Aberdeen Asset Management has completed the acquisition of Scottish Widows Investment Partnership (SWIP) in a deal worth approximately £550 million.
The total fee is less than originally expected and the final deferred top up payment to Lloyds Banking Group, the previous owners of SWIP, will be £38.3 million.
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Moreover, the new combined group will hold £324.5 billion worth of pro-forma assets under management (AuM). This makes them the largest European independent asset management group in terms of AuM.
Martin Gilbert, chief executive of Aberdeen, said: "We are pleased to have completed this important acquisition as planned and on schedule, so that we can now commence the task of integrating SWIP into the enlarged Aberdeen Asset Management Group. We will immediately begin a structured migration of funds and platforms, whilst continuing to deliver an excellent investment performance for both existing and new clients."
The deal has already led to restructuring, including the departure SWIP chief executive Dean Buckley.
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