LGT completed the acquisition of a discretionary fund management business from abrdn for £140m.

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.