Acquisition of the division, which had £3.6bn assets under management, will triple SLW’s assets under management, while boosting its profitability, significant scale and market presence in the country.
The acquired business owns nearly 3,000 UK and global high net worth, ultra high net worth and a number of charity clients, and has strong distribution links with accountants and solicitors.
Standard Life Wealth chief executive Richard Charnock said that the deal will boost its international business strategy, leveraging additional skills, clients and assets of Newton Private Clients.
Following the completion of the transaction, the acquired entity will be integrated with SLW and all 79 Newton Private Clients staff will join Standard Life.
Based on the terms of the acquisition, the deal is likely to conclude within seven months, pending receipt of applicable regulatory approvals as well as satisfying customary closing conditions.
Fenchurch Advisory Partners served as exclusive financial adviser to Standard Life plc.
Offering personal investment management services to private individuals, Standard Life Wealth operates as an investment management service and a subsidiary of Standard Life plc.
