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...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
