ABERDEEN Standard Investments (ASI) has embarked on a joint venture with Virgin Money, allowing it to provide asset management services to the bank’s retail customers.
Virgin declared the partnership will transform its retail investment proposition, and drive “significant” growth in assets under management. It currently has more than 200,000 retail investment customers and £3.7 billion in assets under management.
ASI, which manages around £570bn of assets, is expected to acquire 50 per cent of Virgin Money Unit Trust Managers for more than £40 million as part of the deal. The transaction is expected to be completed later this year.
Virgin Money boss Jayne-Anne Gadhia said: “This mutually beneficial relationship will give our customers a broader fund choice and the tools and capability to invest for the future with confidence. It is expected to generate significant growth in assets under management, drive additional capital-light returns and to be game-changing for our investment business over the longer term.”
Martin Gilbert, co-chief executive of ASI, said: “We’re delighted to be partnering with Virgin Money to develop their retail investment business. Their customer focus mirrors that of Aberdeen Standard Investments and we look forward to working together and sharing a strong and profitable relationship over many years to come.”
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