Darragh joins one of Australia’s largest in-house investment teams, comprising 20+ locally based specialists. He previously spent six years at Escala Partners, where he co-led the firm’s alternatives research and ESG strategy. In his new role, he will work closely with LGT Crestone Head of Private Markets Martin Randall, Deputy Chief Investment Officer Kevin Wan Lum, and Investment Analyst Nicola Williams to help further scale LGT Crestone’s market-leading alternatives platform and deliver sophisticated investment solutions to high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients.

Commenting on the appointment, Scott Haslem, Chief Investment Officer at LGT Crestone, said: “Darragh brings a rare combination of expertise across alternatives, portfolio construction, and ESG – all of which are central to the way we invest on behalf of our clients. His appointment builds on the momentum of our alternatives platform and supports our focus on delivering sophisticated, institutional-grade solutions to Australia’s most affluent families and individuals. We’re delighted to welcome him to the firm.”

Darragh’s appointment comes at a time of significant growth in LGT Crestone’s alternatives platform. Since 2016, the firm has grown its alternatives exposure from $150 million to over $9 billion, partnering with some of the world’s leading private equity, venture capital, and hedge fund managers. This expansion has been driven by a deliberate strategy to translate traditionally institutional-only opportunities into accessible, high-quality solutions for private clients.

Darragh Kennelly brings almost two decades of experience in financial services across Australia and Ireland, specialising in alternative investments and ESG integration.

Between 2020 and 2025, Darragh served as Senior Investment Analyst at Escala Partners, where he co-led the firm’s alternatives research and portfolio construction. In this role, he managed a portfolio of alternative strategies spanning private equity, private credit, infrastructure, hedge funds, and venture capital. He was also responsible for leading ESG integration across the investment process, developing the firm’s ESG policy, and producing its inaugural ESG Annual Report.

Darragh played a key role in manager selection and due diligence, screening alternative investment opportunities and leading capital raises for private markets funds. He regularly presented market insights to advisers and clients, hosted fund manager events and podcasts, and contributed to industry forums including the AVCJ Australian Private Equity Forum.

Prior to Escala, Darragh held investment roles at Prudential International Assurance, Dexia Credit Local, and Harvest Financial Services in Dublin, gaining experience across investment analysis, platform transformation, and fixed income markets.

Darragh is a CFA® charterholder and holds a Bachelor of Science in Business and Management from the Technological University of Dublin. He also holds a CFA Certificate in ESG Investing and has completed the Chartered Market Technician program.

On his new role, Darragh commented: “The alternatives landscape is growing rapidly, with increasing demand for bespoke private market solutions from private clients for institutional quality investments. LGT Crestone has built a compelling platform and I’m excited to be part of its next phase of growth.”

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Michael Chisholm

LGT Crestone, one of Australia’s largest independently owned wealth management businesses, has successfully completed the integration of Commonwealth Bank’s (CBA) high-net-worth financial advisory business. This transition brings approximately A$5 billion in assets under advice and formally welcomes 38 experienced professionals, including 18 investment advisers, to the firm’s national advice network.

This follows an extensive and competitive review process led by CBA to determine the most suitable long-term home for its personal advice business for high-net-worth and ultra-high-net-worth clients. In November 2024, LGT Crestone was selected for its client-first philosophy, deep expertise in private wealth management, global scale, and stability. High levels of confidence in the move are reflected in 93% of Commonwealth Private’s advisory clients opting to transition. Clients will continue to maintain their existing banking relationships with CBA, ensuring continuity in their broader financial arrangements.

Michael Chisholm, LGT Crestone Chief Executive Officer said: “We are incredibly proud to welcome the clients and advisers of Commonwealth Private’s advisory business to the LGT Crestone family. This transition expands on our existing long-term partnership with CBA.

“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. To be selected is both an honour and a responsibility – and a testament to the calibre of our people, our client-first culture, and our long-term commitment to delivering outstanding advice catering to the needs of Australia’s most sophisticated investors.”

“The strong opt-in rates speak volumes about the trust placed in us, which we take very seriously. Today, we’re focused on honouring the relationships these clients have built over time and ensuring they experience not just continuity, but genuine care and strategic insight. Through our global reach and bespoke approach, we look forward to providing access to a market leading range of investment opportunities and exclusive offerings,” Chisholm noted.

“As we enter this next chapter, we’re also pleased to continue working closely with CBA. Former advisory clients of Commonwealth Private will retain their existing banking arrangements, while we collaborate to deliver a seamless experience across both banking and investment services – ensuring their broader financial needs are met with the high level of care and service they’ve come to expect,” Chisholm continued.

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Michael Chisholm

LGT Crestone, one of Australia’s largest independently owned wealth management businesses, has signed an agreement to acquire CBA’s personal advice business, Commonwealth Private Advice. The transaction reflects LGT Crestone’s commitment to sustainable growth and strengthening long-term client relationships, ensuring the private wealth management needs of clients are guided by world-class expertise and supported by LGT’s global scale.

LGT Crestone will acquire CBA’s highly regarded personal advice business for ultra-high net worth and high net worth clients currently comprising approximately 500 clients and more than A$5 billion in client assets. As a part of the transaction LGT Crestone will integrate approximately 40 experienced advisers, associates and support employees into its business. The acquisition has been structured to ensure a seamless transition of service for Commonwealth Private Advice’s clients and staff while leveraging the scale, stability, and expertise of LGT—a global wealth management leader with over A$500 billion in client assets.

The transaction is expected to be completed by mid-2025 and will strengthen LGT Crestone’s national presence with offices in Adelaide, Brisbane, Melbourne, Perth and Sydney. LGT Crestone currently has more than 350 employees, including more than 100 advisers across Australia.

Michael Chisholm, Chief Executive Officer of LGT Crestone said: “We are delighted CBA has chosen LGT Crestone as the trusted home for their highly valued high net worth and ultra-high net worth clients and employees.  It’s a terrific validation of our efforts to build a truly outstanding private wealth advice business catering to the needs of the most sophisticated investors in Australia.

“This transaction is driven by our shared purpose and values with Commonwealth Private Advice, particularly our client-centric approach to managing the wealth and financial wellbeing of sophisticated high-net-worth clients. By combining our strengths, we’ll enhance our ability to build strong, personal connections with our clients and deliver exceptional service, ensuring they have access to world-class expertise and tailored solutions to meet the very highest standards in private wealth management.”

The firm was established in 2016, and was acquired in 2022 by LGT, which is owned by the Princely Family of Liechtenstein and backed by over 900 years of heritage.

H.S.H Prince Max von und zu Liechtenstein, Chairman of LGT said: “LGT is delighted to reinforce our role in Australia as we welcome both the clients and colleagues of Commonwealth Private Advice to LGT. Our expertise in family advisory services, sustainable investing, and intergenerational wealth uniquely positions us to be a valued and respected partner in today’s financial landscape.

“Clients need stable partners to provide comprehensive and secure opportunities throughout their financial journeys, and we are committed to delivering that level of support and confidence to our new clients,” H.S.H Prince Max von und zu Liechtenstein concluded.

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The longtime colleagues and Escala Partners co-founders now lead a team at LGT Crestone supported by Chris Quigley, Steve de Bolfo, and Amelia Kelaher. The team provides professional advice to high-net-worth families, family offices, and not-for-profit organisations.

This expansion is supported by LGT Crestone’s recent growth in the Australian market – over the 2024 financial year the wealth manager amassed a 17% increase in client assets under advice and total revenue and doubled the size of the Lombard portfolio. The year also saw LGT Crestone expand its credit offering to include mortgages, providing clients the ability to leverage the equity in their properties to provide liquidity when needed and to further diversify their investment portfolios.

According to Michael Chisholm, LGT Crestone CEO, “We are delighted to welcome Steve and Mason to our team. Their client-centric ethos and exceptional track record reflect LGT Crestone’s commitment to excellence in financial advisory, and align with our entrenched client-focused culture.

“With a deep understanding of the market and wealth of experience, Mason and Steve play a critical role in our work providing tailored financial advice and strategies to our valued clients,” Chisholm concluded.

Mason Allamby

Mason brings over 25 years of experience in finance to his role at LGT Crestone, specialising in comprehensive advisory services encompassing investment management, asset allocation and tax optimisation. Prior to this, Mason co-founded and served as client adviser at Escala Partners, shaping strategic investment decisions tailored to high-net-worth families. His tenure at UBS Wealth Management and Mercer further fortified his reputation as a trusted financial planner and adviser.

On his new role, Mason commented, “I am thrilled to join and lead the next phase of LGT Crestone’s growth, and to leverage my experience in providing personalised investment solutions that align with the goals of our esteemed clientele.”

Steve Collins

Steve is a seasoned investment adviser with over two decades of experience in private client wealth management. Steve also served as an adviser and co-founder at Escala Partners. Prior to this, Steve spent over 11 years at UBS Wealth Management where he became Executive Director, leveraging his proficiency in domestic and international equities, fixed-income securities, real estate investment trusts, alternative investments, and derivatives.

Regarding his new position, Steve remarked, “I am passionate about helping clients design and build portfolios that help achieve their long-term financial goals, and am excited to be working with the dedicated team at LGT Crestone to continue doing just that.”

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Martin Randall

LGT Crestone is introducing a tailored investment solution exclusively for its clients, providing access to a select group of idiosyncratic and traditionally hard-to-reach asset classes with low correlation to both traditional and private market investments.

The PG3 Longreach Alternative Strategies Fund (The Fund), is a custom-designed investment vehicle developed in partnership with PG3 AG, the family office of the three co-founders of Partners Group AG, and local alternatives specialist Longreach Alternatives Ltd, enabling investors to co-invest directly alongside the founders.

The Fund offers highly diversified multi-strategy and multi-manager exposure aligned to all three of PG3’s key investment areas: Insurance Finance, Royalty Finance, and Litigation Finance.

The Fund is designed to leverage the three principal strategies as unique risk and return drivers, serving as effective portfolio diversifiers with low correlation to existing traditional and alternative asset classes.

Martin Randall, Head of Private Markets, LGT Crestone, said: “We are delighted to offer our clients a very distinctive investment opportunity that strongly aligns to our commitment to pioneering institutional-calibre solutions for high-net-worth individuals and families.

“Diversification is fundamental to our investment philosophy. Alternative investments like private markets and unlisted real assets have certainly helped diversify portfolios in recent years, however, they often share similar market-related and/or economic sensitivities with traditional assets. Private equity is still equity after all, so when you strip out differences in valuation approaches, the underlying risk factors are the same and should be considered as such when building well diversified portfolios.

“What sets this opportunity apart is its ability to genuinely diversify portfolios through numerous idiosyncratic return streams that have been shown to be uncorrelated to both traditional and alternative assets. In this sense, it represents an ‘alternative’ to traditional alternatives,” said Randall.

Urs Wietlisbach, co-founder of Partners Group, also commented: “Partners Group has had a long-standing relationship with LGT Crestone, however this custom-built solution is the first time we have made these three combined strategies from our own family office, PG3, available in way that is a true reflection of the founders’ portfolio, taking the same unconstrained relative value approach across the three strategies. These three strategies have provided a consistent source of returns to our family office during significant market downturns, such as throughout COVID. Our approach ensures flexibility to effectively navigate evolving market conditions.”

Sam Edwards, Managing Director, Longreach Alternatives, reflected on the Fund’s natural alignment to LGT Crestone’s offerings: “Longreach’s longstanding relationship with LGT Crestone speaks to their position as a leader in private markets, making them an ideal partner for delivering such an innovative alternative investment solution. We’re confident that this collaboration will empower high-net-wealth investors with access to a truly unique investment opportunity.”

With nearly 20% of its $30 billion in assets allocated to alternatives, LGT Crestone has pioneered access to these types of investments in the Australian high-net-wealth space.

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Michael Chisholm

LGT Crestone has released its 2023 State of Wealth report, polling Australia’s high net worth (HNW) and ultra-high net worth (UHNW) individuals to reveal how theinvestment approach of the nation’s wealthy has been impacted by the challenges of today’s post-pandemic environment.

The HNW group includes investors with $1M in investable assets. UHNW indicates a minimum $10M in investable assets.​

The fourth annual State of Wealth Report exposes a transition in investor behaviour and sentiment triggered by major macro changes, characterised as a period of ‘re-set’.

LGT Crestone’s Chief Executive Officer Michael Chisholm said the research helps to contextualise patterns of decision-making amongst this influential cohort of Australian investors. “It’s no surprise that the macroeconomic and geopolitical forces shaping our world are also shaping the mindsets of Australia’s wealthy, and the research findings deepen our understanding of these shifts and the impact for portfolio strategies.”

“With inflationary pressure and market turbulence top of mind, HNW and UHNW individuals are seeking opportunities for growth by way of diversification, demonstrating a strong appetite for private markets resulting in a broader spread of allocations across asset classes.”

Mr Chisholm continued, “While equities and cash remain the two largest current investments, closely followed by real estate, this proportion has dropped in 2023 as HNW Australians widen their exposure to investments to include emerging markets and various private alternatives.”​

With a heightened readiness to reallocate investments, data shows that wealthy investors are looking to trusted financial advisers to help navigate this ‘reset’.​

“HNW and UHNW individuals recognise the importance of trusted financial advice, arguably more so in periods of unstable market conditions. Also given the difficulty finding information, research and access to alternative and private markets investments, the adviser plays a critical role in guiding HNW clients around these decisions. This ‘guiding hand’ principle cannot be understated.”  ​

“Further, our data shows that HNW and UHNW individuals with a financial adviser experienced higher levels of both engagement and enjoyment as opposed to those who did not have trusted advice. This is a clear articulation of the critical role advice plays not only in effective portfolio management, but investor gratification.”

Balancing returns with personal values

The 2023 State of Wealth findings reveal that returns continue to be a dominant driver of decisions, impacting the way HNW and UHNW individuals approach sustainable and philanthropic investments.​

“Wealthy individuals are eager to have their personal values – including those related to climate change and societal wellbeing – expressed in the way they are investing. Yet in the face of uncertain economic conditions, returns are the predominant driver of choice for this type of investing. One of our priorities is addressing this myth that you need to sacrifice returns to invest sustainably.”

“We’re seeing that HNWIs who identify financial advisers as their primary source of advice are more likely to actively seek sustainable investments, reflecting the strong role advisers play in helping individuals identify and invest in this space in a way that works for them.”

Wealth transfer still on the to-do list

According to the report, nearly two thirds of HNW individuals do not have a wealth transfer plan in place, despite the majority having intentions to develop one.

“Despite its importance, it is evident that developing a clear plan remains a huge challenge for wealthy Australians. Even for the many individuals who recognise the need for a transfer strategy, the obstacle is simply where to begin.”

“The wealth transfer process is one that is deeply personal and unique to each family. We see a significant need for assistance from trusted advice professionals to help introduce the discussion and broaden it to include more family members.

Mr. Chisholm concluded, “A new world order rising out of COVID-19 pandemic warrants professional financial advice more than ever, particularly in the areas of asset allocation, family wealth advisory and philanthropy.”

The State of Wealth report is based on independent research conducted by CoreData, comprising Australia’s most comprehensive study of the investment and lifestyle habits of HNW and UHNW individuals.

Read the report​.

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Amanda Hing

LGT Crestone follows a strong year of growth with the appointments of Amanda Hing to Partner & Investment Adviser, and Ashlea Somerset to the role of Associate Adviser.

Throughout 2022, LGT Crestone continued to expand its national footprint, boasting 313 employees, including 94 investment advisers, across sites in Melbourne, Brisbane, Sydney and Adelaide.

Senior Advisers Amanda and Ashlea will be responsible for the private wealth management of ultra-high-net worth and high-net worth individuals, family offices and for purpose organisations, and collectively bring over 38 years of deep experience in financial markets and leadership roles.

They will be based in Sydney and they will report to LGT Crestone’s Senior Partner and Head of Advisory, NSW & QLD, Michael Tritton.

Michael Tritton welcomed Ms Hing and Ms Somerset, commending their strong, analytical capabilities in providing private wealth advice and enhancing investment outcomes.

“We are excited to welcome two such high-calibre female professionals to help us meet private wealth sector demand which we expect to continue growing in 2023. At LGT Crestone, gender diversity is a core focus, and we look forward to their valuable contributions as we accelerate our strategic growth plans in the new year.”

The appointments follow a suite of new initiatives within LGT Crestone.

On 6 December, the Company announced its partnership with StepStone Group to launch SPRING, one of the first open-ended venture capital (VC) funds of its kind for Australian high-net-worth investors, which will be exclusively available to LGT Crestone clients until the end of the financial year.

The Company also launched its Lombard Facility, a true multi-currency, multi-asset class margin lending product.

“2022 has been a year of exceptional growth and change as we became part of the global LGT family. We’ve continued to see strong demand for best in class institutional style investments amongst high net wealth Australians, and our ability to deliver this in a number of areas has fuelled continued growth,” said LGT Crestone’s Chief Executive, Michael Chisholm.

Aanda Hing

Amnda joins LGT Crestone with over 23 years of experience specialising in multi-generational wealth, investment and stewardship strategies.

Prior to joining LGT Crestone, Amanda was a Partner and Head of Family Wealth Advisory at Sayers, leading a team focused on family offices, executives, for-purpose organisations and families of wealth.

Before her role at Sayers, Amanda worked at JBWere and Goldman Sachs for over 21 years, including as an Executive Director leading the Family Advisory offering for Family Offices and ultra-high net worth individuals.

Amanda said she is looking forward to enhancing wealth solutions for clients at LGT Crestone, drawing upon the deep global expertise across the group and one of Europe’s enduring and successful royal families with 900 years of tradition, stability and entrepreneurial spirit; which is values-focussed and forward-looking for generations.

“I’m passionate about bringing deep stewardship lessons from centuries of wealth held across Europe and the USA, adapted for our times. I look forward to partnering with clients and prospects to help them find impactful solutions that deliver tangible outcomes aligned to their purpose,” she said.

Ashlea Somerset

Ashlea joins LGT Crestone with over 15 years of experience specialising in well considered wealth management strategies and investment solutions servicing wealthy individuals, businesses and family offices.

Her most recent role as a Partner at Sayers saw her manage a high quality and complex portfolio of clients using a bespoke approach.

Prior to her role at Sayers, Ashlea worked as an Associate at JBWere for more than 11 years where intergenerational wealth management strategies were her primary focus and acting as a key contributor toward conceptualising and delivering Family Advisory.

Commenting on her appointment, Somerset said, “I am committed to achieving the best outcomes for my clients and navigating the dynamic relationships of unique family groups and their family office. It will be a privilege to build on LGT Crestone’s strong foundation, by engaging with clients across the country, to deliver investment solutions that ensure their financial objectives are met,” she said.

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Amanda MacDonald

LGT Crestone has appointed Amanda MacDonald to the role of Head of Sustainability.

Amanda commenced her role on July 11 2022, and reports to LGT Crestone Wealth Management’s Deputy Chief Investment Officer, Kevin Wan Lum.

Ms MacDonald will manage LGT Crestone’s environmental impact through ESG and sustainability-related initiatives and play a crucial role in ensuring the firm’s core sustainability commitments are maintained and ultimately exceeded.

Kevin Wan Lum welcomed Ms MacDonald, commending her capabilities and long-standing strategic investment performance in relation to ESG.

“We are confident Amanda’s background and expertise will help advance the firm’s sustainability goals. Sustainable investing is a top priority for us, and we look forward to having Amanda lead our efforts to drive long-term environmental change in both our operations and networks.”

Amanda joins LGT Crestone with over 14 years’ experience in the investment industry with a focus on ESG.

She has a demonstrated history in providing strategic advice to clients, particularly in relation to ESG integration, engagement and shareholder activism and embedding these approaches throughout clients’ portfolios.

Prior to joining LGT Crestone, Amanda worked at Perpetual Private in Sydney as an Investment Director, providing strategic wealth advice to Not for Profit clients across Perpetual’s wealth business.

Before her role at Perpetual, Amanda led the Responsible Investment and ESG research function for MLC Advice as a Senior Investment Analyst and brought with her previous client relations experience from Institutional Business Development at Pendal Group.

Amanda holds a Bachelor of Business from the University of Technology Sydney, majoring in Finance and Economics and holds a Master of Applied Finance from Macquarie University.

Amanda said she is looking forward to leading the sustainability functions at LGT Crestone.

“I am delighted to be joining LGT Crestone, especially during such an exciting time in its sustainability journey. I’ve always had a passion for investing for a renewable future. I look forward to partnering with all areas of the firm to drive these initiatives forward.”

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