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.
Scrap it
If this does happen it will represent the biggest case of intergenerational theft ever. Older/pension members getting their balances artificially…
Didn't AusSuper lose over a Billion dollars in a failed investment in Plurasight?
There would be NO advice "vacuum" if the insane levels of red tape were removed. This conversation is utter nonsense.…
It is absolute rubbish to link industry fund conflicted advice with the prevention of fraud like Shield.