LGT Crestone, AUSIEX acquisitions finalised

AUSIEX has finalised its acquisition of FIIG Holdings, while LGT Crestone's takeover of Commonwealth Bank of Australia's (CBA) private wealth business has completed.

AUSIEX, which is a subsidiary of Nomura Research Institute (NRI), has now expanded into over the counter (OTC) domestic and international fixed income products with the acquisition of FIIG.

FIIG has more than $5 billion of funds under advice (FUA), providing direct access to bond markets, term deposits and other cash solutions.

AUSIEX chief executive Patrick Salis said with this transaction, AUSIEX will "provide local institutions, financial advisers, family offices, SMSF and high-net-worth and wholesale investors with one of the most comprehensive investments trading and portfolio administration platform offering in the country."

NRI in turn aims to strengthen AUSIEX and FIIG by investing in the development of new services and actively promoting partnerships with leading external vendors and to play a role in Australia's financial market infrastructure.

Separately, LGT Crestone has integrated CBA's high-net-worth financial advice unit with its $5 billion in assets under advice. Some 38 staff, including 18 investment advisers, have moved over.

LGT Crestone chief executive Michael Chisholm said: "CBA undertook an extensive due diligence process to ensure its clients and advisers would transfer to a firm that shares its values and unwavering commitment to excellence."

He noted that LGT Crestone is "focused on honouring the relationships these clients have built over time and ensuring they experience not just continuity, but genuine care and strategic insight."

LGT Crestone now has $40 billion in FUA with more than 400 staff, including 138 advisers. LGT Group, which is owned by the Princely Family of Liechtenstein, globally has $630 billion in FUA.