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BREAKING NEWS

LGT buys majority stake in India's Validus Wealth

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ZURICH (Reuters) – Private bank and asset manager LGT, owned by Liechtenstein’s princely family, has agreed to buy a majority stake in Validus Wealth to gain a foothold in India’s growing market for high-net-worth private clients, LGT said on Thursday.

It gave no financial terms for the deal, in which current management will continue to hold the rest of Validus shares.

Validus Wealth, formerly known as WGC Wealth, employs more than 150 staff and is present in nine cities including Mumbai, Delhi and Bengaluru.

After completion of the transaction, Validus will become part of LGT Group and be more closely aligned with the LGT brand, LGT said in a statement.

It will offer investment advisory, portfolio management, research, and wealth planning services. “In the coming years, the range of services is likely to include financing,” it said.

(Reporting by Michael Shields, editing by John Revill)

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