LGT Crestone tries to nab nation’s richest families from UBS

afr.com:

LGT Crestone, the financial adviser backed by the Liechtenstein royal family, has stepped up its campaign to poach Credit Suisse’s wealthy clients and leverage the perception of any instability surrounding the Swiss bank’s takeover by UBS.

LGT Crestone is on the hunt for a family office specialist, and is planning to offer mortgage lending against mansions to cater to prospective clients.

CEO Mike Chisholm: “We are currently looking to leverage the broader capabilities of LGT Group’s financing offering to cater for the investment needs of our sophisticated client base.” Edwina Pickles

“We are looking for a head of family advisory to join the LGT Crestone team,” chief executive Michael Chisholm told The Australian Financial Review.

Thanks to its owners LGT, Crestone was equipped with a robust balance sheet, and planned to apply for an Australian credit licence, people familiar with the company’s moves said. A licence would enable local clients to borrow directly with LGT Crestone, rather than through one of its international entities.

The number of Australian family offices is on the increase. The market assault also comes as UBS endures a drawn-out process to integrate Credit Suisse’s Australian wealth business, which was a lucrative earner in its own right.

People close to UBS argue its family office capability, which will eventually sit under the bank’s global family and institutional wealth unit established last year, will make it difficult to match in Australia due to the breadth of services coming.

But the wealth management industry is increasingly competitive. Peers like Crestone, Goldman Sachs, Morgan Stanley and HSBC have advanced their interests in catering to Australia’s wealthiest families.

UBS memorably