Liechtenstein-based private bank LGT said it has successfully completed the acquisition of Abrdn’s discretionary fund management business in the UK and Jersey for £140 million.

LGT Wealth Management, LGT’s UK-based wealth manager, now assumes the client relationships of the acquired business and approximately 140 employees.

LGT Group has been fully controlled by the Liechtenstein Princely Family for over 90 years. As at June 30, 2023, LGT Group managed assets of £269 billion for private individuals and institutional clients.

With this transaction, LGT Wealth Management’s assets under management have increased by £6 billion to over £28 billion.

LGT Wealth Management CEO Ben Snee said: “The completion of this transaction marks another milestone in LGT Wealth Management’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.”

H.S.H. Prince Max von und zu Liechtenstein, chairman of LGT, said: “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.”