David Scott, the founder and chairman of LGT Vestra, has decided to step down from the wealth management firm after 12 years.
Mr Scott launched LGT Vestra in 2008 amidst the global financial crisis and led the firm through to the acquisition of the business by the LGT Group, which is run by the Liechtenstein royal family.
In October, LGT Group confirmed it had fully acquired LGT Vestra after buying the remaining equity held by the executive partners in the firm.
It followed LGT's first deal with the wealth manager in March 2016, when it bought a majority stake in the business.
According to the firm, as of November 30, it holds about £17bn assets under management with 370 employees and partners.
Ben Snee, who was founding partner alongside Mr Scott in 2008, became chief executive officer in 2013 and will continue his role as head of the firm.
Mr Scott said: “Being part of the development of LGT Vestra and seeing it become one of the pre-eminent wealth managers in the UK has been a very satisfying and fulfilling experience.
“I am delighted that the company is now a fully owned subsidiary of LGT, who I believe are the best parent for the firm, offering not only stability but a real commitment to the values on which LGT Vestra was founded."
In its 2019 accounts published in October LGT Vestra reported a £16.4m profit, up from £10.8m the previous year.
Prince Max von und zu Liechtenstein, chief executive at LGT, said the coming together of the firms has been “successful for both parties and clients” with the culture and approach of the businesses being “naturally aligned”.
amy.austin@ft.com
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
