David launched LGT Vestra in 2008 amidst the Global Financial Crisis and led the firm through to the acquisition of the business by the LGT Group. Starting with zero assets, the business was acquired by LGT Group in 2016 with £5.7 billion assets under management and has since grown to approximately £17 billion assets under management with 370 employees and partners as at 30th November 2020.
Ben Snee, who was a founding partner with David in 2008, became CEO in 2013 and will continue in his role as head of the firm.
H.S.H. Prince Max, CEO of LGT Group said: "The coming together of Vestra and LGT Group has been very successful for both parties and for our clients. We had a shared vision from the outset, with the culture and approach of the two businesses being naturally aligned. We thank David for his valuable contribution over the last five years and wish him all the very best for the future."
Commenting on the decision, David Scott said: "Being part of the development of LGT Vestra and seeing it become one of the pre-eminent Wealth Managers in the UK has been a very satisfying and fulfilling experience. It could not have happened without the undying commitment from all of our staff, our clients, and investors. I am delighted that the company is now a fully owned subsidiary of LGT, who I believe are the best parent for the firm, offering not only stability but a real commitment to the values on which LGT Vestra was founded."