management arm to be sold to LGT
The deal also bolstered the company's UK footprint with additional offices in Birmingham and Leeds, alongside the expansion of its existing locations of London, Edinburgh, Bristol and Jersey.
Ben Snee, CEO of LGT Wealth Management, said the completion of this transaction marked "another milestone" in the firm's journey from inception in 2008 to a "leading wealth manager in the UK" today.
"We are confident that our commitment to excellent client service and conviction-based investing will drive further growth and support our clients' ambitions," he said.
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Prince Max von Liechtenstein, chair of LGT, added: "The UK is one of LGT's key European markets and LGT Wealth Management is well-positioned to capture the opportunities available for further organic growth.
"Clients want stable partners who can combine long-term vision with an entrepreneurial approach. LGT's focus on high performance and sustainability appeals to high-net-worth private individuals, financial advisers and institutional clients in the UK and around the world."
