Virgin Money to buy Abrdn’s stake in joint investment business for £20m

Virgin Money UK

Virgin Money said on Wednesday that it has agreed to buy Abrdn’s stake in their joint investment platform for £20m.

Virgin Money Holdings (UK)

14 February 2024 11:49:12

Source: Sharecast

Virgin will buy Abrdn’s 50% stake in the business, known as Virgin Money Investments, which was set up by the two in 2019. The digital platform had around £3.7bn in assets under management at the end of last year and more than 150,000 customers.

Allegra Patrizi, managing director for business and commercial at Virgin Money, said: "Our joint venture with Abrdn has successfully delivered a new investment service offering simple and straightforward investment options for customers.

"Taking full control of Virgin Money Investments will mean we can bring the investments and pensions business together with our deposits, mortgages, credit cards and daily banking, enabling us to help more customers feel confident to invest for the future and driving significant growth in assets under management."

The company plans to move all staff from the investments arm into Virgin Money, and does not expect any job losses.

Isin: GB00BF8Q6K64
Exchange: London Stock Exchange
Sell:
140.00 p
Buy:
150.00 p
Change:
-0.20
(-0.14%)
Date:
Prices delayed by at least 15 minutes

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

IWeb is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.