LGT Crestone completes CBA advice business integration

LGT Crestone has confirmed it has completed the full integration of the Commonwealth Bank of Australia’s (CBA’s) high-net-worth (HNW) financial advisory business – as expected just over six months after the sale transaction.

This transition brings approximately $5 billion in assets under advice (AUA) into the LGT Crestone fold, alongside 38 staff, including 18 investment advisers.

With the finalised acquisition, LGT Crestone, one of Australia’s largest asset management businesses, now counts $40 billion in assets under advice.

According to LGT Crestone, 93% of Commonwealth Private’s advisory clients have opted to transition to Crestone. Clients will also be able to maintain their existing banking relationships with CBA post-transition, promising “a seamless experience across both banking and investment services”.

Chief executive Michael Chisholm said the strong opt-in rate “[speaks] volumes about the trust placed in us”.

He added: “Today, we’re focused on honouring the relationships these clients have built over time and ensuring they experience not just continuity, but genuine care and strategic insight.

“Through our global reach and bespoke approach, we look forward to providing access to a market-leading range of investment opportunities and exclusive offerings.”

LGT Crestone confirmed the acquisition of CBA’s advice business in November 2024,

Servicing ultra-high net worth and high net worth clients, the CBA-owned business, at sale, comprised around 500 clients.

LGT Crestone said it was selected by CBA “for its client-first philosophy, deep expertise in private wealth management, global scale, and stability”.

The firm added: “CBA undertook an extensive due diligence process to ensure its clients and advisers would transfer to a firm that shares its values and unwavering commitment to excellence.”

LGT Crestone is a subsidiary of LGT Group, a leading family-owned banking and asset management group, which manages more than $630 billion in client assets.