The move has increased LGT's assets under management in the UK, its footprint and brand presence.

Liechtenstein-based LGT said yesterday that it has closed its acquisition of abrdn’s UK and Jersey discretionary fund management business. The deal adds to the bank’s purchase of Vestra, the wealth business, in 2020. (The abrdn deal was originally announced here.)

The bank closed the transaction after having secured the necessary regulatory clearance. LGT paid £140 million ($176.9 million) for the business. LGT Wealth Management, the UK-based wealth manager and part of LGT, has now assumed the client relationships of the acquired business along with about 140 staff. 

The transaction boosts LGT Wealth Management’s assets under management by around £6 billion to more than £28 billion, from £22 billion as at the end of June 2023.

LGT has also expanded its footprint in the UK, adding offices in Birmingham and Leeds. This will be complemented by planned growth at existing locations in London, Edinburgh, Bristol and Jersey.

This news service has interviewed LGT Wealth Management about its UK business strategy – here.

abrdn, which was originally called Standard Life Aberdeen, was rebranded two years ago.