Interactive Investor has completed its acquisition of Alliance Trust Savings from Alliance Trust plc for £40m.
The merger, which was announced in October last year, will see ATS operate under the ownership of II, now the second largest investment platform for retail investors in the UK after Hargreaves Lansdown.
The acquisition means combined assets under administration now sit at £36bn, with around 400,000 customers, bringing the average savings per customer in at £90,000.
ATS customers will be charged using II’s flat fee structure of paying for what customers do rather than what the savings are worth – which II describes as a “Netflix-style subscription”.
II chief executive officer Richard Wilson says: “The completion of the ATS acquisition is an important milestone. It cements out position as the market challenger in the UK direct-to-consumer marketplace and adds essential scale to support the ongoing technology and talent investment needed to drive our customers’ service experience ever higher.
“When it comes to the advised and partnership part of the ATS business, we have been talking and listening. With the keys to the door, we can start to lay down plans. Meanwhile, advisers and partners should expect business as usual.”
In February this year, it was announced II plans to launch an advice proposition built off the acquisition.