Mishcon de Reya has advised London based wealth management boutique Vestra Wealth on the completion of 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 has been renamed LGT Vestra, following receipt of regulatory approval and completion of the transaction.
LGT is the world's largest private bank and asset manager owned by a single family. The deal is 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 Michael Nouril and Allison Keyse and assisted by Rajiv Kakkad. Regulatory advice was provided by Tim Flood and Charlotte Davidson, with tax advice provided by John Skoulding and Ceri Stoner.