Wealth manager Abrdn to buy Interactive Investor for £1.49bn
Abrdn will acquire 100% of the ordinary share capital of the holding company of Interactive Investors including stock held by majority shareholder JC Flowers IV L.P, a fund advised by JC Flowers.
Completion of the transaction, which is subject to regulatory approval, is earmarked for the second quarter of 2022.
Interactive Investor says the acquisition is a milestone that will drive its next phase of growth. The investment platform currently has almost £55bn of assets under administration and 400,000 customers. The firm will continue to operate as a standalone business and independent brand from Abrdn with chief executive Richard Wilson remaining at the helm.
“This is an exciting new chapter in our history and means that we can focus exclusively on serving those who matter most: our customers,” said Wilson.
“We will have access to Abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.
“Our management will remain the same, and the same extraordinary team will continually develop our service and technology, while maintaining our subscription pricing, our whole of market choice and the same campaigning spirit and editorial independence.”
Stephen Bird, chief executive officer of Abrdn, added: “This is a unique opportunity and a transformative step in delivering our growth strategy. Interactive investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion. Abrdn’s scale, resources and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market.
“I’m delighted that Richard and his team will continue to lead interactive investor.”