Australian wealth management company LGT Crestone has agreed to acquire Commonwealth Private Advice, the personal advice division of the Commonwealth Bank of Australia (CBA), for an undisclosed sum.

The acquired business serves ultra-high net worth and high net worth clients.

The deal will see the transfer of around 500 clients and over A$5bn ($3.28bn) in client assets to LGT Crestone, which is part of Liechtenstein-based private bank LGT Group.

It will also add nearly 40 advisers, associates and support employees to LGT Crestone.

The transaction is due to close by mid-2025.

LGT chairman Max von und zu Liechtenstein said: “LGT is delighted to reinforce our role in Australia as we welcome both the clients and colleagues of Commonwealth Private Advice to LGT. Our expertise in family advisory services, sustainable investing, and intergenerational wealth uniquely positions us to be a valued and respected partner in today’s financial landscape.”

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The acquisition is expected to bolster LGT Crestone’s national footprint, with offices across major Australian cities.

It forms part of LGT Crestone’s sustainable growth commitment and efforts to boost long-term client relationships.

LGT Crestone CEO Michael Chisholm said: “We are delighted CBA has chosen LGT Crestone as the trusted home for their highly valued high net worth and ultra-high net worth clients and employees.

“This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients.

“By combining our strengths, we’ll enhance our ability to build strong, personal connections with our clients and deliver exceptional service, ensuring they have access to world-class expertise and tailored solutions to meet the very highest standards in private wealth management.”

Currently, LGT Crestone has a staff strength of more than 350, with over 100 advisers in Australia.