LGT to acquire discretionary fund management business of abrdn in the UK
LGT has reached an agreement with abrdn to acquire their discretionary fund management business in the UK and Jersey.
LGT with this transaction, involving approximately GBP 6.1 billion in assets under management and close to 140 employees, it is further strengthening its position in the UK wealth management market.
Upon closing of the transaction, LGT Wealth Management will assume the client relationships of the acquired business and all of its employees. LGT Wealth Management will thus increase its assets under management from around GBP 22 billion as at end January 2023 to over GBP 28 billion. In view of the integration of the additional staff, LGT Wealth Management plans to expand its existing locations in London, Edinburgh, Bristol and Jersey, while also increasing its UK footprint to take on the offices in Birmingham and Leeds currently operated by abrdn’s discretionary fund management business.
Ben Snee, CEO of LGT Wealth Management: “We see a strong strategic fit between abrdn’s discretionary fund management business and LGT. There is clear similarity in ethos and approach between the two businesses, with a genuine desire to provide first-class client solutions and passion for conviction-based investing. We very much look forward to welcoming our new colleagues to the team and are convinced that by combining our footprint and offerings, including abrdn’s proven experience in the charities sector, we’re set to achieve further successful growth in the UK market.”
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