Aberdeen Standard Investments will acquire a 50% stake in the investment arm of Virgin Money Holdings (UK) PLC, Virgin Money Unit Trust Managers Ltd., for £40 million, Alliance News reported.
The joint venture with Aberdeen Standard Investments will build on Virgin Money's £3.7 billion of funds under management, according to the report, citing CYBG PLC, which took over Virgin Money in October 2018. The deal for a stake in the investment arm will reportedly allow services by Aberdeen Standard Investments to be offered not just to Virgin Money account holders, but to all customers of CYBG.
The deal is expected to close in the second quarter, subject to regulatory approval.
Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen PLC.