Standard Life Wealth acquires Newton Private Clients

FUND management business Standard Life Wealth, which has a Leeds operation, has bought rival Newton Private Clients for an undisclosed amount.

Standard Life Wealth has 130 staff across four offices, including one in Princes Square, Leeds.

Newton, which was part of Bank of New York, had offices in Whitehall Quay in Leeds and the Leeds office is moving along Whitehall Road to Number One, Leeds.

Standard Life said the deal broadens its investment capability through the complementary but distinct investment style of Newton Private Clients and widens geographical reach.

The transaction creates a private client wealth manager with £5.5bn of assets under management and 4,500 high net worth and ‘ultra-high net worth’ clients.

The combined business will operate under the Standard Life Wealth brand.

Richard Charnock, chief executive of Standard Life Wealth, said: “This is an important acquisition for Standard Life. It provides an immediate step up in scale for Standard Life Wealth and reinforces our ambition to be a leading player in the discretionary investment management sector.

“We are delighted with the positive reaction to the acquisition from clients, introducers and colleagues, who are excited about the enhanced opportunities the combined business offers.”