Allens advises Crestone on acquisition by LGT Group

Allens has advised Crestone Wealth Management (Crestone) on its $475 million acquisition by global private banking and asset management group LGT Group (LGT).

Crestone was established in 2016 following a management buyout at UBS Wealth Management’s Australia unit, and provides wealth advice and portfolio management services to high net worth clients, family offices, non-for-profits and financial institutions.

The acquisition was implemented by way of scheme of arrangement in May this year, with eligible shareholders entitled to upfront consideration and the right to receive a future earn-out payment, contingent on the satisfaction of certain performance targets.

'We are pleased to have advised Crestone on this significant deal. With the backing of the world's largest family-owned private banking and asset management group, Crestone is set to go from strength to strength,' said Partner Tom Story.

'This acquisition reflects the emerging trend of offshore players moving into the Australian wealth management sector. We have enjoyed working with the Crestone team to implement this complex and novel transaction, following our work on the establishment of the business in 2016.'

CEO Michael Chisholm said of the transaction: 'Now as a part of the world’s largest family-owned wealth management firms, we can offer Australian clients the very best global investment opportunities. We’re grateful to Allens for helping us bring this unique proposition to the market.'

Allens legal team

M&A

Tom Story (Partner), Joy Yoon (Senior Associate), Georgie Leahy (Senior Associate), Krish Nadarajah (Associate), Bryanna Workman (Associate)

Funds

Sean Cole (Partner), Matt Wedgwood (Associate), Joshua Gunn (Associate)

Disputes & Investigations

Kim Reid (Partner), Alexandra McCaughan (Managing Associate), Tyler Goldberg (Associate), Kiara Di Carlo (Lawyer)