Baker & McKenzie has advised private banking and asset management group LGT in its acquisition of ABN Amro’s private banking operations in Asia and the Middle East. Clifford Chance advised the seller.
LGT, owned by the Princely Family of Liechtenstein, has $20 billion in assets under management. It expects to increase these to more than $40 billion in Asia and to approximately $160 billion overall.
ABN Amro, one of Europe's larger private banks, intends to focus on markets in Northwest Europe. The Asia and Middle East operations represented about 10 percent of its global private banking business, reported Reuters.
The Baker & McKenzie team included Wong Ai Ai and Alex Tan in Singapore, Karen Man and Michael Horman in Hong Kong, and Mazen Boustany in Dubai. Singapore partner Lee Taylor led the Clifford Chance team.