FTSE-100 asset manager abrdn has agreed to buy UK stockpicking platform interactive investor for £1.49 billion.
Interactive Investor, which was preparing for a stock market flotation, has more than 400,000 personal investing clients, positioning it behind only Hargreaves Lansdown by customer numbers in the UK market.
The acquisition is abrdn's third in the past few months, following the buyout in October of subscription based investment platform, Finimize, and the takeover in August of the b2c digital wealth management arm of Nucoro, Exo investing.
Stephen Bird, CEO, abrdn, says: "Abrdn's scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK's attractive savings and wealth market."