LGT Vestra founder and chairman David Scott is stepping down at the end of the year.
Scott founded Vestra Wealth in 2008 and led the firm through to its acquisition by private banking group LGT Group, which is owned by the Princely House of Liechtenstein, in June 2016.
When LGT Group acquired Vestra Wealth it had £5.7bn assets under management; the combined company, LGT Vestra, now has about £17bn AUM with 370 employees and partners as at 30 November.
Founding partner Ben Snee became chief executive in 2013 and will continue to head up the firm.
Before launching Vestra Wealth, Scott was a managing director at UBS, responsible for the high net worth business. UBS had acquired HNW adviser firm Scott Goodman Harris in 2004, which Scott co-founded.
Scott went on to sever ties with UBS in an acrimonious process that involved UBS going to the High Court in order to prevent Vestra Wealth from poaching its clients and staff. The two firms later reached a settlement.
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LGT Group chief executive HSH Prince Max described the unity of Vestra and LGT Group as “very successful for both parties and for our clients”.
He added: “We thank David for his valuable contribution over the last five years and wish him all the very best for the future.”
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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. It could not have happened without the undying commitment from all of our staff, our clients, and investors.
“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.”
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