LGT Crestone acquiring CBA Private
LGT Crestone has announced it is to acquire the Commonwealth Bank’s personal advice business, Commonwealth Private Advice.
LGT Crestone said it had signed an agreement to acquire the business and that the transaction is expected to complete by the middle of next year.
It said the transaction would strengthen LGT Crestone’s national presence with offices in Adelaide, Brisbane, Melbourne, Perth and Sydney.
The announcement said CBA’s highly regarded personal advice business for ultra-high net worth and high net worth clients currently comprising approximately 500 clients and more than A$5 billion in client assets.
As a part of the transaction LGT Crestone will integrate approximately 40 experienced advisers, associates and support employees into its business.
It said the acquisition has been structured to ensure a seamless transition of service for Commonwealth Private Advice’s clients and staff while leveraging the scale, stability, and expertise of LGT—a global wealth management leader with over A$500 billion in client assets.
Aren’t retail investors the biggest beneficiaries of the CSLR? They want their cake, they can pay towards the scheme.
Aren't SMSF the biggest beneficiaries of the CSLR? They want their cake, they can pay towards the scheme.
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About the only thing I've ever agreed with the SMC on.