Private banking group LGT is set to acquire UBS’s Austrian wealth management arm, as it looks to expand its presence in the nation.
The deal will bring another €4 billion in client assets to LGT, as well as around 60 staff who will join existing offices in Vienna and Salzburg. UBS will continue to operate in Austria, but will focus on asset management.
The client relationships consist mainly of high-net worth and ultra-high-net-worth individuals residing in the c...
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