Arthur Bengasino and Tessa Volkmer join as Head of Investment Solutions and Head of Sustainable Investment respectively, while Alina Jeanes and Nicki Sallabank reinforce the firm’s family advisory capability as Specialist and Senior Specialist.

Michael Chisholm, Chief Executive Officer of LGT Wealth Management, said: “What we’re seeing at the ultra-high-net-worth end of the market is a convergence of needs that have traditionally been treated separately. Investment management, family governance and succession planning are no longer distinct conversations, but increasingly interconnected.

“Portfolios are becoming more sophisticated, with greater exposure to private markets, while families simultaneously navigate more demanding governance structures and intergenerational transitions. Bringing the right expertise together across both disciplines is what clients now expect, and what these appointments are designed to deliver. For LGT, this kind of integrated, long-term approach is central to who we are.”

“We’re very encouraged by the calibre of talent joining our team. Their expertise underscores LGT’s institutional approach to wealth management. Arthur Bengasino and Tessa Volkmer will contribute to our market-leading capabilities, enhancing how we source, structure and implement investment opportunities across public and private markets,  and reinforce our position as a leader in sustainable investing” said Scott Haslem, Chief Investment Officer of LGT Wealth Management.

Investment Capability

Arthur Bengasino – Head of Investment Solutions: Arthur Bengasino joins from TelstraSuper Investment Management, where he spent eight years, most recently as Head of Opportunities and Real Assets. He brings deep expertise in sourcing, structuring and executing investments across private markets and alternative assets, including managed funds, secondaries and co-investments. Based in Melbourne, Arthur will work closely with clients to tailor portfolios leveraging the full breadth of the firm’s investment platform and global network. He reports to Scott Haslem, Chief Investment Officer.

Tessa Volkmer – Head of Sustainable Investment: Tessa Volkmer joins from Australian Retirement Trust, following seven years at Wellington Management as Director of Sustainable Investment. She brings extensive experience across climate strategy, stewardship and impact investing in both public and private markets. Based in Sydney, Tessa will lead the continued evolution of LGT Wealth Management’s sustainable investment offering, supporting advisers and clients in integrating sustainability across portfolios. She also reports to Scott Haslem.

Family advisory capability

Alina Jeanes – Specialist, Family Advisory: Alina Jeanes joins from JBWere, where she focused on strategic financial planning for individuals and families, with prior roles at MKS Wealth Management and the Victorian Public Service. She specialises in family governance, succession and next-generation engagement, with particular expertise in mapping family relationships and developing frameworks that support long-term alignment. Based in Melbourne, Alina reports to Kaajal Prasad, Head of Family Advisory, supporting clients nationally.

Nicki Sallabank – Senior Specialist, Family Advisory: Nicki Sallabank brings a unique dual background in clinical psychology and commercial law, supporting families to navigate complex relationships, governance and structuring. She joins from SBA Law, with prior experience across corporate, commercial and estates matters. Based in Melbourne, Nicki also reports to Kaajal Prasad, supporting clients nationally.

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As Head of Family Advisory, based in Melbourne, Kaajal will be responsible for leading LGT Wealth Management’s efforts in addressing the growing needs of sophisticated investors across Australia. With an estimated AUD$3.5 trillion expected to transfer between generations over the next decade, succession planning, family values, dynamics and governance have become critical priorities for those seeking long-term wealth preservation.

LGT Wealth Management – wholly owned by LGT – draws on the Princely Family of Liechtenstein’s 900-year legacy of wealth stewardship. This unique heritage enables the firm to offer clients unparalleled expertise in navigating the complexities of succession planning, governance and legacy building. Kaajal’s deep knowledge and experience will further enhance the firm’s ability to deliver tailored guidance to Australian families.

Michael Chisholm, Chief Executive Officer of LGT Wealth Management, said, “We’ve been deliberate in our search for a leader who not only aligns with our vision but also understands the evolving needs of Australian families. Kaajal’s expertise in wealth structuring, governance and succession planning makes her a natural fit for LGT Wealth Management.

“As we see intergenerational wealth transfer rise in prominence, her leadership will ensure we remain focused on what matters most to our clients – their family values and long-term aspirations – ensuring these elements are at the heart of their wealth planning.

“As part of one of the world’s largest family-owned wealth management firms, LGT Wealth Management is uniquely positioned in the Australian market. We combine deep, local relationships with the stability, scale and expertise of a global leader in wealth management. By drawing on centuries of experience in intergenerational wealth transfer, we’re able to provide tailored governance and succession planning solutions that help families build lasting legacies.

“Kaajal’s appointment marks an important milestone for us, further strengthening our role as a trusted partner in securing the future of these families,” Michael noted.

Kaajal Prasad

Kaajal joins LGT Wealth Management from KPMG, where she was a partner in the Family and Private Client business. With over 18 years’ experience in wealth structuring and governance, she has been a trusted advisor to HNW and UHNW families as well as not-for-profit boards, guiding them through the intricacies of succession planning, risk management, growth strategies for emerging businesses asset protection and more. Her deep subject matter expertise, coupled with a passion for delivering tailored advisory solutions, will be invaluable in empowering LGT Wealth Management’s advisers and clients.

Kaajal is a Chartered Accountant, a registered tax agent and holds a law degree. She also serves as an independent adviser to several family-owned businesses and not-for-profit organisations.

Ping Ping Lim, Vice Chairwoman, Global Family Wealth for LGT Private Banking APAC welcomed Kaajal’s appointment, stating, “Kaajal’s appointment marks a significant step in LGT Wealth Management’s continued commitment to providing Australian families with strategic guidance grounded in global best practices. We’re excited for Kaajal to lead our efforts in Australia, building lasting legacies and fostering trust with the families we serve.”

On her role, Kaajal commented, “The future of wealth management is not just about preserving assets – it’s about preserving legacies, and I’m honoured to play a part in that journey for Australian families at LGT Wealth Management.

“I look forward to working closely with clients to ensure that their wealth is not only protected but also passed down in a way that reflects their values, vision and long-term goals. It’s about creating a foundation that transcends generations and leaves a lasting impact for those who follow,” Kaajal concluded.

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Michael Chisholm

LGT Wealth Management’s 2025 State of Wealth Report shows record high-net-worth growth, a $2.26 trillion wealth transfer already underway, rising allocations into private markets and sustainable investments, and a greater reliance on trusted financial advice.

Australia’s high-net-worth (HNW) population has risen to 760,000, controlling a record $4 trillion in assets, according to LGT Wealth Management’s (LGTWM) 2025 State of Wealth report launched yesterday. Now in its fifth year, the study points to a new era of investor psychology: more resilient, more disciplined, and increasingly adviser-led. That composure was tested in April, when Donald Trump’s tariff shock pushed concern to 7.9/10 – eclipsing the 7.2 peak recorded during Covid.

The report surveyed 1,191 Australians with more than $1 million in investable assets, including 168 ultra-high net worth investors (UHNW) with over $10 million. It seeks to provide a detailed view of how Australia’s wealthy are adapting their strategies in the face of global uncertainty and the largest intergenerational wealth transfer in Australian history.

The findings reveal how this shift is playing out in practice. Wealthy Australians are taking a more measured approach to risk, expanding into sustainable investments, diversifying into private markets and other alternatives, and relying more on advisers to navigate complexity and plan for future generations.

Australia’s rich are wealthier, but warier – turning to advice in uncertain times

Australia’s HNW population has reached 760,000, an 18% increase in the past year. At the top end, the ultra-wealthy cohort grew most rapidly, expanding by 19%, with average wealth per individual increasing to $18.9 million.

But rising wealth has also been met with heightened caution. In April 2025, average concern levels spiked to 7.9 out of 10 in April following new U.S. tariffs – higher than the Covid 7.2 peak. Despite this, investors remained disciplined: two-thirds of HNWs made no major adjustments – sending substantial portfolio changes to a decade low. Use of professional advisers also rose, with 26% of HNWs now advised, controlling $1.41 trillion or 35% of assets.

“What’s striking is how calm investors have been,” said Michael Chisholm, Chief Executive Officer of LGT Wealth Management in Australia. “Staying the course takes discipline and perspective, and Australia’s wealthy are showing both. They’re thinking more like global institutions – measured, diversified, and focused on long-term goals – while leaning on advice and making informed decisions with family and legacy in mind.”

Record wealth transfer is now underway, but advice gaps remain

Intergenerational planning is also at record levels, with an estimated $2.26 trillion already in motion. This marks a fundamental shift in how legacy is viewed – less about inheritance after death and more about empowerment and shared prosperity across generations.

61% of HNWs are now actively discussing inheritance and estate planning with advisers, and 70% of advised HNWs have already started, or plan to start, transferring wealth during their lifetimes. Yet even as advice engagement rises, significant gaps remain. More than half of wealthy Australians say they still lack adequate support – particularly in tax and estate planning, legal and administrative complexity, preserving family wealth and preparing heirs.

The opportunity for advisers is clear. The persistence of unmet needs across the broader HNW population underscores the critical role of professional advice in guiding succession and intergenerational planning as the nation’s great wealth transfer accelerates.

“With a historic transfer of wealth now reshaping Australia’s financial landscape, clients are seeking guidance that bring both clarity and purpose to their decisions,” Mr Chisholm said. “The role of quality advice has never been more vital. Wealth today is about more than numbers on a balance sheet, it’s about understanding family priorities and building a legacy that endures across generations.”

Private markets allocations rising; investors deepen diversification

Private markets are no longer niche, they’re becoming central to how wealthy Australians invest. Allocations have risen to 10% overall and around 17% among UHNWs, while the number of participants has climbed to 171,000 in 2025, up from 146,000 last year. The trend signals a decisive move beyond traditional asset classes as investors seek new avenues for diversification and returns.

With dispersion widening across private markets, the onus on advisers has never been greater. Their role extends beyond sourcing opportunities, ensuring clients have access to high-quality managers, understand the risks, and invest through a lens of discipline, due diligence and long-term resilience.

“Private markets are now a core part of portfolio construction,” said Mr Chisholm. “Reflecting not only appetite for diversification and stronger risk management, but also a shift towards a more institutional mindset.

“Within that, we’re seeing a real flight to quality – investors are prioritising resilient income opportunities and experienced managers who can manage risk through the cycle. Accessing these opportunities takes expertise and deep due diligence. Private credit can offer attractive returns, but success depends on knowing who you’re investing with and how they manage risk. That’s why we’ve built one of the largest local investment teams in the industry with the experience to look under the hood and genuinely understand the detail – because in this space, the details make all the difference.”

One in three HNWs now hold sustainable investments – values and legacy shaping portfolios

Sustainable investing has entered the mainstream, with 30% of HNWs now adopting sustainability strategies and, on average, 35% of their portfolios aligned to responsible investments.

Personal values and ethics remain the leading motivation, cited by 65% of HNWIs and around 60% of UHNWIs, while performance continues to rank among the top five considerations. Advisers are also playing a pivotal role in this shift – with clients who seek professional guidance significantly more likely to integrate responsible investments into their portfolios.

“At its heart, this is about values as much as returns,” Mr Chisholm noted. “Investors expect market-level returns at a minimum – that’s non-negotiable. What’s changing is that many now also want their money to reflect what matters to them. Environmental or social outcomes are an additional benefit, not an alternative to performance.”

Women are emerging as powerful drivers of this evolution. The report shows that 37% of female HNWIs choose investments based on ethical or ESG considerations, compared with 29% of men, and they allocate a higher share of their portfolios to responsible investments.

“Women stand to become a defining force behind the next wave of wealth creation,” Mr Chisholm said. “As they continue to inherit and control more wealth, they’re using that influence to back investments that perform well and make a difference – proving that performance and purpose can go hand in hand. Sustainable investing has become a core aspect in how Australia’s wealthy think about legacy and long-term value.”

Wealthier, wiser and more values-driven

The 2025 State of Wealth report shows that Australia’s wealthy are more affluent than ever, but also more disciplined, more values-driven, and more reliant on advice. This progression marks a shift towards greater resilience in the face of political and economic shocks, with investors building portfolios designed to navigate uncertainty and create enduring wealth for future generations.

“As the world becomes more complex, wealthy Australians are taking a steadier, more purposeful approach,” Mr Chisholm concluded. “They’re diversifying, planning ahead, and making sure their wealth carries meaning for the next generation. That shift is reshaping what it means to be wealthy in Australia today.”

The 2025 State of Wealth report is based on independent research conducted by Investment Trends, comprising Australia’s most comprehensive study of the investment and lifestyle habits of HNW and UHNW individuals.

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Michael Chisholm

LGT Crestone, one of Australia’s largest private wealth management firms, is proud to announce its rebrand to LGT Wealth Management Australia. This strategic change marks a decisive milestone in the firm’s evolution, reflecting its ambition to lead the nation’s private wealth sector and cement its alignment with LGT’s global reputation, family ownership and 100-year heritage.

For clients, the rebrand reinforces the ability to access global investment opportunities, intergenerational wealth expertise and sustainable investment solutions available through LGT. Importantly, the advisers, relationships and services they rely on remain unchanged, ensuring continuity of premium, tailored advice with the added benefit of enhanced global reach. For employees, the rebrand recognises their expertise and positions the firm to attract and retain the best talent in Australia’s wealth sector. As part of a global private wealth leader, staff gain access to international networks, career pathways and resources that strengthen both the business and its ability to deliver for clients.

“Our rebrand is a bold and strategic step forward,” said Michael Chisholm, Chief Executive Officer. “It reflects our commitment to delivering world-class wealth management, backed by global expertise and a deep focus on our clients. While our name is changing, our purpose is constant – to provide premium, global tailored advice and solutions with the same focus on local service and personal relationships as ever. We are excited to continue our growth trajectory and showcase the best of what LGT has to offer.”

Olivier de Perregaux, Chief Executive Officer of LGT Private Banking, commented: “Australia is a key market for LGT’s long-term growth ambitions. The rebrand to LGT Wealth Management Australia, together with the recent expansion of the team and client base, demonstrates a strong commitment to building a leading wealth management business in the region. I look forward to supporting the team as they continue to deliver outstanding outcomes for clients and further strengthen LGT’s presence in Australia.”

Since joining the global LGT Group in 2022, the Australian business has accelerated its growth trajectory, expanding client access to private markets and sustainable investment solutions. That momentum was reinforced in June 2025 with the acquisition of Commonwealth Bank’s high-net-worth advice business, which brought in A$5 billion in assets and 38 seasoned professionals to its national network.

To celebrate the launch of LGT Wealth Management Australia, the firm will host a series of exclusive events in October, including the globally recognised LGT Climate Conference at Taronga Zoo, Sydney. The conference will feature keynote addresses from global leaders including Al Gore, former Prime Minister Julia Gillard and Climate Change Authority Chair Matt Kean, alongside other renowned experts, as they explore investment opportunities in the energy transition.

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