One of Europe’s largest asset and wealth managers, abrdn, has finalised its purchase of Interactive Investor (ii), in a deal worth £1.49 billion.
The terms of the deal dictate that the UK’s second largest investment platform, with approximately £59 billion in assets and over 400,000 customers, will be bought in its entirety by the Scottish investment giant.
According to an ii statement, the deal will allow ii access to abrdn’s advice, research, and wealth management expertise.
II customers will incur little change as a result of the acquisition, it said, and ii will continue to operate as a “standalone business and independent brand.”
The platform’s rated products will also continue to be independently collected and assessed by Morningstar’s Manager Selection Services Group, it explained in a statement.
II will continue to be led by CEO Richard Wilson, and will retain an executive committee management team with a newly appointed board.
Wilson said: “With increased scale has come innovation, a powerful campaigning voice, and even better value, stamping out exit fees along the way.
“Today we join a company with a deep financial services history, and with a shared vision for the future. The opportunities that come with joining the abrdn family are significant. We will be working with abrdn’s talented team to harness their advice, wealth management and research capabilities for the benefit of our customers.”
Abrdn CEO, Stephen Bird, added: “The acquisition of interactive investor is a transformative deal for abrdn’s personal vector, and marks an important step forward in delivering our strategy for client-led growth.”
© 2022 funds europe.