Standard Life Wealth completes acquisition

RNS Number : 2230P

Standard Life plc

30 September 2013

 



30th September 2013

Standard Life Wealth completes acquisition of Newton Private Clients

·      Creating a private client wealth manager with significant scale, market presence and increased profitability:

o  £5.5bn assets under management

o  4,500 high net worth and ultra high net worth clients

o  130 staff across offices in London, Birmingham, Bristol, Leeds and Edinburgh

·      Broadened client investment proposition with two complementary styles of investing and new offshore offering

·      Increased distribution capability through an expanded network of professional intermediaries

Standard Life plc announces that Standard Life Wealth, one of the UK's fastest growing discretionary fund management businesses, has successfully completed the acquisition of Newton Private Clients from Newton Management Limited. The combined business, with £5.5bn assets under management, will operate under the Standard Life Wealth brand. The consideration is ultimately contingent on the value of assets under management retained by Standard Life Wealth and the acquisition is expected to be accretive to earnings in the first full year following completion.

The acquisition represents a significant step for Standard Life's ambitions in the large and growing discretionary investment management market in the UK. Standard Life Wealth's assets have more than tripled^* creating a private client wealth manager with significant scale, market presence and increased profitability.

The transaction broadens 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.  Standard Life Wealth also gains access to a broader network of professional intermediaries in addition to its existing strong presence in the financial adviser market.

Richard Charnock, Chief Executive, 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.

"We are delighted with the positive reaction to the acquisition from clients, introducers and colleagues, who are excited about the enhanced opportunities the combined business offers."

For more details go to our new website:  www.standardlifewealth.com

Ends

*Since 31 December 2012

For further information, please contact:

Claire Burston, Senior Media Relations Manager

Tel: [phone]; Mobile: [phone]
Email: [e-mail]

Notes to Editors

Standard Life Wealth Investment Proposition

Standard Life Wealth offers two distinct but complementary investment styles. One builds client portfolios which aim to outperform the market, or an agreed benchmark, over the longer-term using conventional asset classes. The other uses a wide range of investments to create portfolios which aim to deliver specific target levels of return, while seeking to reduce market volatility.

About Standard Life Wealth

With 130 staff across offices in London, Birmingham, Bristol, Leeds and Edinburgh, Standard Life Wealth provides onshore and offshore wealth management services to UK and international High Net Worth and Ultra High Net Worth clients and charities benefiting from extensive distribution links with financial and professional intermediaries. Standard Life Wealth is a subsidiary of Standard Life plc.

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