LGT completes £140m takeover of abrdn's DFM business

In the UK and Jersey

LGT Wealth Management has completed its £140m acquisition of abrdn’s discretionary fund management business in the UK and Jersey.

The deal, which was first announced in February 2023, has now received all required regulatory approvals. LGT said it had also assumed all the client relationships of the DFM business, as well as its 140 employees. Following the acquisition, LGT Wealth Management's assets under management increased by £6bn to more than £28bn. abrdn's £6bn discretionary fund management arm to be sold to LGT The deal also bolstered the company's UK footprint with additional offices in Birmingham and Leeds, alongside the expansion of its existing locations of London, Edinburgh, Bristol and Jersey. ...