LGT Crestone has signed an agreement to acquire Commonwealth Bank of Australia’s (CBA) personal advice business, Commonwealth Private Advice.
In an announcement on 11 November, LGT Crestone confirmed the acquisition of CBA’s personal advice business for ultra-high-net-worth and high-net-worth clients. It currently comprises approximately 500 clients and over $5 billion in client assets.
As a part of the deal, LGT Crestone will integrate approximately 40 experienced advisers, associates and support employees into its business – including 19 investment advisers.
According to the firm, this reflects its commitment to sustainable growth and strengthening long-term client relationships.
The transaction is expected to reach completion by mid-2025 and will strengthen LGT Crestone’s presence across Australia with offices in Adelaide, Brisbane, Melbourne, Perth and Sydney.
LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia. In Australia, LGT Crestone has $32 billion assets under management, while LGT Group globally has more than $500 billion in client assets.
“We are delighted CBA has chosen LGT Crestone as the trusted home for their highly valued high-net-worth and ultra-high net worth clients and employees. It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia,” remarked Michael Chisholm, CEO of LGT Crestone.
“This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.
“By combining our strengths, we’ll enhance our ability to build strong, personal connections with our clients and deliver exceptional service, ensuring they have access to world-class expertise and tailored solutions to meet the very highest standards in private wealth management.”
H.S.H Prince Max von und zu Liechtenstein, chairman of LGT, said the acquisition will reinforce its role in Australia as it welcomes both the clients and colleagues of Commonwealth Private Advice to LGT.
“Our expertise in family advisory services, sustainable investing, and intergenerational wealth uniquely positions us to be a valued and respected partner in today’s financial landscape,” he said.
“Clients need stable partners to provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients.”
