LGT Crestone has acquired Commonwealth Private Advice from CBA, enhancing its portfolio with approximately A$5 billion in client assets and expanding its presence in the Australian wealth management market.

Target Information

LGT Crestone is a prominent entity within the LGT Group, recognized as one of the largest family-owned wealth management firms globally. The LGT Group is supported by The Princely Family of Liechtenstein and offers specialized wealth advice and portfolio management services tailored for high-net-worth clients, family offices, non-profit organizations, and financial institutions. With a rich heritage spanning over 100 years, LGT has established a stronghold in the global wealth management sector. In Australia, LGT Crestone currently manages approximately A$32 billion in assets, contributing to the group's substantial global footprint of over A$500 billion in client assets.

Industry Overview in Australia

The wealth management industry in Australia has seen significant growth in recent years, bolstered by rising wealth among high-net-worth individuals and a burgeoning demand for sophisticated financial advice. As of 2023, Australia ranks among the top countries in terms of per capita wealth, with a considerable portion of the population possessing investable assets exceeding A$1 million. This increase in affluent individuals has driven firms like LGT Crestone to enhance their service offerings and expand their client base.

Furthermore, the regulatory environment in Australia supports a dynamic and competitive wealth management landscape. The Financial Adviser Standards and Ethics Authority (FASEA) has implemented rigorous standards to ensure that financial advi