Pensions, insurance and savings firm Standard Life has announced that Standard Life Wealth, their wealth management division, has successfully completed the acquisition of Newton Private Clients from Newton Management Limited.
Standard Life Wealth will be the brand under which the combined business will operate, with £5.5bn assets under management. The acquisition will increase profitability and market presence for the company, with 130 staff across UK city offices and 4,500 (ultra) high net worth clients. Back in February when the deal was announced, it was reported to be worth up to £83.5m.
The company state that the move will also broaden their client investment proposition with two complementary styles of investing and a new offshore offering, and increase their distribution capability through a larger network of negotiators.
Richard Charnock, chief executive, Standard Life Wealth, said:
This is an important acquisition for Standard Life. It provides an immediate step up in scale for Standard Life Wealth and reinforces our ambition to be a leading player in the discretionary investment management sector.
We are delighted with the positive reaction to the acquisition from clients, introducers and colleagues, who are excited about the enhanced opportunities the combined business offers.