abrdn takes 60% haircut on Virgin Money stake as bank assumes full ownership of investment venture

Investment management agreement renewed

clock • 2 min read

FTSE 250-listed asset manager abrdn has lost more than half the value of its stake in Virgin Money Investments, as the bank brings the joint venture into sole ownership.

Revealed in 2018, established in 2019 and launched to retail investors in 2023, Virgin Money Investments aimed to bring asset management services to Virgin Money customers, with then Aberdeen Standard Investments offering "fund management services and access to its state-of-the-art digital technology". At the time, former ASI co-CEO Martin Gilbert said the firm looked forward to "sharing a strong and profitable relationship over many years to come". Known as Virgin Money Unit Trust Managers, ASI purchased a 50% stake in the firm for £40m plus capital adjustments of £10m, for a total s...

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