LGT Crestone takes over remainder of Commonwealth Bank’s advice business

Financial Standard

LGT Crestone has inked a deal to scoop up Commonwealth Bank’s (CBA’s) remaining personal advice business, which serves high-net-worth and ultra-high-net-worth clients. Commonwealth Private Advice has around 500 clients with assets exceeding $5 billion. As part of the deal that’s slated for completion by mid-2025, LGT Crestone, which is owned by the Princely Family of Liechtenstein and manages over $500 billion in client assets, will integrate approximately 40 advisers, associates, and support staff.

LGT Crestone fields a team of about 350 employees, including a network of 100 advisers across Australia. In a statement, the wealth management firm said the acquisition will bolster its national presence with offices in Adelaide, Brisbane, Melbourne, Perth, and Sydney. CBA said it will continue providing personal financial advice to Commonwealth Private clients until the transaction completes, with LGT Crestone offering roles to all “relevant support staff” to maintain continuity in client-adviser relationships and provide additional career opportunities.

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