LGT Crestone completes CBA advice business | Australian Markets
LGT Crestone has confirmed it has accomplished the total integration of the Commonwealth Bank of Australia’s (CBA’s) high-net-worth (HNW) financial advisory business – as anticipated simply over six months after the sale transaction.
This transition brings roughly $5 billion in belongings beneath advice (AUA) into the LGT Crestone fold, alongside 38 workers, together with 18 investment advisers.
With the finalised acquisition, LGT Crestone, one of Australia’s largest asset management companies, now counts $40 billion in belongings beneath advice.
According to LGT Crestone, 93% of Commonwealth Private’s advisory shoppers have opted to transition to Crestone. Clients can even be capable of keep their current banking relationships with CBA post-transition, promising “a seamless experience across both banking and investment services”.
Chief government Michael Chisholm stated the sturdy opt-in charge “[speaks] volumes about the trust placed in us”.
He added: “Today, we’re targeted on honouring the relationships these shoppers have constructed over time and making certain they expertise not simply continuity, however real care and strategic insight.
“Through our global reach and bespoke approach, we look forward to providing access to a market-leading range of investment opportunities and exclusive offerings.”
LGT Crestone confirmed the acquisition of CBA’s advice business in November 2024,
Servicing ultra-high web value and high web value shoppers, the CBA-owned business, at sale, comprised round 500 shoppers.
LGT Crestone stated it was chosen by CBA “for its client-first philosophy, deep expertise in private wealth management, global scale, and stability”.
The firm added: “CBA undertook an extensive due diligence process to ensure its clients and advisers would transfer to a firm that shares its values and unwavering commitment to excellence.”
LGT Crestone is a subsidiary of LGT Group, a main family-owned banking and asset management group, which manages more than $630 billion in shopper belongings.
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