LGT acquires majority stake in Indian wealth manager Validus Wealth

LGT, the leading private banking and asset management group owned by the Princely Family of Liechtenstein, has agreed to acquire a controlling stake in Validus Wealth for undisclosed amount.

Set up in September 2018, Validus Wealth is an Indian wealth management firm with a presence in nine cities, including Mumbai, Delhi and Bengaluru, LGT said in a statement on Thursday.

This transaction will enable LGT to gain a foothold in India's up-and-coming market for high-net-worth private clients, it said, without disclosing the exact stake it has picked up in the Indian firm.

The remaining shares will continue to be held by the current management team, it added.

"Validus Wealth will after completion of the transaction become part of LGT Group and will be more closely aligned with the LGT brand. It will develop a full service, next generation private client platform in India, offering investment advisory, portfolio management, research, and wealth planning services," the statement said.

In the coming years, the range of services is likely to include financing, it added.

"We are delighted to welcome the company's employees and clients into the LGT family. After opening a new office in Thailand in spring, this transaction will complement our existing Asian activities well and will be a further important step in our long-term international growth strategy," LGT CEO Max von und zu Liechtenstein said.

The statement further said that the transaction is expected to conclude within the next two to three months, subject to regulatory approval.

The company will continue to be led by its founder and current CEO Atul Singh, who has decades of experience in India's private banking and financial market and has spent many years in senior roles at different high-profile international institutions in the country, it added.