Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter