Commonwealth Bank has exited financial advice for its ultra-high-net-worth customers, selling the business to wealth management giant LGT Crestone as global players draw battle lines in the concentrated local market.

As first reported by The Australian Financial Review’s Street Talk, CBA sold the Commonwealth Private business and its $5 billion in funds under management to LGT on Monday morning, citing the evolving complexity of serving these clients and a need to focus more on private banking services.