LGT, the private banking and asset management group owned by Princely Family of Liechtenstein, has bought Aspada from the Soros Economic Development Fund.

An India-focused impact investment fund, Aspada manages more than $100m in assets.

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The deal, whose financial terms were not revealed, is aimed at expanding LGT’s impact investing platform LGT Lightstone.

It involves the takeover of Aspada’s management organisation and a significant majority position of its portfolio.

LGT’s future investments in India will now be carried out under the LGT Lightstone Aspada brand.

Aspada managing partner Kartik Srivatsa said: “In LGT and Prince Max we have found an aligned and committed long-term partner not only for building out the next phase of Aspada’s evolution in India, but also for co-creating a distinctive global platform that can be the vanguard of impact investing.”

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The Aspada deal further strengthens LGT’s foothold in India.

This June, LGT picked a majority stake in India’s Validus Wealth.

LGT CEO Max von und zu Liechtenstein said: “The acquisition of Aspada and the launch of the brand LGT Lightstone is a significant step in furthering LGT Group’s pioneering commitment to impact investing and sustainability.

“We believe that there is significant opportunity to harness breakthrough developments in technology to deliver scalable business solutions focusing on the economic advancement of underserved populations globally. LGT is deeply committed to building LGT Lightstone as a large and relevant player in this cause.”