LGT Wealth Management has successfully concluded its £140 million purchase of abrdn’s discretionary fund management (DFM) operations, spanning both the UK and Jersey. Initially unveiled in February 2023, the transaction has now secured all necessary regulatory nods.

As part of the agreement, LGT has integrated all client relationships from the DFM business and welcomed its 140-strong workforce. This strategic move has augmented LGT Wealth Management’s assets under management (AUM) by £6 billion, pushing the total AUM to an impressive £28 billion.

The acquisition not only strengthens LGT’s position in the wealth management sector but also significantly expands its presence in the UK market.