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Virgin Money agrees to JV with Aberdeen Standard Investments

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Virgin Money agrees to JV with Aberdeen Standard Investments

Virgin Money Holdings (UK) PLC agreed to a strategic joint venture with Standard Life Aberdeen PLC's Aberdeen Standard Investments to provide asset management services to Virgin Money's customers.

Under the terms of the joint venture, Aberdeen Standard Investments is expected to acquire 50% of Virgin Money Unit Trust Managers Ltd. for a cash payment in excess of £40 million. The agreement, which is subject to further due diligence, regulatory and relevant approvals, and agreement of definitive contracts, is expected to result in an increase of about 40 basis points in Virgin Money's common equity Tier 1 ratio.

The deal, which is expected to complete by 2018-end, will see the Standard Life Aberdeen asset management unit provide fund management and digital technology services, while also broadening Virgin Money's retail investment proposition. Virgin Money has more than 200,000 retail investment customers and £3.7 billion in AUM.