Announced
Completed
Financials
Tags
Private Equity
United Kingdom
Single Bidder
Acquisition
Friendly
fund management
Majority
Asset Managers and Custodians
Cross Border
Public
Completed
Synopsis
LGT, a private banking and asset management group, completed the acquisition of a discretionary fund management business from abrdn, an investment company, for £140m ($168m). "We are establishing one of the UK's leading personal wealth businesses, and this deal represents an important step forward in our strategy to focus on our high-growth, platform-led, businesses. Our track record over the past two years shows that where we identify non-core capabilities, we will look to divest and redeploy capital in ways that better align with the interests of our investors, clients and customers," Stephen Bird, abrdn CEO.
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