Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration 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
1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Your Business: Cover Star Club

Profile: how career burnout led to a family office launch

Profile: how career burnout led to a family office launch

I was burnt-out from a career in finance and had no desire to come back, says the founder of Blu Family Office

Wealth Manager on Twitter