abrdn has wrapped up its previously announced acquisition of subscription-based investment platform interactive investor (ii).

The $2bn deal, which is expected to bolster Abrdn’s Personal vector, was first announced in December 2021.

The acquisition is expected to spur growth opportunities for the British asset manager within the UK’s rapidly evolving direct investing market.

Furthermore, ii’s model is said to expand abrdn’s current personal wealth offerings, including self-directed investing through, high-touch financial planning and discretionary investment management among other things.

abrdn chief executive Stephen Bird said: “ii’s high-tech direct investing service is the perfect complement to the high-touch wealth and financial planning capabilities we already offer.

“As a leading player in a fast-growing market, with a scalable technology platform and a distinctive subscription-based model, the acquisition of ii will also diversify and grow our revenues.

“We would like to welcome Richard and the team to abrdn and look forward to working together to build the best savings and wealth offer in the market for our customers.”

ii will continue to operate as a standalone business and independent brand using its existing technology platform.

The firm will remain firmly whole of market with all fund managers, including abrdn, obliged to earn their place on its rated investments.

Commenting on the deal, ii CEO Richard Wilson said: “Today we join a company with a deep financial services history, and with a shared vision for the future. The opportunities that come with joining the abrdn family are significant. We will be working with abrdn’s talented team to harness their advice, wealth management and research capabilities for the benefit of our customers.”

Recently, abrdn introduced a Junior ISA to its suite of family wealth planning offerings on the Wrap platform.