Aberdeen Standard Investments has been appointed as investment adviser for £3.6bn of assets across a range of portfolios for Virgin Money, marking the next step towards the pair’s joint venture.
The latest stage of the plans has seen ASI appointed investment adviser for five funds: the Virgin UK Index Tracking Trust; the Virgin Bond, Gilt and UK Share Fund; the Virgin Bond, Gilt and Overseas Share Fund; the Virgin Global Share Fund and the Virgin Money Bond and Gilt Fund.
ASI first signed the joint venture with Virgin Money to provide asset management services to its customers last March, agreeing to acquire 50 per cent of Virgin Unit Trust Managers for an upfront cash payment of £40m.
The purchase of the stake went through this January.
Aberdeen Standard Investments chairman Martin Gilbert says:“The appointment of ASI as investment adviser for these five funds is a significant step in developing our joint venture with Virgin Money. Our wide range of investment capabilities, including multi-asset and quantitative investing, means we are well placed to advise on these portfolios and work with Virgin Money on additional investment solutions to meet the needs of its customers and those of its parent CYBG.”