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LGT Bank to acquire majority stake in Vestra Wealth

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LGT Bank to acquire majority stake in Vestra Wealth

Vaduz, Liechtenstein-based said March 14 that itagreed to acquire a majority stake in London-based , primarily fromexternal investors in the firm.

The remaining stake will continue to be held by the firm'sexecutive partners. After completion of the transaction, which is subject toU.K. Financial Conduct Authority approval, Vestra Wealth will be renamed LGTVestra.

Vestra founder David Scott will be chairman of themanagement board and Ben Snee will be the CEO. Thomas Piske, CEO of LGT PrivateBanking, will chair the entity's governing board.

Vestra Wealth managed assets of £5.6 billion as of Februaryand has 234 staff and offices in London, Bristol, U.K., and Jersey. It alsooperates in the U.S. through FCA- and SEC-regulated .