Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Standard Life Wealth confirms £83.5m Newton private client bid

Standard Life Wealth confirms £83.5m Newton private client bid

Standard Life Wealth has confirmed it will acquire Newton Management's private client division.

The division has assets under management of £3.6 billion and Standard Life Wealth is hoping to snap it up for no more than £83.5 million.

The deal, which has been rumoured since January, will more than triple Standard Life Wealth's discretionary assets and increase significantly its scale and profitability.

Newton has around 3,000 high and ultra high net worth clients on its books, and Standard Life, Standard Life Wealth's parent firm, said the deal represents a 'rare opportunity' to enhance its presence within the UK discretionary market. 

Aside from its client bank, Newton can also offer Standard Life Wealth strong distribution links with accountants and solicitors and its distinctive, long-only investment proposition will complement Standard Life Wealth's volatility-managed, target-return solution.

Richard Charnock (pictured), chief executive of Standard Life Wealth, said: 'This acquisition complements our 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.'

The transaction is expected to complete within seven months.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter