30th Sep 2013 09:04
EDINBURGH (Alliance News) - Standard Life Plc (SL.L, SLFPF.PK), a long term savings and investments company, Monday announced that its unit Standard Life Wealth, a discretionary fund management business, has successfully completed the acquisition of Newton Private Clients from Newton Management Limited.
The combined business, with assets under management of 5.5 billion pounds, will operate under the Standard Life Wealth brand.
The acquisition is expected to be accretive to earnings in the first full year following completion.
The company said the consideration is ultimately contingent on the value of assets under management retained by Standard Life Wealth. The deal creates a private client wealth manager with significant scale, market presence and increased profitability:
Newton Private Clients has 4,500 high net worth and ultra high net worth clients, and 130 staff across offices in London, Birmingham, Bristol, Leeds and Edinburgh.
The company said the acquisition represents a significant step for Standard Life's ambitions in the large and growing discretionary investment management market in the UK.
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."
In London, Standard Life shares are currently trading at 344.40 pence, down 7.10 pence or 2.02 percent.
Copyright RTT News/dpa-AFX
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