LGT Crestone signs agreement with CBA to acquire A$5B in assets and welcome 19 investment advisers.
Today, LGT Crestone, one of Australia’s largest independently owned wealth management businesses, has signed an agreement to acquire CBA’s personal advice business, Commonwealth Private Advice. The transaction reflects LGT Crestone’s commitment to sustainable growth and strengthening long-term client relationships, ensuring the private wealth management needs of clients are guided by world-class expertise and supported by LGT’s global scale.
LGT Crestone will acquire CBA’s highly regarded personal advice business for ultra-high net worth and high net worth clients currently comprising approximately 500 clients and more than A$5 billion in client assets. As a part of the transaction LGT Crestone will integrate approximately 40 experienced advisers, associates and support employees into its business. The acquisition has been structured to ensure a seamless transition of service for Commonwealth Private Advice’s clients and staff while leveraging the scale, stability, and expertise of LGT—a global wealth management leader with over A$500 billion in client assets.
The transaction is expected to be completed by mid-2025 and will strengthen LGT Crestone’s national presence with offices in Adelaide, Brisbane, Melbourne, Perth and Sydney. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia.
Michael Chisholm, Chief Executive Officer of LGT Crestone said: “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.
“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.”
The firm was established in 2016, and was acquired in 2022 by LGT, which is owned by the Princely Family of Liechtenstein and backed by over 900 years of heritage.
H.S.H Prince Max von und zu Liechtenstein, Chairman of LGT said: “LGT is delighted to reinforce our role in Australia as we welcome 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.
“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,” H.S.H Prince Max von und zu Liechtenstein concluded.
Madden & Assoc. | Sarah Lagana | +61 481 191 055 | lgtcrestone@madden.com.au
LGT Crestone is part of the LGT Group, one of the largest family-owned wealth management firms in the world backed by The Princely Family of Liechtenstein. The group provides wealth advice and portfolio management services to high-net-worth clients and family offices, not for profit organisations and financial institutions. LGT has been providing wealth management services globally for more than 100 years. In Australia LGT Crestone now has $32 billion assets under management. LGT globally has more than $500bn of client assets.
LGT is a leading international private banking and asset management group that has been fully controlled by the Liechtenstein Princely Family for over 90 years. As at 30 June 2024, LGT managed assets of CHF 356.0 billion (USD 396.2 billion) for wealthy private individuals and institutional clients. LGT employs over 5800 people who work out of more than 30 locations in Europe, Asia, the Americas, Australia and the Middle East. www.lgt.com
