February 28, 2013 12:03 am

Standard Life Wealth buys £83m Newton arm

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Standard Life Wealth has agreed to buy the private-client division of Newton Management in a £83.5m deal.

Newton’s private client business has assets under management of £3.6bn, and Standard Life Wealth said the acquisition would more than triple its total discretionary assets – investments over which managers take the buying and selling decisions, rather than clients.

Analysts said the deal would create a private client wealth management business with greater scale and market presence, while at the same time accelerating the ambitions of Standard Life Wealth in the retail investment market.

Newton’s private client business has about 3,000 UK and international wealthy customers and a number of charity clients.

Richard Charnock, chief executive of Standard Life Wealth, said: “This acquisition complements SLW’s impressive growth to date and provides us with a unique opportunity to accelerate our onshore and offshore strategy.”

Fenchurch Advisory Partners acted as the financial adviser to Standard Life Wealth.

Separately, Standard Life Investments reiterated its support – which it outlined last summer – to give shareholders more power to block executive pay in its governance and stewardship annual review.

The reforms, which were proposed in June, include making shareholder votes on director pay binding. The investment manager had initially opposed the plan for binding votes on remuneration, arguing it would be impractical.

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