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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.

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