Standard Life Wealth has acquired Newton Management Limited’s private client division in a deal worth up to £83.5m.
Newton’s private client business has assets under management of £3.6bn, which SLW says will more than triple its discretionary assets. It has approximately 3,000 UK and international high net worth, ultra high net worth and charity clients, and has distribution links with accountants and solicitors.
All 79 directly-employed Newton Private Clients staff will transfer to Standard Life.
The price of the deal will be contingent on the value of assets under management transferred to, and retained by, SLW. The acquisition is expected to complete by October, subject to regulatory approvals.
Standard Life Wealth chief executive Richard Charnock says: “This acquisition complements SLW’s impressive growth to date and provides us with a unique opportunity to accelerate our onshore and offshore strategy. We are bringing together additional skills, clients and assets to create a discretionary wealth manager of significant scale and market presence.”
Newton head of private clients Caroline Tye says: “We are delighted to be joining such a highly regarded discretionary investment management business and are excited by the opportunities that it presents both for our clients and for the team.
“Standard Life Wealth places private clients at the core of its investment offering, enabling us to maintain our long tradition of tailored portfolio management focused on our clients’ individual needs and aspirations.”