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LGT, a private banking and asset management group owned by the princely family of Liechtenstein, has acquired a “substantial majority” stake in Validus Wealth, a wealth management firm formerly known as WGC Wealth.
This transaction is expected to conclude within the next two-three months subject to approval from the Indian financial regulator.
It may be recalled that WGC Wealth, the erstwhile wealth management arm of the $22-billion Wadhawan Global Capital, was recently acquired by the current management team through an employee buyout (EBO).
Post LGT transaction, the remaining shares will continue to be held by the company’s current management team that opted for the EBO.
Validus Wealth will continue to be led by its current founder & CEO, Atul Singh, who has decades of experience in India’s private banking and financial market and has spent many years in senior roles at different high-profile international institutions in the country.
Through this transaction, Validus Wealth will significantly strengthen its platform for serving high networth and ultra high networth families in India, and LGT will expand its international presence and foray into the thriving Indian wealth management market.
Since its launch in September 2018, Validus Wealth has rapidly onboarded experienced relationship managers and their clients. The company is present in nine cities in India and employs a talent pool of nearly 150 staff.
Atul Singh, Founder & CEO, Validus Wealth, said, “LGT’s comprehensive capabilities will further propel our ambitious agenda and contribute to our efforts in enhancing robust offerings. Their established legacy as a leading global asset manager with over $200 billion in client assets and our proficiency of the Indian market will help create an enriched experience for our clients’ financial life through our combined global and local expertise.”
Opportunity for expansion
HSH Prince Max von und zu Liechtenstein, CEO, 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. We’re delighted to welcome the company’s employees and clients into the LGT family.”
After opening a new office in Thailand in spring, this transaction will complement LGT’s existing Asian activities and will be an important step in the LGT Group’s long-term international growth strategy.
Validus Wealth will — after completion of the transaction — 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 include financing.
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