The transaction is expected to conclude within the next two to three months subject to regulatory approval.
LGT, an international private banking and asset management group controlled by the Liechtenstein Princely Family, issued a statement on Thursday announcing that it has agreed to acquire a controlling stake in Validus Wealth, a wealth management firm.
Validus Wealth, formerly known as WGC Wealth, is a service, private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services. The firm was launched in September 2018 and employs more than 150 staff, with presence in nine cities across the country, including Mumbai, Delhi and Bengaluru.
LGT is taking a controlling majority stake in Validus Wealth with the remaining shares to be held by the company’s current management team. This transaction will enable LGT to gain a foothold in India’s up-and-coming market for high-net-worth private clients. LGT did not disclose the financial details of the transaction.
After completion of the transaction, Validus Wealth will become part of LGT Group and will be more closely aligned with the LGT brand. It will develop a full service, next generation private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services. LGT indicated that in the coming years, the range of services is likely to include financing.
The transaction is expected to conclude within the next two to three months subject to regulatory approval. The company will continue to be led by its founder and current CEO Atul Singh, who has experience in India’s private banking and financial market and has spent years in a couple of famed international institutions in the country.
“LGT’s comprehensive capabilities will further propel our ambitious agenda and contribute to our efforts in enhancing robust offerings. Their established legacy as a leading global asset manager with over $200 billion in client assets and our proficiency of the Indian market will help create an enriched experience for our clients’ financial life through our combined global and local expertise,” said Atul Singh. LGT has been fully controlled by the Liechtenstein princely family for over 80 years.
As on December 31, 2018, LGT managed assets worth $201.20 billion for wealthy private individuals and institutional clients. LGT employs over 3,400 people, who work out of more than 20 locations in Europe, Asia, the Americas and the Middle East.
HSH Prince Max von und zu Liechtenstein, CEO LGT, said Validus Wealth represents an excellent opportunity for the firm to gain a foothold in the Indian market and work together over the coming years to expand the business, which is still very much in its infancy.”
After opening a new office in Thailand in spring, this transaction will complement our existing Asian activities well and will be a further important step in our long-term international growth strategy,” he said.