(Alliance News) - Virgin Money UK PLC on Friday said its joint venture with Standard Life Aberdeen PLC will receive GBP25 million in additional funding over the next 12 months.
Asset manager Virgin Money Unit Trust Managers Ltd will get GBP12.5 million from the FTSE 250 lender, while the Edinburgh-based Standard Life - through its wholly-owned subsidiary Aberdeen Asset Management PLC - will provide the remaining GBP12.5 million.
Glasgow-based Virgin Money said the extra funding will be used to support the strategic and customer proposition development of Virgin Money Unit Trust Managers.
Shares in Virgin Money were trading 4.2% higher at 105.85 pence each on Friday morning in London. Standard Life Aberdeen shares were up 3.1% at 275.00p.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Virgin Money Uk (VMUK)