UK Billionaire Richard Branson Virgin Money Buyout abrdn 50% Stake & Take Full Ownership of Joint Venture Virgin Money Investments with $4.6 Billion AUM & 150,000 Clients for $25 Million, Virgin Money Investments Provides Digital Platform & Investment Products Including Pension Services
15th February 2024 | Hong Kong
UK billionaire Richard Branson (Virgin Group) Virgin Money has announced to buyout abrdn 50% stake and take full ownership of joint venture Virgin Money Investments with $4.6 billion AUM (£3.7 billion) & 150,000 clients for $25 million (£20 million). Virgin Money Investments provides digital platform & investment products including pension services. Virgin Money: “ The joint venture between Virgin Money and abrdn was established in 2019, combining their specialisms to develop a new proposition for retail investors. That service, comprising both a new digital platform and a range of investment products, launched to customers in April 2023. A new pension was launched on the platform in November 2023, and all existing investment and pension accounts held on the old platform were successfully migrated to the new platform in January 2024. Following the achievement of these significant milestones, Virgin Money will now take full ownership of Virgin Money Investments, representing a step forward in Virgin Money’s strategy to pursue profitable growth. The purchase will enable Virgin Money and abrdn to focus on their respective strengths; Virgin Money’s broad appeal and distribution, using brilliant digital propositions and compelling rewards for customers, and abrdn’s strength in asset management. Following the transaction, abrdn will continue to provide the investment advice for Virgin Money Investments. Virgin Money Investments had total assets under management of c.£3.7bn and over 150k customer accounts at 31 December 2023. Virgin Money’s ambition is to double assets under management for Virgin Money Investments within the next five years.”
“ Richard Branson Virgin Money Buyout abrdn 50% Stake & Take Full Ownership of Joint Venture Virgin Money Investments with $4.6 Billion AUM & 150,000 Clients, Virgin Money Investments Provides Digital Platform & Investment Products Including Pension Services “
Richard Branson Virgin Money Buyout abrdn 50% Stake & Take Full Ownership of Joint Venture Virgin Money Investments with $4.6 Billion AUM & 150,000 Clients for $25 Million, Virgin Money Investments Provides Digital Platform & Investment Products Including Pension Services
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