Standard Life secures Newton's private clients division

Fund management firm Standard Life Wealth (SLW) has agreed to pay up to 83.5m pounds for Newton's private clients division.

Fund management firm Standard Life Wealth (SLW) has agreed to pay up to 83.5m pounds for Newton's private clients division.

The transaction will add an extra £3.6bn in assets under management to Standard Lifes business unit.

SLW expects the deal will more than triple its discretionary assets, creating a private client wealth manager in the UK with increased profitability, significant scale and market presence.

The acquisition is anticipated to be accretive to earnings in the first full year following completion within an estimated seven months.

All 79 of Newton's private client staff will be transfered to SLW.

Standard Life said the newly merged business will leverage a pooled distribution of capability across professional advisers, the charity sector and SLW's extensive international financial advisors network.

"This acquisition complements SLW's impressive growth to date and provides us with a unique opportunity to accelerate our onshore and offshore strategy," said SLW Chief Executive Richard Charnock.

"We are bringing together additional skills, clients and assets to create a discretionary wealth manager of significant scale and market presence."

Caroline Tye, Head of Private Clients at Newton, added: "We are delighted to be joining such a highly regarded discretionary investment management business and are excited by the opportunities that it presents both for our clients and for the team.

"Standard Life Wealth places private clients at the core of its investment offering, enabling us to maintain our long tradition of tailored portfolio management focused on our clients' individual needs and aspirations."

RD

Recommended

Share tips of the week – 9 December
Share tips

Share tips of the week – 9 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
9 Dec 2022
The top funds to invest in now
Funds

The top funds to invest in now

As market volatility continues, here are the top funds, stocks and investment trusts investors are putting their money into, according to one investme…
2 Dec 2022
7 sin stocks to buy yielding up to 8%!
Share tips

7 sin stocks to buy yielding up to 8%!

Sin stocks don’t have the best reputation, but when it comes to investment returns, they’re certainly worth a closer look.
2 Dec 2022
Share tips of the week – 2 December
Share tips

Share tips of the week – 2 December

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
2 Dec 2022

Most Popular

Is it cheaper to leave the heating on low all day?
Personal finance

Is it cheaper to leave the heating on low all day?

The weather is getting colder and energy bills are rising, but is it really cheaper to leave the heating on low all day or should you only turn it on …
1 Dec 2022
Radiator vs electric heater – which is cheaper?
Personal finance

Radiator vs electric heater – which is cheaper?

We compare the costs, pros and cons of radiators and electric heaters and see which one will help keep your energy bill as low as possible.
28 Nov 2022
The pros and cons of smart meters – should you switch?
Personal finance

The pros and cons of smart meters – should you switch?

A smart meter can help you keep tabs on your energy usage, but is it better than a regular meter? We take a look at smart meters vs regular meters.
2 Dec 2022