Allens has advised LGT Crestone on its agreement to acquire personal advice business Commonwealth Private Advice from the Commonwealth Bank of Australia (CBA).
The business includes 19 investment advisers, approximately 500 clients and more than $5 billion in client assets.
As part of the agreement, LGT Crestone will also integrate approximately 40 advisers, associates and support employees into its business.
LGT Crestone is one of Australia's largest independently owned wealth management businesses, with more than 350 employees and over $500 billion in client assets.
'We congratulate LGT Crestone on the acquisition of this significant personal advice business,' said lead partner Tom Story.
'The acquisition aligns with LGT Crestone's long-term growth strategy and strengthens its presence as a market leader in Australia's private wealth management sector.'
The transaction is expected to complete in mid-2025.
Allens previously advised Crestone Wealth Management on its acquisition by global private banking and asset management group LGT in 2022.
