Liechtenstein private banking and asset management group LGT has agreed to acquire a controlling stake in Indian firm Validus Wealth.
The acquisition will enable LGT to increase its presence in India to tap into its up and coming high net worth private clients market.
Validus Wealth launched in September 2018 and employs more than 150 staff across nine cities including Mumbai, Delhi and Bengaluru.
Prince Hans-Adam II von und zu Liechtenstein, chief executive of LGT, said: “Validus Wealth represents an excellent opportunity for us to gain a foothold in the highly promising Indian market and work together over the coming years to expand the business, which is still very much in its infancy.
The deal comes after the firm launched its wealth management business in Thailand earlier this year.
“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.”
Terms of the deal
Validus Wealth will 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.
In the coming years, the range of services is likely to extend to financing.
LGT is taking a controlling majority stake in Validus Wealth, with the remaining shares to be retained by the company’s existing management team.
Validus will continue to be led by its founder and current chief executive, Atul Singh.
The financial terms of the deal were not disclosed and it is expected to conclude within the next two to three months.
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