The Liechtenstein royal family’s private banking and asset management group, LGT, has signed an agreement to acquire Commonwealth Private Advice, the personal advice business of Australia’s largest bank, Commonwealth Bank of Australia (CBA).

This acquisition, which bolsters LGT’s foothold in the Australian wealth management landscape, is expected to transfer more than 2.8 billion Swiss francs (US$3.29 billion) in assets from CBA’s ultra-high-net-worth and high-net-worth clients to LGT, accompanied by the integration of approximately 40 experienced advisers, associates and support staff into LGT Crestone, LGT’s Australian business.

The acquisition, LGT notes, is structured to ensure a smooth integration for Commonwealth Private Advice’s clients and employees, allowing them to benefit from LGT’s global strength, stability and exceptional expertise, with over 356 billion Swiss francs in assets under management worldwide.

This transaction aligns with LGT’s long-term growth strategy, which focuses on expanding its footprint in key markets and providing clients with world-class advisory services, wealth planning and access to private markets and sustainable investments. It is expected to close by mid-2025 and will enhance LGT's Australian operations, which include Adelaide, Brisbane, Melbourne, Perth and Sydney. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia.

“This transaction is driven by our shared purpose and values with Commonwealth Private Advice,” says Michael Chisholm, LGT Crestone’s CEO, “particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.”

Max von und zu Liechtenstein, LGT’s chairman, adds: “With this acquisition, we are accelerating our growth trajectory in one of the world’s most promising wealth markets, deepening our commitment to the Asia-Pacific region and our clients here. Today, Asia-Pacific represents more than a third of LGT’s business, a reflection of both our strategic focus and our ambition to build a truly diversified global private banking group.”