LGT to acquire UBS wealth management business in Austria.

LGT, n investment manager, agreed to acquire UBS wealth management business in Austria. Financial terms were not disclosed. "Our wealth management business is performing extremely well and we are executing seamlessly on our strategic priorities to make it even easier for clients to benefit from the very best of the world's number 1 wealth manager. Our sale in Austria is part of these plans and a win-win for all clients and employees. Clients and staff in Austria will benefit from being part of a bigger domestic business in Austria and clients in our other European markets will benefit from even more focus and investment as we redeploy resources to client services and accelerated growth in these markets," Christl Novakovic, UBS Wealth Management Europe Head.