Abrdn is to buy investment platform interactive investor for 1.49 billion pounds ($1.98 billion) in cash, as traditional asset managers seek to build up customers using online providers.
JPMorgan Chase has bought British digital platform Nutmeg in June as part of the U.S. bank’s expansion into the UK retail banking and investment market.
Abrdn, which has 532 billion pounds in assets under management and administration, is issuing 200 million pounds in capital-boosting debt alongside the deal.
Read more/Source: CNBC
