STANDARD Life Wealth, the discretionary fund manager owned by the Edinburgh insurance giant, yesterday confirmed an £83.5 million deal to acquire the private client division of Newton Management.
The acquisition will boost the Edinburgh-based wealth group’s assets under management threefold to £3.6 billion, Standard Life said. The deal is expected to complete in seven months, with the final price contingent on the value of assets retained.
The transaction is set to bring the Edinburgh group the business of 3,000 high net worth individuals and 120 charities. Newton’s 79 private client staff will also be transferred to the insurer. The Edinburgh firm launched its wealth management arm in 2008.