Virgin Money UK PLC (LSE:VMUK) has announced that it will buy out Abrdn’s stake in the duo’s joint investment business.
Through a £20 million deal, Virgin Money will buy Abrdn’s 50% stake in the business, known as Virgin Money Investments.
The pair set up the firm in 2019, which had around £3.7 billion in assets under management and over 150,000 customers by December.
Virgin Money said the full takeover came after a new digital platform was rolled out in 2023, followed by a fresh pension offering.
“Taking full control of Virgin Money Investments will mean we can bring the investments and pensions business together with our deposits, mortgages, credit cards and daily banking, enabling us to help more customers feel confident to invest,” Virgin Money director Allegra Patrizi commented.
Abrdn PLC (LSE:ABDN) climbed 1.7% to 161.53p on Wednesday. Virgin Money gained 1% to reach 158.05p.