abrdn Completes £1.49bn Acquisition Of Direct Investment Platform

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II has been acquired from its shareholders, including a fund advised by private equity firm JC Flowers & Co and key members of II’s management.

abrdn said it intends to operate II as a standalone business within its personal division, with its own management team and operational platform.

II chief executive Richard Wilson has joined abrdn as part of the acquisition and lead II in its next phase of growth under abrdn’s ownership.

Wilson said: “Today we join a company with a deep financial services history, and with a shared vision for the future. The opportunities that come with joining the abrdn family are significant.

“We will be working with abrdn’s talented team to harness their advice, wealth management and research capabilities for the benefit of our customers.”

Stephen Bird, chief executive, abrdn plc, added: “The acquisition of interactive investor is a transformative deal for abrdn’s Personal vector, and marks an important step forward in delivering our strategy for client-led growth.

“ii’s high-tech direct investing service is the perfect complement to the high-touch wealth and financial planning capabilities we already offer. As a leading player in a fast-growing market, with a scalable technology platform and a distinctive subscription-based model, the acquisition of ii will also diversify and grow our revenues.

“We would like to welcome Richard and the team to abrdn and look forward to working together to build the best savings and wealth offer in the market for our customers.”

II has almost 800 employees at bases in Manchester, Leeds and London.

JP Morgan Cazenove is acting as abrdn’s sole financial adviser.

Source: Insider Media

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