(Sharecast News) - Virgin Money said on Wednesday that it has agreed to buy Abrdn's stake in their joint investment platform for £20m.
Virgin will buy Abrdn's 50% stake in the business, known as Virgin Money Investments, which was set up by the two in 2019. The digital platform had around £3.7bn in assets under management at the end of last year and more than 150,000 customers.
Allegra Patrizi, managing director for business and commercial at Virgin Money, said: "Our joint venture with Abrdn has successfully delivered a new investment service offering simple and straightforward investment options for customers.
"Taking full control of Virgin Money Investments will mean we can bring the investments and pensions business together with our deposits, mortgages, credit cards and daily banking, enabling us to help more customers feel confident to invest for the future and driving significant growth in assets under management."
The company plans to move all staff from the investments arm into Virgin Money, and does not expect any job losses.
Abrdn (ABDN)