Standard Life Wealth has completed the acquisition of Newton Private Clients from Newton Management Limited.
The combined business will operate under the Standard Life Wealth brand with assets under managementof GBP5.5 billion.
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The deal is expected to be accretive to earnings in the first full year following completion.
The acquisition will increase profitability and market presence for the company, with 130 staff across UK city offices and 4,500 (ultra) high net worth clients.
The consideration is ultimately contingent on the value of assets under management retained by Standard Life Wealth, whose assets have more than tripled creating a private client wealth manager with significant scale, market presence and increased profitability.
The acquisition expands Standard Life Wealth’s investment capability through the complimentary but distinct investment style of Newton Private Clients and widens geographical reach both on and offshore.
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By GlobalDataThrough the deal, Standard Life Wealth will also gain access to a broader network of professional intermediaries in addition to its existing strong presence in the financial adviser market.
Richard Charnock, CEO, Standard Life Wealth, said: "This is an important acquisition for Standard Life. It provides an immediate step up in scale for Standard Life Wealth and reinforces our ambition to be a leading player in the discretionary investment management sector.
The deal represents a significant step for Standard Life’s ambitions in the discretionary investment management market in the UK.
