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 Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: why Patronus Partners' founder left the only job he ever knew

Profile: why Patronus Partners' founder left the only job he ever knew

'There was a definite idea of how things would work out over 12 months. When we look back, that was inaccurate'

Wealth Manager on Twitter