Virgin Money is to purchase Abrdn’s 50% stake in their joint venture, Virgin Money Investments, following the successful launches of its new investment and pension services for customers.
The joint venture between Virgin Money and abrdn was established in 2019, combining their specialisms to develop a new proposition for retail investors. That service, comprising both a new digital platform and a range of investment products, launched to customers in April 2023. A new pension was launched on the platform in November 2023, and all existing investment and pension accounts held on the old platform were successfully migrated to the new platform in January 2024.
Go deeper with GlobalData
Virgin Money will acquire the 50% currently owned by abrdn for £20m
Following the achievement of these significant milestones, Virgin Money will now take full ownership of Virgin Money Investments, representing a step forward in Virgin Money’s strategy to pursue profitable growth. The purchase will enable Virgin Money and abrdn to focus on their respective strengths, Virgin Money’s broad appeal and distribution, using brilliant digital propositions and compelling rewards for customers, and abrdn’s strength in asset management. Following the transaction, abrdn will continue to provide the investment advice for Virgin Money Investments.
Under the terms of the deal agreed, which is subject to customary approvals, Virgin Money will acquire the 50% of Virgin Money Unit Trust Managers Limited currently owned by abrdn, for a cash payment of £20m, funded from Virgin Money’s existing capital resources.
Allegra Patrizi, Managing Director 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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
