Mishcon de Reya has advised Vestra Wealth, the London based wealth management boutique, on the sale of a majority stake to Liechtenstein’s LGT Group, for an undisclosed sum, in a move that highlights the growing international interest in UK wealth managers.
Vestra Wealth has £5.6bn of assets under management, and offices in London, Bristol and Jersey. The executive partners will continue to own the remaining stake in the UK wealth manager, which will be renamed LGT Vestra, subject to regulatory approval.
LGT is the world’s largest private bank and asset manager owned by a single family and the deal is just the latest in a series of transactions that have seen it expand into Hong Kong, Singapore and Dubai as well as Switzerland and Austria.
Analysts said the transaction reinforced the continuing attractions of discretionary wealth managers, as firms seek to acquire new assets and spread the cost of meeting regulatory requirements.
The advisory team at Mishcon Corporate was led by Partner Michael Nouril, Legal Director Allison Keyse, Associate Charlotte Davidson, Associate Rajiv Kakkad and Partner John Skoulding and Managing Associate Ceri Stoner in respect of tax matters.