LGT has gained a foothold in India’s up-and-coming wealth market by acquiring controlling stake in Validus Wealth, an Indian wealth manager launched in September 2018.
Validus Wealth employs more than 150 staff and has a presence in nine cities across the country including Mumbai, Delhi and Bengaluru.
After the transaction, the firm will become part of the LGT group, but will continue to be led by its founder and current CEO Atul Singh.
Validus Wealth 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 include financing as well, 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,’ said H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT.
‘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,’ he said.
The transaction is expected to conclude within the next two to three months subject to regulatory approval.