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Standard Life acquires Newton Private Clients in £83.5m deal
by Michelle Abrego on Feb 27, 2013 at 10:37
Standard Life Wealth has acquired Newton Private Clients for up to £83.5 million.
The deal will triple Standard Life Wealth's assets under management. Newton's wealth arm has around £3.6 billion of assets.
The £83.5 million will be contingent on the value of assets under management transferred to and retained by Standard Life Wealth.
Newton's Private Client business has approximately 3,000 UK and international clients and a number of charity clients.
All 79 Newton Private Clients staff will transfer to Standard Life.
Standard Life said that Newton’s long-only investment proposition would broaden Standard Life Wealth’s investment capability.
Richard Charnock, Standard Life Wealth chief executive said: ‘This acquisition complements Standard Life Wealth’s impressive growth to date and provides us with a unique opportunity to accelerate our onshore and offshore strategy.
‘We are bringing together additional skills, clients and assets to create a discretionary wealth manager of significant scale and market presence.’
Caroline Tye, head of private clients at Newton, said: ‘We are delighted to be joining such a highly regarded discretionary investment management business and are excited by the opportunities that it presents both for our clients and for the team.
The deal is expected to complete within seven months.
Earlier this month, the Daily Telegraph reported that other bidders for Newton were understood to have included Rathbones and Quilter.
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