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.
Key Contacts
Multinational law firm Pinsent Masons has hired Gillian Harrington to join the firm’s Aberdeen office as employment partner from 6 May.
Multinational law firm Pinsent Masons has hired corporate partner, Rachel Soundy, to join the firm’s Birmingham office.
Multinational law firm, Pinsent Masons LLP, has advised IGCF VI Euro, L.P. a sub-fund of Balbec Capital LP, a global alternative investment manager headquartered in the United States on its first European public securitisation in relation to the issuance of notes totalling EUR 392 million backed by a portfolio of reperforming Spanish mortgage loans, arranged by Goldman Sachs.
Multinational law firm Pinsent Masons has hired corporate partner, Rachel Soundy, to join the firm’s Birmingham office.
Multinational law firm, Pinsent Masons LLP, has advised IGCF VI Euro, L.P. a sub-fund of Balbec Capital LP, a global alternative investment manager headquartered in the United States on its first European public securitisation in relation to the issuance of notes totalling EUR 392 million backed by a portfolio of reperforming Spanish mortgage loans, arranged by Goldman Sachs.
Multinational law firm Pinsent Masons has appointed pensions partner Anna Taylor, to join the firm’s Finance and Projects team in London.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]