Asset management giant Abrdn has completed its £1.49bn tie-up with investment platform Interactive Investor today after getting the greenlight from regulators.
The closure of the deal comes after FTSE-100 Abrdn announced in December it would snap up the retail platform firm to fuel its growth and “substantially” increase its scale in the personal investing space.
Bosses at Abrdn said the acquisition of Interactive Investor (II), which has £59bn assets under administration and over 400,000 customers, was a “transformative” deal for the firm.
“II’s high-tech direct investing service is the perfect complement to the high-touch wealth and financial planning capabilities we already offer,” said Stephen Bird, chief executive of Abrdn.
“As a leading player in a fast-growing market, with a scalable technology platform and a distinctive subscription-based model, the acquisition of II will also diversify and grow our revenues.”
The deal will see II continue to operate as a separate platform and independent brand to Abrdn, with II’s head of fund research continuing to oversee the firm’s methodology. All fund managers, including abrdn, will have to earn their place among ii’s rated investments, II said.
Bosses at II have additionally pledged to continue “campaigning” for issues like financial education and retail investor access to IPOs.
“Our success has been based on an open inclusive team culture that puts customers first, focuses on operational strength, and provides the best technology and campaigns for our customers interests,” he said.
“This won’t change; we’ll continue to offer our fair subscription pricing, whole of market choice and will continue to improve our services and content to ensure we remain the retail investment platform of choice and help drive future growth.”