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Abrdn plc, a global investment firm headquartered in Scotland, announced on Tuesday that it had completed its acquisition of online investment platform Interactive Investor.
Abrdn, one of the largest asset management giants in Europe, has completed the purchase of Interactive Investor for £1.49bn.
The terms of the deal stipulated that the Scottish investment giant would fully buy out the UK’s second-largest investment platform with assets of around £59bn and more than 400,000 clients.
Under the terms of the transaction, Interactive Investor will continue to operate as an independent business and an independent brand.
Richard Wilson, CEO of Interactive Brokers, will continue to lead the online investment platform and retain the executive committee leadership team with a newly appointed board of directors.
Wilson spoke about the development: “Today we join a company with a rich history of financial services and a common vision for the future. The opportunities that come with joining the Abrdn family are significant. We will work with Abrdn’s talented team to leverage their advice, asset management and research capabilities for the benefit of our clients.”
Stephen Bird, CEO of Abrdn, also stated, “The acquisition of Interactive Investor is a transformative transaction for Abrdn’s personal vector and marks an important step forward in implementing our customer-centric growth strategy.”
Interactive Investor is an online broker that allows clients to easily trade stocks, mutual funds, money market funds, bonds, stocks, exchange-traded funds (ETFs), self-invested personal pensions (SIPPs), individual savings accounts (ISA) and more.
Interactive Brokers also allow clients to trade four cryptocurrencies, including Bitcoin and Ethereum, for one of the lowest fees on the market. The platform allows users to trade bitcoin and ethereum futures rather than directly owning cryptocurrencies. Currently, it only allows clients to trade cryptocurrency ETNs such as the XBT Provider Bitcoin Tracker EUR ETN and the XBT Provider Bitcoin Tracker One ETN.
Abrdn’s long-term goal is to bring Interactive Brokers more fully to its own platform in order to take the online brokerage firm’s brand overseas.
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