Fidelity has acquired Legal and General Investment Management’s personal investing business for an undisclosed sum.
The business will now form part of Fidelity’s own personal investing platform and will more than double its current 280,000 customers on the platform, which has £20.3bn in assets under management.
LGIM’s UK personal investing business has £5.8bn in assets across 300,000 customers. The investment firm said the transaction is expected to complete within the next 12 months.
Fidelity said its customers will “pay the same or less than they do today and as part of Fidelity personal investing, they will benefit from having access to the full capability of its investment and pension platform.”
Earlier this month Fidelity bought broker Cavendish Online, which boasts £900m in assets under management.
Stuart Welch, global head of personal investing and advisory of Fidelity said: “This is an exciting acquisition for us. It follows our recent purchase of Cavendish Online Investments Limited and reflects our ambition and commitment to the UK direct investor market.”
“Our platform is designed to help investors achieve their long-term financial goals and we provide guidance and support at every life stage… We look forward to welcoming LGIM’s customers and helping them meet their financial goals.”
Michelle Scrimgeour, chief executive of LGIM said: “[This acquisition] supports customers, who now gain Fidelity International’s scale and operational capacity in these specific products while continuing to benefit from the LGIM investment expertise which underpinned their original product purchase.”