Pinsent Masons advises abrdn on the £140 million sale of its Discretionary Fund Management business

28 Feb 2023 | 04:22 pm |

Multinational law firm Pinsent Masons has advised global investment company, abrdn, on the agreement to sell its discretionary fund management (DFM) business, abrdn Capital, to LGT.

The deal involves the transfer of approximately £6.1 billion in assets under management and approximately 140 employees. The agreed purchase price to be paid at completion is £140 million, subject to certain adjustments, principally reflecting activity in the period to completion.

With abrdn's strategy for its Personal vector focused on integrating the high-tech, high-touch model of interactive investor with financial planning, abrdn has concluded that another owner would be better placed to invest to deliver greater scale in the DFM business.

The sale is expected to complete in the second half of 2023, following satisfaction of certain conditions including receipt of customary regulatory approvals. 

The Pinsent Masons team advising on the transaction was led by Partner and Head of Corporate for the Financial Services sector Hannah Brader.

Commenting on the deal, Hannah Brader said: “It’s been great to work with abrdn on this deal, which represents an important step forward in their strategy to focus on their high-growth, platform-led businesses. We look forward to continuing to support abrdn’s plans and ambitions for the future.”

The business being sold to LGT delivered c.£40 million in revenue in 2022, and currently serves around 4,000 clients.

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