Abrdn swoops for Interactive Investor with £1.49bn offer

Scottish financial services giant abrdn has unveiled plans to acquire subscription-based investment platform Interactive Investor for £1.49 billion.

Edinburgh-based abrdn – formerly Standard Life Aberdeen – said the move would “significantly enhance” its presence and growth opportunities in a fast-growing and attractive market.

Chief executive Stephen Bird added: “This is a unique opportunity and a transformative step in delivering our growth strategy.

“Interactive Investor is the UK’s number one subscription-based investing platform, with a powerful reputation as a consumer champion.

“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.”

Interactive Investor CEO Richard Wilson will continue to lead the online business after its takeover.

Mr Wilson said: “We will have access to abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.”

Interactive Investor boasts more than 400,000 customers and assets under administration worth around £55bn.

For a flat monthly fee, the service provides a secure home for pensions, individual savings accounts and a wide range of other investments.

Stephen Bird of abrdn.