On March 20, 2018, Aberdeen Standard Investments announced that it had agreed to a joint venture with Virgin Money.
As part of the deal, Aberdeen Standard Investments (“ASI”) will provide fund management services and access to technology to Virgin Money Holdings (UK) plc (“Virgin Money”). ASI is also expected to acquire fifty percent of Virgin Money Unit Trust Managers Limited for an upfront cash payment in excess of £40 million. The transaction is expected to close by the end of 2018.
ASI is a Scotland-based global asset manager that is the asset management business of Standard Life Aberdeen plc. ASI has €638 billion in assets under management as of September 30, 2017.
Virgin Money is a UK-based financial services company offering savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products. Virgin Money has £3.7 billion in assets under management.
To read the press release: please click here.